Liquidia Corp (LQDA) CAO reports PSU vesting, share sale filing details

Rhea-AI Filing Summary

Liquidia Corp’s Chief Accounting Officer, Dana Boyle, reported routine equity transactions. On January 9, 2026, 12,716 performance stock units converted into the same number of shares of common stock at an exercise price of $0, reflecting scheduled PSU vesting. On January 12, 2026, Boyle sold 11,047 shares of common stock at $37.43 per share, leaving 156,700 common shares beneficially owned afterward. The sale was made under a pre‑arranged Rule 10b5‑1 plan and was used to cover taxes tied to the settlement of previously granted RSUs and PSUs. Following these transactions, Boyle continued to hold 38,145 performance stock units in addition to other unvested equity awards.

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^*

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)
01/09/2026

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		12,716(2)	A	(1)	167,747(3)	D
Common Stock	01/12/2026		S(4)		11,047(5)	D	$37.43	156,700(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			12,716	(1)	(1)	Common Stock	12,716	$0	38,145	D

Explanation of Responses:

1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

2. On January 11, 2025, the Reporting Person was granted 50,861 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 12,716 have vested as of the date of this Form 4.

3. Includes (i) 942 unvested restricted stock units ("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 and (vi) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

5. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2024 and January 11, 2025.

	/s/ Dana Boyle	01/13/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did Liquidia (LQDA) report for Dana Boyle?

Liquidia reported that Chief Accounting Officer Dana Boyle exercised 12,716 performance stock units into common stock at an exercise price of $0 and then sold 11,047 common shares.

At what price were Dana Boyle’s Liquidia (LQDA) shares sold?

The 11,047 shares of Liquidia common stock were sold at a price of $37.43 per share.

Why did Liquidia CAO Dana Boyle sell shares in this Form 4 filing?

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

Was the Liquidia (LQDA) insider sale under a Rule 10b5-1 plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 plan adopted by Dana Boyle on December 15, 2023, as disclosed in the footnotes.

How many Liquidia shares does Dana Boyle own after these transactions?

After the reported transactions, Dana Boyle beneficially owned 156,700 shares of Liquidia common stock and held 38,145 performance stock units.

How do Dana Boyle’s performance stock units in Liquidia work?

The filing explains that performance stock units convert into common stock on a one‑for‑one basis, with vesting based on a time‑based schedule set at grant.