Liquidia director exercises options, sells 29,494 shares
Liquidia Corp director Raman Singh reported an exercise-and-sell transaction in company stock.
Rhea-AI Filing Summary
Liquidia Corp director Raman Singh reported an exercise-and-sell transaction in company stock. On May 21, 2026, he sold 29,494 shares of Common Stock in an open-market sale at a volume-weighted average price of $60.1287, representing the subsequent sale of shares acquired from option exercises reported in the same filing.
That day he exercised stock options covering 10,050 shares at $11.00 per share and 19,444 shares at $8.63 per share. After these transactions, he directly holds 38,755 Common shares and has 18,396 restricted stock units that were granted on June 17, 2025 and have not yet vested.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise and Sale: 29,494 shares ($1.50M approx. pre-tax spread)
Exercise and Sale
5 txns
Insider
SINGH RAMAN
Role
Director
Sold
29,494 shs ($1.77M)
Approx. gross sale proceeds
$1.77M
Approx. exercise cost
$278K
Approx. pre-tax spread
$1.50M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Non-Qualified Stock Option (right to buy) | 19,444 | $0.00 | $0.00 |
| Exercise | Non-Qualified Stock Option (right to buy) | 10,050 | $0.00 | $0.00 |
| Exercise | Common Stock | 19,444 | $8.63 | $168K |
| Exercise | Common Stock | 10,050 | $11.00 | $111K |
| Sale | Common Stock | 29,494 | $60.1287 | $1.77M |
Holdings After Transaction:
Non-Qualified Stock Option (right to buy) — 556 contracts (Direct);
Common Stock — 38,755 shares (Direct)
Footnotes (5)
- F1. Includes 18,396 restricted stock units granted to the Reporting Person on June 17, 2025, none of which have vested as of the date of this Form 4.
- F2. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.
- F3. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $59.95 to $60.38. 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.
- F4. Represents the date exercisable applicable to the exercise of stock options reported on this Form 4. The option vests in 36 equal monthly installments and will become fully vested on June 19, 2026.
- F5. The option vested in 36 equal monthly installments and became fully vested on July 30, 2021.
Key Figures
Shares sold: 29,494 shares
Sale price VWAP: $60.1287 per share
Options exercised at $11.00: 10,050 shares
+5 more
8 metrics
Shares sold
29,494 shares
Open-market sale of Common Stock on May 21, 2026
Sale price VWAP
$60.1287 per share
Volume-weighted average price for trades between $59.95 and $60.38
Options exercised at $11.00
10,050 shares
Non-qualified stock option exercise into Common Stock
Options exercised at $8.63
19,444 shares
Non-qualified stock option exercise into Common Stock
Common shares held after
38,755 shares
Direct ownership following May 21, 2026 transactions
Unvested RSUs
18,396 units
Restricted stock units granted June 17, 2025, none vested yet
Option vesting completion
June 19, 2026
36-month vesting schedule for one option grant
Prior option vesting date
July 30, 2021
Earlier option grant fully vested on this date
Key Terms
Non-Qualified Stock Option, restricted stock units, volume weighted average price, Form 4, +1 more
5 terms
Non-Qualified Stock Option financial
"Non-Qualified Stock Option (right to buy)"
A non-qualified stock option (NSO) is a contract that lets an employee or service provider buy company shares at a fixed price for a set period, like a voucher to purchase stock later at today’s price. It matters to investors because exercising NSOs creates ordinary income for the holder and can increase share count, affecting a company’s earnings and ownership mix; think of it as a future sale that can dilute existing shareholders and has immediate tax consequences for the recipient.
restricted stock units financial
"Includes 18,396 restricted stock units granted to the Reporting Person"
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"
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.
Form 4 regulatory
"as of the date of this Form 4"
Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.
open-market sale financial
"transaction_action: "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did Liquidia (LQDA) director Raman Singh report?
Raman Singh reported an exercise-and-sell sequence. He exercised options for 29,494 Liquidia common shares, then sold 29,494 shares in an open-market transaction on May 21, 2026 at a volume-weighted average price of $60.1287 per share.
What stock options did Raman Singh exercise in Liquidia (LQDA)?
Raman Singh exercised two non-qualified stock option grants, one for 10,050 shares at an $11.00 exercise price and another for 19,444 shares at an $8.63 exercise price, converting these derivative holdings into Liquidia common shares.
What does the Form 4 say about Raman Singh’s restricted stock units in Liquidia (LQDA)?
The Form 4 notes that Raman Singh has 18,396 restricted stock units in Liquidia, granted on June 17, 2025. None of these RSUs had vested as of the Form 4 date, so they do not yet represent freely tradable common shares.
Were Raman Singh’s Liquidia (LQDA) transactions open-market sales or gifts?
The Form 4 describes the 29,494-share disposition as an open-market or private sale, coded “S.” Footnotes clarify this was a subsequent sale of shares obtained from option exercises, not a gift, restructuring transaction, or tax-withholding event.
AI-generated analysis. How Rhea-AI works. Not financial advice.
