Liquidia Corp (LQDA) CHRO Sarah Krepp granted new RSUs and PSUs

Rhea-AI Filing Summary

Liquidia Corp Chief Human Resource Officer Sarah Krepp received new equity awards that increase her stake in the company. On January 16, 2026, she was granted 23,728 restricted stock units (RSUs) that convert into common stock on a one-for-one basis at no cash cost. After this grant, she beneficially owns 164,497 shares of common stock, including previously granted unvested RSUs and shares acquired under the employee stock purchase plan.

On the same date, she was also granted 35,592 performance stock units (PSUs), which also convert into common stock one-for-one and were reported at a price of $0. Both the RSUs and PSUs follow a similar time-based schedule in which 25% vest on January 11, 2027 (or, for PSUs, potentially when the company files its Form 10-K for 2026) and 6.25% vest every three months thereafter, with the PSUs additionally requiring a milestone based on 2026 net product sales revenue from YUTREPIA.

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

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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^*

Krepp Sarah

(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 Human Resource Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/16/2026

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	01/16/2026		A(1)		23,728(2)	A	$0	164,497(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	(4)	01/16/2026		A		35,592		(5)	(5)	Common Stock	35,592	$0	35,592	D

Explanation of Responses:

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

2. (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

3. Includes (i) 29,482 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,787 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (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) 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

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

5. On January 16, 2026, the Reporting Person was granted 35,592 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

	/s/ Sarah Krepp	01/21/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Liquidia Corp (LQDA) report for Sarah Krepp?

Liquidia Corp's Chief Human Resource Officer, Sarah Krepp, received new equity awards on January 16, 2026, consisting of 23,728 restricted stock units (RSUs) of common stock and 35,592 performance stock units (PSUs), all reported at a price of $0 per unit.

How many Liquidia Corp (LQDA) shares does Sarah Krepp beneficially own after this Form 4 transaction?

Following the reported grants, Sarah Krepp beneficially owns 164,497 shares of Liquidia common stock, which includes multiple tranches of unvested RSUs granted between 2024 and 2026 and 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

What is the vesting schedule for the new RSUs granted to Sarah Krepp at Liquidia Corp (LQDA)?

The 23,728 RSUs granted on January 16, 2026 vest as follows: 25% vest on January 11, 2027, referred to as the Initial Vesting Date, and the remaining units vest in 6.25% increments every three months after that date, so long as she continues to satisfy the vesting conditions.

How do the performance stock units (PSUs) granted to Sarah Krepp at Liquidia Corp (LQDA) vest?

The 35,592 PSUs granted on January 16, 2026 vest on a time-based and milestone-based schedule: 25% vest on the Initial Vesting Date or, if later, when Liquidia files its Form 10-K for the fiscal year ending December 31, 2026, and 6.25% vest every three months thereafter, subject to a milestone tied to 2026 net product sales revenue from YUTREPIA as disclosed in that Form 10-K.

What earlier RSU grants to Sarah Krepp are still unvested at Liquidia Corp (LQDA)?

As of this report, her holdings include unvested RSUs from several prior grants: 29,482 unvested RSUs from a 61,465-unit grant on January 11, 2024, 7,787 unvested RSUs from a 12,459-unit grant on July 1, 2024, 38,145 unvested RSUs from a 50,861-unit grant on January 11, 2025, and 25,000 RSUs granted on July 1, 2025, none of which had vested as of this report.

Does Sarah Krepp directly hold the reported Liquidia Corp (LQDA) equity awards?

Yes. The reported RSUs, PSUs and common stock are listed with ownership form as Direct (D), indicating that they are held directly by Sarah Krepp rather than through an intermediary entity.