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

Yes. The filing states the sale was effected under a Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans pre-schedule trades, reducing the significance of short-term market timing decisions.

Liquidia (NASDAQ: LQDA) CCO sells 80K shares after option exercise

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Liquidia Corp Chief Commercial Officer Moomaw Scott exercised stock options and sold shares in a planned liquidity move. He exercised options covering a total of 80,000 shares of common stock at exercise prices of $2.54, $2.97, and $3.40 per share, converting them into common shares.

On the same date, he sold 80,000 shares of common stock at a volume-weighted average price of $35.3228 per share, with individual trade prices ranging from $35.01 to $35.75. The sale was made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, indicating the transactions were scheduled in advance.

Following these transactions, Moomaw Scott directly owns 188,954 shares of Liquidia common stock and also holds multiple unvested restricted stock units that continue to tie part of his compensation to the company’s future share performance.

Insider Trade Summary 10b5-1

Net Seller: 80,000 shares ($2,825,824)

Net Sell 7 txns

Insider Moomaw Scott

Role Chief Commercial Officer

Sold 80,000 shs ($2.83M)

Type	Security	Shares	Price	Value
Exercise	Incentive Stock Option (right to buy)	10,000	$0.00	--
Exercise	Incentive Stock Option (right to buy)	15,300	$0.00	--
Exercise	Incentive Stock Option (right to buy)	54,700	$0.00	--
Exercise	Common Stock	10,000	$2.54	$25K
Exercise	Common Stock	15,300	$2.97	$45K
Exercise	Common Stock	54,700	$3.40	$186K
Sale	Common Stock	80,000	$35.3228	$2.83M

Holdings After Transaction: Incentive Stock Option (right to buy) — 0 shares (Direct); Common Stock — 198,954 shares (Direct)

Footnotes (1)

Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 7, 2025. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $35.01 to $35.75. 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. The option vested with 50% vesting on November 5, 2021, 25% vesting on July 21, 2022 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on July 21, 2025. The option vested ratably on a monthly basis over four years and became fully vested on January 19, 2025. The option vested with 25% vesting on November 19, 2021 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on November 19, 2024.

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Form 4 Insider Transactions: What Each Field Means →

03/11/2026 - 04:30 PM

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^*

Moomaw Scott

(Last)

(First)

(Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/09/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/09/2026		M		10,000	A	$2.54	198,954⁽¹⁾	D
Common Stock	03/09/2026		M		15,300	A	$2.97	214,254⁽¹⁾	D
Common Stock	03/09/2026		M		54,700	A	$3.4	268,954⁽¹⁾	D
Common Stock	03/09/2026		S⁽²⁾		80,000	D	$35.3228⁽³⁾	188,954⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Incentive Stock Option (right to buy)	$2.54	03/09/2026		M			10,000	07/21/2025⁽⁴⁾	07/21/2031	Common Stock	10,000	$0	0	D
Incentive Stock Option (right to buy)	$2.97	03/09/2026		M			15,300	01/19/2021⁽⁵⁾	01/19/2031	Common Stock	15,300	$0	0	D
Incentive Stock Option (right to buy)	$3.4	03/09/2026		M			54,700	11/19/2024⁽⁶⁾	11/19/2030	Common Stock	54,700	$0	25,300	D

Explanation of Responses:

1. Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 7, 2025.

3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $35.01 to $35.75. 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.

4. The option vested with 50% vesting on November 5, 2021, 25% vesting on July 21, 2022 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on July 21, 2025.

5. The option vested ratably on a monthly basis over four years and became fully vested on January 19, 2025.

6. The option vested with 25% vesting on November 19, 2021 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on November 19, 2024.

	/s/ Scott Moomaw	03/11/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did Liquidia (LQDA) executive Moomaw Scott report on this Form 4?

Moomaw Scott reported exercising stock options for 80,000 Liquidia shares and then selling 80,000 common shares. These linked transactions converted options into stock and then into cash under a pre-arranged trading plan.

How many Liquidia (LQDA) shares did Moomaw Scott sell and at what price?

He sold 80,000 Liquidia common shares at a volume-weighted average price of $35.3228. Individual trades occurred between $35.01 and $35.75, according to pricing details included in the filing footnotes.

What option exercises did Liquidia (LQDA) executive Moomaw Scott complete?

He exercised incentive stock options covering 80,000 shares of Liquidia common stock at strike prices of $2.54, $2.97, and $3.40. These exercises converted his derivative awards into actual common shares before the reported sale.

How many Liquidia (LQDA) shares does Moomaw Scott hold after these transactions?

After the exercise-and-sale transactions, he directly owns 188,954 shares of Liquidia common stock. He also holds several grants of unvested restricted stock units that continue to provide equity-based compensation exposure.

What other equity awards does Liquidia (LQDA) CCO Moomaw Scott have?

He holds multiple unvested restricted stock unit grants from 2023, 2024, 2025, and 2026, plus shares acquired under the 2020 Employee Stock Purchase Plan. These awards keep part of his compensation aligned with Liquidia’s share price.