[Form 4] Liquidia Corporation Insider Trading Activity

Rhea-AI Filing Summary

Dr. Rajeev Saggar, Chief Medical Officer of Liquidia Corporation (LQDA), reported a sale of 20,000 shares of common stock on 08/28/2025. The sale was effected pursuant to a Rule 10b5-1 trading plan adopted on May 29, 2025 and produced a volume-weighted average price of $27.8536 (prices on the day ranged from $27.22 to $28.53). After the transaction, Dr. Saggar beneficially owned 249,727 shares, which include multiple unvested restricted stock unit (RSU) grants totaling 138,356 unvested RSUs from grants dated January 11, 2023, 2024 and 2025, plus 7,131 shares acquired under the company ESPP. The Form 4 is signed by Dr. Saggar on 09/02/2025.

Positive

• Sale executed under a Rule 10b5-1 plan, which reduces potential signaling about insider knowledge
• Significant retained ownership of 249,727 shares, including substantial unvested RSUs and ESPP shares

Negative

• Disposition of 20,000 shares on 08/28/2025 at a VWAP of $27.8536 reduces the insider's liquid holdings

Insights

Financial Analyst

TL;DR Insider sold 20,000 shares under a pre-established 10b5-1 plan; substantial retained stake remains, so market impact is likely limited.

Dr. Saggar's sale was executed under a Rule 10b5-1 plan, which typically reduces informational signaling because trades follow a pre-set schedule. The transaction size (20,000 shares at a VWAP of $27.8536) appears routine relative to the remaining beneficial ownership of 249,727 shares. The ownership breakdown discloses significant unvested RSUs across three grant years and 7,131 ESPP shares, indicating continued compensation exposure to the company's equity. From a quantitative perspective, there is no indication in this filing of a larger, unexplained disposition or departure that would materially alter the company cap table or near-term liquidity needs.

Corporate Governance Expert

TL;DR Sale follows a documented 10b5-1 plan and the officer retains a meaningful equity stake; governance practices appear compliant and transparent.

The Form 4 explicitly cites a 10b5-1 plan adopted May 29, 2025, and provides price-range disclosure and an offer to furnish per-price execution details, reflecting good disclosure practices. The filing identifies the reporting person as an officer (Chief Medical Officer) and reports direct beneficial ownership with itemized RSU and ESPP components, which supports transparency on related-party holdings. No indication of accelerated vesting, loans, or related-party transfers is present in this filing.

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^*

Saggar Rajeev

(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 Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

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	08/28/2025		S(1)		20,000	D	$27.8536(2)	249,727(3)	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. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 29, 2025.

2. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $27.22 to $28.53. 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.

3. Includes (i) 31,249 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 35,307 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 71,780 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) 7,131 shares of common stock acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

	/s/ Dr. Rajeev Saggar	09/02/2025
	** 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 did Liquidia (LQDA) insider Dr. Rajeev Saggar do on 08/28/2025?

He sold 20,000 shares of common stock pursuant to a Rule 10b5-1 plan at a VWAP of $27.8536.

Was the sale by the LQDA insider pre-planned?

Yes. The sale was made under a Rule 10b5-1 trading plan adopted on May 29, 2025.

How many LQDA shares does Dr. Saggar beneficially own after the sale?

He beneficially owns 249,727 shares following the reported transaction.

Does Dr. Saggar’s ownership include unvested equity?

Yes. The filing discloses 31,249, 35,307 and 71,780 unvested RSUs from grants in 2023, 2024 and 2025 respectively, plus 7,131 ESPP shares.

Will the issuer or SEC receive more detail on the prices at which shares were sold?

Yes. The reporting person states he will provide, upon request, full information on the number of shares sold at each separate price within the disclosed range of $27.22 to $28.53.