Liquidia (LQDA) CEO sells 25,000 shares under Rule 10b5-1 plan
Rhea-AI Filing Summary
Liquidia Corp Chief Executive Officer Roger Jeffs reported an open-market sale of 25,000 shares of Common Stock at an average price of $40.1155 per share. The transaction was executed indirectly through an affiliated entity and was carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025.
After the sale, Jeffs has 1,142,176 shares held directly and additional indirect holdings of 1,516,667 and 46,595 shares through entities associated with him. Footnotes also note substantial unvested RSU awards from grants made between January 2023 and January 2026, and that 10,696 shares previously acquired under the company’s Employee Stock Purchase Plan were rescinded due to ineligibility.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 25,000 shares
Net Sell
3 txns
Insider
JEFFS ROGER
Role
Chief Executive Officer
Sold
25,000 shs ($1.00M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 25,000 | $40.1155 | $1.00M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 1,563,262 shares (Indirect, See footnote);
Common Stock — 1,142,176 shares (Direct)
Footnotes (5)
- F1. Includes (i) 72,375 unvested RSUs of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 110,669 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 171,995 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 115,344 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4. The 10,696 shares that the Reporting Person previously acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan ("ESPP") have been rescinded by the Issuer for ineligibility of the Reporting Person to participate in the ESPP.
- F2. The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.
- F3. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.
- F4. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $40.00 to $40.33. 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.
- F5. The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.
Key Figures
Shares sold: 25,000 shares
Average sale price: $40.1155 per share
Direct holdings after sale: 1,142,176 shares
+5 more
8 metrics
Shares sold
25,000 shares
Open-market sale of Common Stock on 2026-04-09
Average sale price
$40.1155 per share
Volume-weighted average price, range $40.00–$40.33
Direct holdings after sale
1,142,176 shares
Common Stock held directly following the reported transaction
Indirect holdings (entry 1)
1,516,667 shares
Common Stock held indirectly through an associated entity
Indirect holdings (entry 2)
46,595 shares
Additional Common Stock held indirectly through another entity
Unvested RSUs from 2023 grant
72,375 RSUs
Part of 289,500 RSUs granted on January 11, 2023
Unvested RSUs from 2024 grant
110,669 RSUs
Part of 221,338 RSUs granted on January 11, 2024
ESPP shares rescinded
10,696 shares
Shares rescinded due to ineligibility for 2020 ESPP
Key Terms
Rule 10b5-1 plan, RSUs, volume weighted average price, Employee Stock Purchase Plan, +2 more
6 terms
Rule 10b5-1 plan financial
"Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025."
A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.
RSUs financial
"Includes (i) 72,375 unvested RSUs of the 289,500 RSUs granted to the Reporting Person on January 11, 2023..."
RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.
volume weighted average price financial
"Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date..."
The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.
Employee Stock Purchase Plan financial
"The 10,696 shares that the Reporting Person previously acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan ("ESPP") have been rescinded..."
An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.
Living Trust financial
"The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust")."
Serendipity BioPharma LLC financial
"The securities are held by Serendipity BioPharma LLC ("Serendipity")."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What did Liquidia (LQDA) CEO Roger Jeffs report in this Form 4 filing?
Liquidia CEO Roger Jeffs reported an open-market sale of 25,000 shares of Common Stock at an average price of $40.1155 per share. The transaction was executed indirectly through an associated entity and disclosed as part of his required insider ownership reporting.
Was the Liquidia (LQDA) CEO stock sale part of a pre-planned Rule 10b5-1 trading plan?
Yes. The filing states the sale was effected under a Rule 10b5-1 trading plan adopted by Roger Jeffs on November 5, 2025. Such plans are pre-arranged trading programs that allow insiders to sell shares on a preset schedule, reducing the significance of trade timing.
What unvested RSUs are disclosed for Liquidia (LQDA) CEO Roger Jeffs in this filing?
The filing lists unvested RSUs from grants made in January 2023, 2024, and 2025, plus 115,344 RSUs granted on January 16, 2026. These include 72,375, 110,669, and 171,995 unvested RSUs from prior grants, all remaining unvested as of the Form 4 date.