[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Russell Schundler, General Counsel of Liquidia Corporation (LQDA), reported multiple transactions in company equity. On 08/29/2025, 2,344 restricted stock units (RSUs) vested and converted into 2,344 shares. On 09/02/2025, 1,063 shares were sold at $29.05 per share under a Rule 10b5-1 plan to cover taxes related to RSU settlement. After these transactions, Schundler beneficially owned 580,098 shares directly and 14,500 shares indirectly (by spouse), for a total of 594,598 shares reported. The filing notes multiple prior RSU grants (2022, 2023, 2024, 2025) with portions unvested and 11,869 shares held under the employee stock purchase plan.

Positive

• Use of a Rule 10b5-1 plan for the sale provides preplanned execution and compliance protection
• Substantial continuing ownership: 580,098 shares directly plus 14,500 shares indirectly, aligning insider interests with shareholders

Negative

• Shares sold to cover taxes: 1,063 shares disposed at $29.05, slightly reducing immediate insider holdings

Insights

Securities Analyst

TL;DR: Routine insider vesting and a small sale to cover taxes; substantial remaining holdings maintain alignment with shareholders.

The Form 4 documents standard equity compensation activity: conversion of vested RSUs and a modest disposition of 1,063 shares executed under a pre-established Rule 10b5-1 plan at $29.05 per share to satisfy tax withholding. The reporting person still holds a large position, including both direct shares and indirect holdings through a spouse, and several unvested RSU tranches from grants in 2022, 2023, 2024, and 2025 remain outstanding. These items are customary for executive compensation and do not, by themselves, indicate a change in company fundamentals.

Compliance/Risk Analyst

TL;DR: Transactions follow a Rule 10b5-1 plan and include tax-withholding sale; disclosure appears complete and timely.

The filing indicates the sale was effected pursuant to a Rule 10b5-1 trading plan adopted December 15, 2023, which provides affirmative defense coverage for preplanned trades. The transaction details include dates, amounts, and a manual signature, and the explanation clarifies the tax-related nature of the sale. No regulatory exceptions or undisclosed related-party transactions are evident in the Form 4 text provided.

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^*

Schundler Russell

(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)
	General Counsel

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		M		2,344(2)	A	(1)	581,161(3)	D
Common Stock	09/02/2025		S(4)		1,063(5)	D	$29.05	580,098(3)	D
Common Stock								14,500(6)	I	By Spouse

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
Restricted Stock Units	(1)	08/29/2025		M			2,344	(1)	(1)	Common Stock	2,344	$0	4,687	D

Explanation of Responses:

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

2. On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 32,813 have vested as of the date of this Form 4.

3. Includes (i) 39,062 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 68,834 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 102,543 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) 11,869 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 of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

6. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.

	/s/ Russell Schundler	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 transactions did Russell Schundler report for LQDA?

He reported conversion of 2,344 RSUs into 2,344 shares on 08/29/2025 and a sale of 1,063 shares at $29.05 on 09/02/2025.

Why were shares sold by the reporting person?

The Form 4 states the sale of 1,063 shares was to cover taxes associated with settlement of RSUs originally granted on January 16, 2022.

Does the sale appear to be planned or discretionary?

The sale was effected pursuant to a Rule 10b5-1 plan adopted December 15, 2023, indicating a prearranged transaction.

How many LQDA shares does the reporting person beneficially own after these transactions?

The Form 4 reports 580,098 shares directly and 14,500 shares indirectly (by spouse) following the reported transactions.

What RSU grants and vesting detail are disclosed?

Disclosures reference RSU grants from Jan 16, 2022, Jan 11, 2023, Jan 11, 2024, and Jan 11, 2025, with various vested and unvested amounts summarized in the explanation.