Liquidia Corp — Director's Dealing 2025

Sep 2, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Liquidia Corp (LQDA)
CIK: 0001819576
Period of Report: 2025-07-11

Reporting Person: Adair Jason (Chief Business Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-07-11	Common Stock	M	3906	—	Acquired	197086	Direct
2025-08-28	Common Stock	S	26057	$27.8564	Disposed	171029	Direct
2025-08-29	Common Stock	M	1562	—	Acquired	173431	Direct
2025-09-02	Common Stock	S	451	$29.05	Disposed	172980	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-07-11	Restricted Stock Unit	$	M	3906	Disposed		Common Stock (3906)	Direct
2025-08-29	Restricted Stock Unit	$	M	1562	Disposed		Common Stock (1562)	Direct

Footnotes

F1: On January 11, 2023, the Reporting Person was granted 62,500 restricted stock units ("RSUs") with 25% of the RSUs vesting on January 11, 2024 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 39,063 have vested as of the date of this Form 4.

F2: RSUs convert into common stock on a one-for-one basis.

F3: Includes (i) 14,062 unvested restricted stock units ("RSUs") of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 24,742 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) 10,746 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Prior to this filing, the Reporting Person had (i) 200,116 and 197,540 securities beneficially owned, not the previously erroneously disclosed number of 196,210 and 193,634, respectively, as disclosed in the Reporting Person's Form 4 filed on July 15,2025 in Table I, Column 5 and (ii) 197,086 securities beneficially owned, not the previously erroneously disclosed number of 193,180 as disclosed in the Reporting Person's Form 4 filed on July 30,2025 in Table I, Column 5.

F4: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 29, 2025.

F5: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 13, 2022.

F6: Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $27.23 to $28.54. 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.

F7: On January 16, 2022, the Reporting Person was granted 25,000 RSUs with 25% vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 21,875 have vested as of the date of this Form 4.

F8: 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.