JEFFS ROGER 4
4 · Liquidia Corp · Filed May 12, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) CEO Roger Jeffs Sells 75,000 Shares
What Happened Roger Jeffs, CEO of Liquidia Corp (LQDA), disposed of a total of 75,000 shares in three open-market sales between May 8 and May 12, 2026. The individual transactions were: 25,000 shares on 2026-05-08 at $42.14 (≈ $1,053,565), 25,000 shares on 2026-05-11 at $41.50 (≈ $1,037,403), and 25,000 shares on 2026-05-12 at $54.04 (≈ $1,350,990), for combined proceeds of roughly $3.44 million. These were sales (not purchases); sales are often routine and the filing indicates they were implemented under a pre-arranged trading plan.
Key Details
- Transaction dates & prices: 5/08/2026 — 25,000 @ $42.14; 5/11/2026 — 25,000 @ $41.50; 5/12/2026 — 25,000 @ $54.04.
- Total proceeds: approximately $3,441,958.
- Holdings after transaction: the filing notes the Reporting Person’s holdings include multiple unvested RSU grants (see footnote F1). The provided summary does not state a single total share count after these sales.
- Notable footnotes:
- F3: Sales effected pursuant to a Rule 10b5‑1 plan adopted Nov 5, 2025 (pre-arranged trading plan).
- F2 & F5: Some securities are held by the Roger A. Jeffs Living Trust (Reporting Person is trustee) and Serendipity BioPharma LLC (Reporting Person is manager with sole voting/dispositive power).
- F4, F6, F7: Reported prices reflect volume-weighted average prices; ranges for those VWAP calculations are disclosed (5/08: $41.08–$42.88; 5/11: $40.05–$44.09; 5/12: $50.68–$56.80). The filer offers to provide per-price breakdowns on request.
- Filing timeliness: Form filed 2026-05-12 covering trades through 5/12/2026. The filing date is consistent with reporting those transactions (no late-filing flag provided in the supplied data).
Context
- The sales were executed under a Rule 10b5‑1 plan, which is a pre-set arrangement that allows insiders to sell shares on a scheduled basis and is commonly used to avoid timing issues; it is not, by itself, evidence of current insider sentiment.
- The filing also lists multiple unvested RSUs held by the Reporting Person (none vested as of the Form 4 date), which are separate from the sold shares.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
JEFFS ROGER
DirectorChief Executive Officer
Transactions
- Sale
Common Stock
[F3][F4][F5]2026-05-08$42.14/sh−25,000$1,053,565→ 1,323,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F6][F5]2026-05-11$41.50/sh−25,000$1,037,403→ 1,298,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F7][F5]2026-05-12$54.04/sh−25,000$1,350,990→ 1,273,095 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.
- [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 $41.08 to $42.88. 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 $40.05 to $44.09. 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 $50.68 to $56.80. 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|2026-05-12