SINGH RAMAN 4

4 · Liquidia Corp · Filed Mar 17, 2026

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Updated Mar 17, 2026

Liquidia (LQDA) Director Raman Singh Sells Shares After Option Exercise

What Happened

Raman Singh, a director of Liquidia Corp (LQDA), exercised 20,000 stock options at $4.86 ($97,200 total) and sold 20,000 common shares in an open-market transaction at a VWAP of $36.04 for approximately $720,828 on March 13, 2026. The Form 4 also reports a related derivative conversion/disposition of 20,000 shares at $0.00 (see footnotes).

Key Details

Transaction date: March 13, 2026.
Exercise: 20,000 options exercised at $4.86 per share (cost $97,200).
Sale: 20,000 shares sold at a VWAP of $36.04 (range $36.01–$36.20) for ~ $720,828. The filer can provide a breakdown of trades by exact price on request (Footnote F3).
Additional line: 20,000-share exercise/conversion reported as a $0.00 disposition (refer to footnotes F2/F1 for treatment).
Ownership notes: The filing corrects the reporting of beneficial ownership (a prior Form 4 omitted a prior 7,500-share option exercise). It also notes 18,396 restricted stock units granted June 17, 2025, none vested as of this Form 4 (Footnote F1).
Vesting: The option vested in monthly installments and became fully vested June 17, 2025 (Footnote F4).
Timeliness: Filed March 17, 2026 for transactions on March 13, 2026 (filed within the SEC’s two-business-day window).

Context

This was an exercise followed by a sale (a common "exercise-and-sell" or cashless-style sequence). Footnote F2 indicates the reported sale represents the subsequent disposition of shares underlying the option exercise. These actions are routine insider transactions for liquidity/tax or portfolio purposes and do not by themselves indicate company performance.

Form 4

Period: 2026-03-13

Director

Transactions

Exercise/Conversion
Common Stock
[F1]
2026-03-13$4.86/sh+20,000$97,200→ 58,755 total
Sale
Common Stock
[F2][F3][F1]
2026-03-13$36.04/sh−20,000$720,828→ 38,755 total
Exercise/Conversion
Non-Qualified Stock Option (right to buy)
[F4]
2026-03-13−20,000→ 0 total
Exercise: $4.86From: 2025-12-17Exp: 2032-06-17→ Common Stock (20,000 underlying)

Footnotes (4)

[F1]Includes 18,396 restricted stock units granted to the Reporting Person on June 17, 2025, none of which have vested as of the date of this Form 4. The amount of securities beneficially owned by the Reporting Person following the transactions reported herein has been corrected due to an administrative error in the Reporting Person's previous Form 4 filed on September 5, 2025, which inadvertently omitted the prior exercise of stock options for 7,500 shares of common stock, but such Form 4 did disclose the sale of such shares.
[F2]Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.
[F3]Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $36.01 to $36.20. 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.
[F4]The option vested in 36 equal monthly installments and became fully vested on June 17, 2025.

Signature

/s/ Raman Singh|2026-03-17

1 file