Insider Form 4: LQDA CCO RSU Settlement and 70,692-Share Sale Under 10b5-1
Rhea-AI Filing Summary
Scott Moomaw, Chief Commercial Officer of Liquidia Corporation (LQDA), reported multiple equity transactions. On 08/29/2025 he received 1,875 restricted stock units (RSUs) that convert one-for-one into common shares, increasing his RSU holdings. On 09/02/2025 he sold a total of 70,692 shares in three transactions: 692 shares at $29.05 and 8,315 plus 61,685 shares at a volume-weighted average price of $28.6224. The Form 4 notes the sales were effected pursuant to Rule 10b5-1 trading plans and some shares were sold to cover taxes related to RSU settlements. Following these transactions he beneficially owned 155,254 common shares (direct).
Positive
- Sales were conducted under Rule 10b5-1 plans, indicating predefined trading arrangements and procedural compliance.
- RSU conversion and grant disclosures are clearly explained, including vesting status and amounts, improving transparency.
Negative
- Significant dispositions totaling 70,692 shares (including a 61,685-share sale at VWAP $28.6224) reduced the reporting person's direct holdings from 225,946 to 155,254 shares.
- Material portion of holdings remains unvested across multiple RSU grants, indicating that a sizable portion of ownership is not immediately liquid.
Insights
TL;DR: Insider received RSUs and sold ~70.7k shares under pre-established 10b5-1 plans; net holdings declined but substantial unvested RSUs remain.
The reporting shows routine equity compensation activity: conversion/settlement of RSUs on 08/29/2025 and planned dispositions on 09/02/2025 under two separate Rule 10b5-1 plans. Sales include a small tax-cover sale and larger scheduled dispositions with a VWAP of $28.6224 on the primary sale date. The filing discloses a mix of vested and unvested RSUs continuing to comprise material portions of the executive's ownership.
TL;DR: Transactions appear procedurally compliant; use of 10b5-1 plans and tax-withholding sales are documented.
The Form 4 explicitly identifies two Rule 10b5-1 plans (adopted June 13, 2022 and May 29, 2025) governing the reported sales and discloses the tax-related sale. The filing includes clear explanations of RSU grants, vesting status, and share counts, supporting transparency and compliance with Section 16 reporting requirements.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 692 | $29.05 | $20K |
| Sale | Common Stock | 8,315 | $28.6224 | $238K |
| Sale | Common Stock | 61,685 | $28.6224 | $1.77M |
| Exercise | Restricted Stock Units | 1,875 | $0.00 | -- |
| Exercise | Common Stock | 1,875 | $0.00 | -- |
Footnotes (1)
- Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. On January 16, 2022, the Reporting Person was granted 37,500 RSUs with 25% vesting on February 28, 2023 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 26,250 have vested as of the date of this Form 4. Includes (i) 31,249 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 31,077 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 69,729 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 and (iv) 11,842 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. Includes (i) 31,249 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 31,077 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 69,729 RSUs granted to the Reporting Person on January 11, 2025, none of which have vested as of the date of this Form 4 and (iv) 3,527 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan. These shares were sold to cover taxes associated with the settlement of RSUs that were initially granted to the Reporting Person on January 16, 2022. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on June 13, 2022. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on May 29, 2025. Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $28.06 to $29.25. 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.
