Liquidia Corp — Director's Dealing 2025

Dec 2, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-11-28

Reporting Person: Adair Jason (Chief Business Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-11-28	Common Stock	M	1563	—	Acquired	176561	Direct
2025-12-01	Common Stock	S	693	$32.19	Disposed	175868	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-11-28	Restricted Stock Units	$	M	1563	Disposed		Common Stock (1563)	Direct

Footnotes

F1: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2: On January 16, 2022, the Reporting Person was granted 25,000 RSUs with 25% of the RSUs vesting on January 16, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 23,438 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) 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.

F4: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 13, 2022.

F5: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.