Liquidia Corp Executives Sell Company Shares to Cover Taxes from RSU and PSU Vesting
On January 12, a Form 4 filing with the U.S. Securities and Exchange Commission disclosed that key executives of biotech firm Liquidia Corp (NASDAQ: LQDA) sold company stock to satisfy tax withholding obligations arising from the vesting of performance‐based stock units (PSUs) and time‐based restricted stock units (RSUs). Following vesting and conversion on January 9, Chief Business Officer Jason Adair saw 21,854 PSUs convert into common shares; General Counsel Russell Schundler, 29,395; and CEO Roger Jeffs, 71,165. Chief Accounting Officer Dana Boyle and Chief Medical Officer Rajiv Sagar had 12,716 and 21,476 PSUs convert, respectively. On January 12, under prearranged Rule 10b5-1 trading plans, each executive sold shares at an average price of $37.43. Adair sold 13,548 shares for about $507,000; Schundler sold 27,289 shares for about $1 million; Boyle sold 11,047 shares for about $413,000; Sagar sold 21,142 shares for about $791,000; and Jeffs sold 66,610 shares for about $2.49 million. The filing stated these sales were made solely to cover tax withholdings and obtain liquidity, not to reduce the executives’ economic exposure.
Liquidia Corp, headquartered in North Carolina, is a specialty biotech focused on developing treatments for rare cardiopulmonary diseases, particularly pulmonary arterial hypertension (PAH) and interstitial lung disease–associated pulmonary hypertension (PH-ILD). Through its NASDAQ-listed entity, the company leverages its proprietary PRINT nanoparticle platform to develop therapies. Its lead product, YUTREPIA—a dry-powder inhaled formulation of treprostinil—received final FDA approval in May 2025 for PAH and PH-ILD. Liquidia’s pipeline also includes L606, a delayed-release formulation for next-generation nebulizers, and it markets a generic injectable treprostinil in the U.S.
Recently, Liquidia has garnered investor attention with strong commercial performance and improved financial metrics for YUTREPIA. In a January 9 announcement, the company reported preliminary full-year 2025 net sales of approximately $148.3 million, including $90.1 million in the fourth quarter alone. Since YUTREPIA’s launch in June 2025, the therapy has garnered over 2,800 prescriptions and treatment initiation by more than 2,200 patients, generating net cash inflows exceeding $30 million in Q4. Building on this momentum, Liquidia plans to advance additional clinical indications for YUTREPIA and accelerate development of L606 in 2026. In March 2025, the company also amended a royalty agreement with HCRx, securing up to $100 million in incremental financing to strengthen its balance sheet.