Saggar Rajeev 4

What Happened Dr. Saggar Rajeev, Chief Medical Officer of Liquidia Corporation (LQDA), sold 35,365 shares on March 13, 2026 in an open-market/private sale (transaction code S) for proceeds of $1,283,834. The filing reports a volume-weighted average price of $36.30 per share for the trades.

Key Details

• Transaction date: 2026-03-13; reported on Form 4 filed 2026-03-17 (timely filing — within two business days).
• Reported price: VWAP $36.30; reported transaction price range across trades was $36.29–$36.45 (see footnote F1).
• Proceeds: $1,283,834 (35,365 shares × $36.30 VWAP).
• Holdings reported in the filing include at least 138,082 shares tied up in unvested RSUs and ESPP shares (per footnote F2):
  • 20,833 unvested RSUs (from 2023 grant)
  • 28,246 unvested RSUs (from 2024 grant)
  • 53,835 unvested RSUs (from 2025 grant)
  • 32,955 RSUs granted 1/16/2026 (not yet vested)
  • 2,213 shares from the 2020 Employee Stock Purchase Plan
• No 10b5-1 plan, tax-withholding note, or gift/option exercise was indicated in the provided footnotes. Footnote F1 states the filer will provide a detailed breakdown of trades by price on request.

Context

• This was a sale (not a purchase), which is commonly a liquidity or diversification action and does not by itself indicate the insider's view of the company’s prospects.
• The filing lists multiple unvested RSU grants; these are restricted awards that typically vest over time and are not immediate cash sales.