Form 4: Liquidia CCO Sells Shares for Tax Obligations

Liquidia Corp's Chief Commercial Officer, Scott Moomaw, acquired shares from RSU vesting and subsequently sold a portion to cover tax liabilities.

Summary

• Scott Moomaw, Chief Commercial Officer of Liquidia Corp (LQDA), reported transactions involving the company's common stock.
• On November 28, 2025, Moomaw acquired 1,875 shares of common stock through the conversion of Restricted Stock Units (RSUs).
• These RSUs were part of a grant made on January 16, 2022, with 25% vesting on February 28, 2023, and the remainder vesting quarterly over three years.
• Following this acquisition, Moomaw beneficially owned 155,337 shares.
• On December 1, 2025, Moomaw sold 831 shares of common stock at a price of $32.19 per share.
• The sale was conducted to cover tax obligations associated with the settlement of the vested RSUs.
• This transaction was executed pursuant to a Rule 10b5-1 plan adopted by Moomaw on June 13, 2022.
• After the sale, Moomaw's beneficial ownership stands at 154,506 shares.
• Beneficial ownership includes 26,041 unvested RSUs from a January 11, 2023 grant, 27,969 unvested RSUs from a January 11, 2024 grant, 69,729 unvested RSUs from a January 11, 2025 grant, and 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.

Sentiment

Score: 5

Explanation: The filing describes a routine, pre-planned insider transaction related to equity compensation and tax obligations, which is neutral in sentiment.

Positives

• The vesting of Restricted Stock Units (RSUs) indicates continued equity participation and alignment of interests between the Chief Commercial Officer and shareholders.
• The transaction was pre-planned under a Rule 10b5-1 plan, demonstrating a structured approach to managing equity compensation and tax liabilities.

Negatives

• The sale of 831 shares, even for tax purposes, results in a reduction of the Chief Commercial Officer's direct beneficial ownership in the company.

Future Outlook

The Chief Commercial Officer holds significant unvested Restricted Stock Units (RSUs) from grants made in January 2023 (26,041 units), January 2024 (27,969 units), and January 2025 (69,729 units), indicating future vesting events and potential equity participation.

Industry Context

This Form 4 filing details a routine insider transaction, which typically does not provide broader industry context. It reflects an individual executive's equity compensation management rather than a strategic industry move.

Stakeholder Impact

• Shareholders: Minimal impact as this is a routine, pre-planned transaction by an officer to manage equity compensation and tax liabilities, not indicative of a change in company fundamentals or executive confidence.

Next Steps

• Continued vesting of the remaining 26,041 unvested RSUs from the January 11, 2023 grant.
• Continued vesting of the remaining 27,969 unvested RSUs from the January 11, 2024 grant.
• Future vesting of the 69,729 RSUs granted on January 11, 2025, none of which have vested as of the filing date.

Key Dates

Keywords

Liquidia Corp, LQDA, Form 4, Insider Transaction, Scott Moomaw, Chief Commercial Officer, Restricted Stock Units, RSU, Stock Sale, 10b5-1 Plan, Equity Compensation