Liquidia (LQDA) CMO trims stake with 35,365-share open-market sale

Rhea-AI Filing Summary

Liquidia Corp’s Chief Medical Officer Rajeev Saggar sold 35,365 shares of Common Stock in an open-market transaction. The shares were sold on March 13, 2026 at a volume-weighted average price of $36.3024, based on trades between $36.29 and $36.45.

After the sale, Saggar directly holds 174,473 shares of Liquidia, which include multiple blocks of unvested restricted stock units granted in 2023, 2024, and 2025, additional RSUs granted in 2026 that have not yet vested, and 2,213 shares acquired under the 2020 Employee Stock Purchase Plan.

Insights

Equity compensation and insider-trading analyst

Liquidia’s CMO executed a mid-sized open-market sale but retains a substantial equity position.

Chief Medical Officer Rajeev Saggar sold 35,365 shares of Liquidia Common Stock in an open‑market sale at a volume‑weighted average price of $36.3024. This is a discretionary transaction (code S), which generally carries more signal than automatic tax or grant-related moves.

Following the sale, Saggar still directly holds 174,473 shares, including multiple tranches of unvested RSUs from 2023, 2024, and 2025, plus new RSUs granted in 2026 and shares from the 2020 Employee Stock Purchase Plan. The remaining position is sizable, suggesting this sale represents portfolio diversification or liquidity rather than a full-scale exit based solely on this filing.

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
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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^*

Saggar Rajeev

(Last) (First) (Middle)

419 DAVIS DRIVE

SUITE 100

(Street)

MORRISVILLE NC 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 Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/13/2026		S		35,365	D	$36.3024(1)	174,473(2)	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. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $36.29 to $36.45. 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.

2. Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 28,246 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 53,835 unvested RSUs of the 71,780 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) 2,213 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dr. Rajeev Saggar	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What did Liquidia (LQDA) Chief Medical Officer Rajeev Saggar do in this Form 4?

Rajeev Saggar, Liquidia’s Chief Medical Officer, reported an open-market sale of 35,365 shares of Common Stock. The transaction occurred on March 13, 2026, and was executed at a volume-weighted average price of $36.3024 per share, based on trades within a narrow intraday range.

How many Liquidia (LQDA) shares did the CMO sell and at what price?

The Chief Medical Officer sold 35,365 shares of Liquidia Common Stock in an open-market transaction. The volume-weighted average sale price was $36.3024 per share, reflecting multiple trades executed between $36.29 and $36.45 on the same trading date, according to the Form 4 footnote disclosure.

How many Liquidia (LQDA) shares does the CMO hold after this transaction?

After the reported sale, Rajeev Saggar directly holds 174,473 Liquidia shares. This figure includes vested shares plus several blocks of unvested restricted stock units granted from 2023 through 2026, as well as 2,213 shares acquired under the company’s 2020 Employee Stock Purchase Plan.

What equity awards are included in the CMO’s remaining Liquidia (LQDA) holdings?

The remaining holdings include 20,833 unvested RSUs from a 2023 grant, 28,246 unvested RSUs from a 2024 grant, and 53,835 unvested RSUs from a 2025 grant. They also include 32,955 RSUs granted in 2026, none yet vested, plus 2,213 shares from the 2020 Employee Stock Purchase Plan.

Was the Liquidia (LQDA) CMO sale done at a single price or multiple prices?

The sale used multiple execution prices within a narrow range. The Form 4 states the reported $36.3024 per share is a volume-weighted average for trades executed between $36.29 and $36.45, and notes full pricing details are available upon request from the issuer or regulators.