Liquidia (LQDA) insider transaction: The company’s Chief Accounting Officer reported two open‑market sales of common stock on 11/07/2025. The sales were 8,342 shares at $25.16 and 20,662 shares at $25.06. Following these transactions, the reporting person beneficially owned 155,334 shares, held directly.
Footnote details list unvested and plan-related holdings, including 1,884 unvested RSUs from a 01/16/2022 grant, 15,625 unvested RSUs from a 01/25/2023 grant, 32,110 unvested RSUs from a 01/11/2024 grant, 50,861 RSUs granted on 01/11/2025 (none vested), 25,000 RSUs granted on 07/01/2025 (none vested), and 3,527 shares acquired under the 2020 Employee Stock Purchase Plan.
Liquidia Corporation (LQDA) filed a Form 4 showing stock sales by Chief Medical Officer Dr. Rajeev Saggar. On 11/05/2025, he sold 4,918 shares of common stock at $27 and 66,463 shares at $27. Following these transactions, his beneficial ownership stood at 176,549 shares, held directly.
The filing notes equity awards and purchases: 26,041 unvested RSUs from an 83,333 grant dated January 11, 2023; 31,777 unvested RSUs from a 56,492 grant dated January 11, 2024; and 71,780 RSUs granted on January 11, 2025, none of which had vested as of the filing date. It also includes 2,221 shares acquired under the company’s 2020 Employee Stock Purchase Plan.
Liquidia Corporation reported its Q3 2025 results, driven by the first full quarter of YUTREPIA commercialization. Total revenue reached $54.3 million, up from $4.4 million a year ago, including $51.7 million in product sales from YUTREPIA and $2.7 million in service revenue from the Sandoz promotion agreement.
The company generated $1.8 million of operating income as higher sales offset elevated selling, general and administrative costs of $40.1 million. Net loss narrowed to $3.5 million (basic and diluted EPS $(0.04)), primarily due to $6.9 million in interest expense that outweighed $1.6 million in interest income.
As of September 30, 2025, cash and cash equivalents were $157.5 million, with long‑term debt (including current portion) of $192.5 million. Shares outstanding were 86,819,212. YUTREPIA was FDA‑approved on May 23, 2025 for PAH and PH‑ILD and launched June 2, 2025, underpinning the quarter’s product revenue. Management noted minimum cash covenants of $15.0 million under its revenue interest financing agreement and stated it has sufficient liquidity for at least the next twelve months.
Liquidia Corporation furnished a Current Report announcing it issued a press release with financial results for the quarter ended September 30, 2025, and provided a corporate update.
The press release is included as Exhibit 99.1. The information under Item 2.02 is expressly stated as furnished and not deemed filed under the Exchange Act.
Liquidia Corporation entered an exclusive license with Vectura Limited to develop, manufacture and commercialize in the United States treprostinil products, including Liquidia’s L606, administered via Vectura’s nebulizer device for PAH and PH‑ILD. Vectura will manufacture and supply clinical and commercial devices.
Financial terms include an upfront $2,000,000 payment, development milestones of up to $12,000,000, sales milestones of up to $92.5 million, and royalties at middle single‑digit rates on U.S. sales. Liquidia also secured rights of first negotiation for additional territories and indications. The agreement continues on a country‑ and product‑specific basis through the applicable royalty term and includes customary termination rights for breach, bankruptcy, program discontinuation, feasibility determinations, related agreement terminations, effort requirements, and patent challenges.
Liquidia Corporation (LQDA) Chief Business Officer filed a Form 4 reporting a sale of 692 shares of common stock at $22.93 on October 27, 2025, executed pursuant to a Rule 10b5-1 plan adopted on December 15, 2023. The filing states the shares were sold to cover taxes tied to the settlement of RSUs granted on July 6, 2023.
Following the transaction, the officer beneficially owned 174,998 shares directly. Holdings include 10,937 unvested RSUs from the July 6, 2023 grant, 22,268 unvested RSUs from a January 11, 2024 grant, and 61,895 RSUs granted on January 11, 2025 (none vested as of the filing date), plus 11,586 shares acquired under the 2020 Employee Stock Purchase Plan.
Liquidia Corp (LQDA) reported an insider transaction on a Form 4. The Chief Accounting Officer sold 1,073 shares of common stock at $22.93 per share on 10/27/2025 (transaction code S).
The filing notes the sale was made pursuant to a Rule 10b5-1 plan adopted on December 15, 2023 and was executed to cover taxes associated with the settlement of previously granted RSUs. Following the transaction, the reporting person beneficially owns 184,338 shares, held directly.
Liquidia (LQDA): CEO and Director Roger Jeffs reported insider transactions. On 10/10/2025, 13,834 shares of common stock were acquired via the conversion of performance stock units at $0. On 10/13/2025, 20,261 shares were sold at $23.41 under a Rule 10b5-1 plan adopted on December 15, 2023.
After these transactions, direct holdings were 1,032,973 shares. Indirect holdings included 46,595 shares held by the Roger A. Jeffs Living Trust and 1,541,667 shares held by Serendipity BioPharma LLC, over which he has sole voting and dispositive power. The sale was to cover taxes associated with RSU and PSU settlements.
Liquidia (LQDA): Form 4 insider activity — The company’s General Counsel reported a conversion of performance stock units and a tax-related sale. On 10/10/2025, 3,758 PSUs converted into an equal number of common shares. On 10/13/2025, 7,839 common shares were sold at $23.41, effected under a Rule 10b5-1 plan adopted on 12/15/2023 and to cover taxes associated with prior RSU and PSU settlements.
Following these transactions, the reporting person directly held 576,017 common shares and had 33,826 derivative securities (PSUs) beneficially owned. An additional 14,500 shares are held indirectly by a spouse. PSU and RSU grants vest on stated schedules, with one-for-one PSU conversion into common stock.
Liquidia (LQDA) officer Michael Kaseta (CFO and COO) reported a Form 4 showing equity settlement and a tax-related sale. On 10/10/2025, he acquired 5,828 shares of common stock upon the conversion of performance stock units, which convert one-for-one into common stock. On 10/13/2025, he sold 11,630 shares at $23.41 per share pursuant to a Rule 10b5-1 plan.
The filing states the sale was made to cover taxes from the settlement of previously granted RSUs and PSUs. Following the transactions, Kaseta beneficially owned 352,646 shares directly. The derivative table lists 52,453 derivative securities beneficially owned after the reported transactions.