Liquidia Corp — Director's Dealing 2025

Sep 17, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-09-15

Reporting Person: SINGH RAMAN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-09-15	Common Stock	M	25524	$2.51	Acquired	56779	Direct
2025-09-15	Common Stock	M	20000	$2.59	Acquired	76779	Direct
2025-09-15	Common Stock	S	45524	$25.81	Disposed	31255	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-09-15	Non-Qualified Stock Option (right to buy)	$2.51	M	25524	Disposed	2031-03-24	Common Stock (25524)	Direct
2025-09-15	Non-Qualified Stock Option (right to buy)	$2.59	M	20000	Disposed	2031-08-20	Common Stock (20000)	Direct

Footnotes

F1: Includes 18,396 restricted stock units granted to the Reporting Person on June 17, 2025, none of which have vested as of the date of this Form 4.

F2: Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.

F3: Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $25.79 to $25.90. 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.

F4: The option vested in four equal quarterly installments and became fully vested on December 31, 2021.

F5: The option vested in 36 equal monthly installments and became fully vested on August 20, 2024.