JEFFS ROGER 4
4 · Liquidia Corp · Filed May 20, 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 (LQDA), disposed of a total of 75,000 shares in open-market sales across three days under a pre-established 10b5‑1 plan. The sales were: 25,000 shares on 2026-05-18 at $56.77 ($1,419,320), 25,000 shares on 2026-05-19 at $58.65 ($1,466,143), and 25,000 shares on 2026-05-20 at $61.30 ($1,532,548), for aggregate proceeds of about $4,418,011. These were sales (not purchases or option exercises).
Key Details
- Transaction dates & prices:
- 2026-05-18: 25,000 shares @ $56.77 — $1,419,320 (VWAP range reported: $56.02–$58.05; see footnote F4)
- 2026-05-19: 25,000 shares @ $58.65 — $1,466,143 (VWAP range reported: $56.15–$60.55; see footnote F6)
- 2026-05-20: 25,000 shares @ $61.30 — $1,532,548 (VWAP range reported: $59.96–$62.17; see footnote F7)
- Total proceeds: ≈ $4,418,011.
- Sales were effected pursuant to a Rule 10b5‑1 trading plan adopted by the reporting person on November 5, 2025 (footnote F3).
- Holdings/relationships called out in the filing:
- The filing notes many unvested RSUs held by Jeffs (totaling 424,122 unvested RSUs across grants from 2023–2026; see footnote F1). None of those RSUs had vested as of the Form 4 date.
- Some securities are held by the Roger A. Jeffs Living Trust (Jeffs is trustee) and by Serendipity BioPharma LLC (Jeffs is a manager with sole voting/dispositive power) — see footnotes F2 and F5.
- Shares owned after the transactions: not specified in the excerpted filing information provided.
- Filing timeliness: Form 4 was filed May 20, 2026, reporting sales on May 18–20; the filing appears to be within standard Form 4 timing requirements.
Context
A 10b5‑1 plan allows insiders to sell shares according to a preset schedule and is commonly used to avoid trading on nonpublic information; the filing does not state a reason for the sales. Sales by executives can reflect routine liquidity, tax planning, or portfolio management and are not, by themselves, definitive signals about company performance.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
JEFFS ROGER
DirectorChief Executive Officer
Transactions
- Sale
Common Stock
[F3][F4][F5]2026-05-18$56.77/sh−25,000$1,419,320→ 1,173,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F6][F5]2026-05-19$58.65/sh−25,000$1,466,143→ 1,148,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F7][F5]2026-05-20$61.30/sh−25,000$1,532,548→ 1,123,095 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 $56.02 to $58.05. 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 $56.15 to $60.55. 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 $59.96 to $62.17. 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|2026-05-20