Liquidia (LQDA) director sells 20,000 shares after exercising options

Rhea-AI Filing Summary

Liquidia Corp director Raman Singh reported an option exercise followed by a share sale. Singh exercised non-qualified stock options for 20,000 shares of Common Stock at $4.86 per share and then sold 20,000 shares on the same date at a volume-weighted average price of $36.0414.

After these transactions, Singh directly owned 38,755 shares of Common Stock, plus 18,396 restricted stock units granted on June 17, 2025, which had not vested as of this Form 4. The filing also corrects a prior administrative error by acknowledging an earlier exercise of options for 7,500 shares that had been omitted from a previous Form 4, although that earlier sale was disclosed.

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

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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^*

SINGH RAMAN

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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	03/13/2026		M		20,000	A	$4.86	58,755(1)	D
Common Stock	03/13/2026		S(2)		20,000	D	$36.0414(3)	38,755(1)	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
Non-Qualified Stock Option (right to buy)	$4.86	03/13/2026		M			20,000	12/17/2025(4)	06/17/2032	Common Stock	20,000	$0	0	D

Explanation of Responses:

1. Includes 18,396 restricted stock units granted to the Reporting Person on June 17, 2025, none of which have vested as of the date of this Form 4. The amount of securities beneficially owned by the Reporting Person following the transactions reported herein has been corrected due to an administrative error in the Reporting Person's previous Form 4 filed on September 5, 2025, which inadvertently omitted the prior exercise of stock options for 7,500 shares of common stock, but such Form 4 did disclose the sale of such shares.

2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.

3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $36.01 to $36.20. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. The option vested in 36 equal monthly installments and became fully vested on June 17, 2025.

	/s/ Raman Singh	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Liquidia Corp (LQDA) director Raman Singh report on this Form 4?

Raman Singh reported exercising options for 20,000 Liquidia shares at $4.86 each and then selling 20,000 shares at a $36.0414 volume-weighted average price. The filing also updates his post-transaction holdings and corrects an earlier administrative reporting error.

How many Liquidia (LQDA) shares did Raman Singh sell and at what price?

Raman Singh sold 20,000 shares of Liquidia Common Stock at a volume-weighted average price of $36.0414. The price reflects trades between $36.01 and $36.20, with full price breakdowns available upon request from the company, shareholders, or SEC staff.

What options did Raman Singh exercise in the latest Liquidia (LQDA) Form 4?

He exercised a non-qualified stock option covering 20,000 Liquidia shares at an exercise price of $4.86 per share. The option vested in 36 equal monthly installments and became fully vested on June 17, 2025, before this reported exercise-and-sale transaction.

What are Raman Singh’s Liquidia (LQDA) holdings after the reported transactions?

Following the reported exercise and sale, Raman Singh directly owns 38,755 Liquidia Common Stock shares and 18,396 restricted stock units granted on June 17, 2025. None of those restricted stock units had vested as of the date of this Form 4 filing.

Did the Liquidia (LQDA) Form 4 include any corrections to prior reports?

Yes. The Form 4 states that Singh’s beneficial ownership has been corrected because a previous Form 4 omitted an earlier option exercise for 7,500 shares. That earlier Form 4 did disclose the sale of those shares, but not the actual exercise event.

Was Raman Singh’s Liquidia (LQDA) stock sale linked to his option exercise?

Yes. A footnote explains the 20,000-share sale represents the subsequent sale of the underlying shares from the stock option exercise reported in the same Form 4. This pattern reflects an exercise-and-sell transaction rather than an independent open-market liquidation.