Jason Adair - 18 Nov 2025 Form 4 Insider Report for Liquidia Corp (LQDA)

Role
Chief Business Officer
Signature
/s/ Jason Adair
Issuer symbol
LQDA
Transactions as of
18 Nov 2025
Transactions value $
-$860,697
Form type
4
Filing time
20 Nov 2025, 16:30:18 UTC
Previous filing
29 Oct 2025
Next filing
02 Dec 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Adair Jason Chief Business Officer 419 DAVIS DRIVE, SUITE 100, MORRISVILLE /s/ Jason Adair 20 Nov 2025 0001747055

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction LQDA Common Stock Options Exercise $208K +35.3K +20.17% $5.89 210K 18 Nov 2025 Direct F1
transaction LQDA Common Stock Options Exercise $2.15K +365 +0.17% $5.89 211K 18 Nov 2025 Direct F1
transaction LQDA Common Stock Sale -$1.07M -35.7K -16.93% $30.03 175K 18 Nov 2025 Direct F1, F2, F3

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 Incentive Stock Option (right to buy) Options Exercise $0 -35.3K -100% $0.00 0 18 Nov 2025 Common Stock 35.3K $5.89 Direct F4
transaction LQDA Non-Qualified Stock Option (right to buy) Options Exercise $0 -365 -100% $0.00 0 18 Nov 2025 Common Stock 365 $5.89 Direct F4
* 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 Includes (i) 10,937 unvested restricted stock units ("RSUs") of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 22,268 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) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
F2 Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 29, 2025.
F3 Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $30.00 to $30.15. 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 with 25% vesting on January 5, 2017 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on January 5, 2020.