Liquidia (LQDA) CBO sells 73K shares under 10b5-1 plan
Rhea-AI Filing Summary
Liquidia Corp (LQDA) insider Jason Adair, Chief Business Officer, exercised stock options for a total of 31,799 shares of common stock at exercise prices of $9.31 and $14.20 per share and on the same date sold 73,631 shares at a volume-weighted average price of $69.0908 per share. The sales, including those of option exercise shares, were effected pursuant to a Rule 10b5-1 trading plan adopted on May 22, 2025. Adair continues to hold common stock and multiple tranches of unvested RSUs in Liquidia.
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Insights
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Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
10 txns
Insider
Adair Jason
Role
Chief Business Officer
Sold
73,631 shs ($5.09M)
Approx. gross sale proceeds
$5.09M
Approx. exercise cost
$350K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Non-Qualified Stock Option (right to buy) F5 | 9,000 | $0.00 | $0.00 |
| Exercise | Incentive Stock Option (right to buy) F5 | 11,799 | $0.00 | $0.00 |
| Exercise | Incentive Stock Option (right to buy) F6 | 10,762 | $0.00 | $0.00 |
| Exercise | Non-Qualified Stock Option (right to buy) F6 | 238 | $0.00 | $0.00 |
| Exercise | Common Stock F1 | 9,000 | $9.31 | $84K |
| Exercise | Common Stock F1 | 11,799 | $9.31 | $110K |
| Exercise | Common Stock F1 | 10,762 | $14.20 | $153K |
| Exercise | Common Stock F1 | 238 | $14.20 | $3K |
| Sale | Common Stock F2, F3, F1 | 31,799 | $69.0908 | $2.20M |
| Sale | Common Stock F4, F3, F1 | 41,832 | $69.0908 | $2.89M |
Holdings After Transaction:
Non-Qualified Stock Option (right to buy) — 0 shares (Direct);
Incentive Stock Option (right to buy) — 0 shares (Direct);
Common Stock — 174,606 shares (Direct)
Footnotes (6)
- F1. Includes (i) 6,250 unvested restricted stock units ("RSUs") of the 25,000 RSUs granted to the Reporting Person on July 6, 2023, (ii) 14,845 unvested RSUs of the 39,588 RSUs granted to the Reporting Person on January 11, 2024, (iii) 38,684 unvested RSUs of the 61,895 RSUs granted to the Reporting Person on January 11, 2025, (iv) 27,683 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) 12,023 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- F2. Includes 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 May 22, 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 $68.05 to $71.13. 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. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 22, 2025.
- F5. The option vested in 48 equal monthly installments and became fully vested on March 7, 2022.
- F6. The option vested in 48 equal monthly installments and became fully vested on February 5, 2023.
Key Figures
Shares sold: 73,631 shares
Sale price (VWAP): $69.0908 per share
Options exercised (total shares): 31,799 shares
+4 more
7 metrics
Shares sold
73,631 shares
Common stock sales on August 21, 2026
Sale price (VWAP)
$69.0908 per share
Volume weighted average price for sales ranging from $68.05 to $71.13
Options exercised (total shares)
31,799 shares
Shares underlying derivative exercises on August 21, 2026
Option exercise price
$9.31 per share
Exercise price for 9,000 Non-Qualified and 11,799 Incentive Stock Option shares
Option exercise price
$14.20 per share
Exercise price for 10,762 Incentive and 238 Non-Qualified Stock Option shares
Unvested RSUs (July 6, 2023 grant)
6,250 RSUs
Portion of 25,000 RSUs granted July 6, 2023, remaining unvested
ESPP shares held
12,023 shares
Shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan
Key Terms
Rule 10b5-1 plan, volume weighted average price, Incentive Stock Option, Non-Qualified Stock Option, +2 more
6 terms
Rule 10b5-1 plan regulatory
"Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person"
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.
volume weighted average price financial
"Price is the volume weighted average price of all transactions"
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.
restricted stock units ("RSUs") financial
"Includes (i) 6,250 unvested restricted stock units ("RSUs")"
Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.
Employee Stock Purchase Plan financial
"shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan"
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.
FAQ
What did Liquidia Corp (LQDA) insider Jason Adair report in this Form 4?
Jason Adair reported exercising options into 31,799 shares of Liquidia common stock and selling 73,631 shares in total on August 21, 2026, including shares from those exercises, as disclosed in the Form 4.
What stock options did Jason Adair exercise in Liquidia (LQDA)?
He exercised options covering 31,799 shares of Liquidia common stock: 18,999 shares at an exercise price of $9.31 and 12,800 shares at an exercise price of $14.20 per share. These options had fully vested before the transactions.
What Liquidia (LQDA) equity awards does Jason Adair still hold after these transactions?
After the reported transactions, his holdings include 6,250 unvested RSUs from a July 6, 2023 grant, 14,845 unvested RSUs and 38,684 unvested RSUs from January 11, 2024 and 2025 grants, 27,683 RSUs granted January 16, 2026, and 12,023 shares acquired under the 2020 ESPP.
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