<SEC-DOCUMENT>0001104659-26-003361.txt : 20260113
<SEC-HEADER>0001104659-26-003361.hdr.sgml : 20260113
<ACCEPTANCE-DATETIME>20260113163108
ACCESSION NUMBER:		0001104659-26-003361
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260109
FILED AS OF DATE:		20260113
DATE AS OF CHANGE:		20260113

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:		26530448

	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>
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<TYPE>4
<SEQUENCE>1
<FILENAME>tm263060-1_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
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    <periodOfReport>2026-01-09</periodOfReport>

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

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

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                <sharesOwnedFollowingTransaction>
                    <value>53835</value>
                </sharesOwnedFollowingTransaction>
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                <directOrIndirectOwnership>
                    <value>D</value>
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        </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 following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 28,246 have vested as of the date of this Form 4.</footnote>
        <footnote id="F3">Includes (i) 20,833 unvested restricted stock units (&quot;RSUs&quot;) of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 28,246 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 53,835 unvested RSUs of the 71,780 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 2,221 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.</footnote>
        <footnote id="F4">On January 11, 2025, the Reporting Person was granted 71,780 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 17,945 have vested as of the date of this Form 4.</footnote>
        <footnote id="F5">Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.</footnote>
        <footnote id="F6">These shares of common stock were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Dr. Rajeev Saggar</signatureName>
        <signatureDate>2026-01-13</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
