[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Michael Kaseta, Liquidia Corporation's CFO and COO, reported a sale of 20,000 shares of common stock on 08/15/2025 executed pursuant to a Rule 10b5-1 trading plan. The weighted average price for the transactions on that date was $26.1837 (prices ranged $25.80–$26.50). After the sale, the reporting person beneficially owned 356,412 shares, which include multiple unvested restricted stock unit grants from 2023–2025 and 10,417 shares purchased under the company ESPP. The Form 4 was filed by one reporting person and is signed by Mr. Kaseta.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating a prearranged trading program
• Detailed disclosure of remaining beneficial ownership, including unvested RSUs and ESPP shares
• VWAP and price range provided for the shares sold on the transaction date

Negative

• Insider sale of 20,000 shares could be perceived negatively by some investors despite plan use
• Large portion of holdings are unvested RSUs, which limits current liquidity of reported ownership

Insights

Financial Analyst

TL;DR Insider sale under a prearranged 10b5-1 plan with significant reported holdings remaining.

The Form 4 discloses a controlled disposition of 20,000 shares by the CFO/COO under a Rule 10b5-1 plan adopted 12/09/2024, with a disclosed VWAP of $26.1837 across transactions on 08/15/2025. The reporting person still beneficially owns 356,412 shares, including substantial unvested RSUs from grants in 2023, 2024 and 2025 and 10,417 ESPP shares. From a financial reporting perspective, this filing documents compliance with Section 16 reporting and 10b5-1 plan disclosure, and it quantifies outstanding equity-based compensation that may affect future dilution when vested.

Corporate Governance Expert

TL;DR Filing shows transparent execution under an established trading plan and full disclosure of equity holdings.

The Form 4 clearly states the sale was pursuant to a 10b5-1 plan adopted on 12/09/2024 and provides the VWAP range and the reporter's remaining beneficial ownership, including granular RSU balances and ESPP shares. This level of disclosure supports good governance practices by documenting the plan basis for the transaction and listing unvested awards that affect long-term alignment. The filing is singular (one reporting person) and is properly signed and dated.

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^*

Kaseta Michael

(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)
	CFO and COO

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		S(1)		20,000	D	$26.1837(2)	356,412(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 9, 2024.

2. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $25.80 to $26.50. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. Includes (i) 46,750 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 58,281 unvested RSUs and 31,250 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 112,797 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) 10,417 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Michael Kaseta	08/19/2025
	** 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 Liquidia (LQDA) insider Michael Kaseta sell on 08/15/2025?

He sold 20,000 shares of common stock on 08/15/2025 pursuant to a Rule 10b5-1 trading plan.

At what price were the LQDA shares sold by Michael Kaseta?

The volume weighted average price for the transactions on that date was $26.1837; reported trade prices ranged from $25.80 to $26.50.

How many LQDA shares does Michael Kaseta beneficially own after the sale?

Following the reported sale he beneficially owned 356,412 shares, including unvested RSUs and 10,417 ESPP shares.

Was the sale part of a prearranged trading plan?

Yes. The sale was effected pursuant to a Rule 10b5-1 plan adopted by the reporting person on 12/09/2024.

Does the Form 4 disclose unvested equity for the reporting person?

Yes. The filing lists multiple unvested RSU grants from 2023, 2024, and 2025 and states specific unvested unit counts included in the beneficial ownership total.