Liquidia CMO exercises PSUs and sells shares
Liquidia Corp Chief Medical Officer Rajeev Saggar reported both equity award exercises and share sales.
Rhea-AI Filing Summary
Liquidia Corp Chief Medical Officer Rajeev Saggar reported both equity award exercises and share sales. On July 10, 2026, he converted 4,487 and 3,531 performance stock units into the same number of common shares at $0.00 per unit. On July 13, 2026, he made open-market sales totaling 9,926 common shares at prices of $71.52 and $71.39 per share, executed under a Rule 10b5-1 plan adopted on December 15, 2023. A footnote states these sales were made to cover taxes from the settlement of previously granted RSUs and PSUs, while he continues to hold a significant direct equity position and additional unvested awards.
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Insights
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Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
6 txns
Insider
Saggar Rajeev
Role
Chief Medical Officer
Sold
9,926 shs ($710K)
Approx. gross sale proceeds
$710K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F5, F6, F1, F3 | 703 | $71.39 | $50K |
| Sale | Common Stock F5, F6, F1, F3 | 9,223 | $71.52 | $660K |
| Exercise | Performance Stock Units F1 | 3,531 | $0.00 | $0.00 |
| Exercise | Performance Stock Units F1 | 4,487 | $0.00 | $0.00 |
| Exercise | Common Stock F2, F1, F3 | 3,531 | -- | -- |
| Exercise | Common Stock F4, F1, F3 | 4,487 | -- | -- |
Holdings After Transaction:
Performance Stock Units — 66,046 contracts (Direct);
Common Stock — 171,799 shares (Direct)
Footnotes (6)
- F1. Performance stock units ("PSUs") convert into common stock on a one-for-one basis.
- F2. On January 11, 2024, the Reporting Person was granted 56,492 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2025 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 35,308 have vested as of the date of this Form 4.
- F3. 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.
- F4. On January 11, 2025, the Reporting Person was granted 71,780 PSUs which vest upon the following time-based vesting schedule: 25% of the PSUs shall vest on January 11, 2026 and the remaining PSUs shall vest ratably on a quarterly basis over three years thereafter. Of those PSUs, a total of 26,918 have vested as of the date of this Form 4.
- F5. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
- F6. These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024 and January 11, 2025.
Key Figures
Common shares sold: 9,926 shares
Sale price (tranche 1): $71.52 per share
Sale price (tranche 2): $71.39 per share
+5 more
8 metrics
Common shares sold
9,926 shares
Open-market sales of common stock on July 13, 2026
Sale price (tranche 1)
$71.52 per share
Price for one tranche of common stock sold on July 13, 2026
Sale price (tranche 2)
$71.39 per share
Price for second tranche of common stock sold on July 13, 2026
PSUs converted (first block)
4,487 units
Performance stock units converted into common stock on July 10, 2026
PSUs converted (second block)
3,531 units
Additional performance stock units converted into common stock on July 10, 2026
2024 PSU grant size
56,492 PSUs
Performance stock units granted on January 11, 2024
2024 PSUs vested to date
35,308 PSUs
Portion of 2024 PSU grant vested as of this report
2025 PSU grant size
71,780 PSUs
Performance stock units granted on January 11, 2025
Key Terms
Performance stock units, restricted stock units, Rule 10b5-1 plan, Employee Stock Purchase Plan
4 terms
Performance stock units financial
"Performance stock units ("PSUs") convert into common stock on a one-for-one basis."
Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.
restricted stock units financial
"Includes (i) 10,416 unvested restricted stock units ("RSUs") of the 83,333 RSUs granted"
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 plan financial
"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.
Employee Stock Purchase Plan financial
"2,650 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
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did Liquidia Corp (LQDA) report for Rajeev Saggar?
Liquidia’s Chief Medical Officer, Rajeev Saggar, exercised performance stock units and sold common shares. He converted 8,018 PSUs into common stock on July 10, 2026 and later sold 9,926 shares on July 13, 2026 in open-market transactions.
What performance stock units did Rajeev Saggar exercise in this Liquidia (LQDA) filing?
Saggar exercised performance stock units that convert to common stock one-for-one. On July 10, 2026 he converted 4,487 PSUs and 3,531 PSUs into the same number of Liquidia common shares at a $0.00 exercise price per unit.
What do the footnotes reveal about Rajeev Saggar’s remaining equity awards at Liquidia (LQDA)?
Footnotes show ongoing equity exposure: from a 56,492-PSU 2024 grant, 35,308 have vested; from a 71,780-PSU 2025 grant, 26,918 have vested. He also holds multiple unvested RSU grants and 2,650 shares acquired under the 2020 Employee Stock Purchase Plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
