[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corporation director Dr. Joanna Horobin reported a sale of 5,000 shares of common stock on 08/19/2025 at a price of $27.17 per share. After this disposition she beneficially owns 33,755 shares directly. The filing also discloses 18,396 restricted stock units granted to her on June 17, 2025 that have not vested as of the transaction date.

Positive

• Disclosure compliance: Form 4 properly reports the insider transaction and remaining holdings
• Retention through RSUs: Reporting person holds 18,396 restricted stock units that have not vested, preserving future alignment with shareholders

Negative

• Insider sale: Director disposed of 5,000 shares at $27.17, reducing direct ownership to 33,755 shares

Insights

Financial Analyst

TL;DR: Director sale reduces direct holdings modestly; unvested RSUs maintain future alignment with shareholders.

The sale of 5,000 shares at $27.17 represents a limited liquidation relative to total holdings reported in the Form 4. The remaining direct ownership of 33,755 shares plus 18,396 unvested restricted stock units indicates continued economic exposure to the company's equity. This transaction appears routine rather than aboard-reaching change in control or strategic direction.

Corporate Governance Expert

TL;DR: Insider disposal is disclosed and accompanied by unvested equity, suggesting ongoing executive alignment.

From a governance perspective, the Form 4 properly reports the disposition and residual holdings. The presence of material unvested restricted stock units granted in June demonstrates continued incentive alignment with long-term performance, while the open sale does not by itself signal governance concerns.

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^*

Horobin Joanna

(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)
08/19/2025

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	08/19/2025		S		5,000	D	$27.17	33,755(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/ Dr. Joanna Horobin	08/21/2025
	** 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 Liquidia (LQDA) insider Dr. Joanna Horobin report?

She reported a sale of 5,000 common shares on 08/19/2025 at $27.17 per share.

How many shares does Dr. Joanna Horobin beneficially own after the reported sale?

After the transaction she beneficially owns 33,755 shares of Liquidia common stock.

Does the Form 4 disclose any unvested equity for the reporting person?

Yes. The filing notes 18,396 restricted stock units granted on June 17, 2025, none of which have vested as of the transaction date.

At what price were the shares sold in the reported transaction?

The reported sale price was $27.17 per share.

Is this Form 4 filing a joint filing or by one reporting person?

The Form indicates it was filed by one reporting person (the reporting person checkbox is marked).