Liquidia (LQDA) CAO sells 5,101 shares after PSU exercise
Rhea-AI Filing Summary
Liquidia Corp Chief Accounting Officer Dana Boyle reported routine equity compensation activity and a small open-market sale. On April 10, 2026, Boyle exercised 3,179 Performance Stock Units, converting them into the same number of shares of common stock at a conversion price of $0.00 per share.
On April 13, 2026, Boyle sold 5,101 shares of Liquidia common stock at an average price of $38.37 per share under a Rule 10b5-1 trading plan. According to the filing, these shares were sold to cover taxes associated with the settlement of previously granted RSUs and PSUs. After these transactions, Boyle directly holds 176,918 shares of common stock, along with multiple tranches of unvested RSUs and PSUs that continue to vest over time.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
3 txns
Insider
Boyle Dana
Role
Chief Accounting Officer
Sold
5,101 shs ($196K)
Approx. gross sale proceeds
$196K
Approx. exercise cost
$0.00
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 5,101 | $38.37 | $196K |
| Exercise | Performance Stock Units | 3,179 | $0.00 | $0.00 |
| Exercise | Common Stock | 3,179 | $0.00 | $0.00 |
Holdings After Transaction:
Performance Stock Units — 34,966 shares (Direct);
Common Stock — 176,918 shares (Direct)
Footnotes (5)
- F1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
- F2. On January 11, 2025, the Reporting Person was granted 50,861 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 15,895 have vested as of the date of this Form 4.
- F3. Includes (i) 12,500 unvested restricted stock units ("RSUs") of the 50,000 RSUs granted to the Reporting Person on January 25, 2023, (ii) 24,975 unvested RSUs of the 57,085 RSUs granted to the Reporting Person on January 11, 2024, (iii) 34,966 unvested RSUs of the 50,861 RSUs granted to the Reporting Person on January 11, 2025, (iv) 25,000 RSUs granted to the Reporting Person on July 1, 2025, none of which have vested as of the date of this Form 4, (v) 23,728 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (vi) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- F4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
- F5. 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, 2024 and January 11, 2025.
Key Figures
Shares sold: 5,101 shares
Sale price: $38.37 per share
Shares exercised from PSUs: 3,179 shares
+5 more
8 metrics
Shares sold
5,101 shares
Common stock sale on April 13, 2026
Sale price
$38.37 per share
Average price for 5,101 shares sold
Shares exercised from PSUs
3,179 shares
PSUs converted to common stock on April 10, 2026
Conversion price
$0.00 per share
PSUs converting one-for-one into common stock
Shares held after transactions
176,918 shares
Direct common stock ownership after April 2026 trades
Unvested RSUs from Jan 25, 2023 grant
12,500 units
Portion of 50,000 RSUs still unvested
Unvested RSUs from Jan 11, 2024 grant
24,975 units
Portion of 57,085 RSUs still unvested
Unvested PSUs from Jan 11, 2025 grant
34,966 units
Part of 50,861 PSUs granted, unvested as of filing
Key Terms
Performance Stock Units, restricted stock units, Rule 10b5-1 plan, Employee Stock Purchase Plan, +1 more
5 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) 12,500 unvested restricted stock units ("RSUs") of the 50,000 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 financial
"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
"3,964 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.
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did Liquidia (LQDA) report for Dana Boyle?
Liquidia reported that Chief Accounting Officer Dana Boyle exercised 3,179 performance stock units into common stock and sold 5,101 shares at $38.37 per share. The sale was made under a Rule 10b5-1 trading plan and was tied to tax obligations on equity awards.
What are performance stock units and RSUs mentioned in the Liquidia (LQDA) filing?
Performance stock units (PSUs) and restricted stock units (RSUs) are equity awards that convert into common stock over time. In Boyle’s case, PSUs convert one-for-one into Liquidia shares, and various RSU and PSU grants vest on specific dates and schedules described in the filing.