[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for Torrid Holdings Inc. (CURV) details a routine insider withholding transaction by Chief Operating Officer Hyon C. Park.

On 01-Jul-2025, Park settled tax liabilities related to the vesting of restricted stock by having 580 common shares withheld at an indicated price of $2.78 per share (Transaction Code F). Following the automatic withholding, Park’s direct beneficial ownership stands at 228,102 common shares. No derivative securities were involved and no open-market sale or purchase occurred.

The filing is administrative in nature, signals no change in strategic outlook, and does not materially affect the company’s share count, cash position, or governance.

Insights

Senior Securities Analyst

TL;DR: Routine tax-withholding; neutral impact.

The COO’s 580-share withholding equals less than 0.1% of her holdings and an immaterial fraction of CURV’s float. Code F indicates shares surrendered to cover taxes, not discretionary selling, so it neither signals confidence nor concern. With ownership still above 228k shares, insider alignment remains intact. Given the insignificant size and administrative nature, I view the market impact as neutral.

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^*

Krepp Sarah

(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)
	Chief Human Resource Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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	07/01/2025		A(1)		25,000(2)	A	$0	145,172(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. Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.

2. 25% of the RSUs shall vest on July 11, 2026 and the remaining RSUs shall vest ratably on a quarterly basis over three years thereafter.

3. Includes (i) 40,381 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 12,459 RSUs granted to the Reporting Person on July 1, 2024, none of which have vested as of July 1, 2025, (iii) 50,861 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of July 1, 2025 and (iv) 4,472 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Sarah Krepp	07/03/2025
	** 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 transaction did COO Hyon C. Park report in CURV’s July 2025 Form 4?

Park reported 580 shares withheld to cover taxes upon restricted-stock vesting (Code F) on 01-Jul-2025.

Did the Torrid COO sell shares on the open market?

No. Code F denotes withholding for tax purposes, not an open-market sale.

How many Torrid shares does Hyon C. Park own after the transaction?

After the withholding, Park directly owns 228,102 common shares.

Was any derivative security activity reported in this Form 4?

No derivative securities were acquired, disposed of, or held, according to Table II.

Does this Form 4 indicate any strategic shift for Torrid Holdings (CURV)?

The filing is purely administrative; it does not suggest any strategic or financial shift for Torrid.