Liquidia Corp (LQDA) CCO reports PSU conversions and stock sale

Rhea-AI Filing Summary

Liquidia Corp’s Chief Commercial Officer, Scott Moomaw, reported stock activity involving performance stock units (PSUs) and common shares. On January 9, 2026, PSUs converted into 3,108 and 17,433 shares of common stock at an exercise price of $0, reflecting vesting of prior PSU awards that convert into common stock on a one-for-one basis. Following these conversions, he held 175,047 shares directly. On January 12, 2026, he sold 20,533 common shares at $37.43 per share, leaving 154,514 shares held directly. According to the disclosure, this sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2023 and the shares were sold to cover taxes tied to the settlement of restricted stock units granted in 2023, 2024, and 2025.

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).

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^*

Moomaw Scott

(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 Commercial Officer

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		3,108(2)	A	(1)	157,614(3)	D
Common Stock	01/09/2026		M		17,433(4)	A	(1)	175,047(3)	D
Common Stock	01/12/2026		S(5)		20,533(6)	D	$37.43	154,514(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			3,108	(1)	(1)	Common Stock	3,108	$0	24,861	D
Performance Stock Units	(1)	01/09/2026		M			17,433	(1)	(1)	Common Stock	17,433	$0	52,296	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 49,723 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 24,862 have vested as of the date of this Form 4.

3. Includes (i) 20,833 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. On January 11, 2025, the Reporting Person was granted 69,729 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 17,433 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 and January 11, 2025.

	/s/ Scott Moomaw	01/13/2026
	** Signature of Reporting Person	Date
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FAQ

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

The Form 4 reports that Chief Commercial Officer Scott Moomaw converted vested performance stock units into common stock and then sold 20,533 common shares at $37.43 per share.

How many Liquidia Corp (LQDA) shares did the officer own after these transactions?

After the reported transactions, Chief Commercial Officer Scott Moomaw directly owned 154,514 shares of Liquidia Corp common stock.

Were the Liquidia Corp (LQDA) insider sales under a Rule 10b5-1 plan?

Yes. The sale of 20,533 shares on January 12, 2026 was effected under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2023.

Why did the Liquidia Corp (LQDA) insider sell 20,533 shares?

The filing states the 20,533 common shares were sold to cover taxes associated with settlement of restricted stock units granted on January 11 of 2023, 2024, and 2025.

What are the terms of the performance stock units mentioned in the Liquidia Corp (LQDA) filing?

The filing notes that performance stock units (PSUs) convert into common stock on a one-for-one basis, and that grants from 2024 and 2025 vest 25% on the first anniversary date and then quarterly over three years.

Does the Form 4 show additional unvested equity awards for the Liquidia Corp (LQDA) officer?

Yes. The disclosure references unvested RSUs from grants in 2023, 2024, and 2025, and 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan as part of the beneficial holdings detail.