Were Sarah Krepp’s Liquidia (LQDA) share sales made under a 10b5-1 plan?

Yes. The Form 4 states the transactions were effected under a Rule 10b5-1 trading plan adopted by Sarah Krepp on March 12, 2026. Such plans pre-schedule trades, indicating these sales followed a predetermined arrangement rather than discretionary timing decisions.

Liquidia (LQDA) HR chief sells 24,880 shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Liquidia Corp Chief Human Resource Officer Sarah Krepp sold 24,880 shares of common stock in open-market transactions. The trades occurred on June 11, 2026 at a volume-weighted average price of $70.2784 per share. The shares were acquired under Liquidia’s 2020 Employee Stock Purchase Plan and the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on March 12, 2026. The filing also notes that Krepp continues to hold unvested restricted stock units from multiple prior grants.

Insider Trade Summary 10b5-1

Net Seller: 24,880 shares ($1,748,527)

Net Sell 2 txns

Insider Krepp Sarah

Role Chief Human Resource Officer

Sold 24,880 shs ($1.75M)

Type	Security	Shares	Price	Value
Sale	Common Stock	5,749	$70.2784	$404K
Sale	Common Stock	19,131	$70.2784	$1.34M

Holdings After Transaction: Common Stock — 140,994 shares (Direct, null)

Footnotes (1)

Represents the subsequent sale of shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 12, 2026. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $67.00 to $72.34. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Includes (i) 25,015 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,008 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 34,966 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 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 (v) 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. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 12, 2026.

Key Figures

Shares sold: 24,880 shares Average sale price: $70.2784 per share Price range: $67.00–$72.34 +5 more

8 metrics

Shares sold 24,880 shares Common stock sold in open-market transactions on June 11, 2026

Average sale price $70.2784 per share Volume-weighted average price for June 11, 2026 trades

Price range $67.00–$72.34 Range of individual trade prices included in VWAP calculation

First RSU grant unvested 25,015 RSUs Unvested portion of 61,465 RSUs granted January 11, 2024

Second RSU grant unvested 7,008 RSUs Unvested portion of 12,459 RSUs granted July 1, 2024

Third RSU grant unvested 34,966 RSUs Unvested portion of 50,861 RSUs granted January 11, 2025

Fourth RSU grant 25,000 RSUs RSUs granted July 1, 2025, none vested as of Form 4 date

Fifth RSU grant 23,728 RSUs RSUs granted January 16, 2026, none vested as of Form 4 date

Key Terms

Rule 10b5-1 plan, Employee Stock Purchase Plan, volume weighted average price, Restricted Stock Units

4 terms

Rule 10b5-1 plan regulatory

"Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 12, 2026."

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.

Employee Stock Purchase Plan financial

"Represents the subsequent sale of 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.

volume weighted average price financial

"Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date"

The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.

Restricted Stock Units financial

"Includes (i) 25,015 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024"

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.

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Form 4 Insider Transactions: What Each Field Means →

06/15/2026 - 04:30 PM

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).

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^*

Krepp Sarah

(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 Human Resource Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/11/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/11/2026		S⁽¹⁾		5,749	D	$70.2784⁽²⁾	140,994⁽³⁾	D
Common Stock	06/11/2026		S⁽⁴⁾		19,131	D	$70.2784⁽²⁾	121,863⁽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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the subsequent sale of shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 12, 2026.

2. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $67.00 to $72.34. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. Includes (i) 25,015 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,008 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 34,966 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 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 (v) 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.

4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on March 12, 2026.

	/s/ Sarah Krepp	06/15/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Liquidia (LQDA) disclose for Sarah Krepp?

Liquidia reported that Chief Human Resource Officer Sarah Krepp sold 24,880 shares of common stock in open-market transactions. The trades occurred on June 11, 2026 and involved shares previously acquired under the company’s 2020 Employee Stock Purchase Plan.

At what price did Sarah Krepp sell Liquidia (LQDA) shares?

Sarah Krepp’s Liquidia share sales used a volume-weighted average price of $70.2784 per share. The filing notes individual trades occurred within a price range from $67.00 to $72.34, with full price breakdowns available upon request from the company or regulators.

What is the source of the Liquidia (LQDA) shares sold by Sarah Krepp?

The filing explains that the shares sold represent a subsequent sale of stock acquired through Liquidia’s 2020 Employee Stock Purchase Plan. This plan allows eligible employees to buy company shares, which can later be sold in the open market, as seen in this transaction.

Does Sarah Krepp still hold equity awards in Liquidia (LQDA) after these sales?

Yes. The Form 4 notes she continues to hold multiple unvested restricted stock units from grants made in 2024, 2025, and 2026. These RSUs vest over time, giving her ongoing equity exposure and aligning part of her compensation with Liquidia’s future performance.

How many restricted stock units does Sarah Krepp have from recent Liquidia (LQDA) grants?

The filing lists several unvested RSU positions, including 25,015 unvested RSUs from a 61,465-unit grant on January 11, 2024 and 7,008 unvested RSUs from a 12,459-unit grant on July 1, 2024, along with additional unvested RSUs from 2025 and 2026 grants.