[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corp Chief Accounting Officer Dana Boyle reported a transaction under a Rule 10b5-1 plan: on 08/29/2025 she sold 296 shares of common stock at $29.05 per share to cover tax withholding related to vested restricted stock units. Following the sale, Boyle beneficially owns 186,649 shares, which include multiple unvested RSU grants from 2022 through 2025 and 11,869 shares acquired under the 2020 Employee Stock Purchase Plan. The filing is a Form 4 and was signed on 09/03/2025.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-specified execution and reduced inference of opportunistic timing
• Comprehensive disclosure of holdings, including unvested RSUs and ESPP shares, supporting transparency

Negative

• Insider sale reported, which some investors monitor closely despite being small (296 shares)
• Large portion of holdings are unvested RSUs, which may result in future taxable events and potential future sales upon vesting

Insights

Securities Analyst

TL;DR: Small, routine tax-cover sale under a 10b5-1 plan; holding remains sizable with many unvested RSUs.

The reported sale of 296 shares at $29.05 was executed pursuant to a pre-established Rule 10b5-1 plan to satisfy tax obligations from RSU settlements. Such transactions are commonly used by insiders to meet tax withholding without timing sales based on nonpublic information. The officer retains a meaningful position of 186,649 shares, though a large portion is unvested across grants from 2022, 2023, 2024 and 2025. This pattern indicates ongoing equity-based compensation as part of executive pay, with limited immediate dilution or liquidity impact from this specific small sale.

Corporate Governance Expert

TL;DR: Disclosure aligns with governance best practices; sale flagged as pursuant to a 10b5-1 plan and properly explained.

The Form 4 clearly discloses the sale code and the 10b5-1 plan adoption date (June 3, 2022) and explains that shares were sold to cover tax withholding for RSUs. The filing itemizes retained holdings including unvested RSUs and ESPP shares, supporting transparency about beneficial ownership and potential future vesting-related sales. No indication of policy deviation or undisclosed related-party transactions is present in the document.

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).

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)
08/29/2025

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	08/29/2025		S(1)		296(2)	D	$29.05	186,649(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

Explanation of Responses:

1. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 3, 2022.

2. These shares were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 16, 2022.

3. Includes (i) 1,884 unvested RSUs of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 18,750 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 35,678 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 50,861 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 (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) 11,869 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dana Boyle	09/03/2025
	** 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

What did Dana Boyle (LQDA) report on Form 4 for 08/29/2025?

The report discloses a sale of 296 shares of Liquidia Corp common stock on 08/29/2025 at $29.05 per share executed under a Rule 10b5-1 plan.

Why were the 296 shares sold according to the filing?

The filing states the shares were sold to cover taxes associated with the settlement of restricted stock units (RSUs).

How many shares does Dana Boyle beneficially own after the transaction?

After the reported transaction Boyle beneficially owns 186,649 shares, including unvested RSUs and 11,869 ESPP shares.

Were the shares sold part of a pre-established trading plan?

Yes. The transaction was effected pursuant to a Rule 10b5-1 plan adopted on June 3, 2022.

Which RSU grants are included in the reported holdings?

Holdings include specified unvested RSUs from grants on Jan 16, 2022, Jan 25, 2023, Jan 11, 2024, Jan 11, 2025, and a grant on Jul 1, 2025, plus ESPP shares.