<SEC-DOCUMENT>0001104659-25-056855.txt : 20250605
<SEC-HEADER>0001104659-25-056855.hdr.sgml : 20250605
<ACCEPTANCE-DATETIME>20250605161959
ACCESSION NUMBER:		0001104659-25-056855
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250603
FILED AS OF DATE:		20250605
DATE AS OF CHANGE:		20250605

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Saggar Rajeev
		CENTRAL INDEX KEY:			0001935638
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39724
		FILM NUMBER:		251027372

	MAIL ADDRESS:	
		STREET 1:		419 DAVIS DRIVE
		STREET 2:		SUITE 100
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Liquidia Corp
		CENTRAL INDEX KEY:			0001819576
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				851710962
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		419 DAVIS DRIVE, SUITE 100
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560
		BUSINESS PHONE:		919.328.4400

	MAIL ADDRESS:	
		STREET 1:		419 DAVIS DRIVE, SUITE 100
		CITY:			MORRISVILLE
		STATE:			NC
		ZIP:			27560
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm2517227-5_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-06-03</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001819576</issuerCik>
        <issuerName>Liquidia Corp</issuerName>
        <issuerTradingSymbol>LQDA</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001935638</rptOwnerCik>
            <rptOwnerName>Saggar Rajeev</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>419 DAVIS DRIVE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>MORRISVILLE</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>27560</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Medical Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>1</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-06-03</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>17654</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>280806</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2025-06-04</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F4"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>7597</value>
                    <footnoteId id="F5"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>16.97</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>273209</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Performance Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-06-03</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>17654</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>17654</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>38838</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Performance stock units (&quot;PSUs&quot;) convert into common stock on a one-for-one basis.</footnote>
        <footnote id="F2">On January 11, 2024, the Reporting Person was granted 56,492 PSUs which vest upon the later of (A) the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter and (B) the first commercial sale of YUTREPIA by the Issuer. Of those PSUs, a total of 17,654 have vested through June 3, 2025.</footnote>
        <footnote id="F3">Includes (i) 5,865 unvested restricted stock units (&quot;RSUs&quot;) of the 93,834 RSUs granted to the Reporting Person on July 18, 2022, (ii) 36,458 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (iii) 38,838 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iv) 71,780 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested, and (v) 6,291 shares of common stock acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.</footnote>
        <footnote id="F4">Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.</footnote>
        <footnote id="F5">These shares were sold to cover taxes associated with the settlement of PSUs that were initially granted to the Reporting Person on January 11, 2024.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Dr. Rajeev Saggar</signatureName>
        <signatureDate>2025-06-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
