[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Paul B. Manning, Director of Liquidia Corp (LQDA), reported multiple beneficial ownership positions and a new acquisition of company securities on June 17, 2025. Manning received 18,396 restricted stock units (RSUs) that convert to common stock on a one-for-one basis, with vesting occurring at the earlier of one-year from grant or the day before the next annual shareholder meeting.

Manning's total beneficial ownership includes:

• 816,311 shares through BKB Growth Investments LLC
• 435,674 shares through PBM Capital Finance LLC
• 1,101,665 shares in PBM 2024 Grantor Retained Annuity Trust
• 898,335 shares in Paul B. Manning Revocable Trust
• 3,131,794 shares held jointly with spouse
• 38,755 shares held directly (including new RSUs)

Total beneficial ownership across all entities amounts to approximately 6.42 million shares, indicating significant insider ownership position in the company.

Positive

• Director Paul B. Manning received 18,396 RSUs as compensation, demonstrating continued alignment with shareholder interests
• Manning maintains substantial total beneficial ownership of over 6.6 million shares through various entities, representing significant insider commitment

Negative

• None.

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).

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^*

Manning Paul B

(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)
06/17/2025

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								816,311	I	See footnote(1)
Common Stock								435,674	I	See footnote(2)
Common Stock								198,413	I	See footnote(3)
Common Stock								1,101,665	I	See footnote(4)
Common Stock								898,335	I	See footnote(5)
Common Stock	06/17/2025		A		18,396	A	$0	38,755(6)	D
Common Stock								3,131,794	D(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

Explanation of Responses:

1. The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB.

2. The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM.

3. The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD.

4. The shares are held directly by the PBM 2024 Grantor Retained Annuity Trust (the "PBM 2024 GRAT"). The Reporting Person is the trustee of the PBM 2024 GRAT and has sole voting and investment power with respect to the shares held by the PBM 2024 GRAT.

5. The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust.

6. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

7. The shares are held by Reporting Person jointly with his spouse.

	/s/ Paul B. Manning	06/20/2025
	** 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 shares of LQDA stock did Paul Manning acquire on June 17, 2025?

Paul Manning acquired 18,396 restricted stock units (RSUs) of LQDA common stock on June 17, 2025. These RSUs were granted at $0 and convert to common stock on a one-for-one basis.

What is Paul Manning's total direct ownership of LQDA stock?

Paul Manning directly owns 3,131,794 shares of LQDA stock held jointly with his spouse, plus 38,755 shares in restricted stock units (RSUs), for a total direct ownership of 3,170,549 shares.

When will Paul Manning's newly acquired LQDA RSUs vest?

The RSUs will vest upon the earlier of: (i) the one-year anniversary of the grant date (June 17, 2026) or (ii) the day prior to Liquidia's next annual shareholder meeting following the grant date.

How many LQDA shares does Paul Manning control indirectly through various entities?

Paul Manning indirectly controls 3,450,398 LQDA shares through various entities: 816,311 shares through BKB Growth Investments LLC, 435,674 shares through PBM Capital Finance LLC, 198,413 shares through PD Joint Holdings LLC, 1,101,665 shares through the PBM 2024 GRAT, and 898,335 shares through the Paul B. Manning Revocable Trust.

What is Paul Manning's relationship to LQDA?

Paul Manning serves as a Director on Liquidia Corporation's (LQDA) board of directors, as indicated by the 'X' marked in the Director box on the Form 4 filing.