Raman Singh Sells 45,524 LQDA Shares After Option Exercises at Low Strikes

Rhea-AI Filing Summary

Raman Singh, a director of Liquidia Corp (LQDA), exercised stock options and sold a portion of the resulting shares on 09/15/2025. He exercised a non-qualified option with a $2.51 strike to acquire 25,524 shares and a separate option with a $2.59 strike to acquire 20,000 shares. On the same date he sold 45,524 shares at a volume-weighted average price of $25.81, leaving him with beneficial ownership of 31,255 shares. The filing also discloses 18,396 restricted stock units granted on June 17, 2025 that had not vested as of the report date.

Positive

• Retained beneficial ownership of 31,255 shares after the transactions
• Holds 18,396 restricted stock units granted June 17, 2025 that are unvested
• Full disclosure of option strike prices and vesting history for the exercised options

Negative

• Sale of 45,524 shares on 09/15/2025 at a volume-weighted average price of $25.81
• Immediate disposition following option exercises (transaction code M), indicating insider liquidity

Insights

Securities Analyst

TL;DR: Director exercised options at low strikes and realized a substantial sale at ~$25.81, while retaining a meaningful stake and holding unvested RSUs.

The reporting shows option exercises (codes M) converting long-dated options into common shares followed by an aggregate sale of 45,524 shares at a volume-weighted average price of $25.81. Post-transactions, the director retains 31,255 shares of common stock and 18,396 restricted stock units that remain unvested. For investors, this is a routine insider liquidity event rather than a change of control or financing action; the filings provide clear strike prices, quantities, and the VWAP for the sale.

Corporate Governance Expert

TL;DR: Insider exercised vested options and sold shares; disclosure is complete about vesting status of options and RSUs.

The Form 4 documents vesting schedules for the options (one fully vested by 12/31/2021, the other fully vested by 08/20/2024) and explicitly notes 18,396 RSUs granted 06/17/2025 remain unvested. The reporting person filed individually and certified the transactions. From a governance perspective, the submission contains required transparency on exercise, sale volume, and residual ownership, meeting Section 16 disclosure norms without indicating governance concerns.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SINGH RAMAN

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NC 27560

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liquidia Corp [ LQDA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/15/2025		M		25,524	A	$2.51	56,779(1)	D
Common Stock	09/15/2025		M		20,000	A	$2.59	76,779(1)	D
Common Stock	09/15/2025		S(2)		45,524	D	$25.81(3)	31,255(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (right to buy)	$2.51	09/15/2025		M			25,524	12/31/2021(4)	03/24/2031	Common Stock	25,524	$0	0	D
Non-Qualified Stock Option (right to buy)	$2.59	09/15/2025		M			20,000	08/20/2024(5)	08/20/2031	Common Stock	20,000	$0	0	D

Explanation of Responses:

1. Includes 18,396 restricted stock units granted to the Reporting Person on June 17, 2025, none of which have vested as of the date of this Form 4.

2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.

3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $25.79 to $25.90. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The option vested in four equal quarterly installments and became fully vested on December 31, 2021.

5. The option vested in 36 equal monthly installments and became fully vested on August 20, 2024.

	/s/ Raman Singh	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Raman Singh do on 09/15/2025 according to the LQDA Form 4?

He exercised non-qualified stock options to acquire 25,524 shares at $2.51 and 20,000 shares at $2.59, then sold 45,524 shares at a VWAP of $25.81.

How many LQDA shares does Raman Singh beneficially own after these transactions?

He beneficially owns 31,255 shares following the reported transactions.

Does Raman Singh have any unvested equity in LQDA?

Yes. The filing discloses 18,396 restricted stock units granted on June 17, 2025 that had not vested as of the report.

What were the strike prices and vesting histories for the exercised options?

One option had a $2.51 strike (fully vested by 12/31/2021); the other had a $2.59 strike (fully vested by 08/20/2024).

Was the sale price for the disposed shares a single price?

No. The reported sale price is a volume-weighted average price of $25.81 for transactions with prices ranging from $25.79 to $25.90.