[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Insider Trading Alert: Liquidia Corp (LQDA) Director Raman Singh received 18,396 Restricted Stock Units (RSUs) on June 17, 2025. The RSUs were granted at $0 cost and convert to common stock on a one-for-one basis.

Key Details:

• Following the transaction, Singh directly owns 38,755 shares
• The RSUs vest at the earlier of: one-year anniversary of grant date or day before next annual shareholder meeting
• Transaction was reported via Form 4 filing on June 28, 2025
• Filing location: 419 Davis Drive, Suite 100, Morrisville, NC

This equity grant appears to be part of standard director compensation arrangements. The transaction increases Singh's alignment with shareholder interests through expanded equity ownership in the company.

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).

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^*

SINGH RAMAN

(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/ Raman Singh	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 LQDA restricted stock units (RSUs) did Raman Singh receive on June 17, 2025?

According to the Form 4 filing, Raman Singh, a Director of Liquidia Corporation, received 18,396 restricted stock units (RSUs) on June 17, 2025. These RSUs convert into common stock on a one-for-one basis.

What is the vesting schedule for LQDA's RSUs granted to Raman Singh?

The RSUs will vest upon the earlier of: (i) the one-year anniversary of the date of grant (June 17, 2026) or (ii) the day prior to Liquidia Corporation's next annual shareholder meeting following the date of grant.

How many shares of LQDA common stock does Raman Singh own after the June 2025 RSU grant?

Following the RSU grant transaction, Raman Singh directly owns 38,755 shares of Liquidia Corporation (LQDA) common stock, as reported in Table I of the Form 4 filing.

What was the purchase price of LQDA RSUs granted to Raman Singh?

The restricted stock units were granted to Raman Singh at a price of $0, as shown in Table I of the Form 4 filing under the 'Price' column for the transaction.

What position does Raman Singh hold at LQDA according to the Form 4?

According to the Form 4 filing, Raman Singh serves as a Director of Liquidia Corporation (LQDA), as indicated by the 'X' marked in the Director box under Section 5 'Relationship of Reporting Person(s) to Issuer'.