Executive stock sale at Liquidia Corp (NASDAQ: LQDA) tied to RSU tax coverage

Rhea-AI Filing Summary

Liquidia Corp Chief Business Officer Jason Adair reported selling 688 shares of common stock on July 27, 2026 at $87.53 per share. The sale was effected pursuant to a Rule 10b5-1 plan adopted on December 15, 2023 to cover taxes associated with the settlement of previously granted RSUs. Following this transaction, Adair holds 216,438 shares, including several blocks of unvested RSUs from grants in 2023, 2024 and 2025, plus 27,683 RSUs granted in 2026 and 12,023 shares acquired under the 2020 Employee Stock Purchase Plan.

Insider Trade Summary 10b5-1

Net Seller: 688 shares

Net Sell 1 txn

Insider Adair Jason

Role Chief Business Officer

Sold 688 shs ($60K)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2, F3	688	$87.53	$60K

Holdings After Transaction: Common Stock — 216,438 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 July 6, 2023.
3. F3. Includes (i) 6,250 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 14,845 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 38,684 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 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) 12,023 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Key Figures

Shares sold: 688 shares Sale price: $87.53 per share Post-transaction holdings: 216,438 shares +5 more

8 metrics

Shares sold 688 shares Common stock sale on July 27, 2026

Sale price $87.53 per share Price received for 688 shares of common stock

Post-transaction holdings 216,438 shares Total holdings after July 27, 2026 sale

Unvested RSUs from 2023 grant 6,250 RSUs Remaining from 25,000 RSUs granted July 6, 2023

Unvested RSUs from 2024 grant 14,845 RSUs Remaining from 39,588 RSUs granted January 11, 2024

Unvested RSUs from 2025 grant 38,684 RSUs Remaining from 61,895 RSUs granted January 11, 2025

2026 RSU grant 27,683 RSUs Granted January 16, 2026, none vested as of this filing

ESPP shares 12,023 shares Acquired under Liquidia Corporation 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"

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

"taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted"

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

"12,023 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) 6,250 unvested RSUs of the 25,000 RSUs granted"

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/29/2026 - 04:30 PM Accepted by SEC EDGAR 07/29/2026 - 04:30 PM Learn about SEC filing dates

FAQ

What insider transaction did Liquidia (LQDA) report for Jason Adair?

Liquidia reported that Chief Business Officer Jason Adair sold 688 shares of common stock on July 27, 2026 at $87.53 per share. The sale was executed under a Rule 10b5-1 trading plan and was used to cover taxes from settling previously granted restricted stock units.

Was Jason Adair’s Liquidia (LQDA) stock sale under a Rule 10b5-1 plan?

Yes. The filing states the transaction was effected pursuant to a Rule 10b5-1 plan adopted by Jason Adair on December 15, 2023. This indicates the trade followed a pre-arranged trading plan rather than a discretionary, same-day decision.

Why were Jason Adair’s 688 Liquidia (LQDA) shares sold?

The 688 shares of Liquidia common stock were sold to cover taxes associated with the settlement of restricted stock units initially granted to Jason Adair on July 6, 2023. This reflects a tax-withholding related sale rather than a discretionary liquidation of holdings.

How many Liquidia (LQDA) shares does Jason Adair hold after this transaction?

After the reported sale, Jason Adair holds 216,438 shares in total. This figure includes vested shares, multiple tranches of unvested RSUs from grants in 2023–2025, a 2026 RSU grant not yet vested, and 12,023 shares from the 2020 Employee Stock Purchase Plan.

What unvested RSUs in Liquidia (LQDA) does Jason Adair retain?

Jason Adair’s holdings include 6,250 unvested RSUs from a 25,000-unit grant on July 6, 2023, 14,845 unvested RSUs from a 39,588-unit grant on January 11, 2024, and 38,684 unvested RSUs from a 61,895-unit grant on January 11, 2025.

What recent RSU and ESPP positions does Jason Adair have in Liquidia (LQDA)?

In addition to earlier grants, Jason Adair holds 27,683 RSUs granted on January 16, 2026, none of which have vested as of this filing, and 12,023 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan, all included in his post-transaction total holdings.

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^*

Adair Jason

(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 Business Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/27/2026

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	07/27/2026		S(1)		688(2)	D	$87.53	216,438(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 July 6, 2023.

3. Includes (i) 6,250 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 14,845 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 38,684 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 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) 12,023 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Jason Adair	07/29/2026
	** 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)