Liquidia CAO exercises PSUs, sells 9,002 shares

Liquidia Corp Chief Accounting Officer Dana Boyle exercised 3,179 performance stock units into common stock on July 10, 2026, then sold a total of 9,002 common shares on July 13, 2026 at prices of $71.52 and $71.39 per share in open-market transactions.

Rhea-AI Filing Summary

Liquidia Corp Chief Accounting Officer Dana Boyle exercised 3,179 performance stock units into common stock on July 10, 2026, then sold a total of 9,002 common shares on July 13, 2026 at prices of $71.52 and $71.39 per share in open-market transactions.

The PSUs convert into common stock on a one-for-one basis, and the sales were effected under a Rule 10b5-1 trading plan to cover taxes from the settlement of RSUs and PSUs granted on January 11, 2024, January 11, 2025 and July 1, 2025. Boyle continues to hold direct common stock and multiple unvested RSU and PSU awards.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Boyle Dana

Role Chief Accounting Officer

Sold 9,002 shs ($644K)

Approx. gross sale proceeds $644K

Type	Security	Shares	Price	Value
Sale	Common Stock F4, F5, F3	641	$71.39	$46K
Sale	Common Stock F4, F5, F3	8,361	$71.52	$598K
Exercise	Performance Stock Units F1	3,179	$0.00	$0.00
Exercise	Common Stock F2, F1, F3	3,179	--	--

Holdings After Transaction: Performance Stock Units — 31,787 contracts (Direct); Common Stock — 169,519 shares (Direct)

Footnotes (5)

1. F1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
2. F2. On January 11, 2025, the Reporting Person was granted 50,861 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 19,074 have vested as of the date of this Form 4.
3. F3. Includes (i) 9,375 unvested restricted stock units ("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.
4. F4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
5. F5. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2024, January 11, 2025 and July 1, 2025.

Key Figures

Total shares sold: 9,002 shares Sale prices: $71.52 and $71.39 per share PSUs exercised: 3,179 units +5 more

8 metrics

Total shares sold 9,002 shares Aggregate common shares sold in open-market transactions on July 13, 2026

Sale prices $71.52 and $71.39 per share Per-share prices for the 8,361- and 641-share sales on July 13, 2026

PSUs exercised 3,179 units Performance stock units converted into common stock on July 10, 2026

PSU grant size 50,861 PSUs Performance stock units granted to Dana Boyle on January 11, 2025

PSUs vested to date 19,074 PSUs Total portion of the January 11, 2025 PSU grant vested as of this report

Unvested RSUs from 2023 grant 9,375 RSUs Unvested portion of 50,000 RSUs granted on January 25, 2023

Unvested RSUs from 2024 grant 21,406 RSUs Unvested portion of 57,085 RSUs granted on January 11, 2024

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

Key Terms

Performance stock units, restricted stock units, Rule 10b5-1 plan, Employee Stock Purchase Plan

4 terms

Performance stock units financial

"Performance stock units ("PSUs") convert into common stock on a one-for-one basis."

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

restricted stock units financial

"Includes (i) 9,375 unvested restricted stock units ("RSUs") of the 50,000 RSUs granted..."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

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.

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 transactions did Liquidia Corp (LQDA) report for Dana Boyle?

Dana Boyle exercised 3,179 performance stock units into common stock on July 10, 2026, and then sold 9,002 common shares on July 13, 2026 in open-market transactions at prices of $71.52 and $71.39 per share.

How many Liquidia (LQDA) shares did Dana Boyle sell and at what prices?

Dana Boyle sold 8,361 Liquidia common shares at $71.52 per share and 641 shares at $71.39 per share on July 13, 2026, for a total of 9,002 shares sold in open-market transactions.

What performance stock units did Dana Boyle exercise at Liquidia (LQDA)?

Boyle exercised 3,179 performance stock units, which convert into common stock on a one-for-one basis. These PSUs are part of a 50,861-unit grant from January 11, 2025, of which 19,074 units had vested as of this report.

Were Dana Boyle’s Liquidia (LQDA) share sales under a Rule 10b5-1 plan?

Yes. The reported sales of Liquidia common stock were effected pursuant to a Rule 10b5-1 trading plan adopted by Dana Boyle on December 15, 2023, indicating the transactions were pre-arranged rather than discretionary market-timing decisions.

Why did Liquidia (LQDA) executive Dana Boyle sell shares on July 13, 2026?

The reported 9,002-share sale was made to cover taxes associated with settlement of restricted stock units and performance stock units originally granted on January 11, 2024, January 11, 2025, and July 1, 2025, according to the transaction footnotes.

What unvested RSUs and related awards does Dana Boyle hold at Liquidia (LQDA)?

Holdings include 9,375 unvested RSUs from a 2023 grant, 21,406 unvested RSUs from a 2024 grant, 31,787 unvested RSUs from a 2025 grant, 18,750 unvested RSUs from a July 1, 2025 grant, and 23,728 RSUs granted January 16, 2026, plus 3,964 ESPP shares.

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

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Available on EDGAR 07/14/2026 - 08:00 PM Accepted by SEC EDGAR 07/14/2026 - 07:59 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)
07/10/2026

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	07/10/2026		M		3,179(2)	A	(1)	178,521(3)	D
Common Stock	07/13/2026		S(4)		641(5)	D	$71.39	177,880(3)	D
Common Stock	07/13/2026		S(4)		8,361(5)	D	$71.52	169,519(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
Performance Stock Units	(1)	07/10/2026		M			3,179	(1)	(1)	Common Stock	3,179	$0	31,787	D

Explanation of Responses:

1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

2. On January 11, 2025, the Reporting Person was granted 50,861 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 19,074 have vested as of the date of this Form 4.

3. Includes (i) 9,375 unvested restricted stock units ("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.

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

5. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2024, January 11, 2025 and July 1, 2025.

	/s/ Dana Boyle	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)