Liquidia CFO sells shares to cover tax obligations
Liquidia Corp CFO and COO Michael Kaseta exercised performance stock units to acquire 12,879 shares of common stock on July 10, 2026, then sold 20,430 shares of common stock on July 13, 2026 at prices of $71.52 and $71.39 per share.
Rhea-AI Filing Summary
Liquidia Corp CFO and COO Michael Kaseta exercised performance stock units to acquire 12,879 shares of common stock on July 10, 2026, then sold 20,430 shares of common stock on July 13, 2026 at prices of $71.52 and $71.39 per share. Footnotes state these sales were made under a Rule 10b5-1 plan to cover taxes from RSU and PSU settlements granted between 2023 and 2025. After these transactions, Kaseta directly holds 345,805 common shares, along with various unvested RSU and PSU awards.
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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
6 txns
Insider
Kaseta Michael
Role
CFO and COO
Sold
20,430 shs ($1.46M)
Approx. gross sale proceeds
$1.46M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F5, F6, F3 | 1,453 | $71.39 | $104K |
| Sale | Common Stock F5, F6, F3 | 18,977 | $71.52 | $1.36M |
| Exercise | Performance Stock Units F1 | 5,829 | $0.00 | $0.00 |
| Exercise | Performance Stock Units F1 | 7,050 | $0.00 | $0.00 |
| Exercise | Common Stock F2, F1, F3 | 5,829 | -- | -- |
| Exercise | Common Stock F4, F1, F3 | 7,050 | -- | -- |
Holdings After Transaction:
Performance Stock Units — 105,465 contracts (Direct);
Common Stock — 345,805 shares (Direct)
Footnotes (6)
- F1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
- F2. On January 11, 2024, the Reporting Person was granted 93,250 PSUs with 25% of the PSUs vesting on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 58,282 have vested as of the date of this Form 4.
- F3. Includes (i) 15,583 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 34,968 unvested RSUs and 18,750 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) 70,497 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) 2,650 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan ("ESPP").
- F4. On January 11, 2025, the Reporting Person was granted 112,797 PSUs with 25% of the PSUs vesting on January 11, 2026 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 42,300 have vested as of the date of this Form 4.
- F5. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
- F6. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024, January 15, 2024 and January 11, 2025.
Key Figures
Common shares sold: 20,430 shares
Sale prices: $71.52 and $71.39 per share
Shares acquired via PSU exercises: 12,879 shares
+4 more
7 metrics
Common shares sold
20,430 shares
Total common shares sold on July 13, 2026 to cover taxes
Sale prices
$71.52 and $71.39 per share
Prices for the two open-market sales on July 13, 2026
Shares acquired via PSU exercises
12,879 shares
Total common shares from PSU conversions on July 10, 2026
Shares owned after transactions
345,805 shares
Direct common stock holdings following the July 2026 sales
January 11, 2024 PSU grant
93,250 PSUs; 58,282 vested
Performance stock units granted in 2024 and vested as of this Form 4
January 11, 2025 PSU grant
112,797 PSUs; 42,300 vested
Performance stock units granted in 2025 and vested as of this Form 4
Unvested RSUs from 2023 grant
15,583 RSUs
Remaining unvested from 124,667 RSUs granted January 11, 2023
Key Terms
Performance stock units, restricted stock units, Rule 10b5-1 plan, Employee Stock Purchase Plan
4 terms
Performance stock units financial
"Performance stock units ("PSUs") convert into common stock on a one-for-one basis."
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
restricted stock units financial
"Includes (i) 15,583 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted..."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
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.
Employee Stock Purchase Plan financial
"2,650 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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transactions did Liquidia Corp (LQDA) CFO Michael Kaseta report?
Michael Kaseta reported exercising 12,879 performance stock units into common stock and then selling 20,430 common shares. The exercises occurred on July 10, 2026, and the sales on July 13, 2026, as part of his equity compensation activity.
What PSU grants to Michael Kaseta are described for Liquidia (LQDA)?
Kaseta received 93,250 PSUs on January 11, 2024, of which 58,282 have vested, and 112,797 PSUs on January 11, 2025, of which 42,300 have vested. These performance stock units convert into Liquidia common stock on a one-for-one basis.
What unvested RSU awards for Liquidia (LQDA) does Michael Kaseta still hold?
He holds 15,583 unvested RSUs from a 2023 grant, plus 34,968 and 18,750 unvested RSUs from two 2024 grants, and 70,497 unvested RSUs from a 2025 grant. An additional 59,320 RSUs granted in 2026 have not yet vested.
AI-generated analysis. How Rhea-AI works. Not financial advice.
