[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) – Form 4 insider transaction by CEO Roger Jeffs

The filing discloses two reportable events for the period 11-15 July 2025:

• 13,833 common shares acquired on 11-Jul-2025 through the vesting and settlement of performance stock units (transaction code M). The PSUs were part of a 221,338-unit grant dated 11-Jan-2024.
• 20,252 common shares sold on 14-Jul-2025 at $14.28 per share (transaction code S) under a Rule 10b5-1 trading plan. The sale was expressly for tax-withholding obligations linked to the earlier vesting of RSUs and PSUs.

After the transactions, Jeffs’ beneficial ownership stands at:

• 1,038,560 shares held directly
• 46,595 shares held indirectly via the Roger A. Jeffs Living Trust
• 1,541,667 shares held indirectly through Serendipity BioPharma LLC

He also retains significant unvested equity incentives: 108,562 RSUs from a 2023 grant, 138,336 RSUs from a 2024 grant, and 229,327 RSUs from a 2025 grant.

The net change is a decrease of 6,419 shares (≈0.2 % of his total beneficial ownership) and generates proceeds of roughly $289 thousand. Given the small size relative to his >2.6 million share stake and the pre-arranged 10b5-1 plan, the filing appears routine and tax-related rather than a directional signal.

Insights

Senior Securities Analyst

TL;DR: Minor, tax-driven share sale; negligible impact on insider sentiment.

The Form 4 shows Roger Jeffs settling 13,833 PSUs, then selling 20,252 shares to cover taxes. Net ownership dipped by only 6,419 shares, leaving him with >1 million directly held shares and >2.6 million in total when trusts and LLC holdings are included. Because the S-coded transaction was executed under a Rule 10b5-1 plan, it was scheduled in advance and is unlikely to reflect a change in outlook. The scale—<0.3 % of his aggregate position—suggests minimal market impact. Overall, the filing is best interpreted as routine housekeeping rather than a bullish or bearish signal.

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).

1. Name and Address of Reporting Person^*

JEFFS ROGER

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

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	07/11/2025		M		13,833(2)	A	(1)	1,058,812(3)	D
Common Stock	07/14/2025		S(4)		20,252(5)	D	$14.28	1,038,560(3)	D
Common Stock								46,595	I	See footnote(6)
Common Stock								1,541,667	I	See footnote(7)

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)	07/11/2025		M			13,833	(1)	(1)	Common Stock	13,833	$0	138,336	D

Explanation of Responses:

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

2. On January 11, 2024, the Reporting Person was granted 221,338 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 83,002 have vested as of the date of this Form 4.

3. Includes (i) 108,562 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 138,336 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 229,327 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 and (iv) 9,856 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 were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023 and January 11, 2024.

6. The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.

7. The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.

	/s/ Roger Jeffs	07/15/2025
	** 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 Liquidia (LQDA) shares did CEO Roger Jeffs sell in July 2025?

Jeffs sold 20,252 shares on 14-Jul-2025 at $14.28 per share.

What was the reason for the LQDA share sale disclosed in this Form 4?

The shares were sold solely to cover taxes arising from the settlement of previously granted RSUs and PSUs.

How many Liquidia shares does Roger Jeffs now own?

He owns 1,038,560 shares directly and 1,588,262 shares indirectly, totaling ≈2.63 million.

Was the July 2025 sale part of a pre-arranged trading plan?

Yes. The transaction was executed under a Rule 10b5-1 plan adopted on 15-Dec-2023.

Did the CEO acquire any new Liquidia shares in this period?

Yes, 13,833 shares were acquired on 11-Jul-2025 through PSU conversion (code M).