Liquidia (LQDA) CFO and COO awarded RSUs and PSUs tied to 2026 YUTREPIA sales

Rhea-AI Filing Summary

Liquidia Corp insider Michael Kaseta, the CFO and COO, reported new equity awards. On January 16, 2026, he received 59,320 shares of common stock in the form of restricted stock units granted at $0 per share, bringing his directly held common stock to 410,239 shares. These RSUs convert into common stock on a one-for-one basis and vest over time, with 25% vesting on January 11, 2027 and the remainder vesting quarterly thereafter.

Kaseta was also granted 88,980 performance stock units at $0 per unit, each linked to one share of common stock. These PSUs vest on a similar time schedule, but only if a milestone is met based on 2026 net product sales revenue from YUTREPIA as disclosed in Liquidia’s Form 10-K for the year ending December 31, 2026. This structure ties a significant portion of his potential equity compensation to both continued service and specific revenue performance.

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^*

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)
01/16/2026

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)		59,320(2)	A	$0	410,239(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	(4)	01/16/2026		A		88,980		(5)	(5)	Common Stock	88,980	$0	88,980	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) 31,167 unvested 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, (iv) 59,320 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) 11,257 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 88,980 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.

	/s/ Michael Kaseta	01/21/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Liquidia Corp (LQDA) report for Michael Kaseta?

Liquidia reported that CFO and COO Michael Kaseta received equity awards on January 16, 2026, including 59,320 RSU-based common shares and 88,980 performance stock units, all at $0 per unit.

How many Liquidia (LQDA) shares does Michael Kaseta own after this Form 4?

Following the reported grant, Michael Kaseta beneficially owns 410,239 shares of common stock directly, which includes previously granted unvested RSUs and shares acquired under the 2020 Employee Stock Purchase Plan.

What are the vesting terms of the 59,320 RSUs granted to Liquidia CFO Michael Kaseta?

For the 59,320 RSUs, 25% vest on January 11, 2027, and 6.25% vest every three months after that Initial Vesting Date, with each RSU converting into one share of common stock.

How do the 88,980 performance stock units for Liquidia (LQDA) vest?

The 88,980 PSUs vest one-for-one into common stock, with 25% vesting on the Initial Vesting Date or when the FY2026 Form 10-K is filed (if later), and 6.25% vesting every three months thereafter, subject to a milestone based on 2026 YUTREPIA net product sales revenue.

What performance condition affects Michael Kaseta’s Liquidia PSUs tied to YUTREPIA?

Vesting of the PSUs depends on a milestone-based condition: the applicable percentage of PSUs vests based on net product sales revenue from YUTREPIA in 2026, as disclosed in Liquidia’s FY2026 10-K.

Are Michael Kaseta’s Liquidia RSUs and PSUs settled in common stock?

Yes. The filing states that both RSUs and PSUs convert into common stock on a one-for-one basis upon vesting.