Kaseta Michael 4
4 · Liquidia Corp · Filed Apr 14, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) CFO Michael Kaseta Exercises Options and Sells Shares
What Happened
- Michael Kaseta, Liquidia’s Chief Financial Officer and Chief Operating Officer, exercised/converted derivative awards (options/PSUs/RSUs) and sold company stock in mid‑April 2026. He exercised or converted a total of 36,699 derivative/award shares (including a 23,821‑share exercise at $2.79 for $66,461 in exercise cost) and sold 42,779 shares in open‑market transactions for total gross proceeds of about $1,683,667 (approx. $956,249 on 2026‑04‑10 and $727,418 on 2026‑04‑13).
Key Details
- Transaction dates and prices:
- 2026‑04‑10: Exercised/converted 23,821 shares at $2.79 (cash paid $66,461); sold 23,821 shares at a VWAP reported as $40.14 (gross ≈ $956,249). VWAP range for that day was $40.00–$40.62 (filing offers to provide breakdown on request).
- 2026‑04‑10: Also exercised/converted 5,828 and 7,050 derivative/award shares (exercise price N/A in filing).
- 2026‑04‑10: Derivative conversions shown with $0.00 disposed (these reflect conversion/settlement accounting entries).
- 2026‑04‑13: Sold 18,958 shares at $38.37 (gross ≈ $727,418).
- Sales were performed under prearranged Rule 10b5‑1 trading plans (one adopted Nov 5, 2025 for the April 10 sale; another adopted Dec 15, 2023 for the April 13 sale).
- Some shares were sold to cover tax withholding related to RSU/PSU settlements (filing footnote).
- Filing: Form 4 covers transactions through 2026‑04‑10 and was filed 2026‑04‑14 (timely within the two‑business‑day deadline).
- Post‑transaction holdings (as disclosed in footnotes): the reporting person still has substantial unvested awards — footnote details show about 222,914 unvested RSUs from multiple grants and 11,694 ESPP shares; specific total beneficial ownership after the transactions is not separately itemized in the provided summary.
Context
- This was effectively a “cashless” outcome for some awards: Kaseta exercised/converted awards and then sold shares (common practice to cover exercise costs and tax withholding). The trades were executed under prearranged 10b5‑1 plans, which typically means the sales were scheduled in advance rather than timed to new company information.
- The Form shows a mix of option exercises/award conversions (transaction code M) and open‑market sales (S). Footnotes clarify vesting schedules for PSUs/RSUs and that PSUs convert one‑for‑one into common stock.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
Kaseta Michael
CFO and COO
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-04-10$2.79/sh+23,821$66,461→ 435,676 total - Sale
Common Stock
[F2][F3][F1]2026-04-10$40.14/sh−23,821$956,249→ 411,855 total - Exercise/Conversion
Common Stock
[F5][F4][F1]2026-04-10+5,828→ 417,683 total - Exercise/Conversion
Common Stock
[F6][F4][F1]2026-04-10+7,050→ 424,733 total - Sale
Common Stock
[F7][F8][F1]2026-04-13$38.37/sh−18,958$727,418→ 405,775 total - Exercise/Conversion
Incentive Stock Option (right to buy)
[F9]2026-04-10−23,821→ 100,505 totalExercise: $2.79From: 2024-11-30Exp: 2030-11-30→ Common Stock (23,821 underlying) - Exercise/Conversion
Performance Stock Units
[F4]2026-04-10−5,828→ 40,797 total→ Common Stock (5,828 underlying) - Exercise/Conversion
Performance Stock Units
[F4]2026-04-10−7,050→ 77,547 total→ Common Stock (7,050 underlying)
Footnotes (9)
- [F1]Includes (i) 23,375 unvested restricted stock units ("RSUs") of the 124,667 RSUs granted to the Reporting Person on January 11, 2023, (ii) 40,797 unvested RSUs and 21,875 unvested RSUs of the 93,250 RSUs and 50,000 RSUs granted to the Reporting Person on January 11, 2024 and January 15, 2024, respectively, (iii) 77,547 unvested RSUs of the 112,797 RSUs granted to the Reporting Person on January 11, 2025, (iv) 59,320 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) 11,694 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 5, 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 $40.00 to $40.62. 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]Performance stock units ("PSUs") convert into common stock on a one-for-one basis
- [F5]On January 11, 2024, the Reporting Person was granted 93,250 PSUs with 25% of the RSUs vesting on January 11, 2025 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 52,453 have vested as of the date of this Form 4.
- [F6]On January 11, 2025, the Reporting Person was granted 112,797 PSUs with 25% of the RSUs vesting on January 11, 2026 and the remaining RSUs vesting ratably on a quarterly basis over three years thereafter. Of those RSUs, a total of 35,250 have vested as of the date of this Form 4.
- [F7]Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on December 15, 2023.
- [F8]These shares of common stock were sold to cover taxes associated with the settlement of RSUs and PSUs that were initially granted to the Reporting Person on January 11, 2023, January 11, 2024, January 15, 2024 and January 11, 2025.
- [F9]The option vested over a four-year period with 25% vesting on November 30, 2021 and the remaining 75% vesting ratably on a monthly basis over three years thereafter and became fully vested on November 30, 2024.
Signature
/s/ Michael Kaseta|2026-04-14