Liquidia Insiders Sold at $28 Before Patent Settlement
Liquidia's nine C-suite officers sold $25.67M in stock at $28.48 on October 12, two days before the company settled patent litigation with United Therapeutics. The settlement preserved YUTREPIA patien
YUTREPIA Settlement Came Two Days After C-Suite Sold
NEW YORK, October 28 —
Two days before Liquidia Corporation (LQDA) settled six patent lawsuits with United Therapeutics, preserving YUTREPIA patient access and triggering a 63% stock recovery, all nine named C-suite officers had filed open-market sales at $28.48. The settlement 8-K, filed October 14, came as shares sat at post-crash lows. They trade at $46.50 today.
- Nine C-suite officers sold at post-ruling lows on October 12; 90-day insider sales total $25.67 million, zero purchases.
- Settlement filed October 14 preserved YUTREPIA patient access.
- CMO Saggar sold 79,534 shares at $74 to $76 in August, then at $28.48 in October, more than 60% lower.
Nine Officers, One Date, One Price
Liquidia makes YUTREPIA, an inhaled dry powder formulation of treprostinil for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, a pair of rare cardiopulmonary conditions with limited treatment alternatives. The franchise drove trailing revenue to approximately $0.45 billion on 1,842.7% annual growth, at a 92.5% gross margin. A federal judge's upholding of two United Therapeutics patent claims had sent LQDA to what news sources called its worst single trading day and worst week ever. On October 12, all nine named C-suite officers filed open-market sales at $28.48, led by CEO Roger Jeffs at 32,744 shares and CFO/COO Michael Kaseta at 18,938.
From $75 in August to $28 in October
The October 12 filings carry more weight alongside what the same insiders had done weeks earlier. CMO Rajeev Saggar collected approximately $5.97 million from 79,534 shares sold at $74 to $76 in August, then returned to file another open-market sale at October's lows. Chief Business Officer Jason Adair moved 73,631 shares at roughly $69 on August 21 for approximately $5.09 million, then also filed that day. Director Stephen Bloch led the October wave by seven days, selling 235,477 shares at $27.13 on October 5 for $6.39 million. Across 90 days, net insider sales totaled $25.67 million; net purchases totaled zero.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| LQDA | $4.2B | 21.3x | +102.4% |
| KNSA | $7.1B | 49.0x | +138.6% |
| REPL | $1.4B | n/a | +27.8% |
| MIRM | $5.6B | n/a | +21.4% |
| SRRK | $5.3B | n/a | +45.2% |
| PTGX | $9.2B | n/a | +84.0% |
The Settlement Clears One Risk
Whether YUTREPIA prescription volumes held during the uncertainty period will show in next quarter's revenue. BTIG had downgraded LQDA to Neutral after the patent ruling; the settlement removes the specific risk that triggered that call. The insider sale price sits 39% below current trading; whether the settlement also unlocked suppressed prescription demand will be visible in next quarter's revenue. Run the free Liquidia Corporation deep-dive →
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Frequently Asked Questions
Did Liquidia insiders sell before the patent settlement?
Yes. On October 12, all nine named C-suite officers filed open-market sales at $28.48 per share, totaling $25.67 million in sales over 90 days with zero purchases. Two days later, on October 14, the company filed its settlement with United Therapeutics, which preserved YUTREPIA patient access.
Did Liquidia stock recover after the settlement?
The stock recovered 63% after the settlement was announced, rising from $28.48 to $46.50. Shares remain below the $54.375 consensus analyst price target.
What is YUTREPIA and what does it treat?
YUTREPIA is an inhaled dry powder formulation of treprostinil for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. The product drove Liquidia's trailing revenue to approximately $0.45 billion on 1,842.7% annual growth at a 92.5% gross margin.
Why did Liquidia's stock crash in October?
A federal judge upheld two United Therapeutics patent claims, sending LQDA to its worst single trading day and worst week ever. After the patent ruling, BTIG downgraded LQDA to Neutral.
Which executives sold Liquidia stock in October?
CEO Roger Jeffs sold 32,744 shares and CFO/COO Michael Kaseta sold 18,938 shares at $28.48 on October 12. Chief Business Officer Jason Adair had sold 73,631 shares at roughly $69 in August, and CMO Rajeev Saggar sold 79,534 shares at $74-$76 in August before returning to sell at October's lows of $28.48.
On October 14, 2026, Liquidia filed an 8-K disclosing entry into a new Material Definitive Agreement — the settlement of six YUTREPIA patent lawsuits with United Therapeutics that preserved patient access to its lead drug. The filing came two days after all nine named C-suite officers had collectively sold shares at $28.48, at prices more than 60 percent below where some of those same executives had sold in August.