SEC Form 4 · accession 0001104659-26-100826
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
Aug 21, 2026
Accepted (ET)
Aug 25, 2026 · 4:30 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 StockF1 | Aug 21, 2026 | M | 9,000 | $9.31 | A | 225,438 | D | |
| Common StockF1 | Aug 21, 2026 | M | 11,799 | $9.31 | A | 237,237 | D | |
| Common StockF1 | Aug 21, 2026 | M | 10,762 | $14.20 | A | 247,999 | D | |
| Common StockF1 | Aug 21, 2026 | M | 238 | $14.20 | A | 248,237 | D | |
| Common StockF3,F1 | Aug 21, 2026 | S | 31,799 | $69.0908 | D | 216,438 | D | |
| Common StockF3,F1 | Aug 21, 2026 | S | 41,832 | $69.0908 | D | 174,606 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-Qualified Stock Option (right to buy)F5 | $9.31 | Aug 21, 2026 | M | 9,000 | D | Mar 7, 2022 | Mar 7, 2028 | Common Stock | 9,000 | 0 | D |
| Incentive Stock Option (right to buy)F5 | $9.31 | Aug 21, 2026 | M | 11,799 | D | Mar 7, 2022 | Mar 7, 2028 | Common Stock | 11,799 | 0 | D |
| Incentive Stock Option (right to buy)F6 | $14.20 | Aug 21, 2026 | M | 10,762 | D | Feb 5, 2023 | Feb 5, 2029 | Common Stock | 10,762 | 0 | D |
| Non-Qualified Stock Option (right to buy)F6 | $14.20 | Aug 21, 2026 | M | 238 | D | Feb 5, 2023 | Feb 5, 2029 | Common Stock | 238 | 0 | D |
Explanation of responses
- F1Includes (i) 6,250 unvested restricted stock units ("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.
- F2Includes 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 22, 2025.
- F3Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $68.05 to $71.13. 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.
- F4Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 22, 2025.
- F5The option vested in 48 equal monthly installments and became fully vested on March 7, 2022.
- F6The option vested in 48 equal monthly installments and became fully vested on February 5, 2023.