JEFFS ROGER 4

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.