[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corporation insider Sarah Krepp, Chief Human Resource Officer, reported a small disposition of company common stock under a Rule 10b5-1 trading plan. The Form 4 shows a sale on 08/29/2025 of 209 shares at $29.05 per share, executed pursuant to a 10b5-1 plan adopted December 15, 2023, and the transaction was to cover taxes on RSU settlements. After the sale, Krepp beneficially owns 143,130 shares, including multiple unvested RSU tranches (specified amounts) and 5,312 shares from the 2020 Employee Stock Purchase Plan.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating a pre-established trading arrangement
• Timely disclosure on Form 4 with explanation of tax-covering sale and detailed RSU holdings

Negative

• Disposition of shares (209 shares sold), though disclosed as tax-related, represents insider selling

Insights

Financial Analyst

TL;DR: A routine, small insider sale under a pre-established 10b5-1 plan; holdings remain substantial and include many unvested RSUs.

The reported 209-share sale at $29.05 appears to be a tax-covering disposition rather than an open-market directional trade, since it was executed under a 10b5-1 plan. The reporting person still beneficially owns 143,130 shares, a position that combines vested ESPP shares and significant unvested RSU grants from 2024 and 2025. For investors, this is a routine insider liquidity event with no disclosed change to executive role or additional transactions.

Corporate Governance Expert

TL;DR: Compliance appears appropriate; sale follows a documented 10b5-1 plan and was disclosed timely on Form 4.

The Form 4 indicates the transaction was effected pursuant to a Rule 10b5-1 plan adopted December 15, 2023, and the filing includes an explanation that the shares were sold to cover RSU-related taxes. The filing is signed and dated 09/03/2025. There are no indications of additional indirect ownership structures beyond standard unvested RSUs and ESPP holdings disclosed in the explanation.

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^*

Krepp Sarah

(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 Human Resource 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)		209(2)	D	$29.05	143,130(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 December 15, 2023.

2. These shares were sold to cover taxes associated with the settlement of restricted stock units ("RSUs").

3. Includes (i) 36,540 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 9,344 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 50,861 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of July 14, 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) 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Sarah Krepp	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.
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FAQ

What did Sarah Krepp report on Form 4 for LQDA?

She reported a sale of 209 shares of Liquidia common stock on 08/29/2025 at $29.05 per share executed under a Rule 10b5-1 plan.

Why were shares sold according to the Form 4 for LQDA?

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

How many Liquidia shares does Sarah Krepp beneficially own after the sale?

The Form 4 reports she beneficially owns 143,130 shares following the reported transaction.

What types of holdings are included in Krepp's 143,130 shares?

The total includes unvested RSUs from grants on Jan 11, 2024, July 1, 2024, Jan 11, 2025, and July 1, 2025, plus 5,312 ESPP shares.

When was the 10b5-1 plan that governed the sale adopted?

The 10b5-1 plan was adopted on December 15, 2023.