Liquidia (NASDAQ: LQDA) CFO reports option exercises and share sales
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Liquidia Corp CFO and COO Michael Kaseta reported multiple equity transactions in company stock. On April 10, 2026, he exercised 23,821 stock options at $2.79 per share and converted 5,828 and 7,050 Performance Stock Units into common shares on a one-for-one basis. He then sold 23,821 common shares in the open market at a volume weighted average price of $40.1431, pursuant to a Rule 10b5-1 trading plan.
On April 13, 2026, Kaseta sold an additional 18,958 common shares at $38.37 per share, with footnotes stating these shares were sold to cover taxes tied to RSU and PSU settlements and effected under a Rule 10b5-1 plan. After these transactions, he directly holds 405,775 common shares, along with substantial unvested RSUs and PSUs and 11,694 shares acquired under the 2020 Employee Stock Purchase Plan.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Net Seller: 42,779 shares ($1,683,667)
Net Sell
8 txns
Insider
Kaseta Michael
Role
CFO and COO
Sold
42,779 shs ($1.68M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 18,958 | $38.37 | $727K |
| Exercise | Incentive Stock Option (right to buy) | 23,821 | $0.00 | -- |
| Exercise | Performance Stock Units | 5,828 | $0.00 | -- |
| Exercise | Performance Stock Units | 7,050 | $0.00 | -- |
| Exercise | Common Stock | 23,821 | $2.79 | $66K |
| Sale | Common Stock | 23,821 | $40.1431 | $956K |
| Exercise | Common Stock | 5,828 | $0.00 | -- |
| Exercise | Common Stock | 7,050 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 405,775 shares (Direct);
Incentive Stock Option (right to buy) — 100,505 shares (Direct);
Performance Stock Units — 40,797 shares (Direct)
Footnotes (1)
- 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) 11,694 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. 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. 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 $40.62. 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. Performance stock units ("PSUs") convert into common stock on a one-for-one basis On January 11, 2024, the Reporting Person was granted 93,250 PSUs with 25% of the RSUs vesting on January 11, 2025 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 52,453 have vested as of the date of this Form 4. On January 11, 2025, the Reporting Person was granted 112,797 PSUs with 25% of the RSUs vesting on January 11, 2026 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 35,250 have vested as of the date of this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023. 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. 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 April 10, 2026: 23,821 shares
Shares sold April 13, 2026: 18,958 shares
Total shares sold: 42,779 shares
+5 more
8 metrics
Shares sold April 10, 2026
23,821 shares
Open-market sale at $40.1431 per share
Shares sold April 13, 2026
18,958 shares
Open-market sale at $38.37 per share
Total shares sold
42,779 shares
Aggregate of reported open-market sales
Options exercised
23,821 shares at $2.79
Incentive stock option exercise on April 10, 2026
PSUs converted
12,878 shares
5,828 and 7,050 Performance Stock Units converting one-for-one
Shares held after transactions
405,775 shares
Direct common stock ownership following reported trades
ESPP shares included
11,694 shares
Shares acquired under 2020 Employee Stock Purchase Plan
Unvested RSUs from Jan 16, 2026 grant
59,320 units
Granted January 16, 2026, none vested as of Form 4 date
Key Terms
Rule 10b5-1 plan, Performance Stock Units, restricted stock units, volume weighted average price, +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.
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) 23,375 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.
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.
Employee Stock Purchase Plan financial
"11,694 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.
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.
FAQ
What did Liquidia (LQDA) executive Michael Kaseta report in this Form 4?
Michael Kaseta reported exercising options and performance stock units and selling common shares. He exercised 23,821 options at $2.79, converted PSUs into shares, and sold a total of 42,779 shares in open-market transactions disclosed in this filing.