Liquidia CEO Jeffs sells 53k shares under 10b5-1
Liquidia Corp Chief Executive Officer Roger Jeffs reported open-market sales of company common stock through entities he controls.
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Form Type
4
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
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 — 1,488,529 shares (Indirect, See footnote);
Common Stock — 1,137,599 shares (Direct)
Footnotes (6)
- F1. 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.
- F2. 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.
- F3. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.
- F4. 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.
- F5. 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.
- F6. 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")."
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
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.
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.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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