Liquidia (LQDA) CEO Roger Jeffs Sells $2.52M in Stock

What Happened
Roger Jeffs, CEO of Liquidia Corp (LQDA), converted performance equity into common stock and sold shares in an open‑market transaction. On July 10, 2026 he converted/settled two derivative awards (13,834 and 14,333 shares). On July 13, 2026 he sold 2,505 shares at $71.39 and 32,744 shares at $71.52, for total proceeds of $2,520,683.

Key Details

• Transaction dates/prices:
  • July 10, 2026 — conversion/exercise of derivatives: 13,834 and 14,333 shares (PSUs convert one‑for‑one per filing).
  • July 13, 2026 — open‑market sales: 2,505 shares @ $71.39 and 32,744 shares @ $71.52 (total ≈ $2.52M).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: PSUs convert into common stock on a one‑for‑one basis.
  • F5: Sales effected under a pre‑arranged Rule 10b5‑1 plan (adopted Dec 15, 2023).
  • F6: Some shares were sold to cover taxes associated with RSU/PSU settlements.
  • F2/F4/F3: Filing shows substantial related equity grants and remaining unvested RSUs/PSUs across 2023–2026 grants.
• Filing/timeliness: Form 4 filed July 14, 2026 covering transactions through July 13 — appears to have been filed within the normal reporting window.

Context

• The July 10 entries reflect conversion/settlement of performance awards (PSUs/derivatives) into common stock; such converted shares are often sold immediately to cover tax withholding or per 10b5‑1 sale instructions.
• These transactions are sales (not purchases); sales — especially those noted as tax withholding or under a 10b5‑1 plan — are generally considered routine and do not by themselves indicate management’s view of the company’s prospects.