Moomaw Scott 4
4 · Liquidia Corp · Filed Mar 11, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) CCO Scott Moomaw Exercises Options, Sells 80,000 Shares
What Happened
- Scott Moomaw, Chief Commercial Officer of Liquidia Corporation (LQDA), exercised stock options totaling 80,000 shares on March 9, 2026 and immediately sold those 80,000 shares in the open market the same day.
- Exercise detail: 10,000 shares @ $2.54 ($25,400); 15,300 shares @ $2.97 ($45,441); 54,700 shares @ $3.40 ($185,980). Aggregate exercise cost = $256,821.
- Sale detail: 80,000 shares sold at a volume-weighted average price of $35.32 for proceeds of $2,825,824 (per footnote F3). Net proceeds before fees/taxes ≈ $2.57M (proceeds minus exercise cost).
Key Details
- Transaction date: March 9, 2026; Form 4 filed March 11, 2026 (covers the March 9 transactions).
- Exercise strikes and costs: 10,000 @ $2.54; 15,300 @ $2.97; 54,700 @ $3.40 (total $256,821).
- Sale: 80,000 shares, VWAP $35.32, total proceeds $2,825,824. Sale effected pursuant to a Rule 10b5-1 trading plan adopted Nov 7, 2025 (footnote F2).
- Derivative reporting: the filing also shows the corresponding option instruments being converted/terminated (reported as disposed at $0.00) in connection with the exercises.
- Holdings after transaction: the filing notes remaining unvested RSUs and 3,964 ESPP shares (see footnote F1). The filing does not report additional updated total beneficial ownership beyond those items in the provided footnote.
- Vesting: the exercised options referenced were previously subject to standard vesting schedules and are indicated in the filing as vested per footnotes F4–F6.
- Timeliness: Form 4 was filed two days after the transactions (filed Mar 11 for Mar 9 trades), consistent with typical Form 4 timing.
Context
- This was an exercise followed by an immediate sale under a pre-arranged (10b5-1) plan, which is commonly used to systematically sell shares and does not necessarily indicate a change in the insider’s view of the company.
- For derivative reporting: entries showing $0.00 consideration reflect the option or other derivative being converted to shares upon exercise (not a separate cash sale).
Insider Transaction Report
Form 4
Liquidia CorpLQDA
Moomaw Scott
Chief Commercial Officer
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-03-09$2.54/sh+10,000$25,400→ 198,954 total - Exercise/Conversion
Common Stock
[F1]2026-03-09$2.97/sh+15,300$45,441→ 214,254 total - Exercise/Conversion
Common Stock
[F1]2026-03-09$3.40/sh+54,700$185,980→ 268,954 total - Sale
Common Stock
[F2][F3][F1]2026-03-09$35.32/sh−80,000$2,825,824→ 188,954 total - Exercise/Conversion
Incentive Stock Option (right to buy)
[F4]2026-03-09−10,000→ 0 totalExercise: $2.54From: 2025-07-21Exp: 2031-07-21→ Common Stock (10,000 underlying) - Exercise/Conversion
Incentive Stock Option (right to buy)
[F5]2026-03-09−15,300→ 0 totalExercise: $2.97From: 2021-01-19Exp: 2031-01-19→ Common Stock (15,300 underlying) - Exercise/Conversion
Incentive Stock Option (right to buy)
[F6]2026-03-09−54,700→ 25,300 totalExercise: $3.40From: 2024-11-19Exp: 2030-11-19→ Common Stock (54,700 underlying)
Footnotes (6)
- [F1]Includes (i) 20,833 unvested RSUs of the 83,333 RSUs granted to the Reporting Person on January 11, 2023, (ii) 24,861 unvested RSUs of the 49,723 RSUs granted to the Reporting Person on January 11, 2024, (iii) 52,296 unvested RSUs of the 69,729 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) 3,964 shares acquired under the Liquidia Corporation 2020 Employee Stock Purchase Plan.
- [F2]Represents the subsequent sale of the underlying shares from the exercise of stock options reported on this Form 4. Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 7, 2025.
- [F3]Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $35.01 to $35.75. 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.
- [F4]The option vested with 50% vesting on November 5, 2021, 25% vesting on July 21, 2022 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on July 21, 2025.
- [F5]The option vested ratably on a monthly basis over four years and became fully vested on January 19, 2025.
- [F6]The option vested with 25% vesting on November 19, 2021 and the remaining options vesting ratably on a monthly basis over three years thereafter and became fully vested on November 19, 2024.
Signature
/s/ Scott Moomaw|2026-03-11