JEFFS ROGER 4

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.