JEFFS ROGER 4
4 · Liquidia Corp · Filed May 26, 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 Corp (LQDA), sold a total of 75,000 shares in three open-market transactions: 25,000 shares on 2026-05-21 at a VWAP of $61.13 ($1,528,160), 25,000 on 2026-05-22 at $61.52 ($1,538,055), and 25,000 on 2026-05-26 at $60.38 ($1,509,460). Aggregate proceeds reported are $4,575,675.
- These were sales (not purchases); the Form 4 notes the trades were effected pursuant to a Rule 10b5-1 trading plan, which is a preplanned program often used to execute routine sales.
Key Details
- Transaction dates & reported VWAPs: 2026-05-21 @ $61.13; 2026-05-22 @ $61.52; 2026-05-26 @ $60.38. (Form footnotes show VWAP pricing was calculated across intraday ranges: 5/21 range $60.03–$62.30; 5/22 range $60.79–$62.18; 5/26 range $59.16–$62.04.)
- Total shares sold: 75,000; total proceeds: $4,575,675.
- Shares owned after transaction: Not specified in the user-provided details of this filing.
- Notable footnotes:
- F3: Trades executed under a 10b5-1 plan adopted Nov 5, 2025.
- F1: The filing discloses substantial unvested RSUs held by Jeffs (several grants totaling hundreds of thousands of RSUs; none vested as of the Form 4 date).
- F2 & F5: Some securities reported are held by the Roger A. Jeffs Living Trust and by Serendipity BioPharma LLC; Jeffs is trustee/manager and has voting/dispositive power over those holdings.
- F4–F7: Prices reported reflect VWAPs across specified intraday price ranges; the filer offers to provide per-price breakdowns on request.
- Filing timeliness: Form filed 2026-05-26 covering transactions through 2026-05-26. The provided data does not include a late-filing flag; the two earlier trades (5/21 and 5/22) are included in this filing.
Context
- Sales under a pre-established 10b5-1 plan are typically routine dispositions executed according to a predetermined schedule and do not necessarily indicate a change in the insider’s view of the company.
- The filing also shows substantial unvested equity grants to the CEO, which are not part of these sales and had not vested as of the Form 4 date.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
JEFFS ROGER
DirectorChief Executive Officer
Transactions
- Sale
Common Stock
[F3][F4][F5]2026-05-21$61.13/sh−25,000$1,528,160→ 1,098,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F6][F5]2026-05-22$61.52/sh−25,000$1,538,055→ 1,073,095 total(indirect: See footnote) - Sale
Common Stock
[F3][F7][F5]2026-05-26$60.38/sh−25,000$1,509,460→ 1,048,095 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 $60.03 to $62.30. 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 $60.79 to $62.18. 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 $59.16 to $62.04. 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|2026-05-26