Liquidia director sells 55,182 shares after exercise
Liquidia Corp (LQDA) director Katherine Rielly-Gauvin reported a two-day option exercise and share sale sequence under a Rule 10b5-1 trading plan.
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Form Type
4
Rhea-AI Filing Summary
Liquidia Corp (LQDA) director Katherine Rielly-Gauvin reported a two-day option exercise and share sale sequence under a Rule 10b5-1 trading plan. On August 19–20, 2026, she exercised non-qualified stock options for a total of 55,182 shares of common stock at exercise prices of $2.51 and $2.59 per share, and sold 55,182 shares of common stock in open-market transactions. The reported sales were at volume-weighted average prices of $74.9941 (range $73.28–$76.37) and $72.2273 (range $71.00–$74.35). Her reported holdings include 5,882 restricted stock units granted on June 16, 2026, none of which had vested as of this filing.
Insider Trade Summary 10b5-1
Exercise and Sale: 55,182 shares ($3.95M approx. pre-tax spread)
Exercise and Sale
10 txns
Insider
Rielly-Gauvin Katherine
Role
Director
Sold
55,182 shs ($4.09M)
Approx. gross sale proceeds
$4.09M
Approx. exercise cost
$140K
Approx. pre-tax spread
$3.95M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Non-Qualified Stock Option (right to buy) F5 | 11,727 | $0.00 | $0.00 |
| Exercise | Non-Qualified Stock Option (right to buy) F6 | 6,666 | $0.00 | $0.00 |
| Exercise | Common Stock F1 | 11,727 | $2.51 | $29K |
| Exercise | Common Stock F1 | 6,666 | $2.59 | $17K |
| Sale | Common Stock F2, F4, F1 | 18,393 | $72.2273 | $1.33M |
| Exercise | Non-Qualified Stock Option (right to buy) F5 | 23,455 | $0.00 | $0.00 |
| Exercise | Non-Qualified Stock Option (right to buy) F6 | 13,334 | $0.00 | $0.00 |
| Exercise | Common Stock F1 | 23,455 | $2.51 | $59K |
| Exercise | Common Stock F1 | 13,334 | $2.59 | $35K |
| Sale | Common Stock F2, F3, F1 | 36,789 | $74.9941 | $2.76M |
Holdings After Transaction:
Non-Qualified Stock Option (right to buy) — 0 contracts (Direct);
Common Stock — 44,637 shares (Direct)
Footnotes (6)
- F1. Includes 5,882 restricted stock units granted to the Reporting Person on June 16, 2026, 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 $73.28 to $76.37. 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. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $71.00 to $74.35. 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.
- F5. The option vested in four equal quarterly installments and became fully vested on December 31, 2021.
- F6. The option vested in 36 equal monthly installments and became fully vested on August 20, 2024.
Key Figures
Total shares sold: 55,182 shares
Total shares acquired via option exercises: 55,182 shares
Option exercise price: $2.51 per share
+4 more
7 metrics
Total shares sold
55,182 shares
Open-market or private sales on August 19–20, 2026
Total shares acquired via option exercises
55,182 shares
Exercises of non-qualified stock options on August 19–20, 2026
Option exercise price
$2.51 per share
Non-qualified stock option exercised into common stock
Option exercise price
$2.59 per share
Non-qualified stock option exercised into common stock
VWAP sale price August 19, 2026
$74.9941 per share
Volume-weighted average price; range $73.28–$76.37
VWAP sale price August 20, 2026
$72.2273 per share
Volume-weighted average price; range $71.00–$74.35
Unvested restricted stock units
5,882 units
RSUs granted June 16, 2026, none vested as of this Form 4
Key Terms
Non-Qualified Stock Option, volume weighted average price, restricted stock units, Rule 10b5-1 trading plan, +1 more
5 terms
Non-Qualified Stock Option financial
"security_title: "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.
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.
restricted stock units financial
"Includes 5,882 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.
Rule 10b5-1 trading plan regulatory
"transactions affirmed under a trading plan via the Rule 10b5-1 checkbox"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
non-derivative financial
"transaction_type: "non-derivative" for common stock entries"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did LQDA director Katherine Rielly-Gauvin report?
She reported exercising non-qualified stock options for 55,182 shares of Liquidia Corp common stock on August 19–20, 2026, and selling 55,182 shares of common stock in open-market transactions on the same dates.
Were the LQDA insider transactions made under a Rule 10b5-1 trading plan?
Yes. The filing indicates that the transactions reported by director Katherine Rielly-Gauvin were made under a Rule 10b5-1 trading plan, meaning they were effected pursuant to a pre-arranged trading agreement.
What unvested equity awards does the LQDA director still have from this filing?
Her reported holdings include 5,882 restricted stock units granted on June 16, 2026, and the filing states that none of these RSUs had vested as of the Form 4 date.
What were the vesting terms of the Liquidia Corp options exercised in this Form 4?
One option vested in four equal quarterly installments and became fully vested on December 31, 2021. Another vested in 36 equal monthly installments and became fully vested on August 20, 2024, before the exercises reported here.
AI-generated analysis. How Rhea-AI works. Not financial advice.
