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Liquidia Corp·4

May 12, 6:52 PM ET

JEFFS ROGER 4

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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.