Jason Adair Sells $5.09M of Liquidia Corp (LQDA) — SEC Form 4, Aug 25, 2026

Open-Market Net Sale · SEC Form 4
−$5,087,225
10b5-1 Plan (Partial)

Equity position changed by -19.3%

Reporting Owner
Jason Adair
Officer
TXN 2026-08-21 · FILED 2026-08-25
Equity Position 175K sh 216,438 → 174,606
Equity Change -19.3% shares held after vs before
Filing Lag 2 business days within 2-day SEC deadline
Form 4 · Statement of Changes in Beneficial Ownership

Liquidia Corp

LQDA CIK 0001819576
All Liquidia Corp insider activity
Filing Date
2026-08-25
Report Date
2026-08-25
Accession No.
0001104659-26-100826
Accepted At
2026-08-25 20:30 UTC
Reporting Owner
Name Relationship
Jason Adair CIK 0001747055
Officer
Jason Adair at Liquidia Corp Full insider history
Bought (12 mo) —
Sold (12 mo) $7,921,889
More from this insider at Liquidia Corp
2026-10-28 Sell -$29,715 View
2026-10-13 Sell -$207,932 View
2026-07-29 Sell -$60,221 View
2026-07-15 Sell -$562,289 View
2026-04-29 Sell -$28,655 View
All filings by this insider at Liquidia Corp
Non-Derivative Securities Transactions
Title Date Type Shares Price Net Total Post-Txn Ownership
Common StockF1 2026-08-21 M - Exercise 9,000 A $9.31 +$83,790 225,438 Direct
Common StockF1 2026-08-21 M - Exercise 11,799 A $9.31 +$109,849 237,237 Direct
Common StockF1 2026-08-21 M - Exercise 10,762 A $14.20 +$152,820 247,999 Direct
Common StockF1 2026-08-21 M - Exercise 238 A $14.20 +$3,380 248,237 Direct
Common StockF2F3F1 2026-08-21 S - Sale 10b5-1 31,799 D $69.09 -$2,197,018 216,438 Direct
Common StockF4F3F1 2026-08-21 S - Sale 10b5-1 41,832 D $69.09 -$2,890,206 174,606 Direct
Derivative Securities Transactions
Title Strike Date Type Shares Price Expiration Underlying Ownership
Non-Qualified Stock Option (right to buy)F5 $9.31 2026-08-21 M - Exercise 9,000 D $0.00 2028-03-07 9,000 Common Stock Direct
Non-Qualified Stock Option (right to buy)F6 $14.20 2026-08-21 M - Exercise 238 D $0.00 2029-02-05 238 Common Stock Direct
Incentive Stock Option (right to buy)F5 $9.31 2026-08-21 M - Exercise 11,799 D $0.00 2028-03-07 11,799 Common Stock Direct
Incentive Stock Option (right to buy)F6 $14.20 2026-08-21 M - Exercise 10,762 D $0.00 2029-02-05 10,762 Common Stock Direct
Footnotes (6)
F1
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. Show more
F2
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. Show more
F3
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. Show more
F4
Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 22, 2025. Show more
F5
The option vested in 48 equal monthly installments and became fully vested on March 7, 2022. Show more
F6
The option vested in 48 equal monthly installments and became fully vested on February 5, 2023. Show more

Related filings at Liquidia Corp

Institutional Holders
13F holders · Jun 30, 2026 336 institutional managers reporting a position
Largest by reported value
  1. Black Rock, Inc. $860M
  2. Farallon Capital Management Llc $667M
  3. Caligan Partners Lp $647M
5%+ Holders · 13D/G 4 filers

Latest Schedule 13D/G per filer; stakes the filer reported closed are left out.

Other insiders at Liquidia Corp
All Liquidia Corp insider activity
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