JEFFS ROGER 4

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.