[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) – Form 4 filing dated 15-Jul-2025 details two insider transactions by Chief Commercial Officer Scott Moomaw.

• 07-11-2025: 3,107 common shares were acquired through the conversion of vested performance stock units (Code M). This increased Moomaw’s direct holdings to 228,028 shares.
• 07-14-2025: 4,797 shares were sold at $14.28 per share (Code S) under a pre-arranged Rule 10b5-1 plan to cover tax obligations arising from recent RSU/PSU settlements. Post-sale, the executive directly owns 223,231 shares.

The filing also discloses a sizeable pipeline of unvested equity: 31,249 RSUs from a 2023 grant, 31,077 RSUs from a 2024 grant, and 69,729 RSUs granted in 2025. In addition, 11,002 shares were accumulated via the company’s 2020 ESPP.

No cash proceeds were reported for the acquisition; the sale generated roughly $68.5 k in gross proceeds. The net effect is a marginal reduction of 1,690 shares (<1% of the executive’s stake), suggesting a routine tax-related transaction rather than a directional view on Liquidia’s prospects.

Positive

• Executive retains a substantial direct stake of 223,231 shares, indicating continued alignment with shareholder interests.
• Sizeable unvested RSU/PSU pool (≈132 k units) suggests long-term incentive structure tied to company performance.

Negative

• Sale of 4,797 shares at $14.28 could be perceived as a mild negative, though context indicates it was tax-related.
• Net reduction of 1,690 shares marginally decreases insider ownership, albeit by less than 1 %.

Insights

Senior Securities Analyst

TL;DR: Minor tax-related sale; insider still retains >223 k shares – negligible impact on valuation.

The Form 4 shows Mr. Moomaw converting 3,107 PSUs and immediately disposing of 4,797 shares to settle tax liabilities under a 10b5-1 plan. The gross sale value (~$68 k) and the net share reduction (~0.7 % of his total holdings) are immaterial to the float and do not indicate strategic divestment. Importantly, the executive’s remaining equity plus 132 k unvested RSUs/PSUs continues to align his interests with shareholders. From a capital-markets perspective, this is routine insider activity with no signaling value regarding Liquidia’s fundamentals.

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).

1. Name and Address of Reporting Person^*

Schundler Russell

(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)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

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	07/11/2025		M		3,759(2)	A	(1)	585,813(3)	D
Common Stock	07/14/2025		S(4)		7,836(5)	D	$14.28	577,977(3)	D
Common Stock								14,500(6)	I	By Spouse

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
Performance Stock Units	(1)	07/11/2025		M			3,759	(1)	(1)	Common Stock	3,759	$0	37,584	D

Explanation of Responses:

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

2. On January 11, 2024, the Reporting Person was granted 60,135 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 22,551 have vested as of the date of this Form 4.

3. Includes (i) 39,062 unvested restricted stock units ("RSUs") of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 68,834 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 102,543 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) 11,029 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 and PSUs that were initially granted to the Reporting Person on January 11, 2023 and January 11, 2024.

6. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.

	/s/ Russell Schundler	07/15/2025
	** 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).
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FAQ

How many Liquidia (LQDA) shares did the CCO sell?

Scott Moomaw sold 4,797 shares on 14-Jul-2025 at $14.28 per share.

Why were the shares sold?

The shares were sold to cover taxes on recently vested RSUs and PSUs, executed under a Rule 10b5-1 plan.

How many shares does the executive now hold?

After the transactions, Moomaw directly owns 223,231 Liquidia common shares.

What equity awards remain unvested?

He holds 31,249 unvested RSUs from 2023, 31,077 from 2024, and 69,729 RSUs granted in 2025.

Did the insider purchase any shares with cash?

No cash purchase occurred; shares were acquired via PSU conversion at no stated cost.