[Form 4] Liquidia Corp Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corp executive Michael Kaseta, the CFO and COO, reported equity award vesting and a related stock sale. On January 9, 2026, performance stock units converted into 5,828 and 28,200 shares of Liquidia common stock on a one-for-one basis. These conversions stem from PSU grants made in 2024 and 2025 that vest over several years.

On January 12, 2026, Kaseta sold 36,932 shares of common stock at $37.43 per share, with ownership listed as direct and 350,919 shares beneficially owned afterward. The sale was executed under a Rule 10b5-1 trading plan adopted on December 15, 2023, and the shares were sold to cover taxes associated with the settlement of restricted and performance stock units from multiple prior grant 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
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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^*

Kaseta Michael

(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)
	CFO and COO

3. Date of Earliest Transaction (Month/Day/Year)
01/09/2026

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	01/09/2026		M		5,828(2)	A	(1)	359,651(3)	D
Common Stock	01/09/2026		M		28,200(4)	A	(1)	387,851(3)	D
Common Stock	01/12/2026		S(5)		36,932(6)	D	$37.43	350,919(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)	01/09/2026		M			5,828	(1)	(1)	Common Stock	5,828	$0	46,625	D
Performance Stock Units	(1)	01/09/2026		M			28,200	(1)	(1)	Common Stock	28,200	$0	84,597	D

Explanation of Responses:

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

2. On January 11, 2024, the Reporting Person was granted 93,250 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 46,625 have vested as of the date of this Form 4.

3. Includes (i) 31,167 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,257 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. On January 11, 2025, the Reporting Person was granted 112,797 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 28,200 have vested as of the date of this Form 4.

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

6. These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024, January 15, 2024 and January 11, 2025.

	/s/ Michael Kaseta	01/13/2026
	** 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.

FAQ

What insider activity did Liquidia (LQDA) report in this Form 4?

The filing reports that CFO and COO Michael Kaseta had performance stock units convert into Liquidia common stock and then sold 36,932 shares on January 12, 2026, while retaining 350,919 shares beneficially owned afterward.

How many Liquidia shares did the CFO sell and at what price?

Michael Kaseta sold 36,932 shares of Liquidia common stock in an open market transaction at a price of $37.43 per share on January 12, 2026.

Were the Liquidia insider stock sales made under a Rule 10b5-1 plan?

Yes. A footnote explains that the sale was a transaction effected under a Rule 10b5-1 trading plan adopted by Michael Kaseta on December 15, 2023.

What performance stock units vested for the Liquidia CFO?

On January 9, 2026, performance stock units converted into 5,828 and 28,200 shares of Liquidia common stock, reflecting vesting from PSU grants made in 2024 and 2025.

Why did the Liquidia CFO sell shares in this Form 4 filing?

A footnote states that the 36,932 shares of common stock were sold to cover taxes associated with the settlement of restricted stock units granted in 2023, 2024, and 2025.

How many Liquidia shares does the CFO own after these transactions?

Following the reported transactions, the Form 4 lists 350,919 shares of Liquidia common stock beneficially owned by Michael Kaseta on a direct basis.

What other equity awards does the Liquidia CFO hold?

The footnotes describe remaining unvested RSUs and PSUs from grants in 2023, 2024, and 2025, as well as 11,257 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.