Liquidia Announces Proposed Offering of Common Stock MORRISVILLE, N.C.

Liquidia Announces Proposed Offering of Common

MORRISVILLE, N.C., April 12, 2022 -

Liquidia Corporation (NASDAQ: LQDA) ("Liquidia") announced today that it has commenced an underwritten public offering of

its common stock. All of the shares in the proposed offering will be sold by Liquidia. In addition, Liquidia expects to grant the underwriters

a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering, at the public offering

price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance

as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

BofA Securities is acting as the sole book-running

manager for the proposed offering. Needham & Company and BTIG are acting as lead managers.

The shares of common stock described above

are being offered by Liquidia pursuant to its shelf registration statement on Form S-3, including a base prospectus, that was previously

filed by Liquidia with the Securities and Exchange Commission (the "SEC") on December 16, 2020, and declared effective by

the SEC on December 23, 2020. The proposed offering will be made only by means of a written prospectus and prospectus supplement that

form part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the

terms of the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. When available, a copy

of the preliminary prospectus relating to the proposed offering may be obtained from BofA Securities, Attention:

Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina 28255, or via email: dg.prospectus_requests@bofa.com.

This press release shall not constitute an

offer to sell, or a solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or

jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws

of any such state or jurisdiction.

About Liquidia Corporation

Liquidia Corporation is a biopharmaceutical company focused on the development and commercialization of products in pulmonary hypertension

and other applications of its PRINT Technology. The company operates through its two wholly owned subsidiaries, Liquidia

Technologies, Inc. and Liquidia PAH, LLC. Liquidia Technologies has developed YUTREPIA (treprostinil) inhalation powder for the

treatment of pulmonary arterial hypertension (PAH). Liquidia PAH provides the commercialization for rare disease pharmaceutical products,

such as generic Treprostinil Injection.

Forward-Looking Statements

contains forward-looking statements, including but not limited to, statements relating to Liquidia's expectations regarding the

completion, timing and size of the proposed public offering and the intended use of proceeds therefrom. These statements can be

identified by the use of words such as "believes," "anticipates," "expects,"

"intends," "plans," "continues," "estimates," "predicts,"

"projects," "forecasts," and similar expressions. All forward-looking statements are based on current

expectations and beliefs as of the date of this release and are subject to risks, uncertainties and assumptions that could cause

actual results to differ materially from those discussed in, or implied by, the forward-looking statements, including, but not

limited to, the risk that Liquidia may be unable to complete the proposed public offering on the anticipated terms or at all, and

the other risks identified in Item 1A under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for

the year ended December 31, 2021, filed on March 17, 2022. Except as required by law, Liquidia does not undertake any obligation to

revise or update publicly any forward-looking statements to reflect events or circumstances after the date of this report, or to

reflect the occurrence of unanticipated events or circumstances.