Liquidia LQDA Insider Ownership

NASDAQ LQDA

$47.87 +3.47 (+7.82%)

At close: Nov 9, 2026 · 4:00 PM EST

Insider Holdings by Owner

30.28Mn Shares

Partners Lp Caligan26.37Mn87.1%

Roger Jeffs1.13Mn3.7%

Russell Schundler602.84K2.0%

Paul B Manning475.47K1.6%

Michael Kaseta340.15K1.1%

Other insiders (14)1.37Mn4.5%

Insider Ownership Statistics

as of 30 Sep, 2026

Insider Ownership

17.56%

▼-0.543% pp QoQ

Shares Held by Insiders

15.65Mn

filed for Sep 2026

▼-3.00% QoQ

Shares Outstanding

89.10Mn

89,099,459 shares

Direct Holdings

3.75Mn

Indirect: 11.89Mn

Net Open-Market Trades

-722.79K

net sold · -$56.94Mn in Sep 2026

Insiders Holding Shares

with Form 4 holdings on file

Shares Owned by Insiders

Shares held % of outstanding

Latest —

Average ownership —

Peak ownership —

Open-Market Insider Trades

Bought Sold

Latest quarter —

Net over range —

Net-buying quarters —

Insider Ownership Summary

Updated Nov 4, 2026

Across the past 12 months, open-market trades by Liquidia insiders totaled $317,894 in purchases (5.3K shares) and $230.68 million in sales (4.17Mn shares).

By number of insiders, Liquidia saw one insider buy and 15 insiders sell on the open market over the past 12 months.
Among LQDA insiders, Caligan Partners LP (Director and 10% owner) bought the most stock on the open market in the past 12 months: $317,894 (5.3K shares), most recently on May 19, 2026.
On the selling side, Stephen M. Bloch (Director) was the top open-market seller of Liquidia over the past 12 months, with $125.05 million sold (1.99Mn shares) and the latest sale on October 5, 2026.
Dana Boyle (Chief Accounting Officer) made the most recent open-market trade by an insider of Liquidia, a sale of 1.58K shares for $68,283 on October 26, 2026.
Outside the open market, Liquidia insiders received 299.19K shares in stock awards and acquired 1.05Mn shares through option exercises and conversions over the past 12 months.
According to Business Quant data, insiders at Liquidia reported 15.14Mn shares in total in their latest Form 4 filings, down 6.12% from 16.13Mn shares at the end of Q2 2026 and down 20.27% from 18.99Mn shares at the end of Q3 2025.
Direct holdings account for 3.75Mn shares (24.78%) of LQDA's insider total, and indirect holdings through trusts, partnerships and family members for 11.39Mn shares (75.22%).
Per Business Quant, 18 insiders of LQDA hold shares, counting officers, directors and 10% owners who have filed a Form 4 in the past two years.
LQDA's largest insider holders by reported holdings are Caligan Partners LP (Director and 10% owner, 8.14Mn shares), Paul B. Manning (Director, 2.62Mn shares) and Roger Jeffs (Chief Executive Officer, 2.21Mn shares).
Caligan Partners LP alone accounts for 53.75% of the shares held by Liquidia insiders.
Institutions accounted for 81.39% of LQDA's outstanding shares in Q2 2026, insiders about 16.99% per their latest Form 4 filings, and other investors, including the public, about 1.62%.
Over the past 12 months, 18 insiders reported transactions in Liquidia stock in 115 Form 4 filings.
This summary of Liquidia insider activity covers Form 4 filings through October 28, 2026.

Form 4 Holdings

Insiders Holding LQDA

Insiders 19

Shares held 30.28Mn

Of outstanding 33.98%

#	Insider	Position	Direct	Indirect	Total	Share of Insiders	Last Filed
1	Partners Lp Caligan	Director, TenPercentOwner, Other	0	26,365,725	26,365,725	87.1%	20 May, 2026
2	Roger Jeffs	Chief Executive Officer	1,125,848	0	1,125,848	3.7%	13 Oct, 2026
3	Russell Schundler	General Counsel	602,841	0	602,841	2.0%	13 Oct, 2026
4	Paul B Manning	Director	475,465	0	475,465	1.6%	18 Jun, 2026
5	Michael Kaseta	Cfo And Coo	340,148	0	340,148	1.1%	13 Oct, 2026
6	Robert A Lippe	Chief Operations Officer	193,788	0	193,788	0.6%	05 Dec, 2023
7	Scott Moomaw	Chief Commercial Officer	181,487	0	181,487	0.6%	13 Oct, 2026
8	Jason Adair	Chief Business Officer	177,269	0	177,269	0.6%	28 Oct, 2026
9	Dana Boyle	Chief Accounting Officer	164,028	0	164,028	0.5%	28 Oct, 2026
10	Rajeev Saggar	Chief Medical Officer	126,368	0	126,368	0.4%	13 Oct, 2026
11	Sarah Krepp	Chief Human Resource Officer	115,241	0	115,241	0.4%	13 Oct, 2026
12	Damian Degoa	Director	92,353	0	92,353	0.3%	18 Jun, 2026
13	Stephen M Bloch	Director	71,594	0	71,594	0.2%	18 Jun, 2026
14	Sanjeev Khindri	Chief Development Officer	64,846	0	64,846	0.2%	13 Oct, 2026
15	Arthur S Kirsch	Director	46,637	0	46,637	0.2%	18 Jun, 2026
16	Katherine Rielly-Gauvin	Director	44,637	0	44,637	0.1%	21 Aug, 2026
17	Raman Singh	Director	44,637	0	44,637	0.1%	15 Sep, 2026
18	Joanna Horobin	Director	39,637	0	39,637	0.1%	18 Jun, 2026
19	David Edward Johnson	Director, TenPercentOwner	5,882	0	5,882	0.0%	18 Jun, 2026

Each row is that insider’s most recently reported position, from Form 4 filings over the last 60 months — which is why this total does not tie to the quarterly series above, where a quarter counts only the insiders who filed in it. Shares held through a fund or institutional portfolio are counted on the institutional ownership page instead.

Form 4 Filings

899 Insider Transactions

Source SEC Form 4

Latest quarter Sep 2026

Date	Insider	Position	Transaction	Shares	Price	Value	Shares Held After	Ownership
26 Oct, 2026	Jason Adair	Chief Business Officer	Disposed S	688	$43.19	$29.71K	177,269	Direct
26 Oct, 2026	Dana Boyle	Chief Accounting Officer	Disposed S	1,581	$43.19	$68.28K	164,028	Direct
09 Oct, 2026	Michael Kaseta	Cfo And Coo	Acquired M	5,828	—	—	352,037	Direct
09 Oct, 2026	Scott Moomaw	Chief Commercial Officer	Acquired M	3,108	—	—	185,992	Direct
09 Oct, 2026	Dana Boyle	Chief Accounting Officer	Acquired M	3,178	—	—	171,501	Direct
09 Oct, 2026	Jason Adair	Chief Business Officer	Acquired M	3,906	—	—	178,916	Direct
09 Oct, 2026	Sarah Krepp	Chief Human Resource Officer	Acquired M	3,178	—	—	120,486	Direct
09 Oct, 2026	Rajeev Saggar	Chief Medical Officer	Acquired M	3,530	—	—	131,100	Direct
09 Oct, 2026	Roger Jeffs	Chief Executive Officer	Acquired M	13,833	—	—	1,144,259	Direct
12 Oct, 2026	Sanjeev Khindri	Chief Development Officer	Disposed S	1,101	$28.48	$31.36K	64,846	Direct
09 Oct, 2026	Russell Schundler	General Counsel	Acquired M	3,758	—	—	610,124	Direct
09 Oct, 2026	Michael Kaseta	Cfo And Coo	Acquired M	7,049	—	—	359,086	Direct
09 Oct, 2026	Jason Adair	Chief Business Officer	Acquired M	2,474	—	—	181,390	Direct
12 Oct, 2026	Dana Boyle	Chief Accounting Officer	Disposed S	5,892	$28.48	$167.80K	165,609	Direct
09 Oct, 2026	Russell Schundler	General Counsel	Acquired M	6,409	—	—	616,533	Direct
09 Oct, 2026	Rajeev Saggar	Chief Medical Officer	Acquired M	4,486	—	—	135,586	Direct
09 Oct, 2026	Roger Jeffs	Chief Executive Officer	Acquired M	14,333	—	—	1,158,592	Direct
12 Oct, 2026	Sarah Krepp	Chief Human Resource Officer	Disposed S	5,245	$28.48	$149.38K	115,241	Direct
09 Oct, 2026	Scott Moomaw	Chief Commercial Officer	Acquired M	4,358	—	—	190,350	Direct
09 Oct, 2026	Jason Adair	Chief Business Officer	Acquired M	3,868	—	—	185,258	Direct

Showing 1 to 20 of 899 transactions