Liquidia CBO sells 688 shares in tax-related sale

Liquidia Corp Chief Business Officer Jason Adair sold 688 shares of common stock.

Rhea-AI Filing Summary

Liquidia Corp Chief Business Officer Jason Adair sold 688 shares of common stock. The open-market sale on April 27, 2026 was executed at $41.65 per share pursuant to a Rule 10b5-1 trading plan and was used to cover taxes from the settlement of restricted stock units. Following the transaction, Adair directly holds 214,738 shares, along with multiple grants of unvested RSUs and shares acquired under the company’s 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 ($29K)

Type	Security	Shares	Price	Value
Sale	Common Stock	688	$41.65	$29K

Holdings After Transaction: Common Stock — 214,738 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) 7,812 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 17,320 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 42,553 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: $41.65 per share Shares held after sale: 214,738 shares +5 more

8 metrics

Shares sold 688 shares Open-market sale on April 27, 2026

Sale price $41.65 per share Price for 688 shares sold

Shares held after sale 214,738 shares Direct holdings following transaction

Unvested RSUs from July 2023 grant 7,812 RSUs Portion of 25,000 RSUs granted July 6, 2023

Unvested RSUs from January 2024 grant 17,320 RSUs Portion of 39,588 RSUs granted January 11, 2024

Unvested RSUs from January 2025 grant 42,553 RSUs Portion of 61,895 RSUs granted January 11, 2025

RSUs granted January 2026 27,683 RSUs Granted January 16, 2026, none vested as of Form 4 date

ESPP shares 12,023 shares Shares acquired under 2020 Employee Stock Purchase Plan

Key Terms

Rule 10b5-1 plan, restricted stock units, Employee Stock Purchase Plan

3 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 financial

"These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted..."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Employee Stock Purchase Plan financial

"Includes ... 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.

FAQ

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

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

Liquidia reported that Chief Business Officer Jason Adair sold 688 shares of common stock. The sale occurred on April 27, 2026 at $41.65 per share as an open-market transaction tied to a Rule 10b5-1 trading plan and RSU-related tax obligations.

Why did Jason Adair sell 688 Liquidia (LQDA) shares?

The 688 shares were sold to cover taxes owed on the settlement of restricted stock units initially granted on July 6, 2023. This type of sale is commonly linked to equity compensation events rather than a discretionary decision to significantly change share ownership.

How many Liquidia (LQDA) shares does Jason Adair hold after the sale?

After the 688-share sale, Jason Adair directly holds 214,738 shares of Liquidia common stock. In addition, his position includes several tranches of unvested restricted stock units and shares acquired through the company’s 2020 Employee Stock Purchase Plan, expanding his overall equity exposure.

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

Yes. The filing notes that the transaction was effected under a Rule 10b5-1 trading plan adopted on December 15, 2023. Such pre-arranged plans automate trades according to preset instructions, helping separate routine portfolio management from short-term market timing decisions.

What RSU grants and ESPP shares does Jason Adair have at Liquidia (LQDA)?

Adair’s holdings include 7,812 unvested RSUs from a 25,000-unit grant in July 2023, 17,320 unvested RSUs from a January 2024 grant, 42,553 unvested RSUs from a January 2025 grant, 27,683 RSUs granted January 2026 not yet vested, and 12,023 shares from the 2020 Employee Stock Purchase Plan.

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

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Accepted by SEC EDGAR 04/29/2026 - 04:30 PM EDT 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^*

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)
04/27/2026

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	04/27/2026		S(1)		688(2)	D	$41.65	214,738(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) 7,812 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 17,320 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 42,553 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	04/29/2026
	** 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)