Liquidia Form 4: Director Stephen Bloch Awarded Zero-Cost RSUs

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) – Form 4 insider transaction

Director Dr. Stephen M. Bloch reported the award of 18,396 restricted stock units (RSUs) on 17 June 2025. The RSUs convert into common stock on a one-for-one basis and will vest on the earlier of (i) one year from the grant date or (ii) the day prior to the company’s next annual shareholder meeting. Because the award was granted at $0 cost (typical director equity compensation), the filing shows an “A” transaction code (acquisition/grant).

Following the grant, Dr. Bloch’s direct beneficial ownership increased to 38,755 common shares. No open-market purchases, sales, or derivative transactions were reported, and no cash changed hands.

The filing signals routine board compensation rather than an active investment decision, but it modestly aligns the director’s interests with shareholders by increasing equity exposure.

Positive

• Director received 18,396 RSUs, increasing ownership to 38,755 shares, which modestly strengthens management–shareholder alignment.

Negative

• None.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU grant; marginally positive alignment, limited market impact.

The transaction is a standard annual equity grant rather than an opportunistic buy. Although it increases the director’s stake to 38,755 shares, the grant is small relative to Liquidia’s float and involves no cash outlay. Vesting is short-dated, consistent with normal board compensation practices. From a governance view, ongoing equity awards encourage alignment but do not materially alter insider ownership percentages. I therefore classify the disclosure as neutral for valuation and liquidity considerations.

Portfolio Manager

TL;DR: Insignificant size; unlikely to influence stock performance.

An 18.4k-share RSU grant—worth roughly mid-six figures at current prices—does not meaningfully shift supply-demand dynamics. Because shares were issued at zero cost, the dilutive effect is de minimis, and there is no directional signal on valuation. Unless part of a broader pattern of insider accumulation, I treat this Form 4 as not impactful to investment thesis or position sizing.

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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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^*

Bloch Stephen M

(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	06/17/2025		A(1)		18,396(2)	A	$0	38,755	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. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

2. 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.

	/s/ Dr. Stephen M. Bloch	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

What did LQDA director Stephen Bloch acquire on 17 June 2025?

He was granted 18,396 restricted stock units that convert one-for-one into common shares.

How many Liquidia shares does Stephen Bloch now own?

After the grant, his direct beneficial ownership is 38,755 shares.

What is the vesting schedule for the new RSUs?

They vest on the earlier of one year from grant or the day before the next annual meeting.

Was any cash paid for the RSU grant?

No. The RSUs were issued at $0 cost as part of routine director compensation.

Does the Form 4 report any open-market purchases or sales?

No. The filing only discloses the RSU grant; no market transactions were reported.