Liquidia (LQDA) Insider Files RSU Conversion; Tax-Cover Sale Under 10b5-1 Plan

Rhea-AI Filing Summary

Michael Kaseta, Chief Financial Officer and Chief Operating Officer of Liquidia Corporation (LQDA), reported equity transactions in a Form 4. On 08/29/2025 he had 2,344 restricted stock units (RSUs) convert into common stock, increasing his beneficial ownership to 359,596 shares. Pursuant to a Rule 10b5-1 plan, he sold 1,148 shares on 09/02/2025 at $29.05 per share to cover taxes, leaving 358,448 shares beneficially owned. The filing details prior RSU grants: a 37,500 RSU grant on 01/16/2022 of which 32,813 had vested, multiple grants in 2023–2025 with substantial unvested RSU balances, and 11,257 shares held under the 2020 Employee Stock Purchase Plan.

Positive

• Continued equity alignment: Multiple RSU grants remain outstanding and the reporting person holds shares through the Employee Stock Purchase Plan.
• Use of 10b5-1 plan: The sale was effected under a pre-established plan, indicating orderly disposition to cover taxes rather than ad hoc trading.

Negative

• Minor reduction in beneficial ownership: A sale of 1,148 shares reduced holdings from 359,596 to 358,448 shares.

Insights

Financial Analyst

TL;DR Routine RSU vesting and a tax-cover sale under a 10b5-1 plan; modest net decrease in beneficial ownership.

The report shows standard executive compensation mechanics: RSU conversion increased share count and a subsequent small sale under an established 10b5-1 plan was executed to satisfy tax obligations. The filing discloses material detail on prior grants and vested versus unvested RSU balances, indicating multi-year equity compensation remains outstanding. The transactions appear administrative rather than indicative of a change in view on company prospects.

Corporate Governance Expert

TL;DR Well-documented insider activity with a pre-existing trading plan and continuing equity alignment.

The Form 4 provides transparent disclosure of the officer’s equity holdings, vesting schedule, and the use of a Rule 10b5-1 plan for orderly sales. The presence of unvested RSUs from multiple grant years and participation in the ESPP suggests ongoing alignment with shareholder interests. The filing is consistent with standard governance and insider trading compliance practices.

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

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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).

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)
08/29/2025

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	08/29/2025		M		2,344(2)	A	(1)	359,596(3)	D
Common Stock	09/02/2025		S(4)		1,148(5)	D	$29.05(2)	358,448(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
Restricted Stock Unit	(1)	08/31/2025		M			2,344	(1)	(1)	Common Stock	2,344	$0	4,687	D

Explanation of Responses:

1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis

2. On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 32,813 have vested as of the date of this Form 4.

3. Includes (i) 46,750 unvested 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) 11,257 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

5. These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

	/s/ Michael Kaseta	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What transactions did Liquidia (LQDA) insider Michael Kaseta report?

He reported 2,344 RSUs converted to common stock on 08/29/2025 and a sale of 1,148 shares on 09/02/2025 at $29.05 to cover taxes.

Why were shares sold by the LQDA reporting person?

The filing states the 1,148 shares were sold to cover taxes associated with RSU settlement and the sale was executed under a Rule 10b5-1 plan.

How many shares does Michael Kaseta beneficially own after these transactions?

Following the transactions the reporting person beneficially owns 358,448 shares as reported on the Form 4.

What RSU grants and vesting details are disclosed in the Form 4?

The filing discloses a 37,500 RSU grant from 01/16/2022 with 32,813 vested, additional grants in 2023–2025 with significant unvested balances, and 11,257 shares from the 2020 ESPP.

Was the sale of shares an ad hoc transaction or planned?

The sale was effected pursuant to a 10b5-1 trading plan adopted on 12/15/2023, indicating it was pre-planned.