Roger Jeffs, the chief executive officer of both Liquidia Corporation (LQDA) and Axsome Therapeutics (AXSM), has been a consistent seller of shares in both companies over the past several months, with Form 4 filings showing no open-market purchases during the period. The most recent activity, concentrated in LQDA, shows a heavy sell-off: between May 5 and July 13, 2026, Jeffs executed 21 open-market sales totaling roughly $28.6 million, with individual transactions ranging from about $179,000 to $2.34 million. The largest single sale occurred on July 13, when he disposed of shares valued at $2.34 million, following two option exercises on July 10 that were valued at zero—a mechanical conversion that typically precedes a sale.
The pattern extends to Axsome, where Jeffs sold shares worth approximately $71,248 on June 11 and $70,407 on June 10, 2026, shortly after an option exercise on June 8 and a grant on June 5. Across both tickers, his cumulative sell value over the trailing period stands at $45.8 million, with zero dollars in acquisitions or purchases. The absence of any "P" (open-market purchase) codes, combined with the frequency and size of the "S" (open-market sale) transactions, points to a decisively one-sided disposition bias. While the option exercises and grants are compensation-related and the sales may reflect routine portfolio management, the sheer volume—21 sales in roughly two months for LQDA alone—underscores a sustained reduction of his equity stake in both companies.
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