Adair Jason, Chief Business Officer of LQDA, has been a consistent seller of the company’s stock over the past year, with no open-market purchases recorded in the last ten trades. The most recent activity, spanning July 2026 back to November 2025, shows ten sales totaling roughly $2.5 million, including a $522,167.52 disposition on July 13, 2026, and a $507,101.64 sale on January 12, 2026. The largest single transaction was a $1,070,710.46 sale on November 18, 2025, which was paired with option exercises valued at $207,863.99 and $2,149.85, suggesting the sale was tied to exercising and liquidating vested options rather than a fresh market decision.
The pattern is overwhelmingly one-directional: across all 36 filings for LQDA, Jason has sold $3,467,542.96 in shares while acquiring nothing of value—no purchases, no grants, and no other acquisitions. The recent trades cluster around quarterly vesting dates (January, April, July, and November), with sales occurring shortly after option exercises (coded “M” at zero value) and compensation awards (coded “A” in January 2026). Smaller sales, such as $28,655.20 on April 27, 2026, and $22,307.67 on December 1, 2025, appear to be routine periodic disposals, while the larger blocks likely represent planned liquidity events.
Notably, Jason has not initiated any open-market buys (code “P”) in the entire dataset, and the only non-sale transactions are mechanical: option exercises, tax withholdings (code “F”), and compensation grants. This creates a clear selling bias, with the most recent activity in July 2026 showing a $60,220.64 sale on July 27, following the large July 13 disposition. The absence of any acquisitions, combined with the recurring sale-after-vesting cadence, indicates a systematic approach to monetizing equity compensation rather than a reaction to short-term price movements.
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