Sell4

Liquidia Corp

LQDA

Total Value

$207.9K

Net $207.9K sold

Filing Date

Oct 13, 2026

1 transaction

Sales

$207.9K

1 transaction

Trade Summary

On Oct 9, 2026 through Oct 12, 2026, Adair Jason, Chief Business Officer, sold $207.9K of Liquidia Corp (LQDA) across 1 transaction. The filing covers Common Stock and reflects net selling of $207.9K. Reported prices ranged from $28.48. Insider transactions are sourced from SEC Form 4 disclosures and should be reviewed alongside company fundamentals and the insider's broader trading history.

Price at the Time of the Trade

LQDA daily price with the insider's sale marked at $28.48.

Sold near the 6-month low · the stock trades 6% lower today.

Price data is delayed and provided for context only — not investment advice.

Insider Information

Name: Adair Jason
Role: Chief Business Officer
Location: MORRISVILLE, NC

Filing Details

Filing Date: Oct 13, 2026
Transaction Date: Oct 9, 2026
Accession Number: 0001104659-26-115640
Form Type: 4
Net Trading Amount: -$207.9K

Non-Derivative Transactions

Date	Security	Shares	Price	Type	Value
Oct 9, 2026	Common Stock	3,906	—	Exercise	—
Oct 9, 2026	Common Stock	2,474	—	Exercise	—
Oct 9, 2026	Common Stock	3,868	—	Exercise	—
Oct 12, 2026	Common Stock	7,301	$28.48	Sale	$207.9K

Derivative Transactions

Date	Security	Shares	Exercise Price	Type	Value
Oct 9, 2026	LQDA derivative	3,906	—	Exercise	—
Oct 9, 2026	LQDA derivative	2,474	—	Exercise	—
Oct 9, 2026	LQDA derivative	3,868	—	Exercise	—

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Footnotes

(F1)Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
(F2)On January 11, 2023, the Reporting Person was granted 62,500 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 58,594 have vested as of the date of this Form 4.
(F3)Includes (i) 6,250 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 12,371 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,816 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 12,427 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
(F4)Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
(F5)On January 11, 2024, the Reporting Person was granted 39,588 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 27,217 have vested as of the date of this Form 4.
(F6)On January 11, 2025, the Reporting Person was granted 61,895 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 27,079 have vested as of the date of this Form 4.
(F7)Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
(F8)These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Adair Jason

(Last)

(First)

(Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE

27560

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Liquidia Corp [ LQDA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Business Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/09/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/09/2026		M		3,906⁽²⁾	A	⁽¹⁾	178,916⁽³⁾	D
Common Stock	10/09/2026		M		2,474⁽⁵⁾	A	⁽⁴⁾	181,390⁽³⁾	D
Common Stock	10/09/2026		M		3,868⁽⁶⁾	A	⁽⁴⁾	185,258⁽³⁾	D
Common Stock	10/12/2026		S⁽⁷⁾		7,301⁽⁸⁾	D	$28.48	177,957⁽³⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	10/09/2026		M			3,906	⁽¹⁾	⁽¹⁾	Common Stock	3,906	$0	3,906	D
Performance Stock Units	⁽⁴⁾	10/09/2026		M			2,474	⁽⁴⁾	⁽⁴⁾	Common Stock	2,474	$0	12,371	D
Performance Stock Units	⁽⁴⁾	10/09/2026		M			3,868	⁽⁴⁾	⁽⁴⁾	Common Stock	3,868	$0	34,816	D

Explanation of Responses:

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

2. On January 11, 2023, the Reporting Person was granted 62,500 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 58,594 have vested as of the date of this Form 4.

3. Includes (i) 6,250 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 12,371 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,816 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 12,427 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

4. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

5. On January 11, 2024, the Reporting Person was granted 39,588 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 27,217 have vested as of the date of this Form 4.

6. On January 11, 2025, the Reporting Person was granted 61,895 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 27,079 have vested as of the date of this Form 4.

7. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

8. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.

	/s/ Jason Adair	10/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Form 4 as rendered by the SEC from accession 0001104659-26-115640.

Liquidia Corp

Trade Summary

Price at the Time of the Trade

Company Information

Insider Information

Filing Details

Non-Derivative Transactions

Derivative Transactions

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Footnotes

SEC Form 4

SEC Filing

SEC Form 4

Price at the Time of the Trade