Liquidia CEO Jeffs Sells Shares, Exercises PSUs
Liquidia Corp Chief Executive Officer Roger Jeffs reported multiple equity transactions.
Rhea-AI Filing Summary
Liquidia Corp Chief Executive Officer Roger Jeffs reported multiple equity transactions. On July 13, 2026 he completed open-market sales of 35,249 common shares at prices of $71.52 and $71.39 per share, executed under a Rule 10b5-1 plan and described as sales to cover taxes from RSU and PSU settlements. Earlier, on July 10, 2026 he exercised 28,167 performance stock units, which convert into common stock on a one-for-one basis. Following these transactions, he holds 1,130,426 Liquidia shares directly, plus substantial indirect holdings through a living trust and Serendipity BioPharma LLC, and significant 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
8 txns
Insider
JEFFS ROGER
Role
Chief Executive Officer
Sold
35,249 shs ($2.52M)
Approx. gross sale proceeds
$2.52M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F5, F6, F3 | 2,505 | $71.39 | $179K |
| Sale | Common Stock F5, F6, F3 | 32,744 | $71.52 | $2.34M |
| Exercise | Performance Stock Units F1 | 13,834 | $0.00 | $0.00 |
| Exercise | Performance Stock Units F1 | 14,333 | $0.00 | $0.00 |
| Exercise | Common Stock F2, F1, F3 | 13,834 | -- | -- |
| Exercise | Common Stock F4, F1, F3 | 14,333 | -- | -- |
| holding | Common Stock F7 | -- | -- | -- |
| holding | Common Stock F8 | -- | -- | -- |
Holdings After Transaction:
Performance Stock Units — 226,330 contracts (Direct);
Common Stock — 1,130,426 shares (Direct);
Common Stock — 1,088,262 shares (Indirect, See footnote)
Footnotes (8)
- 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 221,338 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 138,337 have vested as of the date of this Form 4.
- F3. Includes (i) 36,187 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 83,001 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 143,329 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 115,344 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4.
- F4. On January 11, 2025, the Reporting Person was granted 229,327 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs vesting ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 85,998 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 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 and January 11, 2025.
- F7. The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.
- F8. The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.
Key Figures
Shares sold: 35,249 shares
Sale price (major block): $71.52 per share
Sale price (additional block): $71.39 per share
+4 more
7 metrics
Shares sold
35,249 shares
Total Liquidia common shares sold in open-market transactions on July 13, 2026
Sale price (major block)
$71.52 per share
Price for 32,744 Liquidia common shares sold on July 13, 2026
Sale price (additional block)
$71.39 per share
Price for 2,505 Liquidia common shares sold on July 13, 2026
Shares from PSU exercises
28,167 shares
Common shares received from performance stock unit conversions on July 10, 2026
Direct holdings after transactions
1,130,426 shares
Liquidia common stock held directly by Roger Jeffs after July 13, 2026 sales
Indirect trust holdings
1,041,667 shares
Liquidia shares held by Roger A. Jeffs Living Trust UAD 2/29/2000
Unvested RSUs (2024 grant)
83,001 RSUs
Unvested portion of 221,338 RSUs granted to Roger Jeffs on January 11, 2024
Key Terms
Performance stock units, restricted stock units, Rule 10b5-1 plan, dispositive power
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) 36,187 unvested restricted stock units ("RSUs") of the 289,500 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.
dispositive power financial
"Serendipity... The Reporting Person... has sole voting and dispositive power over the Issuer common stock..."
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did Liquidia (LQDA) CEO Roger Jeffs recently report?
Roger Jeffs reported open-market sales of 35,249 Liquidia shares on July 13, 2026 and exercises of 28,167 performance stock units on July 10, 2026, which converted into common stock on a one-for-one basis and increased his direct share holdings before the later sales.
Did Roger Jeffs exercise performance stock units in Liquidia (LQDA)?
Yes. On July 10, 2026, Roger Jeffs exercised 14,333 and 13,834 performance stock units, totaling 28,167 PSUs. Footnotes state these PSUs convert into Liquidia common stock on a one-for-one basis, increasing his direct share ownership before subsequent sales.
What are Roger Jeffs’ remaining Liquidia (LQDA) holdings after these transactions?
After the July 13, 2026 sales, Roger Jeffs holds 1,130,426 Liquidia common shares directly, plus 1,041,667 shares through the Roger A. Jeffs Living Trust and 46,595 shares via Serendipity BioPharma LLC, as well as substantial unvested RSU and PSU awards.
What unvested equity awards in Liquidia (LQDA) does Roger Jeffs still have?
Footnotes list 36,187 unvested RSUs from a 2023 grant, 83,001 unvested RSUs from a 2024 grant, 143,329 unvested RSUs from a 2025 grant, and 115,344 RSUs granted January 16, 2026, none of which had vested as of this Form 4.
AI-generated analysis. How Rhea-AI works. Not financial advice.
