Moomaw Scott 4

What Happened
Scott Moomaw, Chief Commercial Officer of Liquidia Corporation (LQDA), exercised 17,000 stock options at $3.40 per share (cost $57,800) on 2026-03-23 and sold the 17,000 underlying shares in an open-market transaction for a total of $625,818 (VWAP reported at $36.81; price range $36.13–$37.20). On the same date he also sold 1,314 shares in the open market at $36.48 for $47,935. The filing also shows a derivative disposition recorded at $0.00 related to the option conversion (i.e., the option was converted/exercised).

Key Details

• Transaction date: March 23, 2026; Form 4 filed March 25, 2026 (filed within the standard 2-business-day window).
• Option exercise: 17,000 shares acquired @ $3.40 = $57,800.
• Sales: 17,000 shares sold @ $36.81 (VWAP) = $625,818; 1,314 shares sold @ $36.48 = $47,935. VWAP range for sales reported $36.13–$37.20 (footnote).
• Reporting mechanics: Filing shows a $0.00 disposition for the derivative (reflecting conversion/exercise) and a note that the subsequent sale of the underlying shares is represented on this Form 4.
• 10b5-1: At least one transaction was effected pursuant to a Rule 10b5-1 plan adopted Nov 7, 2025.
• Holdings disclosed in footnote: the filing lists unvested RSUs from multiple grants totaling 130,945 RSUs (20,833 + 24,861 + 52,296 + 32,955) and 2,650 shares from the 2020 ESPP. The filing does not state a single consolidated post-transaction beneficial-ownership total.
• Vesting note: the exercised option was fully vested (vesting completed Nov 19, 2024 per footnote).

Context
The filing shows an option exercise followed by an immediate sale of the underlying shares (often used to cover the exercise cost and taxes); the Form 4 reports both the exercise (acquisition) and the same-day open-market sale. No indication of gifts or late filing was included. This is routine insider activity documented for transparency and does not, by itself, indicate the insider’s view on the company.