Liquidia executive sells 1,185 shares under plan

Liquidia Corp Chief Development Officer Sanjeev Khindri reported open-market sales of 1,185 shares of common stock on July 13, 2026, in two trades at $71.52 and $71.39 per share.

Rhea-AI Filing Summary

Liquidia Corp Chief Development Officer Sanjeev Khindri reported open-market sales of 1,185 shares of common stock on July 13, 2026, in two trades at $71.52 and $71.39 per share. The transactions were effected under a Rule 10b5-1 plan and to cover taxes from the settlement of restricted stock units granted on February 10, 2025. He continues to hold unvested equity awards, including 25,432 unvested RSUs from a 36,992-unit 2025 grant and 34,274 RSUs granted on January 16, 2026.

Insider Trade Summary 10b5-1

Net Seller: 1,185 shares

Net Sell 2 txns

Insider Khindri Sanjeev

Role Chief Development Officer

Sold 1,185 shs ($85K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2, F3	84	$71.39	$6K
Sale	Common Stock F1, F2, F3	1,101	$71.52	$79K

Holdings After Transaction: Common Stock — 65,947 shares (Direct)

Footnotes (3)

1. F1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 9, 2026.
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 February 10, 2025.
3. F3. Includes (i) 25,432 unvested RSUs of the 36,992 RSUs granted to the Reporting Person on February 10, 2025 and (ii) 34,274 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.

Key Figures

Total shares sold: 1,185 shares Shares in first sale: 1,101 shares Price for 1,101-share sale: $71.52 per share +5 more

8 metrics

Total shares sold 1,185 shares Aggregate common shares sold on July 13, 2026

Shares in first sale 1,101 shares Open-market sale of common stock at $71.52 per share

Price for 1,101-share sale $71.52 per share Open-market transaction in Liquidia common stock

Shares in second sale 84 shares Open-market sale of common stock at $71.39 per share

Price for 84-share sale $71.39 per share Open-market transaction in Liquidia common stock

Unvested RSUs from 2025 grant 25,432 RSUs Portion of 36,992 RSUs granted February 10, 2025

Total RSUs in 2025 grant 36,992 RSUs Restricted stock units granted February 10, 2025

Unvested RSUs from 2026 grant 34,274 RSUs RSUs granted January 16, 2026

Key Terms

Rule 10b5-1 plan, restricted stock units ("RSUs"), unvested RSUs

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 restricted stock units ("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.

unvested RSUs financial

"Includes 25,432 unvested RSUs of the 36,992 RSUs granted to the Reporting Person"

FAQ

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

What insider transaction did Liquidia Corp (LQDA) disclose for Sanjeev Khindri?

Liquidia Corp reported that Chief Development Officer Sanjeev Khindri sold 1,185 shares of common stock on July 13, 2026. The shares were sold in two open-market transactions at $71.52 and $71.39 per share, primarily to cover taxes related to restricted stock units.

How many Liquidia (LQDA) shares did Sanjeev Khindri sell and at what prices?

Sanjeev Khindri sold 1,101 shares of Liquidia common stock at $71.52 per share and an additional 84 shares at $71.39 per share. These open-market transactions together totaled 1,185 shares sold on July 13, 2026.

Were the Liquidia (LQDA) insider sales made under a Rule 10b5-1 plan?

Yes. A footnote states the transactions were effected pursuant to a Rule 10b5-1 plan adopted on March 9, 2026. Such plans pre-arrange trading activity, meaning the timing of these sales reflects the pre-set plan rather than a discretionary market-timing decision.

Why were Sanjeev Khindri's Liquidia (LQDA) shares sold?

According to the disclosure, the shares were sold to cover taxes associated with the settlement of restricted stock units granted on February 10, 2025. This indicates the sales were driven by tax obligations tied to equity compensation rather than portfolio rebalancing or new investment decisions.

What RSU awards does Sanjeev Khindri hold at Liquidia (LQDA)?

Khindri’s holdings include a 2025 RSU grant of 36,992 units, of which 25,432 RSUs remain unvested, and a separate grant of 34,274 RSUs awarded on January 16, 2026. These unvested RSUs represent a continuing equity interest alongside his common stock position.

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

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Available on EDGAR 07/14/2026 - 08:10 PM Accepted by SEC EDGAR 07/14/2026 - 08:09 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^*

Khindri Sanjeev

(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 Development Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/13/2026

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	07/13/2026		S(1)		84(2)	D	$71.39	67,048(3)	D
Common Stock	07/13/2026		S(1)		1,101(2)	D	$71.52	65,947(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 March 9, 2026.

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 February 10, 2025.

3. Includes (i) 25,432 unvested RSUs of the 36,992 RSUs granted to the Reporting Person on February 10, 2025 and (ii) 34,274 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.

	/s/ Sanjeev Khindri	07/14/2026
	** 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)