Liquidia (LQDA) Director Katherine Rielly‑Gauvin Exercises Options, Sells Shares

What Happened
Katherine Rielly‑Gauvin, a director of Liquidia Corp (LQDA), exercised a total of 55,182 option shares (transaction code M) on Aug 19–20, 2026 and then sold those underlying shares in the open market (transaction code S). Breakdown: on Aug 19 she exercised 23,455 options at $2.51 and 13,334 at $2.59 (36,789 shares) and sold those 36,789 shares at a VWAP of $74.99 for proceeds of $2,758,958. On Aug 20 she exercised 11,727 at $2.51 and 6,666 at $2.59 (18,393 shares) and sold those 18,393 shares at a VWAP of $72.23 for proceeds of $1,328,477. Total exercise outlay was about $140,107 and total sale proceeds were about $4,087,435. The Form 4 shows the options were converted to shares (derivative disposals at $0) and the underlying shares were subsequently sold.

Key Details

• Dates & prices: Aug 19–20, 2026. Exercises at $2.51 and $2.59; sales VWAPs reported as $74.99 (range $73.28–$76.37) and $72.23 (range $71.00–$74.35). (See F3, F4 for price ranges.)
• Shares involved: 55,182 shares exercised and 55,182 shares sold; total proceeds ≈ $4.09M; total exercise cost ≈ $140.1K.
• Holdings after transaction: The exercised shares sold represent the entire block exercised in these transactions. The filing notes 5,882 restricted stock units granted June 16, 2026 remain unvested (F1). Options exercised had previously vested per the schedules noted (F5, F6).
• Filing timeliness: Form 4 filed Aug 21, 2026 for trades on Aug 19–20 — this appears timely under the two‑business‑day rule.
• Notes: F2 confirms the sales were of the underlying shares from the option exercises; F3/F4 provide VWAP ranges and the filer offers to supply details of trades at each exact price on request.

Context: These were option exercises followed by immediate open‑market sales (commonly a cashless or sell-to-cover pattern). This sequence converts vested option rights into cash rather than indicating an additional purchase of shares. The filing is factual and does not state any personal reasons for the exercises or sales.