Liquidia Corp (LQDA) CMO cashes in options, unloads 79K+ shares
Rhea-AI Filing Summary
Liquidia Corp (LQDA) reported that its Chief Medical Officer, Rajeev Saggar, exercised a non-qualified stock option for 50,000 shares of common stock at an exercise price of $3.73 per share. On the same date, he sold 50,000 shares of common stock at a volume weighted average price of $74.06, and two days earlier sold an additional 29,534 shares at a volume weighted average price of $76.84. Following the option exercise, he continued to hold 150,000 stock options; separate footnote disclosure indicates additional holdings of unvested RSUs and shares acquired under the employee stock purchase plan.
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Insights
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Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
4 txns
Insider
Saggar Rajeev
Role
Chief Medical Officer
Sold
79,534 shs ($5.97M)
Approx. gross sale proceeds
$5.97M
Approx. exercise cost
$187K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Non-Qualified Stock Option (right to buy) F5 | 50,000 | $0.00 | $0.00 |
| Exercise | Common Stock F2 | 50,000 | $3.73 | $187K |
| Sale | Common Stock F3, F4, F2 | 50,000 | $74.0565 | $3.70M |
| Sale | Common Stock F1, F2 | 29,534 | $76.8396 | $2.27M |
Holdings After Transaction:
Non-Qualified Stock Option (right to buy) — 150,000 shares (Direct);
Common Stock — 142,265 shares (Direct)
Footnotes (5)
- F1. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $76.76 to $77.13. 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.
- F2. Includes (i) 10,416 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 21,184 unvested RSUs of the 56,492 RSUs granted to the Reporting Person on January 11, 2024, (iii) 44,862 unvested RSUs of the 71,780 RSUs granted to the Reporting Person on January 11, 2025, (iv) 32,955 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4 and (v) 2,650 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- F3. Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4.
- F4. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $74.00 to $74.60. 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 over a four-year period with 25% vesting on July 18, 2023 and the remaining 75% vesting ratably on a monthly basis over three years thereafter and became fully vested on July 18, 2026.
Key Figures
Options Exercised: 50,000 shares
Exercise Price: $3.73 per share
Sale on 2026-08-17: 29,534 shares at $76.8396 per share
+4 more
7 metrics
Options Exercised
50,000 shares
Non-qualified stock option for common stock exercised at $3.73 per share
Exercise Price
$3.73 per share
Conversion or exercise price of the non-qualified stock option
Sale on 2026-08-17
29,534 shares at $76.8396 per share
Common stock sale using a volume weighted average price range $76.76–$77.13
Sale on 2026-08-19
50,000 shares at $74.0565 per share
Common stock sale using a volume weighted average price range $74.00–$74.60
Total Shares Sold
79,534 shares
Aggregate common shares sold across reported transactions
Options Held After Exercise
150,000 options
Total shares underlying options reported as held following the option transaction
ESPP Shares Held
2,650 shares
Shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan
Key Terms
Non-Qualified Stock Option, restricted stock units ("RSUs"), volume weighted average price, Employee Stock Purchase Plan
4 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 ("RSUs") financial
"Includes (i) 10,416 unvested restricted stock units ("RSUs") of the 83,333 RSUs"
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.
volume weighted average price financial
"Price is the volume weighted average price of all transactions made"
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.
Employee Stock Purchase Plan financial
"shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan"
An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.
FAQ
What did Liquidia Corp (LQDA) insider Rajeev Saggar do in this Form 4?
Rajeev Saggar exercised 50,000 stock options at $3.73 and sold a total of 79,534 common shares at volume weighted average prices in the mid-$70s, while retaining a substantial option and equity position.
How many Liquidia Corp (LQDA) options did Rajeev Saggar exercise and at what price?
He exercised a non-qualified stock option for 50,000 shares of Liquidia common stock at an exercise price of $3.73 per share, converting the derivative position into common shares that were then partly sold.
At what prices did Rajeev Saggar sell LQDA common stock in this filing?
He sold 29,534 shares at a volume weighted average price of $76.8396 and 50,000 shares at a volume weighted average price of $74.0565, with detailed per-trade prices available on request from the company or the SEC staff.
What Liquidia Corp (LQDA) equity does Rajeev Saggar continue to hold after these transactions?
After exercising options, he held 150,000 non-qualified stock options. A footnote also states that his remaining equity includes specified blocks of unvested RSUs from grants in 2023–2026 and 2,650 shares from the 2020 Employee Stock Purchase Plan.
Were Rajeev Saggar’s LQDA trades made under a Rule 10b5-1 trading plan?
The filing’s Rule 10b5-1 checkbox is not marked as affirming a trading plan, and the footnotes do not state that these transactions were executed pursuant to a pre-arranged Rule 10b5-1 trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
