Jason Adair - 18 Nov 2025 Form 4 Insider Report for Liquidia Corp (LQDA)

Reporting relationship: Chief Business Officer
Issuer ticker: LQDA
Reported as of: 18 Nov 2025
Net transaction value: -$860,697
SEC form: 4
Accepted by SEC: 20 Nov 2025, 16:30:18 UTC
Prior SEC filing: 29 Oct 2025
Next SEC filing: 02 Dec 2025
Source filing: View source filing
Reporting owner signature: /s/ Jason Adair

Key filing fact

Jason Adair filed Form 4 for Liquidia Corp (LQDA) on 20 Nov 2025.

Key facts

This page summarizes Jason Adair's Form 4 filing for Liquidia Corp (LQDA).
5 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 20 Nov 2025, 16:30.

Change

Previous filing in this sequence was filed on 29 Oct 2025.
Current net transaction value: -$860,697.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001747055 Primary reporting owner

Adair Jason

Relationship: Chief Business Officer
Address: 419 DAVIS DRIVE, SUITE 100, MORRISVILLE
Signature: /s/ Jason Adair
Signature date: 20 Nov 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

LQDA transaction

Common Stock

Options Exercise

Transaction value: $207,864
Shares: +35,291
Change %: +20%
Price: $5.89
Shares after: 210,289
Date: 18 Nov 2025
Ownership: Direct
Footnotes: F1

LQDA transaction

Common Stock

Options Exercise

Transaction value: $2,150
Shares: +365
Change %: +0.17%
Price: $5.89
Shares after: 210,654
Date: 18 Nov 2025
Ownership: Direct
Footnotes: F1

LQDA transaction

Common Stock

Sale

Transaction value: $1,070,710
Shares: -35,656
Change %: -17%
Price: $30.03
Shares after: 174,998
Date: 18 Nov 2025
Ownership: Direct
Footnotes: F1, F2, F3

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

LQDA transaction Derivative

Incentive Stock Option (right to buy)

Options Exercise

Transaction value: $0
Shares: -35,291
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 18 Nov 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 35,291
Exercise price: $5.89
Footnotes: F4

LQDA transaction Derivative

Non-Qualified Stock Option (right to buy)

Options Exercise

Transaction value: $0
Shares: -365
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 18 Nov 2025
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 365
Exercise price: $5.89
Footnotes: F4

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Rule 10b5-1 trading plan

These transactions were reported as open-market trades under a Rule 10b5-1 plan. The plan lets an insider set trading instructions in advance, which can reduce the risk of trading while in possession of material nonpublic information.

Original filing language: transaction made pursuant to a contract, instruction, or written plan intended to satisfy Rule 10b5-1(c).

Explanation of responses 4 footnotes

Footnote F1

Includes (i) 10,937 unvested restricted stock units ("RSUs") of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 22,268 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 61,895 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) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Footnote F2

Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 29, 2025.

Footnote F3

Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $30.00 to $30.15. 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.

Footnote F4

The option vested with 25% vesting on January 5, 2017 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on January 5, 2020.