SEC Form 4 · accession 0001104659-26-083618
Liquidia Corp · LQDA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jason Adair
Officer — Chief Business Officer
Period of report
Jul 10, 2026
Accepted (ET)
Jul 14, 2026 · 8:05 pm EDT
Rule 10b5-1 plan
yes — trade under a plan
Issuer CIK
0001819576
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2,F1,F3 | Jul 10, 2026 | M | 3,907 | — | A | 218,645 | D | |
| Common StockF5,F4,F3 | Jul 10, 2026 | M | 2,475 | — | A | 221,120 | D | |
| Common StockF6,F4,F3 | Jul 10, 2026 | M | 3,869 | — | A | 224,989 | D | |
| Common StockF8,F3 | Jul 13, 2026 | S | 562 | $71.39 | D | 224,427 | D | |
| Common StockF8,F3 | Jul 13, 2026 | S | 7,301 | $71.52 | D | 217,126 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1 | — | Jul 10, 2026 | M | 3,907 | D | — | — | Common Stock | 3,907 | 7,812 | D |
| Performance Stock UnitsF4 | — | Jul 10, 2026 | M | 2,475 | D | — | — | Common Stock | 2,475 | 14,845 | D |
| Performance Stock UnitsF4 | — | Jul 10, 2026 | M | 3,869 | D | — | — | Common Stock | 3,869 | 38,684 | D |
Explanation of responses
- F1Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.
- F2On 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 54,688 have vested as of the date of this Form 4.
- F3Includes (i) 7,812 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 14,845 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 38,684 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) 12,023 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- F4Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
- F5On 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 24,743 have vested as of the date of this Form 4.
- F6On 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 23,211 have vested as of the date of this Form 4.
- F7Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
- F8These 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.