Form 4: Liquidia CAO Sells Shares for Tax Obligations

Liquidia Corp's Chief Accounting Officer, Dana Boyle, sold 303 shares of common stock at $32.19 per share to cover tax liabilities from RSU settlements.

Summary

• Dana Boyle, Chief Accounting Officer of Liquidia Corp (LQDA), sold 303 shares of common stock.
• The sale occurred on December 1, 2025, at a price of $32.19 per share.
• The transaction was executed under a Rule 10b5-1 plan established on June 3, 2022.
• The purpose of the sale was to cover tax obligations arising from the settlement of previously granted restricted stock units (RSUs).
• Following this transaction, Dana Boyle beneficially owns 155,031 shares directly.
• This beneficial ownership includes various tranches of unvested RSUs granted between January 2022 and July 2025, as well as shares from an employee stock purchase plan.

Sentiment

Score: 5

Explanation: The transaction is a routine, tax-related sale by an executive under a 10b5-1 plan, which is neutral in sentiment. It does not indicate any positive or negative operational or financial developments for the company.

Positives

• The transaction was executed under a pre-arranged Rule 10b5-1 plan, indicating a planned and compliant sale rather than an opportunistic one.
• The sale was for tax purposes, which is a routine and expected event for executives receiving equity compensation.

Negatives

• A reduction in direct share ownership by a key executive, even for tax purposes, slightly decreases their direct financial alignment with shareholders.

Risks

• No specific risks are mentioned in this Form 4 filing beyond the routine nature of the transaction.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Management Comments

• These shares of common stock were sold to cover taxes associated with the settlement of restricted stock units ('RSUs') that were initially granted to the Reporting Person on January 16, 2022.

Industry Context

This transaction is a routine insider filing related to equity compensation and tax obligations, common across all industries for publicly traded companies. It does not reflect broader industry trends or competitive positioning.

Comparison to Industry Standards

• Not applicable. This Form 4 details a routine, tax-related stock sale by an executive, which is a standard practice for equity compensation across publicly traded companies and does not lend itself to comparison with specific industry projects or company results.

Related Party Transactions

• The transaction involves an executive's sale of company stock, which is a related party transaction, but it is a routine part of equity compensation and not indicative of unusual dealings.

Stakeholder Impact

• Shareholders: A very minor reduction in direct insider ownership, but the overall impact is negligible due to the small number of shares and the tax-related purpose.
• Employees: No direct impact on employees is indicated.

Next Steps

• No specific future actions or milestones are mentioned in this filing beyond the vesting schedules of the remaining RSUs.

Key Dates

Keywords

Liquidia Corp, LQDA, Dana Boyle, Chief Accounting Officer, Form 4, Insider Trading, Stock Sale, RSU, Restricted Stock Units, Tax Obligations, 10b5-1 Plan, Equity Compensation