LQDA Form 4: Director Raman Singh reports 7,500-share sale

Rhea-AI Filing Summary

Raman Singh, a director of Liquidia Corporation (LQDA), reported a sale of common stock. The Form 4 shows a transaction dated 09/03/2025 where the reporting person sold 7,500 shares at a price of $29.42 each, leaving 31,255 shares beneficially owned after the sale. The filing notes the total includes 18,396 restricted stock units granted on June 17, 2025 that have not vested as of the Form 4 date. The Form 4 is signed by Raman Singh on 09/05/2025.

Positive

• None.

Negative

• Insider sale reported: Director sold 7,500 shares at $29.42 on 09/03/2025, reducing direct holdings.
• Large portion of reported ownership is unvested: 18,396 restricted stock units granted June 17, 2025 remain unvested and are included in the 31,255 shares reported.

Insights

Corporate Governance Expert

TL;DR: A director sold 7,500 shares; substantial unvested RSUs remain.

The sale of 7,500 shares at $29.42 is a routine insider disposition recorded on Form 4. Post-transaction beneficial ownership is 31,255 shares, which explicitly includes 18,396 restricted stock units granted June 17, 2025 that were unvested at filing. From a governance perspective, the filing documents compliance with Section 16 reporting and discloses the mix of vested equity and unvested RSUs, but contains no additional context about transaction motivation, trading plan, or acceleration/vesting terms.

Securities Analyst

TL;DR: Insider sale reduces holdings modestly; unvested RSUs represent a meaningful portion of reported ownership.

The reported disposition is precise: 7,500 shares sold at $29.42 on 09/03/2025. The filing clarifies that 18,396 RSUs granted June 17, 2025 remain unvested and are included in the 31,255 shares reported after the sale. The Form 4 provides clear quantitative disclosure but does not include derivative activity or trading-plan language. No earnings, material agreements, or other corporate events are disclosed in this filing.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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^*

SINGH RAMAN

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2025

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	09/03/2025		S		7,500	D	$29.42	31,255(1)	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. Includes 18,396 restricted stock units granted to the Reporting Person on June 17, 2025, none of which have vested as of the date of this Form 4.

	/s/ Raman Singh	09/05/2025
	** 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 transaction did the Liquidia (LQDA) Form 4 report?

The Form 4 reports a sale of 7,500 shares of Liquidia common stock on 09/03/2025 at a price of $29.42 per share.

How many shares does Raman Singh beneficially own after the reported transaction?

The filing shows 31,255 shares beneficially owned following the reported sale.

Does the Form 4 disclose any restricted stock units (RSUs)?

Yes. It states the total includes 18,396 restricted stock units granted on June 17, 2025 that had not vested as of the Form 4 date.

Was a trading plan or deemed execution date disclosed on this Form 4?

No deemed execution date or Rule 10b5-1 trading plan is disclosed in the provided Form 4 content.

Who signed the Form 4 and when?

The Form 4 is signed by Raman Singh on 09/05/2025.