JEFFS ROGER 4
4 · Liquidia Corp · Filed May 7, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) CEO Roger Jeffs Sells 75,000 Shares
What Happened
- Roger Jeffs, Chief Executive Officer of Liquidia Corp (LQDA), sold a total of 75,000 shares in three open-market transactions between May 5–7, 2026. The trades reported were: 25,000 shares on 2026-05-05 at $40.10 ($1,002,593); 25,000 shares on 2026-05-06 at $40.78 ($1,019,573); and 25,000 shares on 2026-05-07 at $42.09 (~$1,052,135). Combined proceeds are about $3.07 million. These were sales (S) reported on a Form 4 filed May 7, 2026.
Key Details
- Transaction dates & prices (VWAP reporting noted in filing):
- 2026-05-05: 25,000 shares at $40.10 (VWAP range reported $40.00–$40.32)
- 2026-05-06: 25,000 shares at $40.78 (VWAP range reported $40.09–$41.19)
- 2026-05-07: 25,000 shares at $42.09 (VWAP range reported $41.05–$42.87)
- Total shares sold: 75,000; total proceeds ≈ $3,074,301.
- Filing: Form 4 filed on 2026-05-07 covering trades 2026-05-05 to 2026-05-07 (filed within standard reporting window).
- Notable footnotes:
- Trades were effected pursuant to a Rule 10b5-1 trading plan adopted November 5, 2025 (automated plan) (F3).
- Some securities are held by the Roger A. Jeffs Living Trust (Reporting Person is trustee) and by Serendipity BioPharma LLC (Reporting Person is manager) (F2, F5).
- Filing discloses multiple unvested RSU grants that remain unvested and notes a correction to prior reported beneficial ownership (F1).
- The prices reported are volume-weighted average prices across price ranges; the filer offers to provide per-price breakdown on request (F4–F7).
- Shares owned after transaction: the filing notes a corrected beneficial-ownership figure and lists unvested RSUs in footnote F1; the exact post-transaction total was not provided in the summary data here—see the Form 4 for the corrected total.
Context
- These were routine open-market sales executed under a pre-established 10b5-1 plan, which typically indicates the trades were pre-planned rather than opportunistic. Sales are common for liquidity, tax or diversification reasons and do not by themselves indicate a change in company outlook.
- The filing includes substantial unvested RSUs for the CEO and equity held in a trust and an LLC managed by the Reporting Person; consult the full Form 4 for complete beneficial-ownership details and vesting schedules.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
JEFFS ROGER
DirectorChief Executive Officer
Transactions
- Sale
Common Stock
[F3][F4][F5]2026-05-05$40.10/sh−25,000$1,002,593→ 1,398,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F6][F5]2026-05-06$40.78/sh−25,000$1,019,573→ 1,373,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F7][F5]2026-05-07$42.09/sh−25,000$1,052,135→ 1,348,095 total(indirect: See footnote)
Holdings
- 1,137,508
Common Stock
[F1] - 46,595(indirect: See footnote)
Common Stock
[F2]
Footnotes (7)
- [F1]Includes (i) 54,281 unvested restricted stock units ("RSUs") of the 289,500 RSUs granted to the Reporting Person on January 11, 2023, (ii) 96,835 unvested RSUs of the 221,338 RSUs granted to the Reporting Person on January 11, 2024, (iii) 157,662 unvested RSUs of the 229,327 RSUs granted to the Reporting Person on January 11, 2025 and (iv) 115,344 RSUs granted to the Reporting Person on January 16, 2026, none of which have vested as of the date of this Form 4. The amount of securities beneficially owned by the Reporting Person following the transactions reported herein has been corrected due to an administrative error in the Reporting Person's previous Form 4 filed on January 14, 2025, which inadvertently excluded 91 shares of common stock from the sale of shares of common stock that was reported on such Form 4.
- [F2]The securities are held by Roger A. Jeffs Living Trust UAD 2/29/2000 (the "Trust"). The Reporting Person is the trustee of the Trust.
- [F3]Transaction effected pursuant to a Rule 10b5-1 plan adopted by the Reporting Person on November 5, 2025.
- [F4]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 $40.32. 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.
- [F5]The securities are held by Serendipity BioPharma LLC ("Serendipity"). The Reporting Person is a manager of Serendipity and has sole voting and dispositive power over the Issuer common stock held by Serendipity.
- [F6]Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $40.09 to $41.19. 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.
- [F7]Price is the volume weighted average price of all transactions made by the Reporting Person on the transaction date for prices ranging from $41.05 to $42.87. 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.
Signature
/s/ Roger Jeffs|2026-05-07