Rajeev Saggar - Oct 10, 2025 Form 4 Insider Report for Liquidia Corp (LQDA)

Role
Chief Medical Officer
Signature
/s/ Dr. Rajeev Saggar
Stock symbol
LQDA
Transactions as of
Oct 10, 2025
Transactions value $
-$124,705
Form type
4
Date filed
10/15/2025, 04:33 PM
Previous filing
Sep 2, 2025
Next filing
Nov 7, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Saggar Rajeev Chief Medical Officer 419 DAVIS DRIVE SUITE 100, MORRISVILLE /s/ Dr. Rajeev Saggar 2025-10-15 0001935638

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LQDA Common Stock Options Exercise +3.53K +1.41% 253K Oct 10, 2025 Direct F1, F2, F3
transaction LQDA Common Stock Sale -$125K -5.33K -2.1% $23.41 248K Oct 13, 2025 Direct F3, F4, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LQDA Performance Stock Units Options Exercise $0 -3.53K -10% $0.00 31.8K Oct 10, 2025 Common Stock 3.53K Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
F2 On January 11, 2024, the Reporting Person was granted 56,492 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 24,715 have vested as of the date of this Form 4.
F3 Includes (i) 26,041 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 31,777 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 71,780 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) 7,139 shares of common stock 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 December 15, 2023.
F5 These shares 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 and January 11, 2024.