LQDA insider Form 4: 18,396-share RSU award to Director Horobin

Rhea-AI Filing Summary

Liquidia Corporation (LQDA) – Form 4 insider filing

Director Dr. Joanna Horobin reported the grant of 18,396 restricted stock units (RSUs) on 17 June 2025. The award was coded “A”, indicating an acquisition from the issuer rather than an open-market purchase. The RSUs convert to common stock on a one-for-one basis and will vest on the earlier of (i) one year from the grant date or (ii) the day prior to Liquidia’s next annual shareholder meeting. Following the transaction, Dr. Horobin’s total beneficial ownership increased to 38,755 shares. No cash was exchanged (price reported as $0), and no derivative securities were involved beyond the RSU grant.

The filing represents routine annual director equity compensation and does not disclose any additional purchases, sales, or option exercises.

Insights

Financial Analyst

TL;DR: Routine equity grant; negligible share dilution; neutral impact.

The Form 4 shows a standard non-cash RSU grant to a board member. At 18,396 shares, the issuance is immaterial relative to Liquidia’s total shares outstanding and therefore has limited valuation impact. Because the RSUs vest within a year or at the next AGM, the filing mainly signals ongoing director-to-shareholder alignment. No market purchases or sales were recorded, so there is no direct indicator of insider sentiment. Overall, this is a compliance disclosure with neutral financial consequences.

Corporate Governance Expert

TL;DR: Standard director compensation; governance practices appear ordinary.

The grant structure—one-year or AGM-based vesting—matches common small-cap governance norms, encouraging short-term board engagement without imposing excessive dilution. The director now owns 38,755 shares, which modestly strengthens alignment but does not materially shift control dynamics. No Rule 10b5-1 plan was indicated. From a governance standpoint, the disclosure is routine and non-controversial.

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^*

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)
06/17/2025

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	06/17/2025		A(1)		18,396(2)	A	$0	38,755	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. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

2. The RSUs shall vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the day prior to the Issuer's next annual shareholder meeting following the date of grant.

	/s/ Dr. Joanna Horobin	06/20/2025
	** 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

How many shares did Director Joanna Horobin acquire according to the LQDA Form 4?

The filing reports 18,396 RSUs acquired, convertible one-for-one into common stock.

What is Joanna Horobin's total beneficial ownership in Liquidia (LQDA) after the transaction?

After the grant, her beneficial ownership is 38,755 shares.

When do the newly granted LQDA RSUs vest?

They vest on the earlier of one year from 17 June 2025 or the day before Liquidia’s next annual shareholder meeting.

Was any cash paid for the RSUs reported in the Form 4?

No. The Form 4 lists the price as $0, indicating a non-cash equity award.

Does the filing indicate a Rule 10b5-1 trading plan?

No. The checkbox for a Rule 10b5-1(c) plan was left blank in the filing.