[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Scott Moomaw, Chief Commercial Officer of Liquidia Corporation (LQDA), reported multiple equity transactions. On 08/29/2025 he received 1,875 restricted stock units (RSUs) that convert one-for-one into common shares, increasing his RSU holdings. On 09/02/2025 he sold a total of 70,692 shares in three transactions: 692 shares at $29.05 and 8,315 plus 61,685 shares at a volume-weighted average price of $28.6224. The Form 4 notes the sales were effected pursuant to Rule 10b5-1 trading plans and some shares were sold to cover taxes related to RSU settlements. Following these transactions he beneficially owned 155,254 common shares (direct).

Positive

• Sales were conducted under Rule 10b5-1 plans, indicating predefined trading arrangements and procedural compliance.
• RSU conversion and grant disclosures are clearly explained, including vesting status and amounts, improving transparency.

Negative

• Significant dispositions totaling 70,692 shares (including a 61,685-share sale at VWAP $28.6224) reduced the reporting person's direct holdings from 225,946 to 155,254 shares.
• Material portion of holdings remains unvested across multiple RSU grants, indicating that a sizable portion of ownership is not immediately liquid.

Insights

Securities Analyst

TL;DR: Insider received RSUs and sold ~70.7k shares under pre-established 10b5-1 plans; net holdings declined but substantial unvested RSUs remain.

The reporting shows routine equity compensation activity: conversion/settlement of RSUs on 08/29/2025 and planned dispositions on 09/02/2025 under two separate Rule 10b5-1 plans. Sales include a small tax-cover sale and larger scheduled dispositions with a VWAP of $28.6224 on the primary sale date. The filing discloses a mix of vested and unvested RSUs continuing to comprise material portions of the executive's ownership.

Corporate Governance Expert

TL;DR: Transactions appear procedurally compliant; use of 10b5-1 plans and tax-withholding sales are documented.

The Form 4 explicitly identifies two Rule 10b5-1 plans (adopted June 13, 2022 and May 29, 2025) governing the reported sales and discloses the tax-related sale. The filing includes clear explanations of RSU grants, vesting status, and share counts, supporting transparency and compliance with Section 16 reporting requirements.

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).

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^*

Moomaw Scott

(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 Commercial Officer

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		1,875(2)	A	(1)	225,946(3)	D
Common Stock	09/02/2025		S(6)		692(5)	D	$29.05	225,254(4)	D
Common Stock	09/02/2025		S(7)		8,315	D	$28.6224(8)	216,939(4)	D
Common Stock	09/02/2025		S(7)		61,685	D	$28.6224(8)	155,254(4)	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 Units	(1)	08/29/2025		M			1,875	(1)	(1)	Common Stock	1,875	$0	3,750	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 26,250 have vested as of the date of this Form 4.

3. Includes (i) 31,249 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 31,077 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 69,729 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) 11,842 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. Includes (i) 31,249 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 31,077 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 69,729 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) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

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

6. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 13, 2022.

7. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 29, 2025.

8. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $28.06 to $29.25. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

	/s/ Scott Moomaw	09/03/2025
	** 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 insider transactions did Liquidia (LQDA) Chief Commercial Officer report?

The Form 4 reports receipt of 1,875 RSUs on 08/29/2025 and sales of 692, 8,315, and 61,685 common shares on 09/02/2025 under Rule 10b5-1 plans.

Were the 09/02/2025 sales by the insider pre-planned?

Yes. The filing states the sales were effected pursuant to Rule 10b5-1 plans adopted on June 13, 2022 and May 29, 2025.

Why were some shares sold after RSU settlement?

The filing explains that a portion of shares were sold to cover taxes associated with the settlement of RSUs granted on January 16, 2022.

How many shares does the reporting person beneficially own after these transactions?

Following the reported transactions the reporting person beneficially owned 155,254 common shares (direct).

What price was received for the large 09/02/2025 sale?

The filing reports a volume-weighted average price of $28.6224 for the transactions on 09/02/2025, with an additional small sale at $29.05.