Liquidia CAO sells shares in 10b5-1 tax sale

Liquidia Corp Chief Accounting Officer Dana Boyle reported selling 1,600 shares of common stock on July 27, 2026 at $87.53 per share.

Rhea-AI Filing Summary

Liquidia Corp Chief Accounting Officer Dana Boyle reported selling 1,600 shares of common stock on July 27, 2026 at $87.53 per share. The sale was effected under a Rule 10b5-1 trading plan adopted on December 15, 2023 and was used to cover taxes from RSUs initially granted on January 25, 2023. After this transaction, Boyle directly holds 167,919 shares, including multiple blocks of unvested RSUs and 3,964 shares acquired through the company’s 2020 Employee Stock Purchase Plan.

Insider Trade Summary 10b5-1

Net Seller: 1,600 shares

Net Sell 1 txn

Insider Boyle Dana

Role Chief Accounting Officer

Sold 1,600 shs ($140K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2, F3	1,600	$87.53	$140K

Holdings After Transaction: Common Stock — 167,919 shares (Direct)

Footnotes (3)

1. F1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
2. F2. These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 25, 2023.
3. F3. Includes (i) 6,250 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 21,406 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 31,787 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 18,750 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 1, 2025, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Key Figures

Shares sold: 1,600 shares of Common Stock Sale price per share: $87.53 per share Shares held after transaction: 167,919 shares +5 more

8 metrics

Shares sold 1,600 shares of Common Stock Sale on July 27, 2026 by CAO Dana Boyle

Sale price per share $87.53 per share Price for 1,600 shares sold on July 27, 2026

Shares held after transaction 167,919 shares Direct holdings reported following the sale

Unvested RSUs from 01/25/2023 grant 6,250 RSUs Portion of 50,000 RSUs granted January 25, 2023, included in holdings

Unvested RSUs from 01/11/2024 grant 21,406 RSUs Portion of 57,085 RSUs granted January 11, 2024, included in holdings

Unvested RSUs from 01/11/2025 grant 31,787 RSUs Portion of 50,861 RSUs granted January 11, 2025, included in holdings

RSUs granted 01/16/2026 23,728 RSUs RSUs granted January 16, 2026, none vested as of this filing

ESPP shares 3,964 shares Shares acquired under Liquidia Corporation 2020 Employee Stock Purchase Plan

Key Terms

Rule 10b5-1 plan, restricted stock units ("RSUs"), Employee Stock Purchase Plan

3 terms

Rule 10b5-1 plan regulatory

"Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

restricted stock units ("RSUs") financial

"shares of common stock were sold to cover taxes associated with the settlement of RSUs"

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

Employee Stock Purchase Plan financial

"3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan"

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Liquidia Corp (LQDA) report for Dana Boyle?

Liquidia Corp reported that CAO Dana Boyle sold 1,600 shares of common stock on July 27, 2026 at $87.53 per share. The sale was executed under a pre-arranged Rule 10b5-1 trading plan and was tied to tax obligations from restricted stock unit settlements.

How many Liquidia Corp (LQDA) shares does Dana Boyle hold after this sale?

After the reported transaction, Dana Boyle holds 167,919 shares of Liquidia common stock. This figure includes several blocks of unvested RSUs from grants made between 2023 and 2026 and 3,964 shares acquired through the company’s 2020 Employee Stock Purchase Plan.

Was the Liquidia Corp (LQDA) insider sale made under a Rule 10b5-1 plan?

Yes. The filing states the sale was effected pursuant to a Rule 10b5-1 trading plan adopted by Dana Boyle on December 15, 2023. Such plans allow insiders to prearrange trades, reducing the significance of trade timing as a signal about non-public information.

Why did Dana Boyle sell 1,600 Liquidia Corp (LQDA) shares?

According to the disclosure, the 1,600 shares were sold to cover taxes associated with the settlement of restricted stock units that were initially granted on January 25, 2023. This makes the transaction part of compensation-related tax management rather than a discretionary portfolio move.

What unvested RSUs does Dana Boyle hold in Liquidia Corp (LQDA)?

Boyle’s reported holdings include 6,250 unvested RSUs from a January 25, 2023 grant, 21,406 unvested RSUs from a January 11, 2024 grant, and 31,787 unvested RSUs from a January 11, 2025 grant. These RSUs vest over time, adding potential future share ownership.

What additional equity awards in Liquidia Corp (LQDA) are disclosed for Dana Boyle?

Beyond earlier grants, Boyle holds 23,728 RSUs granted on January 16, 2026, none of which had vested as of the filing date. The position also includes 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan, reflecting participation in employee equity programs.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/29/2026 - 04:31 PM Accepted by SEC EDGAR 07/29/2026 - 04:30 PM Learn about SEC filing dates

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Boyle Dana

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NORTH CAROLINA 27560

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/27/2026

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

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

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

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	07/27/2026		S(1)		1,600(2)	D	$87.53	167,919(3)	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

Explanation of Responses:

1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

2. These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 25, 2023.

3. Includes (i) 6,250 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 21,406 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 31,787 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 18,750 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 1, 2025, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dana Boyle	07/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)