Entity tied to Liquidia CEO sells 6,428 shares
Liquidia Corp Chief Executive Officer Roger Jeffs reported an open-market sale of 6,428 shares of common stock at a volume-weighted average price of $62.183 per share.
Rhea-AI Filing Summary
Liquidia Corp Chief Executive Officer Roger Jeffs reported an open-market sale of 6,428 shares of common stock at a volume-weighted average price of $62.183 per share. The sale was executed indirectly through Serendipity BioPharma LLC pursuant to a Rule 10b5-1 trading plan adopted on November 5, 2025.
Following the sale, Serendipity BioPharma LLC held 1,041,667 shares indirectly for Jeffs, in addition to 1,137,508 shares held directly and 46,595 shares held through the Roger A. Jeffs Living Trust. Jeffs also holds unvested restricted stock units granted between January 2023 and January 2026 that had not vested as of this Form 4.
Positive
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Insider Trade Summary 10b5-1
Net Seller: 6,428 shares
Net Sell
3 txns
Insider
JEFFS ROGER
Role
Chief Executive Officer
Sold
6,428 shs ($400K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 6,428 | $62.183 | $400K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 1,088,262 shares (Indirect, See footnote);
Common Stock — 1,137,508 shares (Direct)
Footnotes (5)
- 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. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $59.99 to $63.46. 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 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.
Key Figures
Shares sold: 6,428 shares
Average sale price: $62.183 per share
Indirect holdings via Serendipity: 1,041,667 shares
+5 more
8 metrics
Shares sold
6,428 shares
Open-market sale on May 27, 2026
Average sale price
$62.183 per share
Volume-weighted average price
Indirect holdings via Serendipity
1,041,667 shares
Total following transaction
Direct holdings
1,137,508 shares
Total common stock held directly after transaction
Trust holdings
46,595 shares
Held by Roger A. Jeffs Living Trust
2023 unvested RSUs
54,281 RSUs
From 289,500 RSUs granted January 11, 2023
2024 unvested RSUs
96,835 RSUs
From 221,338 RSUs granted January 11, 2024
2025 unvested RSUs
157,662 RSUs
From 229,327 RSUs granted January 11, 2025
Key Terms
restricted stock units ("RSUs"), Rule 10b5-1 plan, volume weighted average price, dispositive power
4 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.
dispositive power financial
"has sole voting and dispositive power over the Issuer common stock held by Serendipity"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transaction did Liquidia Corp (LQDA) report for CEO Roger Jeffs?
Liquidia reported that an entity associated with CEO Roger Jeffs sold 6,428 shares of common stock. The sale was an open-market transaction executed at a volume-weighted average price of $62.183 per share under a pre-established Rule 10b5-1 trading plan.
What are Roger Jeffs’ remaining direct and indirect holdings in Liquidia (LQDA) after this sale?
After the sale, Roger Jeffs held 1,137,508 Liquidia shares directly and 1,041,667 shares indirectly through Serendipity BioPharma LLC. He also had 46,595 shares through the Roger A. Jeffs Living Trust, providing a substantial continuing ownership position in the company.
Was the Liquidia (LQDA) insider sale made under a Rule 10b5-1 trading plan?
Yes. The reported sale of 6,428 Liquidia shares associated with CEO Roger Jeffs was effected pursuant to a Rule 10b5-1 trading plan. This plan was adopted by the reporting person on November 5, 2025, indicating the trade was pre-arranged rather than opportunistic.
How many unvested RSUs does Liquidia CEO Roger Jeffs hold according to this Form 4?
Roger Jeffs holds several tranches of unvested restricted stock units. These include 54,281 from a 2023 grant, 96,835 from a 2024 grant, 157,662 from a 2025 grant, and 115,344 granted in 2026, none of which had vested as of the Form 4 date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
