Liquidia CEO sells 75,000 shares in open market

Liquidia Corp Chief Executive Officer Roger Jeffs reported open-market sales totaling 75,000 shares of common stock over three days.

Rhea-AI Filing Summary

Liquidia Corp Chief Executive Officer Roger Jeffs reported open-market sales totaling 75,000 shares of common stock over three days. The transactions, executed indirectly through entities he controls, occurred on May 13–15, 2026 at volume-weighted average prices of $56.2851, $58.6226 and $57.0429 per share.

Following these sales, he continues to hold 1,198,095 shares indirectly and 1,137,508 shares directly, along with multiple blocks of unvested restricted stock units granted between 2023 and 2026. The filing notes the trades were made under a pre-arranged Rule 10b5-1 plan adopted on November 5, 2025.

Insider Trade Summary 10b5-1

Net Seller: 75,000 shares

Net Sell 5 txns

Insider JEFFS ROGER

Role Chief Executive Officer

Sold 75,000 shs ($4.30M)

Type	Security	Shares	Price	Value
Sale	Common Stock	25,000	$57.0429	$1.43M
Sale	Common Stock	25,000	$58.6226	$1.47M
Sale	Common Stock	25,000	$56.2851	$1.41M
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,244,690 shares (Indirect, See footnote); Common Stock — 1,137,508 shares (Direct)

Footnotes (7)

1. 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.
2. 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.
3. F3. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.
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 $53.99 to $57.77. 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.
5. F5. 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.
6. F6. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $56.47 to $59.64. 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.
7. F7. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $56.18 to $58.60. 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.

Key Figures

Total shares sold: 75,000 shares Sale price May 13: $56.2851 per share Sale price May 14: $58.6226 per share +5 more

8 metrics

Total shares sold 75,000 shares Open-market sales on May 13–15, 2026

Sale price May 13 $56.2851 per share Volume-weighted average price on May 13, 2026

Sale price May 14 $58.6226 per share Volume-weighted average price on May 14, 2026

Sale price May 15 $57.0429 per share Volume-weighted average price on May 15, 2026

Indirect holdings after trades 1,198,095 shares Indirect common stock ownership after May 15, 2026 sale

Direct holdings reported 1,137,508 shares Direct common stock ownership as of May 13, 2026

Unvested RSU grant 2026 115,344 RSUs RSUs granted January 16, 2026, none vested as of Form 4

Net share direction -75,000 shares Net-sell according to transaction summary

Key Terms

Rule 10b5-1 plan, restricted stock units, volume weighted average price, voting and dispositive power, +1 more

5 terms

Rule 10b5-1 plan financial

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

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.

restricted stock units financial

"Includes (i) 54,281 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023..."

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 made by the Reporting Person on the transaction date..."

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.

voting and dispositive power financial

"The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity."

Living Trust financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

Liquidia reported that CEO Roger Jeffs sold 75,000 shares of common stock in three open-market transactions. These sales occurred on May 13, 14, and 15, 2026, as disclosed in a Form 4 insider trading report filed with regulators.

At what prices did the Liquidia (LQDA) CEO sell his shares?

The CEO’s reported sales used volume-weighted average prices of $56.2851, $58.6226, and $57.0429 per share. Footnotes state that actual trades occurred within specified intraday ranges around those averages on each sale date.

How many Liquidia (LQDA) shares does the CEO hold after these sales?

After the reported transactions, Roger Jeffs holds 1,198,095 Liquidia shares indirectly and 1,137,508 shares directly. These figures come from the post-transaction ownership amounts listed in the Form 4’s non-derivative holding entries.

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

Yes. A footnote explains the transactions were effected under a Rule 10b5-1 trading plan adopted by Roger Jeffs on November 5, 2025. Such plans pre-schedule trades, helping separate routine diversification from discretionary market-timing decisions.

How are the Liquidia (LQDA) CEO’s shares held according to the Form 4?

The filing states some securities are held by the Roger A. Jeffs Living Trust, where he is trustee, and others by Serendipity BioPharma LLC, where he has sole voting and dispositive power. These structures mean the holdings are reported as indirect ownership.

What unvested equity awards does the Liquidia (LQDA) CEO have?

The Form 4 notes several blocks of unvested restricted stock units granted in 2023, 2024, 2025, and 2026. None of these RSUs had vested as of the Form 4 date, so they represent additional potential future equity exposure for the CEO.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/15/2026 - 06:59 PM Learn about SEC filing dates

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).

X

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)
05/13/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock								1,137,508(1)	D
Common Stock								46,595	I	See footnote(2)
Common Stock	05/13/2026		S(3)		25,000	D	$56.2851(4)	1,248,095	I	See footnote(5)
Common Stock	05/14/2026		S(3)		25,000	D	$58.6226(6)	1,223,095	I	See footnote(5)
Common Stock	05/15/2026		S(3)		25,000	D	$57.0429(7)	1,198,095	I	See footnote(5)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $53.99 to $57.77. 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.

5. 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.

6. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $56.47 to $59.64. 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.

7. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $56.18 to $58.60. 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.

	/s/ Roger Jeffs	05/15/2026
	** 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)