KIRSCH ARTHUR S 4

What Happened Arthur S. Kirsch, a director of Liquidia Corp (LQDA), sold a total of 30,000 shares in open-market transactions between June 1 and June 3, 2026, for aggregate proceeds of approximately $1,731,300. Trades by date:

• 15,000 shares on 2026-06-01 at an average price reported as $60.22 (proceeds $903,300)
• 5,000 shares on 2026-06-02 at $56.00 (proceeds $280,000)
• 10,000 shares on 2026-06-03 at $54.80 (proceeds $548,000)

This was a sale (not a purchase or option exercise). Sales by directors are often routine (e.g., diversification or liquidity needs) and are not, by themselves, proof of company outlook.

Key Details

• Transaction dates and prices: 6/1/2026 — 15,000 @ $60.22; 6/2/2026 — 5,000 @ $56.00; 6/3/2026 — 10,000 @ $54.80.
• Total shares sold: 30,000; total proceeds: ~$1,731,300.
• Shares owned after transaction: Not disclosed in the excerpt provided.
• Footnote: F1 notes the June 1 price is a volume-weighted average price (VWAP) across trades ranging $59.90–$60.75; the reporting person can provide a breakdown of how many shares were sold at each separate price on request.
• Filing: Form 4 was filed on 2026-06-03 (no late-filing flag provided in the materials you supplied).

Context

• These were open-market sales by a company director (not listed as a 10% owner here). Such insider sales are common and may reflect personal liquidity rather than a view on company fundamentals. For retail investors, purchases by insiders tend to be more informative about insider sentiment than routine sales.