LQDA

SEC source: 0001104659-26-022906 · tm267863-4_4seq1.xml · nonDerivative · entry 1

Krepp Sarah · CIK 0002074990 · Chief Human Resource Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 164,658

F1 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F2 · shares: These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 11, 2024.

F3 · balance_after: Includes (i) 28,857 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,787 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 5,749 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-022900 · tm267863-2_4seq1.xml · nonDerivative · entry 1

Boyle Dana · CIK 0002074453 · Chief Accounting Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 178,840

F1 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 3, 2022.

F2 · shares: These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 12,500 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-022901 · tm267863-3_4seq1.xml · nonDerivative · entry 2

Kaseta Michael · CIK 0001724346 · CFO and COO

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 411,855

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 31,167 unvested RSUs of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 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) 11,694 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-022895 · tm267863-1_4seq1.xml · nonDerivative · entry 2

Adair Jason · CIK 0001747055 · Chief Business Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 212,479

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 13, 2022.

F5 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 9,375 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 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.

SEC source: 0001104659-26-022907 · tm267863-5_4seq1.xml · nonDerivative · entry 2

Moomaw Scott · CIK 0001832592 · Chief Commercial Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 188,954

F4 · kind: Transactions effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 13, 2022.

F5 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022.

F3 · balance_after: Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 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) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-022908 · tm267863-6_4seq1.xml · derivative · entry 4

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 2,344 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-26-022908 · tm267863-6_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 615,130

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 37,500 have vested as of the date of this Form 4.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 26,042 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 55,067 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 76,907 unvested RSUS of the 102,543 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 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) 12,306 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-022901 · tm267863-3_4seq1.xml · derivative · entry 3

Kaseta Michael · CIK 0001724346 · CFO and COO

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 2,344 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis

SEC source: 0001104659-26-022901 · tm267863-3_4seq1.xml · nonDerivative · entry 1

Kaseta Michael · CIK 0001724346 · CFO and COO

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 413,020

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 37,500 have vested as of the date of this Form 4.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis

F3 · balance_after: Includes (i) 31,167 unvested RSUs of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 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) 11,694 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-022895 · tm267863-1_4seq1.xml · derivative · entry 3

Adair Jason · CIK 0001747055 · Chief Business Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,562 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-26-022895 · tm267863-1_4seq1.xml · nonDerivative · entry 1

Adair Jason · CIK 0001747055 · Chief Business Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 213,168

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 25,000 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 25,000 have vested as of the date of this Form 4.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 9,375 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 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.

SEC source: 0001104659-26-022907 · tm267863-5_4seq1.xml · derivative · entry 3

Moomaw Scott · CIK 0001832592 · Chief Commercial Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 1,875 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-26-022907 · tm267863-5_4seq1.xml · nonDerivative · entry 1

Moomaw Scott · CIK 0001832592 · Chief Commercial Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 189,781

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 16, 2022, the Reporting Person was granted 30,000 RSUs with 25% of the RSUs vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 30,000 have vested as of the date of this Form 4.

F1 · price: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 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) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001494695-26-000002 · form4-02132026_020223.xml · nonDerivative · entry 2

Manning Paul B · CIK 0001494695 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 469,583

F1 · kind: The Reporting Person withdrew 55,116 shares of the Issuer from PBM 2024 Grantor Retained Annuity Trust (the "PBM 2024 GRAT"), a grantor retained annuity trust, in exchange for cash. The withdrawal of shares resulted in a decrease in the number of shares the Reporting Person beneficially owns indirectly through PBM 2024 GRAT and a corresponding increase in the number of shares the Reporting Person beneficially owns directly. This withdrawal of shares constitutes a change in form of beneficial ownership of the shares, exempted by Rule 16a-13 under the Securities Exchange Act of 1934.

F1 · balance_after: The Reporting Person withdrew 55,116 shares of the Issuer from PBM 2024 Grantor Retained Annuity Trust (the "PBM 2024 GRAT"), a grantor retained annuity trust, in exchange for cash. The withdrawal of shares resulted in a decrease in the number of shares the Reporting Person beneficially owns indirectly through PBM 2024 GRAT and a corresponding increase in the number of shares the Reporting Person beneficially owns directly. This withdrawal of shares constitutes a change in form of beneficial ownership of the shares, exempted by Rule 16a-13 under the Securities Exchange Act of 1934.

F3 · balance_after: Includes 375,712 shares distributed to the Reporting Person in satisfaction of annuity obligation from the PBM 2024 GRAT.

SEC source: 0001494695-26-000002 · form4-02132026_020223.xml · nonDerivative · entry 1

Manning Paul B · CIK 0001494695 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnote

Disclosed balance after: 0

F1 · kind: The Reporting Person withdrew 55,116 shares of the Issuer from PBM 2024 Grantor Retained Annuity Trust (the "PBM 2024 GRAT"), a grantor retained annuity trust, in exchange for cash. The withdrawal of shares resulted in a decrease in the number of shares the Reporting Person beneficially owns indirectly through PBM 2024 GRAT and a corresponding increase in the number of shares the Reporting Person beneficially owns directly. This withdrawal of shares constitutes a change in form of beneficial ownership of the shares, exempted by Rule 16a-13 under the Securities Exchange Act of 1934.

F2 · ownership.nature: The shares are held directly by the PBM 2024 GRAT. The Reporting Person is the trustee of the PBM 2024 GRAT and has sole voting and investment power with respect to the shares held by the PBM 2024 GRAT.

SEC source: 0001104659-26-007433 · tm264206-2_4seq1.xml · nonDerivative · entry 1

Boyle Dana · CIK 0002074453 · Chief Accounting Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 178,848

F1 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F2 · shares: These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on January 25, 2023.

F3 · balance_after: Includes (i) 942 unvested RSUs of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 12,500 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (v) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (vi) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vii) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-007428 · tm264206-1_4seq1.xml · nonDerivative · entry 1

Adair Jason · CIK 0001747055 · Chief Business Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 211,169

F1 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F2 · shares: These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ("RSUs") that were initially granted to the Reporting Person on July 6, 2023.

F3 · balance_after: Includes (i) 9,375 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 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) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005475 · tm263781-1_4seq1.xml · derivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 49,433

Underlying: Common Stock · 49,433 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005475 · tm263781-1_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 612,349

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 26,042 unvested RSUs of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 55,067 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 76,907 unvested RSUS of the 102,543 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 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) 11,869 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005487 · tm263781-8_4seq1.xml · derivative · entry 2

Boyle Dana · CIK 0002074453 · Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,592

Underlying: Common Stock · 35,592 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 35,592 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 35,592 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005487 · tm263781-8_4seq1.xml · nonDerivative · entry 1

Boyle Dana · CIK 0002074453 · Chief Accounting Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 180,428

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 942 unvested RSUs of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 15,625 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (v) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (vi) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vii) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005479 · tm263781-4_4seq1.xml · derivative · entry 2

Krepp Sarah · CIK 0002074990 · Chief Human Resource Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,592

Underlying: Common Stock · 35,592 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 35,592 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 35,592 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005479 · tm263781-4_4seq1.xml · nonDerivative · entry 1

Krepp Sarah · CIK 0002074990 · Chief Human Resource Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 164,497

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 29,482 unvested RSUs of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,787 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005476 · tm263781-2_4seq1.xml · derivative · entry 2

Saggar Rajeev · CIK 0001935638 · Chief Medical Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 49,433

Underlying: Common Stock · 49,433 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005476 · tm263781-2_4seq1.xml · nonDerivative · entry 1

Saggar Rajeev · CIK 0001935638 · Chief Medical Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 209,838

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 28,246 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 53,835 unvested RSUs of the 71,780 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 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) 2,213 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005485 · tm263781-7_4seq1.xml · derivative · entry 4

JEFFS ROGER · CIK 0001231615 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 173,016

Underlying: Common Stock · 173,016 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 173,016 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 173,016 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005485 · tm263781-7_4seq1.xml · nonDerivative · entry 1

JEFFS ROGER · CIK 0001231615 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,152,872

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 72,375 unvested RSUs of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,669 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 171,995 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025, (iv) 115,344 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) 10,696 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005483 · tm263781-6_4seq1.xml · derivative · entry 2

Kaseta Michael · CIK 0001724346 · CFO and COO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 88,980

Underlying: Common Stock · 88,980 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 88,980 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 88,980 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005483 · tm263781-6_4seq1.xml · nonDerivative · entry 1

Kaseta Michael · CIK 0001724346 · CFO and COO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 410,239

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 31,167 unvested RSUs of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 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) 11,257 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005490 · tm263781-9_4seq1.xml · derivative · entry 2

Adair Jason · CIK 0001747055 · Chief Business Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 41,525

Underlying: Common Stock · 41,525 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 41,525 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 41,525 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005490 · tm263781-9_4seq1.xml · nonDerivative · entry 1

Adair Jason · CIK 0001747055 · Chief Business Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 211,857

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 10,937 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 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) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-005481 · tm263781-5_4seq1.xml · nonDerivative · entry 1

Khindri Sanjeev · CIK 0002104932 · Chief Development Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 71,266

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 36,992 RSUs granted to the Reporting Person on February 10, 2025, none of which have vested as of the date of this Form 4 and (ii) 34,274 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.

SEC source: 0001104659-26-005477 · tm263781-3_4seq1.xml · derivative · entry 2

Moomaw Scott · CIK 0001832592 · Chief Commercial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 49,433

Underlying: Common Stock · 49,433 shares

Expires not disclosed

F4 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F5 · derivative.exercise_date: On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

F5 · derivative.expiration_date: On January 16, 2026, the Reporting Person was granted 49,433 PSUs which vest upon the following time-based vesting schedule: (i) 25% of the PSUs shall vest on the Initial Vesting Date or, if later, the date on which the Issuer files its Form 10-K for the fiscal year ending December 31, 2026 (the "FY2026 10-K") and (ii) 6.25% of the PSUs vesting every three months following the Initial Vesting Date; so long as it satisfies the milestone-based vesting condition: the applicable percentage of the RSUs vesting based on net product sales revenue from YUTREPIA in 2026 as disclosed in the Issuer's FY2026 10-K.

SEC source: 0001104659-26-005477 · tm263781-3_4seq1.xml · nonDerivative · entry 1

Moomaw Scott · CIK 0001832592 · Chief Commercial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 187,469

F1 · kind: Restricted stock units ("RSUs") convert into common stock on a one-for-one basis.

F2 · shares: (i) 25% of the RSUs shall vest on January 11, 2027 (the "Initial Vesting Date") and (ii) 6.25% of the RSUs vesting every three months following the Initial Vesting Date.

F3 · balance_after: Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 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) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003369 · tm263060-4_4seq1.xml · nonDerivative · entry 3

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 579,394

F5 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F6 · shares: These 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.

F3 · balance_after: Includes (i) 26,042 unvested restricted stock units ("RSUs") of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 55,067 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 76,907 unvested RSUS of the 102,543 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,869 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003379 · tm263060-8_4seq1.xml · nonDerivative · entry 2

Krepp Sarah · CIK 0002074990 · Chief Human Resource Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 140,769

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5 · shares: These 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, 2024, July 1, 2024 and January 11, 2025.

F3 · balance_after: Includes (i) 29,482 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,787 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4 and (v) 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003365 · tm263060-2_4seq1.xml · nonDerivative · entry 2

Boyle Dana · CIK 0002074453 · Chief Accounting Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 156,700

F4 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F5 · shares: These 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, 2024 and January 11, 2025.

F3 · balance_after: Includes (i) 942 unvested restricted stock units ("RSUs") of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 15,625 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (v) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4 and (vi) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003361 · tm263060-1_4seq1.xml · nonDerivative · entry 3

Saggar Rajeev · CIK 0001935638 · Chief Medical Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 176,883

F5 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F6 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.

F3 · balance_after: Includes (i) 20,833 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 28,246 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 53,835 unvested RSUs of the 71,780 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 2,221 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003367 · tm263060-3_4seq1.xml · nonDerivative · entry 3

JEFFS ROGER · CIK 0001231615 · Director · Chief Executive Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 1,037,528

F5 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F6 · shares: 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, January 11, 2024 and January 11, 2025.

F3 · balance_after: Includes (i) 72,375 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,669 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 171,995 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 10,696 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003374 · tm263060-6_4seq1.xml · nonDerivative · entry 3

Kaseta Michael · CIK 0001724346 · CFO and COO

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 350,919

F5 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F6 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024, January 15, 2024 and January 11, 2025.

F3 · balance_after: Includes (i) 31,167 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,257 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003371 · tm263060-5_4seq1.xml · nonDerivative · entry 4

Adair Jason · CIK 0001747055 · Chief Business Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 184,174

F7 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F8 · shares: These 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.

F3 · balance_after: Includes (i) 10,937 unvested RSUs of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 19,794 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 46,421 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,586 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003377 · tm263060-7_4seq1.xml · nonDerivative · entry 3

Moomaw Scott · CIK 0001832592 · Chief Commercial Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 154,514

F5 · kind: Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.

F6 · shares: These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.

F3 · balance_after: Includes (i) 20,833 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003369 · tm263060-4_4seq1.xml · derivative · entry 6

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 76,907

Underlying: Common Stock · 25,636 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-26-003369 · tm263060-4_4seq1.xml · derivative · entry 5

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 30,067

Underlying: Common Stock · 3,759 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-26-003369 · tm263060-4_4seq1.xml · nonDerivative · entry 2

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 606,683

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · shares: On January 11, 2025, the Reporting Person was granted 102,543 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 25,636 have vested as of the date of this Form 4.

F1 · price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 26,042 unvested restricted stock units ("RSUs") of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 55,067 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 76,907 unvested RSUS of the 102,543 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,869 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003369 · tm263060-4_4seq1.xml · nonDerivative · entry 1

Schundler Russell · CIK 0001854414 · General Counsel

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 581,047

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 11, 2024, the Reporting Person was granted 60,135 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 30,068 have vested as of the date of this Form 4.

F1 · price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 26,042 unvested restricted stock units ("RSUs") of the 104,167 RSUs granted to the Reporting Person on January 11, 2023, (ii) 55,067 unvested RSUs of the 110,135 RSUs granted to the Reporting Person on January 11, 2024, (iii) 76,907 unvested RSUS of the 102,543 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 11,869 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003379 · tm263060-8_4seq1.xml · derivative · entry 3

Krepp Sarah · CIK 0002074990 · Chief Human Resource Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 38,145

Underlying: Common Stock · 12,716 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-26-003379 · tm263060-8_4seq1.xml · nonDerivative · entry 1

Krepp Sarah · CIK 0002074990 · Chief Human Resource Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 153,934

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 11, 2025, the Reporting Person was granted 50,861 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 12,716 have vested as of the date of this Form 4.

F1 · price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 29,482 unvested restricted stock units ("RSUs") of the 61,465 RSUs granted to the Reporting Person on January 11, 2024, (ii) 7,787 unvested RSUs of the 12,459 RSUs granted to the Reporting Person on July 1, 2024, (iii) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4 and (v) 5,312 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

SEC source: 0001104659-26-003365 · tm263060-2_4seq1.xml · derivative · entry 3

Boyle Dana · CIK 0002074453 · Chief Accounting Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 38,145

Underlying: Common Stock · 12,716 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.exercise_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F1 · derivative.expiration_date: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

SEC source: 0001104659-26-003365 · tm263060-2_4seq1.xml · nonDerivative · entry 1

Boyle Dana · CIK 0002074453 · Chief Accounting Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 167,747

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: On January 11, 2025, the Reporting Person was granted 50,861 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 12,716 have vested as of the date of this Form 4.

F1 · price: Performance stock units ("PSUs") convert into common stock on a one-for-one basis.

F3 · balance_after: Includes (i) 942 unvested restricted stock units ("RSUs") of the 15,075 RSUs granted to the Reporting Person on January 16, 2022, (ii) 15,625 unvested RSUs of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (iii) 28,542 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iv) 38,145 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (v) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4 and (vi) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.