Jason Adair - 16 Jan 2026 Form 4 Insider Report for Liquidia Corp (LQDA)

Role: Chief Business Officer
Signature: /s/ Jason Adair
Issuer symbol: LQDA
Transactions as of: 16 Jan 2026
Net transactions value: $0
Form type: 4
Filing time: 21 Jan 2026, 18:28:30 UTC
Previous filing: 13 Jan 2026
Next filing: 28 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	21 Jan 2026	0001747055

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LQDA	Common Stock	Award	$0	+27,683	+15%	$0.000000	211,857	16 Jan 2026	Direct	F1, F2, F3

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	Award	$0	+41,525		$0.000000	41,525	16 Jan 2026	Common Stock	41,525		Direct	F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
F2	(i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.
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, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 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 16, 2026, the Reporting Person was granted 41,525 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.