Liquidia Corp — Director's Dealing 2025

Sep 3, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-08-28

Reporting Person: Manning Paul B (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-08-28	Common Stock	S	154337	$27.94	Disposed	947328	Indirect
2025-08-29	Common Stock	S	188232	$27.62	Disposed	759096	Indirect
2025-09-02	Common Stock	S	254038	$28.67	Disposed	505058	Indirect
2025-09-02	Common Stock	S	74230	$29.14	Disposed	430828	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	816311	Indirect
Common Stock	435674	Indirect
Common Stock	198413	Indirect
Common Stock	898335	Indirect
Common Stock	38755	Direct
Common Stock	3131794	Direct

Footnotes

F1: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.50 to $28.34 inclusive. 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 ranges set forth in footnotes (1), (3), (4) and (5).

F2: The shares are held directly by the PBM 2024 Grantor Retained Annuity Trust (the "PBM 2024 GRAT"). The Reporting Person is the trustee of the PBM 2024 GRAT and has sole voting and investment power with respect to the shares held by the PBM 2024 GRAT.

F3: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.50 to $27.77 inclusive.

F4: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.08 to $29.065 inclusive.

F5: The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.07 to $29.25 inclusive.

F6: The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB.

F7: The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM.

F8: The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD.

F9: The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust.

F10: The shares are held by Reporting Person jointly with his spouse.