Liquidia Corporation (LQDA) Form 4 Filings

Liquidia Corp director Raman Singh reported an exercise-and-sell transaction in company stock. On May 21, 2026, he sold 29,494 shares of Common Stock in an open-market sale at a volume-weighted average price of $60.1287, representing the subsequent sale of shares acquired from option exercises reported in the same filing.

That day he exercised stock options covering 10,050 shares at $11.00 per share and 19,444 shares at $8.63 per share. After these transactions, he directly holds 38,755 Common shares and has 18,396 restricted stock units that were granted on June 17, 2025 and have not yet vested.

Liquidia Corp Chief Executive Officer Roger Jeffs reported open-market sales of 75,000 shares of Common Stock across three transactions on May 21, 2026, May 22, 2026, and May 26, 2026. The sales were executed at volume-weighted average prices of $61.1264, $61.5222, and $60.3784 per share, respectively, and were carried out pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025.

The sold shares are reported as indirectly owned through entities including the Roger A. Jeffs Living Trust and Serendipity BioPharma LLC, where Jeffs has voting and dispositive power. After the most recent transaction, indirect holdings are reported at 1,048,095 shares, and a separate direct holding entry on May 21, 2026 shows 1,137,508 shares. Jeffs also holds multiple grants of unvested restricted stock units totaling more than 400,000 RSUs that have not yet vested.

Liquidia Corp insider Caligan Partners and David Johnson reported internal fund transactions in the company’s common stock. On May 19, 2026, Caligan-managed entities recorded both an open-market purchase and an open-market sale of 5,300 shares each at $59.98 per share.

A footnote explains this represents a transaction between Caligan Funds, indicating a reallocation among affiliated investment vehicles rather than a directional change in overall exposure. After these trades, Caligan-related entities held 8,133,651 Liquidia shares indirectly, while David Johnson also held 18,396 shares directly.

Liquidia Corp CEO Roger Jeffs reported open-market stock sales executed under a pre-arranged trading plan. Entities associated with him sold a total of 75,000 shares of Liquidia common stock in three transactions on May 18–20, 2026, at volume-weighted average prices of about $56.77, $58.65, and $61.30 per share.

The shares were held indirectly through a living trust and Serendipity BioPharma LLC, where Jeffs serves as trustee or manager with voting and dispositive power. After these trades, his indirect holdings stood at 1,123,095 shares, and he also continues to hold a substantial direct position and multiple grants of unvested restricted stock units.

Liquidia Corp Chief Executive Officer Roger Jeffs reported open-market sales totaling 75,000 shares of common stock over three days. The transactions, executed indirectly through entities he controls, occurred on May 13–15, 2026 at volume-weighted average prices of $56.2851, $58.6226 and $57.0429 per share.

Following these sales, he continues to hold 1,198,095 shares indirectly and 1,137,508 shares directly, along with multiple blocks of unvested restricted stock units granted between 2023 and 2026. The filing notes the trades were made under a pre-arranged Rule 10b5-1 plan adopted on November 5, 2025.

Liquidia Corp director Stephen M. Bloch filed a Form 4 reporting sales of Liquidia common stock by Canaan VIII L.P. On May 11, 2026, entities affiliated with Canaan sold an aggregate of 318,893 shares of Liquidia common stock in a series of open-market transactions at weighted average prices generally between the high $40s and low $50s per share, as detailed in multiple price ranges.

The securities are held directly by Canaan VIII L.P., whose general partner is Canaan Partners VIII LLC. According to the disclosure, investment and voting decisions for these securities are made collectively by the managers of Canaan Partners VIII LLC, and Bloch disclaims beneficial ownership except to the extent of any pecuniary interest through his limited liability company interests. The filing also notes that Canaan has a communications-screen policy for issuer-related securities matters and states that Bloch did not participate in this investment decision. Following these sales, the filing shows 1,870,042 shares held indirectly through the Canaan entities and 65,712 shares held directly.

Liquidia Corp director and CEO Roger Jeffs reported open-market sales of Liquidia common stock through an affiliated entity. Serendipity BioPharma LLC, an entity where he has sole voting and dispositive power, sold a total of 75,000 shares across three days at volume-weighted average prices of approximately $42.14, $41.50, and $54.04 per share.

These transactions were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025. Following the last sale, Serendipity BioPharma LLC reported holding 1,273,095 Liquidia common shares indirectly, and Jeffs also holds additional direct shares, trust holdings, and multiple tranches of unvested restricted stock units.

Liquidia Corp Chief Executive Officer Roger Jeffs reported indirect open‑market sales of 75,000 shares of common stock over three days at volume-weighted average prices of $40.10, $40.78, and $42.09. The Form 4 shows these sales were effected by Serendipity BioPharma LLC, an entity for which Jeffs serves as manager with sole voting and dispositive power, under a Rule 10b5-1 trading plan adopted on November 5, 2025. After the transactions, Serendipity reports holding 1,348,095 Liquidia shares indirectly, a separate living trust reports holding 46,595 shares indirectly, and Jeffs directly holds 1,137,508 shares, while additional unvested RSU awards are also disclosed.

Liquidia Corp Chief Accounting Officer Dana Boyle reported an open-market sale of 1,576 shares of common stock at $37.78 per share. The transaction was executed under a pre-arranged Rule 10b5-1 plan adopted on December 15, 2023 and was made to cover taxes tied to the settlement of previously granted restricted stock units. After the sale, Boyle directly holds 175,342 shares, which include significant unvested RSU awards and shares acquired through the company’s employee stock purchase plan.

Liquidia Corp Chief Business Officer Jason Adair sold 688 shares of common stock. The open-market sale on April 27, 2026 was executed at $41.65 per share pursuant to a Rule 10b5-1 trading plan and was used to cover taxes from the settlement of restricted stock units. Following the transaction, Adair directly holds 214,738 shares, along with multiple grants of unvested RSUs and shares acquired under the company’s 2020 Employee Stock Purchase Plan.

Liquidia Corp Chief Executive Officer–associated entity sells shares under pre-planned plan. An entity managed by CEO Roger Jeffs, Serendipity BioPharma LLC, sold 18,839 shares of Liquidia common stock on April 17, 2026 at a volume-weighted average price of $40.6049 per share, with individual trades between $40.00 and $41.85.

After the sale, Serendipity BioPharma LLC held 1,423,095 shares indirectly for Jeffs, while he also held 1,137,599 shares directly and 46,595 shares through a living trust. Footnotes state the trade was effected under a Rule 10b5-1 trading plan adopted on November 5, 2025, and Jeffs also has several tranches of unvested restricted stock units.

Liquidia Corp Chief Executive Officer Roger Jeffs reported open-market sales of company common stock through entities he controls. On April 16 he sold 25,000 shares at an average price of $40.312, on April 15 another 25,000 shares at $40.1409, and on April 14 3,300 shares at $40.00, totaling 53,300 shares sold. The trades were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025. After these transactions, Jeffs’ indirect holdings were 1,441,934 shares, alongside 1,137,599 shares held directly and 46,595 shares held indirectly through Serendipity BioPharma LLC, plus substantial unvested restricted stock units.

Liquidia Corp CFO and COO Michael Kaseta reported option exercises and share sales in April 2026. He exercised incentive stock options to acquire a total of 89,971 shares of common stock at an exercise price of $2.79 per share, from options that were fully vested as of November 30, 2024.

Kaseta then sold an aggregate 142,390 shares of common stock in open-market transactions on April 14–15, 2026 at prices including $40.00 and a volume‑weighted average price of $40.1409, within a range of $40.00 to $40.39. These sales were made under a Rule 10b5‑1 trading plan adopted on November 5, 2025. Following the transactions, he directly holds 353,356 shares of common stock, plus additional unvested RSUs and ESPP shares noted in the footnotes.

Liquidia Corp’s Chief Commercial Officer Scott Moomaw reported multiple equity transactions involving company stock. On April 10, 2026, he exercised performance stock units, converting a total of 7,465 PSUs into shares of common stock at an exercise price of $0.00 per share.

On April 13, 2026, he then sold 8,861 shares at $38.37 and 1,686 shares at $38.20 in open-market transactions. Footnotes state these shares were sold to cover taxes tied to the settlement of RSUs and PSUs granted in 2023, 2024 and 2025, and that the transactions were executed under Rule 10b5-1 trading plans.

After these transactions, Moomaw directly holds 184,558 shares of common stock, along with substantial unvested RSU and PSU awards referenced in the footnotes, indicating he retains a significant ongoing equity stake in Liquidia.

Liquidia Corp Chief Business Officer Jason Adair reported an open-market sale of 7,301 shares of common stock at $38.37 per share on April 13, 2026. Following this sale, he directly holds 215,426 common shares.

On April 10, 2026, Adair also exercised and settled equity awards, with 3,906 restricted stock units and a total of 6,342 performance stock units converting into the same number of common shares at a $0.00 exercise price. A footnote states the sale was made under a Rule 10b5-1 trading plan and that the shares sold were used to cover taxes tied to RSU and PSU settlements granted in 2023, 2024, and 2025, indicating a largely routine, compensation-related transaction.

Liquidia Corp Chief Accounting Officer Dana Boyle reported routine equity compensation activity and a small open-market sale. On April 10, 2026, Boyle exercised 3,179 Performance Stock Units, converting them into the same number of shares of common stock at a conversion price of $0.00 per share.

On April 13, 2026, Boyle sold 5,101 shares of Liquidia common stock at an average price of $38.37 per share under a Rule 10b5-1 trading plan. According to the filing, these shares were sold to cover taxes associated with the settlement of previously granted RSUs and PSUs. After these transactions, Boyle directly holds 176,918 shares of common stock, along with multiple tranches of unvested RSUs and PSUs that continue to vest over time.

Liquidia Corp CFO and COO Michael Kaseta reported multiple equity transactions in company stock. On April 10, 2026, he exercised 23,821 stock options at $2.79 per share and converted 5,828 and 7,050 Performance Stock Units into common shares on a one-for-one basis. He then sold 23,821 common shares in the open market at a volume weighted average price of $40.1431, pursuant to a Rule 10b5-1 trading plan.

On April 13, 2026, Kaseta sold an additional 18,958 common shares at $38.37 per share, with footnotes stating these shares were sold to cover taxes tied to RSU and PSU settlements and effected under a Rule 10b5-1 plan. After these transactions, he directly holds 405,775 common shares, along with substantial unvested RSUs and PSUs and 11,694 shares acquired under the 2020 Employee Stock Purchase Plan.

Liquidia Corp Chief Human Resource Officer Sarah Krepp reported a combination of equity award activity and a small share sale. She exercised 3,179 performance stock units, which converted to the same number of common shares at a $0.00 exercise price, reflecting previously granted compensation vesting. On a separate date, she sold 4,557 common shares in an open-market transaction at $38.37 per share under a pre-arranged Rule 10b5-1 plan, with the filing noting the sale was to cover taxes from RSU and PSU settlements. After these transactions, she directly holds 147,019 common shares and continues to have sizable unvested RSU and PSU awards scheduled to vest over several years.

Liquidia Corp Chief Medical Officer Rajeev Saggar reported multiple equity transactions. He exercised 8,017 performance stock units that converted into the same number of shares of common stock at an exercise price of $0.00 per share. On a later date, he sold 9,220 shares of common stock in an open-market transaction at $38.37 per share, pursuant to a pre-arranged Rule 10b5-1 plan. According to the footnotes, these shares were sold to cover taxes associated with the settlement of previously granted RSUs and PSUs. After these transactions, he directly owned 173,270 shares of common stock, alongside various unvested RSUs and PSUs granted in prior years.

Liquidia Corp General Counsel Russell Schundler reported both equity awards vesting and a small share sale. He exercised performance stock units into a total of 10,167 shares of common stock at an exercise price of $0.00 per share.

On April 13, 2026, he sold 13,692 shares of common stock in an open-market transaction at $38.37 per share under a pre-arranged Rule 10b5-1 trading plan. According to the footnotes, these shares were sold to cover taxes tied to earlier RSU and PSU settlements. After these transactions, he directly holds 610,532 shares of Liquidia common stock and indirectly holds 14,500 shares through his spouse.

Liquidia Corp Chief Executive Officer Roger Jeffs reported a mix of equity vesting and share sales. He exercised performance stock units that converted into 28,167 shares of common stock at a conversion price of $0.00 per share, reflecting compensation-based awards rather than market purchases.

On the same date, 21,433 common shares were sold at a volume-weighted average price of $40.1193 per share through Serendipity BioPharma LLC, which Jeffs manages, with sole voting and dispositive power. A footnote states these shares were sold to cover taxes on vested RSUs and PSUs pursuant to a Rule 10b5-1 plan. Separately, he later sold 32,744 directly held shares at $38.37 per share under another Rule 10b5-1 trading plan and continued to hold 1,137,599 common shares directly afterward.

Liquidia Corp Chief Executive Officer Roger Jeffs reported an open-market sale of 25,000 shares of Common Stock at an average price of $40.1155 per share. The transaction was executed indirectly through an affiliated entity and was carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025.

After the sale, Jeffs has 1,142,176 shares held directly and additional indirect holdings of 1,516,667 and 46,595 shares through entities associated with him. Footnotes also note substantial unvested RSU awards from grants made between January 2023 and January 2026, and that 10,696 shares previously acquired under the company’s Employee Stock Purchase Plan were rescinded due to ineligibility.

Liquidia Corp CFO and COO Michael Kaseta reported an exercise-and-sell transaction in company stock. He exercised stock options covering a total of 133,789 shares of common stock at exercise prices ranging from $2.54 to $2.97 per share and then sold 133,789 shares at a volume-weighted average price of $40.2379 per share pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025. After these transactions, he directly holds 411,855 shares of common stock, which include various blocks of unvested restricted stock units and shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Canaan VIII, L.P., an investment fund associated with Liquidia director Stephen M. Bloch, sold 70,234 shares of Liquidia common stock in open-market transactions. The sales occurred on March 26–27 at weighted average prices ranging from about $35 to $37 per share across several trades.

After these sales, entities tied to the fund reported holding 2,188,935 shares indirectly, while Bloch also reported 65,712 shares held directly. Bloch disclaims beneficial ownership of the fund-held shares except for his pecuniary interest and did not participate in the investment decision due to a communications-screen policy.

Liquidia Corp Chief Commercial Officer Scott Moomaw exercised stock options and sold shares in a planned transaction. He exercised options to acquire 17,000 shares of common stock at $3.40 per share, then sold 17,000 shares at a volume-weighted average price of $36.8128 and an additional 1,314 shares at $36.48 in open-market trades.

The filing states these transactions were executed under a Rule 10b5-1 trading plan adopted on November 7, 2025, and represent the sale of shares underlying fully vested options. After these trades, he holds 187,640 shares directly, and his reported holdings include multiple tranches of unvested RSUs and 2,650 shares acquired under the employee stock purchase plan.

Liquidia Corp’s Chief Medical Officer Rajeev Saggar sold 35,365 shares of Common Stock in an open-market transaction. The shares were sold on March 13, 2026 at a volume-weighted average price of $36.3024, based on trades between $36.29 and $36.45.

After the sale, Saggar directly holds 174,473 shares of Liquidia, which include multiple blocks of unvested restricted stock units granted in 2023, 2024, and 2025, additional RSUs granted in 2026 that have not yet vested, and 2,213 shares acquired under the 2020 Employee Stock Purchase Plan.

Liquidia Corp’s Chief Human Resource Officer, Sarah Krepp, reported an open-market sale of 16,261 shares of common stock at $38.00 per share. After this transaction, she directly holds 148,397 common shares. Her holdings also include various unvested RSU awards and shares acquired under the company’s employee stock purchase plan.

Liquidia Corp director Raman Singh reported an option exercise followed by a share sale. Singh exercised non-qualified stock options for 20,000 shares of Common Stock at $4.86 per share and then sold 20,000 shares on the same date at a volume-weighted average price of $36.0414.

After these transactions, Singh directly owned 38,755 shares of Common Stock, plus 18,396 restricted stock units granted on June 17, 2025, which had not vested as of this Form 4. The filing also corrects a prior administrative error by acknowledging an earlier exercise of options for 7,500 shares that had been omitted from a previous Form 4, although that earlier sale was disclosed.

Liquidia Corp Chief Commercial Officer Moomaw Scott exercised stock options and sold shares in a planned liquidity move. He exercised options covering a total of 80,000 shares of common stock at exercise prices of $2.54, $2.97, and $3.40 per share, converting them into common shares.

On the same date, he sold 80,000 shares of common stock at a volume-weighted average price of $35.3228 per share, with individual trade prices ranging from $35.01 to $35.75. The sale was made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, indicating the transactions were scheduled in advance.

Following these transactions, Moomaw Scott directly owns 188,954 shares of Liquidia common stock and also holds multiple unvested restricted stock units that continue to tie part of his compensation to the company’s future share performance.

Liquidia Corp’s General Counsel Russell Schundler reported several equity transactions. He sold 1,073 shares of common stock in an open‑market trade at $30.58 per share, executed under a Rule 10b5‑1 trading plan and described as covering taxes from previously granted restricted stock units (RSUs). He also exercised 2,344 RSUs, which converted into an equal number of common shares at no cost, increasing his directly held common stock to 614,057 shares. Separately, 14,500 common shares are reported as held indirectly by his spouse, with beneficial ownership disclaimed except to the extent of his pecuniary interest. Footnotes detail multiple prior RSU grants and unvested awards that are included in his overall equity position.

Liquidia Corp Chief Commercial Officer Scott Moomaw reported a mix of RSU activity and a small share sale. On March 2, 2026, he completed an open-market sale of 827 shares of common stock at $30.58 per share under a pre-arranged Rule 10b5-1 trading plan. The filing notes these shares were sold to cover taxes from the settlement of restricted stock units originally granted on January 16, 2022. On February 27, 2026, RSUs converted into 1,875 shares of common stock on a one-for-one basis at a stated price of $0.00 per share, reflecting an exercise or conversion of derivative securities. After these transactions, Moomaw directly owned 188,954 shares of common stock, alongside additional unvested RSUs described in the footnotes.

Liquidia Corp executive Sarah Krepp, the company’s Chief Human Resource Officer, reported an open-market sale of 276 shares of common stock at $30.58 per share. The transaction was effected under a Rule 10b5-1 trading plan adopted on December 15, 2023.

According to the filing, these shares were sold to cover taxes tied to the settlement of restricted stock units granted on January 11, 2024. After this sale, Krepp directly holds 164,658 shares of common stock, including multiple blocks of unvested RSUs granted between January 2024 and January 2026 and 5,749 shares acquired under the company’s 2020 Employee Stock Purchase Plan.

Liquidia Corp executive Michael Kaseta, the CFO and COO, reported a mix of stock sales and equity awards. He sold 1,165 shares of common stock in an open-market transaction at $30.58 per share under a pre-arranged Rule 10b5-1 trading plan to cover taxes tied to restricted stock units (RSUs) granted in January 2022. After this sale, he directly owned 411,855 common shares. On February 27, 2026, 2,344 RSUs converted into 2,344 common shares at no cost, reflecting the vesting and settlement of a portion of his long-term equity awards.

Liquidia Corp Chief Accounting Officer Dana Boyle reported an open-market sale of 445 shares of common stock at $30.58 per share. The trade was executed under a pre-arranged Rule 10b5-1 trading plan adopted on June 3, 2022, and was made to cover taxes tied to the settlement of previously granted restricted stock units. After this transaction, Boyle directly holds 178,840 shares of Liquidia common stock, which includes multiple unvested RSU awards and shares acquired through the company’s employee stock purchase plan.

Liquidia Corp’s Chief Business Officer Jason Adair reported a mix of stock transactions. On March 2, 2026, he sold 689 shares of common stock in an open-market transaction at $30.58 per share, under a Rule 10b5-1 trading plan adopted on June 13, 2022. The shares sold were used to cover taxes tied to vested restricted stock units (RSUs) originally granted on January 16, 2022.

On February 27, 2026, RSUs converted one-for-one into 1,562 shares of common stock. After these transactions, Adair directly held 212,479 common shares, which include multiple blocks of unvested RSUs from prior grants and 12,023 shares acquired under the company’s 2020 Employee Stock Purchase Plan.

Liquidia Corp director Paul B. Manning reported an internal reallocation of his Liquidia common stock on February 11, 2026. He withdrew 55,116 shares from the PBM 2024 Grantor Retained Annuity Trust in exchange for cash, moving those shares from indirect to direct ownership.

After this change in form of beneficial ownership, he directly holds 469,583 shares, with additional holdings reported jointly with his spouse and through several entities and trusts, including BKB Growth Investments, PBM Capital Finance, PD Joint Holdings, and the PBM 2000 Trust.

Liquidia Corp’s Chief Accounting Officer, Dana Boyle, reported a small automatic share sale. On January 26, 2026, she sold 1,580 shares of common stock at $41.65 per share in a transaction coded “S.”

The sale was effected under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2023 and was used to cover taxes tied to the settlement of restricted stock units granted on January 25, 2023. After this transaction, Boyle beneficially owns 178,848 shares, including multiple blocks of unvested RSUs and 3,527 shares acquired through the 2020 Employee Stock Purchase Plan.

Liquidia Corp’s Chief Business Officer, Jason Adair, reported a small, pre-planned stock sale. On January 26, 2026, he sold 688 shares of common stock at $41.65 per share under a Rule 10b5-1 trading plan to cover taxes from restricted stock unit (RSU) settlement.

After this sale, Adair beneficially owned 211,169 shares, including multiple blocks of unvested RSUs granted between 2023 and 2026 and 11,586 shares acquired under Liquidia’s 2020 Employee Stock Purchase Plan. The transaction reflects routine tax-related activity rather than a large discretionary sale.

Liquidia Corp’s Chief Business Officer, Jason Adair, reported new equity awards. On January 16, 2026, he was granted 27,683 restricted stock units (RSUs) that convert into common stock on a one-for-one basis. These RSUs vest with 25% on January 11, 2027 and 6.25% every three months thereafter.

On the same date, he was also granted 41,525 performance stock units (PSUs), which also convert into common stock one-for-one. The PSUs follow a similar time-based vesting schedule tied to the Initial Vesting Date or the filing of the company’s Form 10-K for the year ending December 31, 2026, and include a milestone condition based on 2026 net product sales revenue from YUTREPIA. After these transactions, Adair beneficially owned 211,857 shares of common stock and 41,525 PSUs, all held directly.

Liquidia Corp’s Chief Accounting Officer, Dana Boyle, reported new equity awards on a Form 4. On January 16, 2026, Boyle received 23,728 restricted stock units (RSUs) of Liquidia common stock at a price of $0, bringing directly owned common stock (including unvested RSUs and ESPP shares) to 180,428 shares after the transaction. RSUs convert into common shares on a one-for-one basis and follow a vesting schedule where 25% vests on January 11, 2027, with 6.25% vesting every three months thereafter.

Boyle was also granted 35,592 performance stock units (PSUs) on the same date, also at $0 per unit. PSUs convert into common stock on a one-for-one basis and vest over time, starting with 25% on the same initial vesting date (or when the company files its Form 10-K for the year ending December 31, 2026, if later), and 6.25% every three months after that. Vesting of these PSUs depends on a milestone tied to 2026 net product sales revenue from YUTREPIA as disclosed in Liquidia’s FY2026 Form 10-K.

Liquidia Corp Chief Executive Officer and director Roger Jeffs reported new stock-based awards and updated his holdings. On January 16, 2026, he received 115,344 shares of common stock for $0, representing restricted stock units that convert one-for-one into common shares. On the same date, he was granted 173,016 performance stock units, also at $0, each convertible into one share of common stock.

The RSUs vest with 25% on January 11, 2027 and 6.25% every three months afterward. The PSUs follow a similar time-based schedule but vest only if a milestone is met, based on the percentage of units tied to 2026 net product sales revenue from YUTREPIA as disclosed in the company’s FY2026 Form 10-K. After these grants, Jeffs directly owns 1,152,872 common shares, with additional indirect holdings through a living trust and Serendipity BioPharma LLC.

Liquidia Corp insider Michael Kaseta, the CFO and COO, reported new equity awards. On January 16, 2026, he received 59,320 shares of common stock in the form of restricted stock units granted at $0 per share, bringing his directly held common stock to 410,239 shares. These RSUs convert into common stock on a one-for-one basis and vest over time, with 25% vesting on January 11, 2027 and the remainder vesting quarterly thereafter.

Kaseta was also granted 88,980 performance stock units at $0 per unit, each linked to one share of common stock. These PSUs vest on a similar time schedule, but only if a milestone is met based on 2026 net product sales revenue from YUTREPIA as disclosed in Liquidia’s Form 10-K for the year ending December 31, 2026. This structure ties a significant portion of his potential equity compensation to both continued service and specific revenue performance.

Liquidia Corp’s Chief Development Officer, Sanjeev Khindri, reported a stock-based award related to 34,274 shares of common stock on January 16, 2026. These shares reflect restricted stock units (RSUs) that convert into common stock on a one-for-one basis at no cash cost to him.

According to the filing, 71,266 shares of common stock are beneficially owned following this transaction, consisting entirely of unvested RSUs. The vesting schedule states that 25% of the RSUs vest on January 11, 2027, with an additional 6.25% vesting every three months thereafter.

Liquidia Corp Chief Human Resource Officer Sarah Krepp received new equity awards that increase her stake in the company. On January 16, 2026, she was granted 23,728 restricted stock units (RSUs) that convert into common stock on a one-for-one basis at no cash cost. After this grant, she beneficially owns 164,497 shares of common stock, including previously granted unvested RSUs and shares acquired under the employee stock purchase plan.

On the same date, she was also granted 35,592 performance stock units (PSUs), which also convert into common stock one-for-one and were reported at a price of $0. Both the RSUs and PSUs follow a similar time-based schedule in which 25% vest on January 11, 2027 (or, for PSUs, potentially when the company files its Form 10-K for 2026) and 6.25% vest every three months thereafter, with the PSUs additionally requiring a milestone based on 2026 net product sales revenue from YUTREPIA.

Liquidia Corp’s Chief Commercial Officer, Scott Moomaw, reported new equity awards. On January 16, 2026, he received 32,955 shares of common stock in the form of restricted stock units (RSUs) at $0 per share, which convert into common stock on a one-for-one basis and vest 25% on January 11, 2027, with 6.25% vesting every three months thereafter. After this grant, he directly beneficially owned 187,469 shares of common stock, including multiple prior RSU grants and shares from the employee stock purchase plan. He was also granted 49,433 performance stock units (PSUs), which convert one-for-one into common stock and vest over time starting on the initial vesting date or the filing of the company’s Form 10-K for 2026, subject to a milestone based on 2026 net product sales revenue from YUTREPIA.

Liquidia Corp's Chief Medical Officer, Dr. Rajeev Saggar, reported new equity awards. He received 32,955 restricted stock units (RSUs) that convert into common stock on a one-for-one basis. According to the vesting schedule, 25% of these RSUs vest on January 11, 2027, with 6.25% vesting every three months thereafter.

Following this grant and prior awards, Dr. Saggar beneficially owns 209,838 shares of common stock, including unvested RSUs and shares acquired under the 2020 Employee Stock Purchase Plan. He was also granted 49,433 performance stock units (PSUs) that convert into common stock one-for-one. These PSUs vest 25% on the Initial Vesting Date or when the company files its Form 10-K for the year ending December 31, 2026, with additional 6.25% vesting quarterly, subject to a milestone based on 2026 net product sales revenue from YUTREPIA as disclosed in that Form 10-K.

Liquidia Corp’s general counsel, Russell Schundler, reported new equity awards and updated holdings. On January 16, 2026, he was granted 32,955 restricted stock units (RSUs) that convert into common stock on a one-for-one basis. These RSUs vest with 25% vesting on January 11, 2027, then 6.25% every three months after that.

He was also granted 49,433 performance stock units (PSUs), each convertible into one share of common stock. The PSUs vest 25% on the same initial vesting date (or, if later, when the company files its Form 10-K for 2026) and 6.25% every three months thereafter, subject to a milestone based on 2026 net product sales revenue from YUTREPIA as disclosed in the FY2026 Form 10-K. Following these grants, he beneficially owns 612,349 shares of common stock directly and 49,433 PSUs, plus 14,500 shares held indirectly by his spouse, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.

Liquidia Corp's Chief Human Resource Officer, Sarah Krepp, reported equity compensation activity and a related share sale. On January 9, 2026, 12,716 performance stock units converted into the same number of common shares at an exercise price of $0, increasing her directly held common stock to 153,934 shares and leaving 38,145 derivative securities beneficially owned. On January 12, 2026, she sold 13,165 common shares at $37.43 per share, primarily to cover taxes tied to the settlement of RSUs and PSUs granted in 2024 and 2025 under company plans. After these transactions, she directly held 140,769 common shares, alongside sizable unvested RSU and PSU awards that continue to vest over time.

Liquidia Corp’s Chief Commercial Officer, Scott Moomaw, reported stock activity involving performance stock units (PSUs) and common shares. On January 9, 2026, PSUs converted into 3,108 and 17,433 shares of common stock at an exercise price of $0, reflecting vesting of prior PSU awards that convert into common stock on a one-for-one basis. Following these conversions, he held 175,047 shares directly. On January 12, 2026, he sold 20,533 common shares at $37.43 per share, leaving 154,514 shares held directly. According to the disclosure, this sale was executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 15, 2023 and the shares were sold to cover taxes tied to the settlement of restricted stock units granted in 2023, 2024, and 2025.