Liquidia (LQDA) CFO Kaseta sells 142,390 shares after exercising options
Rhea-AI Filing Summary
Liquidia Corp CFO and COO Michael Kaseta reported option exercises and share sales in April 2026. He exercised incentive stock options to acquire a total of 89,971 shares of common stock at an exercise price of $2.79 per share, from options that were fully vested as of November 30, 2024.
Kaseta then sold an aggregate 142,390 shares of common stock in open-market transactions on April 14–15, 2026 at prices including $40.00 and a volume‑weighted average price of $40.1409, within a range of $40.00 to $40.39. These sales were made under a Rule 10b5‑1 trading plan adopted on November 5, 2025. Following the transactions, he directly holds 353,356 shares of common stock, plus additional unvested RSUs and ESPP shares noted in the footnotes.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
8 txns
Insider
Kaseta Michael
Role
CFO and COO
Sold
142,390 shs ($5.72M)
Approx. gross sale proceeds
$5.72M
Approx. exercise cost
$251K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Incentive Stock Option (right to buy) | 86,971 | $0.00 | $0.00 |
| Sale | Common Stock | 9,044 | $40.1409 | $363K |
| Exercise | Common Stock | 86,971 | $2.79 | $243K |
| Sale | Common Stock | 86,971 | $40.1409 | $3.49M |
| Sale | Common Stock | 43,375 | $40.1409 | $1.74M |
| Exercise | Incentive Stock Option (right to buy) | 3,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 3,000 | $2.79 | $8K |
| Sale | Common Stock | 3,000 | $40.00 | $120K |
Holdings After Transaction:
Incentive Stock Option (right to buy) — 10,534 shares (Direct);
Common Stock — 353,356 shares (Direct)
Footnotes (7)
- F1. Includes (i) 23,375 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 40,797 unvested RSUs and 21,875 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) 77,547 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").
- F2. Represents the subsequent sale of the underlying shares from the exercise of stock options on April 14, 2026 reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.
- F3. Represents the subsequent sale of shares acquired under the ESPP reported on this Form 4. 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 $40.39. 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. Represents the subsequent sale of the underlying shares from the exercise of stock options on April 15, 2026 reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.
- F6. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.
- F7. 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.
Key Figures
Shares sold: 142,390 shares
Sale prices: $40.00–$40.39 per share
Options exercised: 89,971 shares at $2.79/share
+3 more
6 metrics
Shares sold
142,390 shares
Aggregate common stock sales on April 14–15, 2026
Sale prices
$40.00–$40.39 per share
Range for trades with VWAP $40.1409 on April 15, 2026
Options exercised
89,971 shares at $2.79/share
Incentive stock option exercises in April 2026
Post‑transaction holdings
353,356 shares
Common stock directly held after reported transactions
Unvested RSUs
23,375 RSUs
Unvested portion from 124,667 RSUs granted January 11, 2023
ESPP shares
2,650 shares
Shares acquired under Liquidia 2020 Employee Stock Purchase Plan
Key Terms
Incentive Stock Option, Rule 10b5-1 plan, restricted stock units ("RSUs"), Employee Stock Purchase Plan ("ESPP"), +1 more
5 terms
Incentive Stock Option financial
"Incentive Stock Option (right to buy) with an exercise price of $2.79"
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.
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.
restricted stock units ("RSUs") financial
"Includes 23,375 unvested restricted stock units ("RSUs") granted to the Reporting Person"
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 ("ESPP") financial
"2,650 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan ("ESPP")"
volume weighted average price financial
"Price is the volume weighted average price of all transactions made by the Reporting Person"
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
Who is the insider in Liquidia (LQDA)'s latest Form 4 filing?
The insider is Michael Kaseta, who serves as CFO and COO of Liquidia Corp. He reported multiple stock option exercises and open‑market sales of Liquidia common stock in April 2026, all carried out under a pre‑arranged Rule 10b5‑1 trading plan.
What stock options did Liquidia (LQDA) CFO Michael Kaseta exercise?
Kaseta exercised incentive stock options covering 89,971 shares of Liquidia common stock at an exercise price of $2.79 per share. The option grant vested over four years and became fully vested on November 30, 2024, before these April 2026 exercises were reported.
Were the Liquidia (LQDA) insider sales made under a Rule 10b5-1 plan?
Yes. The Form 4 footnotes state that the reported stock sales, including sales of option‑exercise shares and ESPP shares, were effected under a Rule 10b5‑1 trading plan adopted by Michael Kaseta on November 5, 2025, indicating these transactions were pre‑scheduled.
What price range applied to the Liquidia (LQDA) insider stock sales?
One transaction used a volume‑weighted average price of $40.1409, with individual trades occurring between $40.00 and $40.39. Another reported sale on April 14, 2026, was executed at $40.00 per share, reflecting consistent pricing around $40 during the disclosed period.