Liquidia (NASDAQ: LQDA) grants new RSUs and PSUs to its CAO

Rhea-AI Filing Summary

Liquidia Corp’s Chief Accounting Officer, Dana Boyle, reported new equity awards on a Form 4. On January 16, 2026, Boyle received 23,728 restricted stock units (RSUs) of Liquidia common stock at a price of $0, bringing directly owned common stock (including unvested RSUs and ESPP shares) to 180,428 shares after the transaction. RSUs convert into common shares on a one-for-one basis and follow a vesting schedule where 25% vests on January 11, 2027, with 6.25% vesting every three months thereafter.

Boyle was also granted 35,592 performance stock units (PSUs) on the same date, also at $0 per unit. PSUs convert into common stock on a one-for-one basis and vest over time, starting with 25% on the same initial vesting date (or when the company files its Form 10-K for the year ending December 31, 2026, if later), and 6.25% every three months after that. Vesting of these PSUs depends on a milestone tied to 2026 net product sales revenue from YUTREPIA as disclosed in Liquidia’s FY2026 Form 10-K.

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^*

Boyle Dana

(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)
	Chief Accounting Officer

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)		23,728(2)	A	$0	180,428(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		35,592		(5)	(5)	Common Stock	35,592	$0	35,592	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) 942 unvested RSUs of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 15,625 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (v) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (vi) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vii) 3,527 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 35,592 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/ Dana Boyle	01/21/2026
	** Signature of Reporting Person	Date
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FAQ

What did Liquidia (LQDA) disclose in this Form 4 for Dana Boyle?

The Form 4 shows that Dana Boyle, Chief Accounting Officer of Liquidia Corp (LQDA), received grants of 23,728 RSUs of common stock and 35,592 PSUs on January 16, 2026, both at a price of $0 per unit.

How many Liquidia (LQDA) RSUs were granted to Dana Boyle and when do they vest?

Boyle was granted 23,728 restricted stock units (RSUs) on January 16, 2026. According to the disclosure, 25% of these RSUs vest on January 11, 2027, and 6.25% vest every three months following that initial vesting date.

What performance stock units (PSUs) did Dana Boyle receive from Liquidia (LQDA)?

On January 16, 2026, Boyle received 35,592 performance stock units (PSUs) that convert into common stock on a one-for-one basis. These PSUs vest 25% on the initial vesting date (or when the FY2026 Form 10-K is filed, if later) and 6.25% every three months thereafter, subject to a sales-based milestone.

What performance condition affects Dana Boyle’s PSUs at Liquidia (LQDA)?

The vesting of Boyle’s 35,592 PSUs depends on a milestone based on net product sales revenue from YUTREPIA in 2026, as disclosed in Liquidia’s FY2026 Form 10-K. The applicable portion of PSUs vests only if this milestone condition is satisfied.

How many Liquidia (LQDA) common shares does Dana Boyle beneficially own after these grants?

Following the January 16, 2026 RSU grant, the filing reports that Boyle beneficially owns 180,428 shares of common stock directly, which includes previously granted unvested RSUs and shares acquired under the company’s 2020 Employee Stock Purchase Plan.

Do Dana Boyle’s RSUs and PSUs at Liquidia (LQDA) convert into common stock?

Yes. The filing states that both restricted stock units (RSUs) and performance stock units (PSUs) convert into Liquidia common stock on a one-for-one basis, meaning each vested unit equals one share of common stock.