Liquidia (NASDAQ: LQDA) director unwinds 30,000-share trust holding

Rhea-AI Filing Summary

Liquidia Corp director Arthur S. Kirsch, through a revocable trust, reported open-market sales of an aggregate 30,000 shares of Liquidia common stock. The trust sold 15,000 shares on June 1, 2026 at a reported volume-weighted average price of about $60.22 per share, with a footnote stating trade prices ranged from $59.90 to $60.75.

The trust then sold 5,000 shares on June 2, 2026 at $56.00 per share and 10,000 shares on June 3, 2026 at $54.80 per share, leaving the trust with 0 indirectly held shares. A separate holding entry shows Kirsch with 40,755 shares held directly as of June 1, 2026.

Insights

Equity governance analyst

Director-linked trust sold 30,000 Liquidia shares while direct holdings remain.

The Form 4 shows a revocable trust associated with director Arthur S. Kirsch selling 30,000 shares of Liquidia Corp common stock across three open-market transactions between June 1–3, 2026. No derivative exercises or awards are reported.

The filing also lists 40,755 shares held directly as of June 1, 2026, indicating the reported sales relate only to the indirect trust position. With no Rule 10b5-1 trading plan or broader context described, these appear as discretionary sales by the trust, and their significance depends on Kirsch’s overall ownership and the company’s total float, which are not detailed here.

Insider Trade Summary

Net Seller: 30,000 shares

Net Sell 4 txns

Insider KIRSCH ARTHUR S

Role Director

Sold 30,000 shs ($1.73M)

Type	Security	Shares	Price	Value
Sale	Common Stock	10,000	$54.80	$548K
Sale	Common Stock	5,000	$56.00	$280K
Sale	Common Stock	15,000	$60.22	$903K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 0 shares (Indirect, Through Revocable Trust of Arthur S. Kirsch); Common Stock — 40,755 shares (Direct)

Footnotes (1)

1. F1. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $59.90 to $60.75. 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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/03/2026 - 04:31 PM Accepted by SEC EDGAR 06/03/2026 - 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).

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^*

KIRSCH ARTHUR S

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

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								40,755	D
Common Stock	06/01/2026		S		15,000	D	$60.22(1)	15,000	I	Through Revocable Trust of Arthur S. Kirsch
Common Stock	06/02/2026		S		5,000	D	$56	10,000	I	Through Revocable Trust of Arthur S. Kirsch
Common Stock	06/03/2026		S		10,000	D	$54.8	0	I	Through Revocable Trust of Arthur S. Kirsch

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. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $59.90 to $60.75. 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.

	/s/ Arthur S. Kirsch	06/03/2026
	** 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)