Jason Adair - 09 Jan 2026 Form 4 Insider Report for Liquidia Corp (LQDA)

Role
Chief Business Officer
Signature
/s/ Jason Adair
Issuer symbol
LQDA
Transactions as of
09 Jan 2026
Net transactions value
-$507,102
Form type
4
Filing time
13 Jan 2026, 16:34:19 UTC
Previous filing
02 Dec 2025
Next filing
21 Jan 2026
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Adair Jason Chief Business Officer 419 DAVIS DRIVE, SUITE 100, MORRISVILLE /s/ Jason Adair 13 Jan 2026 0001747055

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LQDA Common Stock Options Exercise +3,906 +2.2% 179,774 09 Jan 2026 Direct F1, F2, F3
transaction LQDA Common Stock Options Exercise +2,474 +1.4% 182,248 09 Jan 2026 Direct F3, F4, F5
transaction LQDA Common Stock Options Exercise +15,474 +8.5% 197,722 09 Jan 2026 Direct F3, F4, F6
transaction LQDA Common Stock Sale $507,102 -13,548 -6.9% $37.43 184,174 12 Jan 2026 Direct F3, F7, F8

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LQDA Performance Stock Units Options Exercise $0 -2,474 -11% $0.000000 19,794 09 Jan 2026 Common Stock 2,474 Direct F4
transaction LQDA Performance Stock Units Options Exercise $0 -15,474 -25% $0.000000 46,421 09 Jan 2026 Common Stock 15,474 Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
F2 On January 11, 2023, the Reporting Person was granted 62,500 RSUs with 25% of the RSUs vesting on January 11, 2024 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 46,875 have vested as of the date of this Form 4.
F3 Includes (i) 10,937 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
F4 Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
F5 On January 11, 2024, the Reporting Person was granted 39,588 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 19,794 have vested as of the date of this Form 4.
F6 On January 11, 2025, the Reporting Person was granted 61,895 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 15,474 have vested as of the date of this Form 4.
F7 Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
F8 These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.