Liquidia CEO-linked entity sells 18,839 shares
Liquidia Corp Chief Executive Officer–associated entity sells shares under pre-planned plan.
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Form Type
4
Rhea-AI Filing Summary
Liquidia Corp Chief Executive Officer–associated entity sells shares under pre-planned plan. An entity managed by CEO Roger Jeffs, Serendipity BioPharma LLC, sold 18,839 shares of Liquidia common stock on April 17, 2026 at a volume-weighted average price of $40.6049 per share, with individual trades between $40.00 and $41.85.
After the sale, Serendipity BioPharma LLC held 1,423,095 shares indirectly for Jeffs, while he also held 1,137,599 shares directly and 46,595 shares through a living trust. Footnotes state the trade was effected under a Rule 10b5-1 trading plan adopted on November 5, 2025, and Jeffs also has several tranches of unvested restricted stock units.
Insider Trade Summary 10b5-1
Net Seller: 18,839 shares
Net Sell
3 txns
Insider
JEFFS ROGER
Role
Chief Executive Officer
Sold
18,839 shs ($765K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 18,839 | $40.6049 | $765K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 1,469,690 shares (Indirect, See footnote);
Common Stock — 1,137,599 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 $40.00 to $41.85. 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: 18,839 shares
Sale price VWAP: $40.6049 per share
Post-sale indirect holdings (Serendipity): 1,423,095 shares
+5 more
8 metrics
Shares sold
18,839 shares
Open-market sale on April 17, 2026 by Serendipity BioPharma LLC
Sale price VWAP
$40.6049 per share
Volume-weighted average price for April 17, 2026 trades
Post-sale indirect holdings (Serendipity)
1,423,095 shares
Indirect ownership via Serendipity BioPharma LLC after transaction
Direct holdings
1,137,599 shares
Shares held directly by Roger Jeffs after the reported date
Trust holdings
46,595 shares
Held by Roger A. Jeffs Living Trust UAD 2/29/2000
Unvested RSUs 2023 grant
54,281 RSUs
Portion of 289,500 RSUs granted January 11, 2023, unvested
Unvested RSUs 2024 grant
96,835 RSUs
Portion of 221,338 RSUs granted January 11, 2024, unvested
Unvested RSUs 2025–2026
157,662 and 115,344 RSUs
Unvested RSUs from January 11, 2025 and January 16, 2026 grants
Key Terms
Rule 10b5-1 plan, restricted stock units, volume weighted average price, Living Trust, +1 more
5 terms
Rule 10b5-1 plan regulatory
"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..."
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..."
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.
Living Trust financial
"The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust")."
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."
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) disclose for Roger Jeffs?
Liquidia disclosed that an entity managed by CEO Roger Jeffs, Serendipity BioPharma LLC, sold 18,839 shares of common stock on April 17, 2026. The sale was executed at a volume-weighted average price of $40.6049 per share, within a $40.00–$41.85 trading range.
Was the Liquidia (LQDA) insider sale by Roger Jeffs pre-planned?
Yes. A footnote explains the transaction was effected under a Rule 10b5-1 trading plan adopted by Roger Jeffs on November 5, 2025. Such plans pre-schedule trades, indicating the timing of this April 17, 2026 sale was determined in advance rather than opportunistic.
What is the role of Serendipity BioPharma LLC in this Liquidia (LQDA) Form 4?
Serendipity BioPharma LLC holds Liquidia common stock for the benefit of Roger Jeffs. He is a manager of Serendipity and has sole voting and dispositive power over the shares it holds, including the 1,423,095 shares reported as indirectly owned after the transaction.
What unvested equity awards does Roger Jeffs have from Liquidia (LQDA)?
Footnotes list unvested restricted stock units granted to Roger Jeffs: 54,281 from a January 11, 2023 grant, 96,835 from a January 11, 2024 grant, 157,662 from a January 11, 2025 grant, and 115,344 RSUs granted January 16, 2026, none vested as of this Form 4.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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