Liquidia CFO exercises options, sells 133,789 shares
Liquidia Corp CFO and COO Michael Kaseta reported an exercise-and-sell transaction in company stock.
Rhea-AI Filing Summary
Liquidia Corp CFO and COO Michael Kaseta reported an exercise-and-sell transaction in company stock. He exercised stock options covering a total of 133,789 shares of common stock at exercise prices ranging from $2.54 to $2.97 per share and then sold 133,789 shares at a volume-weighted average price of $40.2379 per share pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025. After these transactions, he directly holds 411,855 shares of common stock, which include various blocks of unvested restricted stock units and shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Exercise and Sale: 133,789 shares ($5.01M approx. pre-tax spread)
Exercise and Sale
11 txns
Insider
Kaseta Michael
Role
CFO and COO
Sold
133,789 shs ($5.38M)
Approx. gross sale proceeds
$5.38M
Approx. exercise cost
$374K
Approx. pre-tax spread
$5.01M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Incentive Stock Option (right to buy) | 19,042 | $0.00 | $0.00 |
| Exercise | Non-Qualified Stock Option (right to buy) | 86,632 | $0.00 | $0.00 |
| Exercise | Non-Qualified Stock Option (right to buy) | 18,115 | $0.00 | $0.00 |
| Exercise | Incentive Stock Option (right to buy) | 728 | $0.00 | $0.00 |
| Exercise | Non-Qualified Stock Option (right to buy) | 9,272 | $0.00 | $0.00 |
| Exercise | Common Stock | 19,042 | $2.79 | $53K |
| Exercise | Common Stock | 86,632 | $2.79 | $242K |
| Exercise | Common Stock | 18,115 | $2.97 | $54K |
| Exercise | Common Stock | 728 | $2.54 | $2K |
| Exercise | Common Stock | 9,272 | $2.54 | $24K |
| Sale | Common Stock | 133,789 | $40.2379 | $5.38M |
Holdings After Transaction:
Incentive Stock Option (right to buy) — 124,326 contracts (Direct);
Non-Qualified Stock Option (right to buy) — 0 contracts (Direct);
Common Stock — 411,855 shares (Direct)
Footnotes (6)
- F1. Includes (i) 31,167 unvested RSUs of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 46,625 unvested RSUs and 25,000 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 84,597 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 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) 11,694 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- F2. Represents 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 November 5, 2025.
- F3. 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 $40.50. 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.
- F4. The option vested over a four-year period with 25% vesting on November 30, 2021 and the remaining 75% vesting ratably on a monthly basis over three years thereafter and became fully vested on November 30, 2024.
- F5. The option vested ratably on a monthly basis over a four-year period and became fully vested on January 19, 2025.
- F6. 50% of the shares underlying the option vested on November 5, 2021 upon achievement of the acceleration event related to the Issuer's receipt of tentative approval from FDA of the Issuer's New Drug Application for YUTREPIA, 12.5% of the shares underlying the option vested on July 21, 2022 and the remaining shares vest in 36 monthly installments thereafter such that the option became fully vested on July 21, 2025.
Key Figures
Shares sold: 133,789 shares
Sale price VWAP: $40.2379/share
Options exercised: 133,789 shares
+4 more
7 metrics
Shares sold
133,789 shares
Common stock sold in open-market transaction on 2026-04-09
Sale price VWAP
$40.2379/share
Volume-weighted average sale price for trades between $40.00 and $40.50
Options exercised
133,789 shares
Total underlying common shares from option exercises on 2026-04-09
Exercise prices
$2.54–$2.97/share
Option exercise prices of $2.54, $2.79 and $2.97 per share
Shares held after
411,855 shares
Direct common stock holdings following the reported transactions
Unvested RSUs (2023 grant portion)
31,167 RSUs
Unvested portion of 124,667 RSUs granted on January 11, 2023
Unvested RSUs (2026 grant)
59,320 RSUs
RSUs granted January 16, 2026, none vested as of Form 4 date
Key Terms
Rule 10b5-1 plan, Restricted Stock Units (RSUs), volume weighted average price, Incentive Stock Option, +1 more
5 terms
Rule 10b5-1 plan regulatory
"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.
Restricted Stock Units (RSUs) financial
"Includes (i) 31,167 unvested RSUs of the 124,667 RSUs granted to the Reporting Person on January 11, 2023..."
Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.
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.
Incentive Stock Option financial
"Incentive Stock Option (right to buy)"
An incentive stock option is a type of employee benefit that gives a worker the right to buy company shares at a fixed price, with special tax advantages if the employee holds the shares for a required period. Think of it as a coupon to buy future shares at today’s price that can result in lower tax on the gain. Investors care because ISOs can dilute share count, align staff incentives with the stock price, and affect company compensation costs and the timing of potential share sales.
Non-Qualified Stock Option financial
"Non-Qualified Stock Option (right to buy)"
A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Liquidia (LQDA) executive Michael Kaseta report in this Form 4?
Michael Kaseta reported exercising options for 133,789 Liquidia shares and selling 133,789 shares. The sale followed the option exercises and was executed under a pre-arranged Rule 10b5-1 trading plan, indicating a planned liquidity event rather than a purely discretionary market-timed trade.
What stock options did Kaseta exercise in this Liquidia (LQDA) filing?
Kaseta exercised multiple incentive and non-qualified stock options covering 133,789 underlying Liquidia shares. The options carried exercise prices of $2.54, $2.79, and $2.97 per share and had fully vested by late 2024 or 2025 according to the vesting schedules described in the footnotes.
What unvested RSUs does Kaseta hold in Liquidia (LQDA) after this Form 4?
Kaseta’s position includes several unvested RSU grants: 31,167 from a 2023 grant, 71,625 combined from two 2024 grants, 84,597 from a 2025 grant, and 59,320 RSUs granted in 2026 that had not vested as of the Form 4 reporting date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
