JEFFS ROGER 4
4 · Liquidia Corp · Filed May 15, 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 Corporation, sold a total of 75,000 shares of LQDA in three open-market transactions: 25,000 shares on 2026-05-13 at $56.29 ($1,407,128), 25,000 shares on 2026-05-14 at $58.62 ($1,465,565), and 25,000 shares on 2026-05-15 at $57.04 ($1,426,073). The combined proceeds were approximately $4.30 million. These were outright sales (S), commonly used for liquidity and not necessarily a signal about company prospects.
Key Details
- Transaction dates & VWAPs: 2026-05-13 (25,000 @ $56.29); 2026-05-14 (25,000 @ $58.62); 2026-05-15 (25,000 @ $57.04).
- Total shares sold: 75,000; approximate proceeds: $4,298,766.
- Transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by Mr. Jeffs on November 5, 2025 (footnote F3).
- Filing: Form 4 filed May 15, 2026 reporting transactions dated May 13–15; filing appears timely.
- Holdings and control: Some shares are held by the Roger A. Jeffs Living Trust (he is trustee) and by Serendipity BioPharma LLC (he is a manager with sole voting/dispositive power) (F2, F5).
- Unvested awards: The filing notes a total of 424,122 unvested RSUs across grants from 2023–2026 that had not vested as of the Form 4 date (F1).
- Price disclosure: Footnotes indicate the reported prices are VWAP-based over intra-day price ranges and Mr. Jeffs will provide breakdowns of shares sold at each price on request (F4, F6, F7).
Context These are open-market sales under a prearranged 10b5-1 plan, which is a common mechanism executives use for scheduled disposals. Sales provide liquidity but, by themselves, do not prove a change in the insider’s view of the company. The filing documents his continuing equity exposure through unvested RSUs and indirect holdings via trust and an LLC.
Insider Transaction Report
- Sale
Common Stock
[F3][F4][F5]2026-05-13$56.29/sh−25,000$1,407,128→ 1,248,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F6][F5]2026-05-14$58.62/sh−25,000$1,465,565→ 1,223,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F7][F5]2026-05-15$57.04/sh−25,000$1,426,073→ 1,198,095 total(indirect: See footnote)
- 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 $53.99 to $57.77. 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 $56.47 to $59.64. 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 $56.18 to $58.60. 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.