Liquidia accounting chief Dana Boyle sells 5,892 shares

At Liquidia Corp (LQDA), Chief Accounting Officer Dana Boyle sold 5,892 common shares on October 12, 2026, at $28.48 per share under a Rule 10b5-1 plan adopted December 15, 2023; the shares covered taxes associated with settling RSUs and PSUs.

Rhea-AI Filing Summary

At Liquidia Corp (LQDA), Chief Accounting Officer Dana Boyle sold 5,892 common shares on October 12, 2026, at $28.48 per share under a Rule 10b5-1 plan adopted December 15, 2023; the shares covered taxes associated with settling RSUs and PSUs. On October 9, 2026, 3,178 performance stock units converted one-for-one into common shares. The reported post-conversion performance stock unit position was 28,609.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 3 txns

Insider Boyle Dana

Role Chief Accounting Officer

Sold 5,892 shs ($168K)

Approx. gross sale proceeds $168K

Type	Security	Shares	Price	Value
Sale	Common Stock F4, F5, F3	5,892	$28.48	$168K
Exercise	Performance Stock Units F1	3,178	$0.00	$0.00
Exercise	Common Stock F2, F1, F3	3,178	--	--

Holdings After Transaction: Performance Stock Units — 28,609 contracts (Direct); Common Stock — 165,609 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 22,252 have vested as of the date of this Form 4.
3. F3. Includes (i) 6,250 unvested restricted stock units ("RSUs") of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 17,838 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 28,609 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 17,187 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) 4,368 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

Common shares sold: 5,892 shares Sale price: $28.48 per share Performance stock units converted: 3,178 units

3 metrics

Common shares sold 5,892 shares October 12, 2026

Sale price $28.48 per share October 12, 2026

Performance stock units converted 3,178 units Converted one-for-one into common shares on October 9, 2026

Key Terms

Performance Stock Units, Rule 10b5-1 plan, restricted stock units

3 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.

Rule 10b5-1 plan regulatory

"Transaction effected pursuant to a Rule 10b5-1 plan"

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.

restricted stock units financial

"unvested restricted stock units ("RSUs")"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many LQDA shares did Dana Boyle sell, and at what price?

Dana Boyle sold 5,892 common shares at $28.48 per share on October 12, 2026. The sale was made under a Rule 10b5-1 plan adopted December 15, 2023, and the shares covered taxes associated with award settlements.

How many LQDA performance stock units converted into common shares?

On October 9, 2026, 3,178 performance stock units converted into 3,178 common shares on a one-for-one basis. The reported post-conversion performance stock unit position was 28,609.

What taxes did Dana Boyle's LQDA share sale cover?

The 5,892 shares were sold to cover taxes associated with settling RSUs and PSUs initially granted on January 11, 2024, January 11, 2025, and July 1, 2025.

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

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Available on EDGAR 10/13/2026 - 07:59 PM EDT Accepted by SEC EDGAR 10/13/2026 - 07:59 PM EDT 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)
10/09/2026

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	10/09/2026		M		3,178(2)	A	(1)	171,501(3)	D
Common Stock	10/12/2026		S(4)		5,892(5)	D	$28.48	165,609(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)	10/09/2026		M			3,178	(1)	(1)	Common Stock	3,178	$0	28,609	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 22,252 have vested as of the date of this Form 4.

3. Includes (i) 6,250 unvested restricted stock units ("RSUs") of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 17,838 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 28,609 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 17,187 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) 4,368 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	10/13/2026
	** 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)