Liquidia Corp — Director's Dealing 2024

Sep 4, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2024-08-30

Reporting Person: Caligan Partners LP (Director, 10% Owner, See Remarks)
Reporting Person: JOHNSON DAVID EDWARD (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-08-30	Common Stock, $0.001 par value per share ("Common Stock")	J	3440948	—	Disposed	6994997	Indirect
2024-08-30	Common Stock	S	150000	$9.51	Disposed	6844997	Indirect
2024-08-30	Common Stock	P	150000	$9.51	Acquired	6994997	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20359	Direct

Footnotes

F1: This transaction represents a pro-rata in-kind distribution by a Caligan Fund (as defined below) to limited partners for no consideration effected as of the close of trading on August 30, 2024. The shares of Common Stock were not disposed of in a sale transaction.

F2: Effective as of the close of trading on August 30, 2024, a consulting arrangement with a managed account to which Caligan (as defined below) served as a consultant (the "Consulting Arrangement") was terminated pursuant to its terms, and accordingly, 845,000 shares of Common Stock which were previously reported by the Reporting Persons (as defined below) that were subject to the Consulting Arrangement are no longer reported herein. The ommon Stock were not disposed of in a sale transaction. 75,000 shares of Common Stock that were previously subject to the Consulting Arrangement were received by Caligan pursuant to amounts due under the terms of the Consulting Arrangement and continue to be reported herein.

F3: Securities held by certain funds (the "Caligan Funds") and managed accounts (the "Caligan Accounts", and together with the Caligan Funds, the "Caligan Funds and Accounts") to which Caligan serves as investment manager and related entities. David Johnson ("Mr. Johnson", and together with Caligan, the "Reporting Persons") is the Managing Partner of Caligan and a Managing Member of Caligan Partners GP LLC, the general partner of Caligan.

F4: Represents a transaction between the Caligan Funds.

F5: Mr. Johnson is deemed to hold the securities reported herein for the benefit of the Caligan Funds and Accounts, and may, after vesting, if applicable, transfer the securities directly to the Caligan Funds and Accounts.