BetaInsiders sold $102M in the past 12 months.72% was sold under disclosed trading plans, 28% with no plan disclosed. The largest seller, Roger Jeffs (Chief Executive Officer, Director), sold $31.2M. 28% of these sales were shares from exercising options.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why
A share of stake is shown for 0 of the 13 officers and directors who sold. 16 are left out Disclosed company stock is not an insider's whole wealth.i
Left out: Paul Manning, Roger Jeffs, Michael Kaseta, Rajeev Saggar, Dana Boyle, Russell Schundler, Scott Moomaw, Sarah Krepp, Damian deGoa, Arthur Kirsch, Stephen Bloch, Katherine Rielly-Gauvin, Sanjeev Khindri, Joanna Horobin, Jason Adair and Raman Singh (share of stake is being verified).
Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.
Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.
| Who | Shares | Price | % of total stake | Total stake after | Trade date | Filed |
|---|---|---|---|---|---|---|
| Raman Singh Director | 8,468 | $66.16 | n/a | n/a | Sep 14, 2026 | Sep 15, 2026 |
"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.
Stephen Bloch (for the outside shareholder represented on the board) sold $125M in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.
Yes. Roger Jeffs sold 635K shares ($31.2M) in the past 12 months, all of it under a trading plan disclosed in the filings.
Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 72% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 28% had no disclosed plan. A trading plan schedules sales in advance.
No. Officers and directors reported no purchases in the past 12 months.
| Who sold | Amount | % of holdings | Trading plan |
|---|---|---|---|
| Roger Jeffs Chief Executive Officer, Director | $31.2M 635K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
| Michael Kaseta CFO and COO | $15.7M 379K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
| Paul Manning Director | $12.8M 200K shares | Not confirmedshare of stake is being verified. Why | No plan disclosed |
| Rajeev Saggar Chief Medical Officer | $11.0M 227K shares | Not confirmedshare of stake is being verified. Why | 17% under a disclosed plan 83% no plan disclosed |
| Jason Adair Chief Business Officer | $7.7M 142K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
| Scott Moomaw Chief Commercial Officer | $5.4M 141K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
| Katherine Rielly-Gauvin Director | $4.1M 55K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
| Raman Singh Director | $3.7M 67K shares | Not confirmedshare of stake is being verified. Why | No plan disclosed |
| Sarah Krepp Chief Human Resource Officer | $3.6M 68K shares | Not confirmedshare of stake is being verified. Why | 83% under a disclosed plan 17% no plan disclosed |
| Russell Schundler General Counsel | $2.7M 58K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
| Dana Boyle Chief Accounting Officer | $2.3M 61K shares | Not confirmedshare of stake is being verified. Why | 68% under a disclosed plan 32% no plan disclosed |
| Arthur Kirsch Director | $1.7M 30K shares | Not confirmedshare of stake is being verified. Why | No plan disclosed |
| Sanjeev Khindri Chief Development Officer | $355K 5.3K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
Board members representing outside shareholders, reported separately: Stephen Bloch (the shareholder sold $125M). Details
Outside holder, reported separately: Caligan Partners LP (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing
Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.
| Insider | Held Oct 13, 2025 | Sold | Held Oct 13, 2026 | Still held | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Paul Manning!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Paul Manning are complete. Director | n/a | −200K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Paul ManningHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paul Manning are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Roger Jeffs!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Roger Jeffs are complete. Chief Executive Officer, Director | n/a | −635K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Roger JeffsHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Roger Jeffs are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Michael Kaseta!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Michael Kaseta are complete. CFO and COO | n/a | −379K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Michael KasetaHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Kaseta are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) Stock options (not counted as shares):
Estimate: options held × ($27.13 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close. | ||||||||||||||||||||||||
Rajeev Saggar!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Rajeev Saggar are complete. Chief Medical Officer | n/a | −227K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Rajeev SaggarHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Rajeev Saggar are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) Stock options (not counted as shares):
Estimate: options held × ($27.13 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close. | ||||||||||||||||||||||||
Dana Boyle!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Dana Boyle are complete. Chief Accounting Officer | n/a | −61K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Dana BoyleHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Dana Boyle are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) Stock options (not counted as shares):
Estimate: options held × ($27.13 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close. | ||||||||||||||||||||||||
Russell Schundler!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Russell Schundler are complete. General Counsel | n/a | −58K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Russell SchundlerHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Russell Schundler are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Scott Moomaw!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Scott Moomaw are complete. Chief Commercial Officer | n/a | −141K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Scott MoomawHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Scott Moomaw are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) Stock options (not counted as shares):
Estimate: options held × ($27.13 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close. | ||||||||||||||||||||||||
Sarah Krepp!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Sarah Krepp are complete. Chief Human Resource Officer | n/a | −68K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Sarah KreppHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sarah Krepp are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) Stock options (not counted as shares):
Estimate: options held × ($27.13 − strike price), using the most recent insider trade price on Form 4 (Oct 5, 2026), not a market close. | ||||||||||||||||||||||||
Damian deGoa!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Damian deGoa are complete. Director | n/a | 0 | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Damian deGoaHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Damian deGoa are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Arthur Kirsch!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Arthur Kirsch are complete. Director | n/a | −30K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Arthur KirschHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Arthur Kirsch are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Stephen Bloch!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Stephen Bloch are complete. Director | n/a | 0 | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Stephen BlochHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stephen Bloch are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Katherine Rielly-Gauvin!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Katherine Rielly-Gauvin are complete. Director | n/a | −55K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Katherine Rielly-GauvinHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Katherine Rielly-Gauvin are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Sanjeev Khindri!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Sanjeev Khindri are complete. Chief Development Officer | n/a | −5.3K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Sanjeev KhindriHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Sanjeev Khindri are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Joanna Horobin!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Joanna Horobin are complete. Director | n/a | 0 | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Joanna HorobinHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Joanna Horobin are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Jason Adair!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Jason Adair are complete. Chief Business Officer | n/a | −142K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Jason AdairHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jason Adair are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Raman Singh!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Raman Singh are complete. Director | n/a | −67K | n/a | n/a | ||||||||||||||||||||
Vesting, gifts, unvested awards and holding lines for Raman SinghHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Raman Singh are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||||||||||||||||||||||
Holdings and share of stake for Liquidia Corp are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.
Officer and director open-market sales: $102M across 2,066,406 shares. Plan status and stated purpose are separate questions, and a sale can have both.
The lighter segment is sales with no plan disclosed in the filing ($28.7M), including tax-related sales outside a plan.
Sales with no 10b5-1 plan and no tax reference in the filing. $12.8M of it is Paul Manning. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Paul Manning, Jun 4, 2026
$21.0M of sales (20.5%) cite tax obligations in their footnotes, $21.0M of them also under a plan. Example: Sarah Krepp, Sep 1, 2026
| Seller | Shares sold | Proceeds | Under a disclosed plan | Share of total | Sales dates |
|---|---|---|---|---|---|
| Roger Jeffs Chief Executive Officer, Director | 635K | $31.2M | 100% | 31% | Jan 12, 2026 to Jul 13, 2026 |
| Michael Kaseta CFO and COO | 379K | $15.7M | 100% | 15% | Dec 1, 2025 to Jul 13, 2026 |
| Paul Manning Director | 200K | $12.8M | 0% | 12% | Jun 4, 2026 to Jun 4, 2026 |
| Rajeev Saggar Chief Medical Officer | 227K | $11.0M | 17% | 11% | Nov 5, 2025 to Aug 19, 2026 |
| Jason Adair Chief Business Officer | 142K | $7.7M | 100% | 8% | Oct 27, 2025 to Aug 21, 2026 |
| Scott Moomaw Chief Commercial Officer | 141K | $5.4M | 100% | 5% | Dec 1, 2025 to Jul 13, 2026 |
| Katherine Rielly-Gauvin Director | 55K | $4.1M | 100% | 4% | Aug 19, 2026 to Aug 20, 2026 |
| Raman Singh Director | 67K | $3.7M | 0% | 4% | Mar 13, 2026 to Sep 14, 2026 |
| Sarah Krepp Chief Human Resource Officer | 68K | $3.6M | 83% | 4% | Dec 1, 2025 to Sep 1, 2026 |
| Russell Schundler General Counsel | 58K | $2.7M | 100% | 3% | Dec 1, 2025 to Jul 13, 2026 |
| Dana Boyle Chief Accounting Officer | 61K | $2.3M | 68% | 2% | Oct 27, 2025 to Jul 27, 2026 |
| Arthur Kirsch Director | 30K | $1.7M | 0% | 2% | Jun 1, 2026 to Jun 3, 2026 |
| Sanjeev Khindri Chief Development Officer | 5.3K | $355K | 100% | 0.3% | Jun 8, 2026 to Jul 13, 2026 |
| Month | Sale proceeds | Disclosed plan | To cover taxes | No plan disclosed |
|---|---|---|---|---|
| Oct 2025 | $40K | $40K | $0 | $0 |
| Nov 2025 | $3.7M | $1.1M | $0 | $2.7M |
| Dec 2025 | $138K | $138K | $0 | $0 |
| Jan 2026 | $8.0M | $8.0M | $0 | $0 |
| Feb 2026 | $0 | $0 | $0 | $0 |
| Mar 2026 | $6.3M | $3.6M | $0 | $2.6M |
| Apr 2026 | $20.8M | $20.8M | $0 | $0 |
| May 2026 | $22.0M | $20.2M | $0 | $1.8M |
| Jun 2026 | $16.5M | $2.0M | $0 | $14.5M |
| Jul 2026 | $8.5M | $8.5M | $0 | $0 |
| Aug 2026 | $15.1M | $9.2M | $0 | $6.0M |
| Sep 2026 | $1.2M | $19K | $0 | $1.2M |
| Oct 2026 | $0 | $0 | $0 | $0 |
Directors whose reported holdings sit mostly in an investment fund or a corporate shareholder they represent, not in their own name, with beneficial ownership disclaimed except for their own financial interest. Listed and sourced here; not part of the management totals or the answer line. Shares a fund hands to its own investors are distributions, not sales.
| Board member | Held Oct 13, 2025 | Sold | Held Oct 13, 2026 | Still held |
|---|---|---|---|---|
Stephen Bloch!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Stephen Bloch are complete. Director | n/a | −1.99M | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Stephen BlochHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stephen Bloch are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Stephen Bloch: 924K shares were distributed in kind to the fund's own investors. These are distributions, not sales.
More than usual: about 6x the 4-year average. 13 insiders sold; the average is 5 a year.
| 12 months ending | Shares sold | Insiders who sold | Proceeds |
|---|---|---|---|
| Oct 13, 2026 Latest 12 months | 2.07M | 13 | $102M |
| Oct 13, 2025 1 year earlier | 1.26M | 11 | $30.6M |
| Oct 13, 2024 2 years earlier | 117K | 7 | $1.7M |
| Oct 14, 2023 3 years earlier | 7K | 3 | $53K |
| Oct 14, 2022 4 years earlier | 0 | 0 | $0 |
| Oct 14, 2021 5 years earlier · filings don't cover the whole year | n/a | n/a | n/a |
Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.
Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Liquidia Corp are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.
External context: we only cite outside events when a documented connection exists. None is shown for this period.
All 399 Forms 3, 4 and 5 on record for Liquidia Corp (SEC CIK 1819576), filed from Nov 19, 2020 to Oct 7, 2026; 115 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages.
Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.
Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".
| Name | Last filed | Last reported balance |
|---|---|---|
| Robert Lippe | Dec 5, 2023 | 99,622 shares, last reported balance as of Nov 30, 2023 |
| Tushar Shah | Jan 19, 2022 | 38,881 shares, last reported balance as of Nov 12, 2021 |
| Eshelman Ventures, LLC | Jan 27, 2021 | 2,776,783 shares, last reported balance as of Jan 26, 2021 |
| Florina Krawchick | Jan 20, 2021 | No balance on record |
| Neal Fowler | Nov 20, 2020 | 78,512 shares, last reported balance as of Nov 19, 2020 |
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