Liquidia (LQDA) CBO Jason Adair Exercises Options and Sells Shares

What Happened

• Jason Adair, Chief Business Officer of Liquidia Corporation, exercised stock options and immediately sold shares on August 21, 2026. He exercised a total of 31,799 shares by paying approximately $349,839 (options exercised at $9.31 and $14.20 per share) and disposed of those shares plus an additional 41,832 shares in two open-market sales.
• The two open-market sales were for 31,799 shares and 41,832 shares at a volume-weighted average price of $69.09, producing combined proceeds of about $5,087,224. The Form 4 includes derivative-disposition entries at $0.00 reflecting the conversion/exercise of the options.

Key Details

• Transaction date: August 21, 2026. Form 4 filed August 25, 2026 (timely).
• Exercise details (cash paid): 9,000 @ $9.31 ($83,790); 11,799 @ $9.31 ($109,849); 10,762 @ $14.20 ($152,820); 238 @ $14.20 ($3,380). Total paid ≈ $349,839.
• Sales: 31,799 shares @ VWAP $69.09 ≈ $2,197,018; 41,832 shares @ VWAP $69.09 ≈ $2,890,206. Total proceeds ≈ $5,087,224. VWAP range on the date was $68.05–$71.13 (per filing).
• Plan/authorization: Sales and related transactions were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 22, 2025 (see footnotes F2 and F4).
• Holdings note (footnote F1): Reporting person’s beneficial ownership in the filing includes unvested RSUs and ESPP shares: 6,250 unvested RSUs (from 2023 grant), 14,845 unvested RSUs (2024), 38,684 unvested RSUs (2025), 27,683 RSUs (Jan 16, 2026 grant, unvested), and 12,023 shares from the 2020 ESPP. The Form 4 provided does not state a single aggregated post-transaction total in the summary you supplied.
• Vesting: Options exercised were previously vested (see footnotes F5 and F6 noting full vesting dates in 2022 and 2023).

Context

• This was an exercise of vested options followed by same-day sales (i.e., a cashless-like outcome): options were converted to shares and those shares were sold under a pre-established 10b5-1 plan. That sequence is common for executives monetizing vested option positions and does not by itself indicate a change in sentiment about the company.
• The presence of a 10b5-1 plan means the sales were pre-planned and executed according to the plan’s terms rather than ad hoc trades.
• No late filing was indicated; the Form 4 was filed within applicable business-day timing following the August 21 transactions.