Caligan Partners LP 4

What Happened
David Johnson, a 10% owner of Liquidia Corp and a current board member, was granted 5,882 restricted stock units (RSUs) on June 16, 2026. The grant is reported as an award (code A) at $0.00 per share (total value reported $0). Each RSU converts one-for-one into common stock upon vesting. This is a compensation award, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-16; Form 4 filed 2026-06-18 (timely).
• Transaction type/code: Award (A).
• Shares granted: 5,882 RSUs at $0.00; total $0 reported.
• Vesting: RSUs vest on the earlier of (i) one-year anniversary of grant or (ii) the day before the issuer’s next annual shareholder meeting (per footnote).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Beneficial/holding notes: Mr. Johnson is deemed to hold these for certain Caligan-managed funds/accounts; he is Managing Partner of Caligan and may transfer shares to those funds after vesting. Reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Filed within the Form 4 reporting window (not marked late).

Context
RSU grants are compensation/retention awards and do not require an out-of-pocket purchase; they become common stock only upon vesting. Because the units are reported as held for Caligan-managed funds/accounts and Mr. Johnson is a 10% owner and managing partner, this filing reflects institutional-level allocations rather than a straightforward personal buy or sell.