Companies Liquidia Corp
Liquidia (LQDA): executive pay, fiscal 2025
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CEO pay, last three years
- $4,889,498FY2023
- $6,751,230FY2024
- $7,712,736FY2025
CEO total pay was $7,712,736 in fiscal 2025, up from $6,751,230 in fiscal 2024.
FY2025: salary $824,000 · bonus $25,000 · stock awards $5,590,992 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Roger Jeffs | $824,000 | $25,000 | $5,590,992 | $0 | $1,254,400 | $0 | $18,344 | $7,712,736 |
| Chief Executive Officer | ||||||||
| Michael Kaseta | 592,250 | 25,000 | 2,749,991 | 0 | 772,800 | 0 | 16,022 | 4,156,063 |
| Chief Financial Officer and Chief Operating Officer | ||||||||
| Russell Schundler | 540,750 | 25,000 | 2,499,998 | — | 588,000 | 0 | 17,347 | 3,671,095 |
| General Counsel and Secretary | ||||||||
| Rajeev Saggar | 539,349 | 25,000 | 1,749,996 | 0 | 586,477 | 0 | 16,022 | 2,916,844 |
| Chief Medical Officer | ||||||||
| Scott Moomaw | 449,904 | 25,000 | 1,699,993 | 0 | 489,216 | 0 | 16,841 | 2,680,954 |
| Chief Commercial Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Roger Jeffs | $7,712,736 | $6,751,230 | $4,889,498 | ↑ +961,506 |
| Michael Kaseta | 4,156,063 | 3,789,190 | 2,426,704 | ↑ +366,873 |
| Russell Schundler | 3,671,095 | 2,858,171 | 2,061,741 | ↑ +812,924 |
| Rajeev Saggar | 2,916,844 | 2,139,361 | 1,847,176 | ↑ +777,483 |
| Scott Moomaw | 2,680,954 | 1,851,703 | 1,712,842 | ↑ +829,251 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's executive compensation program is designed to support business goals and promote short- and long-term profitable growth by aligning the level and structure of compensation with the long-term interest and risk policies of the Company.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | FW Cook |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Rajeev Saggar | RSU | 2025-01-11 | — | — | 71,780 | — | $874,998 |
| Russell Schundler | RSU | 2025-01-11 | — | — | 102,543 | — | 1,249,999 |
| Scott Moomaw | RSU | 2025-01-11 | — | — | 69,729 | — | 849,997 |
| Roger Jeffs | RSU | 2025-01-11 | — | — | 229,327 | — | 2,795,496 |
| Michael Kaseta | RSU | 2025-01-11 | — | — | 112,797 | — | 1,374,995 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Rajeev Saggar | $874,998 | $0 | $0 | 0.0% |
| Russell Schundler | 1,249,999 | 0 | 0 | 0.0% |
| Scott Moomaw | 849,997 | 0 | 0 | 0.0% |
| Roger Jeffs | 2,795,496 | 0 | 0 | 0.0% |
| Michael Kaseta | 1,374,995 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Scott Moomaw | Option | 1,250 | 6.25 | — |
| Michael Kaseta | Option | 1,562 | 6.25 | — |
| Russell Schundler | Option | 1,562 | 6.25 | — |
| Scott Moomaw | RSU | 1,875 | — | 64,669 |
| Michael Kaseta | RSU | 2,344 | — | 80,845 |
| Russell Schundler | RSU | 2,344 | — | 80,845 |
| Scott Moomaw | Option | 10,937 | 5.12 | — |
| Roger Jeffs | Option | 19,406 | 4.86 | — |
| Michael Kaseta | Option | 21,875 | 5.12 | — |
| Russell Schundler | Option | 21,875 | 5.12 | — |
| Rajeev Saggar | RSU | 26,041 | — | 898,154 |
| Scott Moomaw | RSU | 26,041 | — | 898,154 |
| Scott Moomaw | RSU | 27,969 | — | 964,651 |
| Michael Kaseta | RSU | 28,125 | — | 970,031 |
| Rajeev Saggar | Option | 28,935 | 6.17 | — |
| Scott Moomaw | Option | 28,935 | 6.17 | — |
| Rajeev Saggar | Option | 29,167 | 3.73 | — |
| Rajeev Saggar | RSU | 31,777 | — | 1,095,989 |
| Russell Schundler | RSU | 32,552 | — | 1,122,718 |
| Russell Schundler | RSU | 33,826 | — | 1,166,659 |
| Roger Jeffs | Option | 35,059 | 5.14 | — |
| Russell Schundler | Option | 36,169 | 6.17 | — |
| Michael Kaseta | RSU | 38,958 | — | 1,343,661 |
| Michael Kaseta | Option | 43,287 | 6.17 | — |
| Michael Kaseta | RSU | 52,453 | — | 1,809,104 |
| Russell Schundler | RSU | 61,951 | — | 2,136,690 |
| Scott Moomaw | RSU | 69,729 | — | 2,404,953 |
| Rajeev Saggar | RSU | 71,780 | — | 2,475,692 |
| Roger Jeffs | RSU | 90,469 | — | 3,120,276 |
| Roger Jeffs | Option | 100,521 | 6.17 | — |
| Russell Schundler | RSU | 102,543 | — | 3,536,708 |
| Michael Kaseta | RSU | 112,797 | — | 3,890,369 |
| Roger Jeffs | RSU | 124,502 | — | 4,294,074 |
| Roger Jeffs | RSU | 229,327 | — | 7,909,488 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Stephen Bloch, M.DIndependent · Audit · Compensation · Nominating and Corporate Governance (Chair) | $112,500 | $250,002 | — | — | — | $362,502 |
| Arthur KirschIndependent · Audit · Compensation · Nominating and Corporate Governance | 77,500 | 250,002 | — | — | — | 327,502 |
| Joanna Horobin, M.B., C.H.BIndependent | 65,000 | 250,002 | — | — | — | 315,002 |
| Ramandeep SinghIndependent · Audit · Nominating and Corporate Governance | 65,000 | 250,002 | — | — | — | 315,002 |
| Katie Rielly-GauvinIndependent · Compensation · Nominating and Corporate Governance · Research and Development (Chair) · Litigation | 62,500 | 250,002 | — | — | — | 312,502 |
| David JohnsonIndependent · Audit · Compensation · Nominating and Corporate Governance | 60,000 | 250,002 | — | — | — | 310,002 |
| Paul B. ManningIndependent · Nominating and Corporate Governance | 55,000 | 250,002 | — | — | — | 305,002 |
| Damian deGoaIndependent · Audit · Compensation | 53,614 | 250,002 | — | — | — | 303,616 |
| Roger A. Jeffs, Ph.DEmployee director · Compensation | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $50,000 |
|---|---|
| Annual equity retainer | $250,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 10,000 / 7,500 / 5,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $551,114 |
| Equity awards (grant-date value) | $2,000,016 |
| All other compensation | $0 |
| Total cost of the board | $2,551,130 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Liquidia as a peer
Companies that benchmark against LQDA
3 companies name LQDA as a compensation peer
The list of companies that name LQDA as a peer is temporarily unavailable — recheck shortly.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Verona Pharma Plc | 2024 | David Zaccardelli | $873,015 | $18,089,500 | $0 | $480,158 | $19,456,473 |
| 2 | Rhythm Pharmaceuticals, Inc. | 2025 | David Meeker | 807,692 | 8,274,785 | 7,688,560 | 759,488 | 17,544,525 |
| 3 | BioCryst Pharmaceuticals Inc. | 2025 | Jon Stonehouse | 728,466 | 0 | 11,132,458 | 1,052,633 | 12,951,082 |
| 4 | Pacira BioSciences, Inc. | 2025 | Frank Lee | 935,308 | 9,215,500 | 0 | 738,810 | 11,636,917 |
| 5 | Kiniksa Pharmaceuticals International, Plc | 2025 | Sanj Patel | 943,129 | 3,798,021 | 4,743,446 | 1,284,065 | 10,782,661 |
| 6 | Mirum Pharmaceuticals, Inc. | 2025 | Christopher Peetz | 755,000 | 3,683,904 | 4,931,320 | 1,057,000 | 10,441,224 |
| 7 | Axsome Therapeutics, Inc. | 2025 | Herriot Tabuteau | 835,000 | 5,533,554 | 2,833,237 | 876,750 | 10,283,492 |
| 8 | MannKind Corporation | 2025 | Michael Castagna | 789,436 | 7,689,480 | 0 | 675,757 | 9,300,485 |
| 9 | Travere Therapeutics, Inc. | 2025 | Eric Dube | 854,250 | 3,314,520 | 3,309,384 | 964,125 | 8,457,151 |
| 10 | Amphastar Pharmaceuticals, Inc. | 2025 | Jack Yongfeng Zhang | 950,911 | 3,301,981 | 3,302,024 | 361,000 | 8,309,350 |
| 11 | Catalyst Pharmaceuticals, Inc. | 2024 | Richard Daly | 750,000 | 1,267,601 | 5,070,830 | 0 | 7,774,160 |
| 12 | Liquidia Corp | 2025 | Roger Jeffs | 824,000 | 5,590,992 | 0 | 1,254,400 | 7,712,736 |
| 13 | Agios Pharmaceuticals, Inc. | 2025 | Brian Goff | 846,864 | 1,291,680 | 2,627,252 | 592,804 | 5,370,389 |
| 14 | Arcturus Therapeutics Holdings Inc. | 2025 | Joseph Payne | 750,000 | 0 | 941,000 | 0 | 1,691,000 |
| 15 | Theravance Biopharma, Inc. | 2025 | Rick Winningham | 1,047,431 | 0 | 0 | 419,182 | 1,472,019 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Liquidia Corp | not disclosed | RSU 50 · PSU 50 | not disclosed | FW Cook |
| Agios Pharmaceuticals, Inc. | 100% | Option 40 · PSU 40 · RSU 20 | No | Aon |
| Amphastar Pharmaceuticals, Inc. | not disclosed | Options 50 · RSU 50 | not disclosed | Willis Towers Watson (WTW) |
| Arcturus Therapeutics Holdings Inc. | not disclosed | Options 100 | not disclosed | not disclosed |
| Axsome Therapeutics, Inc. | 150% | RSU 33 · Options 33 · PSU 33 | No | Frederic W. Cook & Co., Inc. |
| BioCryst Pharmaceuticals Inc. | not disclosed | not disclosed | not disclosed | Aon |
| Catalyst Pharmaceuticals, Inc. | not disclosed | not disclosed | not disclosed | Mercer LLC |
| Kiniksa Pharmaceuticals International, Plc | not disclosed | Option 50 · RSU 25 · PSU 25 | not disclosed | Compensia, Inc. |
| MannKind Corporation | 107% | PSU 55 · RSU 45 | Yes — Total Stockholder Return (TSR) relative to Russell 3000 Pharmaceutical & Biotechnology Index | Mercer LLC |
| Mirum Pharmaceuticals, Inc. | 200% | Option 47.2 · PSU 17.6 · RSU 17.6 | No | Alpine Rewards |
| Pacira BioSciences, Inc. | 90% | RSU 80 · PSU 20 | No | Aon |
| Rhythm Pharmaceuticals, Inc. | 120% | Options 50 · RSU 50 | No | Pay Governance |
| Theravance Biopharma, Inc. | not disclosed | RSU 100 | not disclosed | Frederic W. Cook & Co. (FW Cook) |
| Travere Therapeutics, Inc. | 150% | not disclosed | No | Aon |
| Verona Pharma Plc | not disclosed | PRSU 75 · RSU 25 | not disclosed | Aon |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-16 | 44,270,299 | 612,749 | 49,530 | 98.63% | Passed |
| 2025 | 2025-06-17 | 44,393,482 | 1,313,301 | 501,660 | 97.13% | Passed |
| 2024 | 2024-06-20 | 31,829,948 | 3,823,031 | 107,918 | 89.28% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-16 | 98.63%a |
| 2025 | 2025-06-17 | 97.13%b |
| 2024 | 2024-06-20 | 89.28%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 31 : 1 |
|---|---|
| CEO total compensation | $7,712,736 |
| Median employee compensation | $251,948 |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (41 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Roger Jeffs. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · page 42. As printed: 7,712,736. View filing ↗
- Section 01, Michael Kaseta. DEF 14A, filed 2026-04-24. Section “Executive Compensation”. As printed: 4,156,063. View filing ↗
- Section 01, Russell Schundler. DEF 14A, filed 2026-04-24. Section “Executive Compensation”. As printed: 3,671,095. View filing ↗
- Section 01, Rajeev Saggar. DEF 14A, filed 2026-04-24. Section “Executive Compensation”. As printed: 2,916,844. View filing ↗
- Section 01, Scott Moomaw. DEF 14A, filed 2026-04-24. Section “Executive Compensation”. As printed: 2,680,954. View filing ↗
- Section 03, Rajeev Saggar RSU. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Russell Schundler RSU. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Scott Moomaw RSU. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Roger Jeffs RSU. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Michael Kaseta RSU. DEF 14A, filed 2026-04-24. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-24. Section “CEO Pay Ratio”. As printed: 31 : 1. View filing ↗
- Section 08, Stephen Bloch, M.D. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 362,502. View filing ↗
- Section 08, Arthur Kirsch. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 327,502. View filing ↗
- Section 08, Joanna Horobin, M.B., C.H.B. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 315,002. View filing ↗
- Section 08, Ramandeep Singh. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 315,002. View filing ↗
- Section 08, Katie Rielly-Gauvin. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 312,502. View filing ↗
- Section 08, David Johnson. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 310,002. View filing ↗
- Section 08, Paul B. Manning. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 305,002. View filing ↗
- Section 08, Damian deGoa. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 303,616. View filing ↗
- Section 08, Roger A. Jeffs, Ph.D. DEF 14A, filed 2026-04-24. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-17. Item 5.07 · say-on-pay result. As reported: 98.63% (votes for as printed: 44,270,299). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-18. Item 5.07 · say-on-pay result. As reported: 97.13% (votes for as printed: 44,393,482). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-21. Item 5.07 · say-on-pay result. As reported: 89.28% (votes for as printed: 31,829,948). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 551,114 + equity 2,000,016 + all other 0 = 2,551,130, summed across the director compensation table rows.
- Verona Pharma Plc, Section 10b CEO total. DEF 14A, filed 2025-03-18. CEO total compensation as printed in Verona Pharma Plc's own proxy. As printed: 19,456,473. View filing ↗
- Rhythm Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-29. CEO total compensation as printed in Rhythm Pharmaceuticals, Inc.'s own proxy. As printed: 17,544,525. View filing ↗
- BioCryst Pharmaceuticals Inc., Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in BioCryst Pharmaceuticals Inc.'s own proxy. As printed: 12,951,082. View filing ↗
- Pacira BioSciences, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Pacira BioSciences, Inc.'s own proxy. As printed: 11,636,917. View filing ↗
- Kiniksa Pharmaceuticals International, Plc, Section 10b CEO total. DEF 14A, filed 2026-04-16. CEO total compensation as printed in Kiniksa Pharmaceuticals International, Plc's own proxy. As printed: 10,782,661. View filing ↗
- Mirum Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-23. CEO total compensation as printed in Mirum Pharmaceuticals, Inc.'s own proxy. As printed: 10,441,224. View filing ↗
- Axsome Therapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Axsome Therapeutics, Inc.'s own proxy. As printed: 10,283,492. View filing ↗
- MannKind Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in MannKind Corporation's own proxy. As printed: 9,300,485. View filing ↗
- Travere Therapeutics, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-06. CEO total compensation as printed in Travere Therapeutics, Inc.'s own proxy. As printed: 8,457,151. View filing ↗
- Amphastar Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-13. CEO total compensation as printed in Amphastar Pharmaceuticals, Inc.'s own proxy. As printed: 8,309,350. View filing ↗
- Catalyst Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2025-04-11. CEO total compensation as printed in Catalyst Pharmaceuticals, Inc.'s own proxy. As printed: 7,774,160. View filing ↗
- Liquidia Corp (subject), Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Liquidia Corp's own proxy. As printed: 7,712,736. View filing ↗
- Agios Pharmaceuticals, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Agios Pharmaceuticals, Inc.'s own proxy. As printed: 5,370,389. View filing ↗
- Arcturus Therapeutics Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Arcturus Therapeutics Holdings Inc.'s own proxy. As printed: 1,691,000. View filing ↗
- Theravance Biopharma, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Theravance Biopharma, Inc.'s own proxy. As printed: 1,472,019. View filing ↗