Liquidia HR chief sells 276 shares under 10b5-1

Liquidia Corp’s Chief Human Resource Officer Sarah Krepp reported a small open-market sale of common stock.

Rhea-AI Filing Summary

Liquidia Corp’s Chief Human Resource Officer Sarah Krepp reported a small open-market sale of common stock. On June 1, 2026, she sold 276 shares at $60.87 per share in a transaction classified as an open-market sale.

According to the footnotes, the sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2023 and was specifically to cover taxes tied to the settlement of previously granted RSUs. After this transaction, Krepp holds 146,743 shares directly, including substantial unvested RSUs and shares acquired under the company’s employee stock purchase plan.

Insider Trade Summary 10b5-1

Net Seller: 276 shares

Net Sell 1 txn

Insider Krepp Sarah

Role Chief Human Resource Officer

Sold 276 shs ($17K)

Type	Security	Shares	Price	Value
Sale	Common Stock	276	$60.87	$17K

Holdings After Transaction: Common Stock — 146,743 shares (Direct)

Footnotes (3)

1. F1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
2. F2. These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 11, 2024.
3. F3. Includes (i) 25,015 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,008 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 34,966 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) 5,749 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Key Figures

Shares sold: 276 shares Sale price: $60.87 per share Shares held after transaction: 146,743 shares +4 more

7 metrics

Shares sold 276 shares Open-market sale on June 1, 2026

Sale price $60.87 per share Price for the 276 shares sold

Shares held after transaction 146,743 shares Direct holdings after June 1, 2026 sale

2024 RSU grant 61,465 RSUs (25,015 unvested) Grant on January 11, 2024

July 2024 RSU grant 12,459 RSUs (7,008 unvested) Grant on July 1, 2024

January 2025 RSU grant 50,861 RSUs (34,966 unvested) Grant on January 11, 2025

ESPP shares 5,749 shares Acquired under 2020 Employee Stock Purchase Plan

Key Terms

Rule 10b5-1 plan, restricted stock units ("RSUs"), Employee Stock Purchase Plan, unvested RSUs

4 terms

Rule 10b5-1 plan regulatory

"Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023."

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 ("RSUs") financial

"These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 11, 2024."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

Employee Stock Purchase Plan financial

"5,749 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan."

An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.

unvested RSUs financial

"Includes (i) 25,015 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024..."

FAQ

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

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

Liquidia reported that Chief Human Resource Officer Sarah Krepp sold 276 shares of common stock on June 1, 2026 at $60.87 per share. The filing classifies this as an open-market sale of non-derivative common stock under a pre-arranged plan.

Why did Sarah Krepp sell shares of Liquidia (LQDA) stock?

The sale was made to cover taxes associated with the settlement of restricted stock units granted to her. A footnote states these shares were sold to satisfy tax obligations arising from RSUs initially granted on January 11, 2024, rather than as a discretionary portfolio move.

Was the Liquidia (LQDA) insider sale by Sarah Krepp under a Rule 10b5-1 plan?

Yes. A footnote explains the transaction was effected under a Rule 10b5-1 trading plan adopted by Sarah Krepp on December 15, 2023. Such plans are pre-arranged trading programs designed to execute trades automatically, reducing the significance of timing decisions.

How many Liquidia (LQDA) shares does Sarah Krepp hold after this transaction?

Following the sale, Sarah Krepp directly holds 146,743 shares of Liquidia common stock. This total includes various unvested RSUs from grants in 2024, 2025, and 2026 as well as 5,749 shares acquired through the company’s 2020 Employee Stock Purchase Plan.

What RSU grants to Sarah Krepp are referenced in the Liquidia (LQDA) Form 4?

The filing notes unvested RSUs from several grants: 61,465 RSUs (with 25,015 unvested) granted on January 11, 2024, 12,459 RSUs (7,008 unvested) on July 1, 2024, and 50,861 RSUs (34,966 unvested) on January 11, 2025, plus additional 2025 and 2026 grants.

Does the Liquidia (LQDA) Form 4 indicate any remaining derivative securities for Sarah Krepp?

The derivative summary in this Form 4 is empty, indicating no derivative transactions were reported in this filing. The disclosure instead focuses on common stock, unvested RSUs, and shares acquired under the 2020 Employee Stock Purchase Plan as part of her total holdings.

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

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

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^*

Krepp Sarah

(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 Human Resource Officer

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	06/01/2026		S(1)		276(2)	D	$60.87	146,743(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

Explanation of Responses:

1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

2. These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 11, 2024.

3. Includes (i) 25,015 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,008 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 34,966 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) 5,749 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Sarah Krepp	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)