Liquidia Board Member Deepens Stake with Annual Stock Award

Rhea-AI Filing Summary

Director Arthur S. Kirsch of Liquidia Corp reported acquiring 18,396 Restricted Stock Units (RSUs) on June 17, 2025. The RSUs were granted at $0 cost and convert to common stock on a one-for-one basis.

Key details of the transaction:

• The RSUs will vest at the earlier of: one-year anniversary of grant date or day before next annual shareholder meeting
• Following the transaction, Kirsch owns 40,755 shares directly and 30,000 shares indirectly through a revocable trust
• Total beneficial ownership after transaction: 70,755 shares

This Form 4 filing indicates ongoing equity-based compensation for board members, aligning director interests with shareholders through stock ownership. The transaction was reported within the required timeframe under SEC regulations.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Kirsch Arthur S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	18,396	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 40,755 shares (Direct); Common Stock — 30,000 shares (Indirect, Through Revocable Trust of Arthur S. Kirsch)

Footnotes (1)

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Kirsch Arthur S

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

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	06/17/2025		A(1)		18,396(2)	A	$0	40,755	D
Common Stock								30,000	I	Through Revocable Trust of Arthur S. Kirsch

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

Explanation of Responses:

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

2. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

	/s/ Arthur S. Kirsch	06/20/2025
	** 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.

FAQ

How many LQDA restricted stock units (RSUs) did Director Arthur Kirsch receive on June 17, 2025?

Director Arthur Kirsch received 18,396 restricted stock units (RSUs) on June 17, 2025, which convert into common stock on a one-for-one basis.

What is the vesting schedule for LQDA Director Kirsch's June 2025 RSU grant?

The RSUs will vest upon the earlier of: (i) the one-year anniversary of the grant date (June 17, 2026) or (ii) the day before Liquidia's next annual shareholder meeting following the grant date.

How many shares of LQDA stock does Arthur Kirsch own directly after the June 2025 RSU grant?

Following the RSU grant, Arthur Kirsch directly owns 40,755 shares of Liquidia Corporation (LQDA) common stock.

What is Arthur Kirsch's total LQDA stock ownership including indirect holdings as of June 2025?

Arthur Kirsch's total ownership consists of 40,755 shares held directly and 30,000 shares held indirectly through the Revocable Trust of Arthur S. Kirsch, for a total of 70,755 shares.

What position does Arthur Kirsch hold at LQDA according to the June 2025 Form 4?

According to the Form 4 filing, Arthur S. Kirsch serves as a Director of Liquidia Corporation (LQDA).