Were the Liquidia (LQDA) CEO’s share sales made under a Rule 10b5-1 plan?

Yes. A footnote states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by Roger Jeffs on November 5, 2025. Such pre-arranged plans are designed to systematize insider trading activity and reduce concerns about trade timing.

Liquidia (LQDA) CEO Jeffs sells 53,300 shares but retains large stake

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Liquidia Corp Chief Executive Officer Roger Jeffs reported open-market sales of company common stock through entities he controls. On April 16 he sold 25,000 shares at an average price of $40.312, on April 15 another 25,000 shares at $40.1409, and on April 14 3,300 shares at $40.00, totaling 53,300 shares sold. The trades were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 5, 2025. After these transactions, Jeffs’ indirect holdings were 1,441,934 shares, alongside 1,137,599 shares held directly and 46,595 shares held indirectly through Serendipity BioPharma LLC, plus substantial unvested restricted stock units.

Insider Trade Summary 10b5-1

Net Seller: 53,300 shares ($2,143,323)

Net Sell 5 txns

Insider JEFFS ROGER

Role Chief Executive Officer

Sold 53,300 shs ($2.14M)

Type	Security	Shares	Price	Value
Sale	Common Stock	25,000	$40.312	$1.01M
Sale	Common Stock	25,000	$40.1409	$1.00M
Sale	Common Stock	3,300	$40.00	$132K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,441,934 shares (Indirect, See footnote); Common Stock — 1,137,599 shares (Direct)

Footnotes (1)

Includes (i) 54,281 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 96,835 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 157,662 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. 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. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025. 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. 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. 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 $40.72. 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.

Key Figures

Shares sold April 16, 2026: 25,000 shares at $40.312 Shares sold April 15, 2026: 25,000 shares at $40.1409 Shares sold April 14, 2026: 3,300 shares at $40.00 +5 more

8 metrics

Shares sold April 16, 2026 25,000 shares at $40.312 Open-market sale of Liquidia common stock

Shares sold April 15, 2026 25,000 shares at $40.1409 Open-market sale of Liquidia common stock

Shares sold April 14, 2026 3,300 shares at $40.00 Open-market sale of Liquidia common stock

Total shares sold 53,300 shares Net shares sold across reported transactions

Indirect holdings after sales 1,441,934 shares Indirect ownership following April 16, 2026 sale

Direct holdings snapshot 1,137,599 shares Common stock held directly as of April 14, 2026

Serendipity LLC holdings 46,595 shares Common stock held indirectly through Serendipity BioPharma LLC

Largest unvested RSU block 157,662 RSUs Part of 229,327 RSUs granted January 11, 2025

Key Terms

restricted stock units ("RSUs"), Rule 10b5-1 plan, volume weighted average price, Living Trust, +1 more

5 terms

restricted stock units ("RSUs") financial

"Includes (i) 54,281 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted..."

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.

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.

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.

Living Trust financial

"The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust")."

Serendipity BioPharma LLC financial

"The securities are held by Serendipity BioPharma LLC ("Serendipity")."

Form 4 Insider Transactions: What Each Field Means →

04/16/2026 - 08:38 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JEFFS ROGER

(Last)

(First)

(Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE

NORTH CAROLINA

27560

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Liquidia Corp [ LQDA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								1,137,599⁽¹⁾	D
Common Stock								46,595	I	See footnote⁽²⁾
Common Stock	04/14/2026		S⁽³⁾		3,300	D	$40	1,491,934	I	See footnote⁽⁴⁾
Common Stock	04/15/2026		S⁽³⁾		25,000	D	$40.1409⁽⁵⁾	1,466,934	I	See footnote⁽⁴⁾
Common Stock	04/16/2026		S⁽³⁾		25,000	D	$40.312⁽⁶⁾	1,441,934	I	See footnote⁽⁴⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Includes (i) 54,281 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 96,835 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 157,662 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.

2. 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.

3. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.

4. 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.

5. 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.

6. 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 $40.72. 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.

	/s/ Roger Jeffs	04/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Liquidia (LQDA) CEO Roger Jeffs report?

Roger Jeffs reported selling 53,300 shares of Liquidia common stock in open-market transactions. These were split across three days in April 2026, with trades executed at prices around $40 per share through entities he controls.

Over what dates and prices did the Liquidia (LQDA) CEO sales occur?

The reported sales occurred on April 14, 15, and 16, 2026. Jeffs sold shares at average prices of $40.00, $40.1409, and $40.312 per share, according to the Form 4 transaction details and related volume-weighted average price footnotes.

How many Liquidia (LQDA) shares does Roger Jeffs hold after these sales?

After the reported sales, Jeffs indirectly holds 1,441,934 Liquidia shares and directly holds 1,137,599 shares. An additional 46,595 shares are held indirectly through Serendipity BioPharma LLC, reflecting a substantial remaining equity position in the company.

What entities hold Liquidia (LQDA) shares for CEO Roger Jeffs?

Footnotes explain some shares are held by the Roger A. Jeffs Living Trust, where he serves as trustee, and others by Serendipity BioPharma LLC. Jeffs is a manager of Serendipity with sole voting and dispositive power over its Liquidia common stock holdings.

What unvested RSUs does the Liquidia (LQDA) CEO currently have?

Footnotes describe several unvested restricted stock unit grants to Jeffs from 2023, 2024, 2025, and 2026. These include blocks of 54,281, 96,835, 157,662, and 115,344 RSUs, none of which had vested as of the Form 4 reporting date.