Liquidia (LQDA) CEO-linked entity sells 18,839 shares under 10b5-1 plan

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

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 ($764,956)

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 — 1,423,095 shares (Indirect, See footnote); Common Stock — 1,137,599 shares (Direct, null)

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

Form 4 Insider Transactions: What Each Field Means →

04/21/2026 - 04:30 PM

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).

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)
04/17/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								1,137,599⁽¹⁾	D
Common Stock								46,595	I	See footnote⁽²⁾
Common Stock	04/17/2026		S⁽³⁾		18,839	D	$40.6049⁽⁴⁾	1,423,095	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $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.

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.

	/s/ Roger Jeffs	04/21/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

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.

How many Liquidia (LQDA) shares does Roger Jeffs hold after this Form 4?

After the reported sale, entities associated with Roger Jeffs held 1,423,095 Liquidia shares indirectly through Serendipity BioPharma LLC, 1,137,599 shares directly, and 46,595 shares via a living trust. These figures show his remaining equity exposure following the April 17, 2026 transaction.

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 price did the Serendipity BioPharma LLC entity receive for Liquidia (LQDA) shares?

The filing states a volume-weighted average price of $40.6049 per share for the 18,839 shares sold. Individual trades occurred between $40.00 and $41.85, and the insider undertook to provide detailed breakdowns of shares sold at each price upon request.

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.