X0609 4 2026-08-21 0 0001819576 Liquidia Corp LQDA 0001747055 Adair Jason false 419 DAVIS DRIVE SUITE 100 MORRISVILLE NC 27560 0 1 0 0 Chief Business Officer 1 Common Stock 2026-08-21 4 M 0 9000 9.31 A 225438 D Common Stock 2026-08-21 4 M 0 11799 9.31 A 237237 D Common Stock 2026-08-21 4 M 0 10762 14.20 A 247999 D Common Stock 2026-08-21 4 M 0 238 14.20 A 248237 D Common Stock 2026-08-21 4 S 0 31799 69.0908 D 216438 D Common Stock 2026-08-21 4 S 0 41832 69.0908 D 174606 D Non-Qualified Stock Option (right to buy) 9.31 2026-08-21 4 M 0 9000 0 D 2022-03-07 2028-03-07 Common Stock 9000 0 D Incentive Stock Option (right to buy) 9.31 2026-08-21 4 M 0 11799 0 D 2022-03-07 2028-03-07 Common Stock 11799 0 D Incentive Stock Option (right to buy) 14.20 2026-08-21 4 M 0 10762 0 D 2023-02-05 2029-02-05 Common Stock 10762 0 D Non-Qualified Stock Option (right to buy) 14.20 2026-08-21 4 M 0 238 0 D 2023-02-05 2029-02-05 Common Stock 238 0 D Includes (i) 6,250 unvested restricted stock units ("RSUs") of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 14,845 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 38,684 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 12,023 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Includes the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 22, 2025. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $68.05 to $71.13. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 22, 2025. The option vested in 48 equal monthly installments and became fully vested on March 7, 2022. The option vested in 48 equal monthly installments and became fully vested on February 5, 2023. /s/ Jason Adair 2026-08-25