Boyle Dana 4

What Happened

• Dana Boyle, Chief Accounting Officer of Liquidia Corporation (LQDA), sold 1,600 shares of common stock on July 27, 2026 at $87.53 per share, for total proceeds of $140,048. The filing lists the transaction as a sale (S) effected pursuant to a pre-existing Rule 10b5-1 plan.
• The filing notes the shares were sold to cover taxes associated with the settlement of restricted stock units (RSUs) originally granted on January 25, 2023—this is a routine tax-withholding sell rather than a market-timing purchase.

Key Details

• Transaction date and price: July 27, 2026 — 1,600 shares @ $87.53 each.
• Total value: $140,048 (gross proceeds).
• Mechanism: Sale executed under a Rule 10b5-1 plan adopted December 15, 2023 (Footnote F1).
• Reason given: Shares sold to cover taxes on RSU settlement (Footnote F2).
• Holdings disclosed in footnote (unvested/plan shares): includes 101,921 unvested RSUs across multiple grants (see breakdown below) and 3,964 shares from the 2020 Employee Stock Purchase Plan (Footnote F3); the Form 4 as provided does not state total beneficially owned shares immediately after the sale.
  • Footnote F3 breakdown: (i) 6,250 unvested RSUs (grant 1/25/2023), (ii) 21,406 unvested RSUs (1/11/2024), (iii) 31,787 unvested RSUs (1/11/2025), (iv) 18,750 unvested RSUs (7/1/2025), (v) 23,728 RSUs granted 1/16/2026 (not vested), and (vi) 3,964 ESPP shares.
• Filing date / timeliness: Form 4 filed July 29, 2026 reporting the July 27, 2026 transaction; no indication of a late filing in the provided data.

Context

• This sale appears routine: executed under a pre-established 10b5-1 plan and identified as a tax-withholding sale for RSU settlement. Such transactions typically reflect obligation-driven liquidity rather than a discretionary insider bet on the stock. Purchases generally carry more signaling weight for investors than routine withholding sales.