Liquidia (LQDA) CEO receives new RSUs and PSUs tied to 2026 YUTREPIA sales

Rhea-AI Filing Summary

Liquidia Corp Chief Executive Officer and director Roger Jeffs reported new stock-based awards and updated his holdings. On January 16, 2026, he received 115,344 shares of common stock for $0, representing restricted stock units that convert one-for-one into common shares. On the same date, he was granted 173,016 performance stock units, also at $0, each convertible into one share of common stock.

The RSUs vest with 25% on January 11, 2027 and 6.25% every three months afterward. The PSUs follow a similar time-based schedule but vest only if a milestone is met, based on the percentage of units tied to 2026 net product sales revenue from YUTREPIA as disclosed in the company’s FY2026 Form 10-K. After these grants, Jeffs directly owns 1,152,872 common shares, with additional indirect holdings through a living trust and Serendipity BioPharma LLC.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider JEFFS ROGER

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Performance Stock Units	173,016	$0.00	--
Grant/Award	Common Stock	115,344	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Performance Stock Units — 173,016 shares (Direct); Common Stock — 1,152,872 shares (Direct); Common Stock — 46,595 shares (Indirect, See footnote)

Footnotes (1)

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. (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. Includes (i) 72,375 unvested RSUs of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,669 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 171,995 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025, (iv) 115,344 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) 10,696 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Performance stock units ("PSUs") convert into common stock on a one-for-one basis. On January 16, 2026, the Reporting Person was granted 173,016 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. The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust. The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.

Form 4 Insider Transactions: What Each Field Means →

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^*

JEFFS ROGER

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive 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)		115,344(2)	A	$0	1,152,872(3)	D
Common Stock								46,595	I	See footnote(6)
Common Stock								1,541,667	I	See footnote(7)

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		173,016		(5)	(5)	Common Stock	173,016	$0	173,016	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) 72,375 unvested RSUs of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,669 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 171,995 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025, (iv) 115,344 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) 10,696 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 173,016 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.

6. The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.

7. The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.

	/s/ Roger Jeffs	01/21/2026
	** 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.

FAQ

What equity awards did Liquidia (LQDA) CEO Roger Jeffs receive on January 16, 2026?

On January 16, 2026, Roger Jeffs received 115,344 shares of common stock at $0, representing restricted stock units that convert one-for-one into common stock, and 173,016 performance stock units, also at $0, each convertible into one share of common stock.

How do Roger Jeffs’ new RSUs at Liquidia (LQDA) vest?

The 115,344 RSUs vest as follows: 25% on January 11, 2027, called the Initial Vesting Date, and 6.25% every three months after that date.

What conditions apply to Roger Jeffs’ performance stock units at Liquidia (LQDA)?

The 173,016 PSUs vest 25% on the Initial Vesting Date or, if later, when Liquidia files its Form 10-K for the year ending December 31, 2026, and 6.25% every three months thereafter, but only if a milestone is met based on the applicable percentage of units tied to 2026 net product sales revenue from YUTREPIA as disclosed in the FY2026 Form 10-K.

How many Liquidia (LQDA) shares does CEO Roger Jeffs own directly after these transactions?

After the reported transactions, Roger Jeffs beneficially owns 1,152,872 shares of common stock in direct form, which includes previously granted unvested RSUs and shares acquired under the 2020 Employee Stock Purchase Plan.

What indirect holdings of Liquidia (LQDA) common stock are associated with Roger Jeffs?

Indirectly, 46,595 shares of common stock are held by the Roger A. Jeffs Living Trust UAD 2/29/2000, where he is trustee, and 1,541,667 shares are held by Serendipity BioPharma LLC, where he is a manager with sole voting and dispositive power over those shares.

How do the RSUs and PSUs reported by Liquidia (LQDA) convert into common stock?

Both the restricted stock units and performance stock units reported by Roger Jeffs convert into Liquidia common stock on a one-for-one basis, meaning each unit represents one share of common stock upon vesting.