| 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 |
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 | 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*
(Street)
| 2. Issuer Name and Ticker or Trading Symbol
Liquidia Corp [ LQDA ] Foreign Trading Symbol | 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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| 3. Date of Earliest Transaction
(Month/Day/Year) 08/19/2026 | ||||||||||||||||||||||||||
| 4. If Amendment, Date of Original Filed
(Month/Day/Year) | 6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 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) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock | 08/19/2026 | M | 23,455 | A | $2.51 | 68,092(1) | D | |||
| Common Stock | 08/19/2026 | M | 13,334 | A | $2.59 | 81,426(1) | D | |||
| Common Stock | 08/19/2026 | S(2) | 36,789 | D | $74.9941(3) | 44,637(1) | D | |||
| Common Stock | 08/20/2026 | M | 11,727 | A | $2.51 | 56,364(1) | D | |||
| Common Stock | 08/20/2026 | M | 6,666 | A | $2.59 | 63,030(1) | D | |||
| Common Stock | 08/20/2026 | S(2) | 18,393 | D | $72.2273(4) | 44,637(1) | D | |||
| Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 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) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Non-Qualified Stock Option (right to buy) | $2.51 | 08/19/2026 | M | 23,455 | 12/31/2021(5) | 03/24/2031 | Common Stock | 23,455 | $0 | 11,727 | D | ||||
| Non-Qualified Stock Option (right to buy) | $2.59 | 08/19/2026 | M | 13,334 | 08/20/2024(6) | 08/20/2031 | Common Stock | 13,334 | $0 | 6,666 | D | ||||
| Non-Qualified Stock Option (right to buy) | $2.51 | 08/20/2026 | M | 11,727 | 12/31/2021(5) | 03/24/2031 | Common Stock | 11,727 | $0 | 0 | D | ||||
| Non-Qualified Stock Option (right to buy) | $2.59 | 08/20/2026 | M | 6,666 | 08/20/2024(6) | 08/20/2031 | Common Stock | 6,666 | $0 | 0 | D | ||||
| Explanation of Responses: |
| 1. Includes 5,882 restricted stock units granted to the Reporting Person on June 16, 2026, none of which have vested as of the date of this Form 4. |
| 2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. |
| 3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $73.28 to $76.37. 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. |
| 4. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $71.00 to $74.35. 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. |
| 5. The option vested in four equal quarterly installments and became fully vested on December 31, 2021. |
| 6. The option vested in 36 equal monthly installments and became fully vested on August 20, 2024. |
| /s/ Katherine Rielly-Gauvin | 08/21/2026 | |
| ** 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. | ||