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Companies Liquidia Corp

Liquidia (LQDA): executive pay, fiscal 2025

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CEO total pay$7,712,736CEO Roger Jeffs · source
Say-on-pay support98.63%Latest vote · source
CEO vs. named peers21st pct.Of 14 peer CEOs
CEO pay ratio31:1To the median employee · source

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

Who was the highest-paid executive at Liquidia Corp in fiscal 2025?
As disclosed, Roger Jeffs (Chief Executive Officer) was the highest-paid executive at Liquidia Corp in fiscal 2025, with total compensation of $7,712,736.
How does Liquidia Corp's chief executive pay compare to its disclosed peer group?
As disclosed, Roger Jeffs's total compensation ranked at the 21st percentile of Liquidia Corp's disclosed peer group.
What is Liquidia Corp's CEO-to-median employee pay ratio?
As disclosed, Liquidia Corp's CEO-to-median employee pay ratio was 31:1.
How did shareholders vote on Liquidia Corp's executive compensation?
As disclosed, 98.63% of shareholders supported Liquidia Corp's executive compensation in the latest say-on-pay vote.
How much does Liquidia Corp spend in total on board compensation for fiscal 2025?
As disclosed, Liquidia Corp reported total board compensation of $2,551,130 for fiscal 2025.

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 officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Roger Jeffs$824,000$25,000$5,590,992$0$1,254,400$0$18,344$7,712,736
Chief Executive Officer
Michael Kaseta592,25025,0002,749,9910772,800016,0224,156,063
Chief Financial Officer and Chief Operating Officer
Russell Schundler540,75025,0002,499,998—588,000017,3473,671,095
General Counsel and Secretary
Rajeev Saggar539,34925,0001,749,9960586,477016,0222,916,844
Chief Medical Officer
Scott Moomaw449,90425,0001,699,9930489,216016,8412,680,954
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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Roger Jeffs$7,712,736$6,751,230$4,889,498↑ +961,506
Michael Kaseta4,156,0633,789,1902,426,704↑ +366,873
Russell Schundler3,671,0952,858,1712,061,741↑ +812,924
Rajeev Saggar2,916,8442,139,3611,847,176↑ +777,483
Scott Moomaw2,680,9541,851,7031,712,842↑ +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 consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Rajeev SaggarRSU2025-01-11——71,780—$874,998
Russell SchundlerRSU2025-01-11——102,543—1,249,999
Scott MoomawRSU2025-01-11——69,729—849,997
Roger JeffsRSU2025-01-11——229,327—2,795,496
Michael KasetaRSU2025-01-11——112,797—1,374,995

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Rajeev Saggar$874,998$0$00.0%
Russell Schundler1,249,999000.0%
Scott Moomaw849,997000.0%
Roger Jeffs2,795,496000.0%
Michael Kaseta1,374,995000.0%

% 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

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Scott MoomawOption1,2506.25—
Michael KasetaOption1,5626.25—
Russell SchundlerOption1,5626.25—
Scott MoomawRSU1,875—64,669
Michael KasetaRSU2,344—80,845
Russell SchundlerRSU2,344—80,845
Scott MoomawOption10,9375.12—
Roger JeffsOption19,4064.86—
Michael KasetaOption21,8755.12—
Russell SchundlerOption21,8755.12—
Rajeev SaggarRSU26,041—898,154
Scott MoomawRSU26,041—898,154
Scott MoomawRSU27,969—964,651
Michael KasetaRSU28,125—970,031
Rajeev SaggarOption28,9356.17—
Scott MoomawOption28,9356.17—
Rajeev SaggarOption29,1673.73—
Rajeev SaggarRSU31,777—1,095,989
Russell SchundlerRSU32,552—1,122,718
Russell SchundlerRSU33,826—1,166,659
Roger JeffsOption35,0595.14—
Russell SchundlerOption36,1696.17—
Michael KasetaRSU38,958—1,343,661
Michael KasetaOption43,2876.17—
Michael KasetaRSU52,453—1,809,104
Russell SchundlerRSU61,951—2,136,690
Scott MoomawRSU69,729—2,404,953
Rajeev SaggarRSU71,780—2,475,692
Roger JeffsRSU90,469—3,120,276
Roger JeffsOption100,5216.17—
Russell SchundlerRSU102,543—3,536,708
Michael KasetaRSU112,797—3,890,369
Roger JeffsRSU124,502—4,294,074
Roger JeffsRSU229,327—7,909,488
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stephen Bloch, M.DIndependent · Audit · Compensation · Nominating and Corporate Governance (Chair)$112,500$250,002———$362,502
Arthur KirschIndependent · Audit · Compensation · Nominating and Corporate Governance77,500250,002———327,502
Joanna Horobin, M.B., C.H.BIndependent65,000250,002———315,002
Ramandeep SinghIndependent · Audit · Nominating and Corporate Governance65,000250,002———315,002
Katie Rielly-GauvinIndependent · Compensation · Nominating and Corporate Governance · Research and Development (Chair) · Litigation62,500250,002———312,502
David JohnsonIndependent · Audit · Compensation · Nominating and Corporate Governance60,000250,002———310,002
Paul B. ManningIndependent · Nominating and Corporate Governance55,000250,002———305,002
Damian deGoaIndependent · Audit · Compensation53,614250,002———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

ComponentFY2025
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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Verona Pharma Plc2024David Zaccardelli$873,015$18,089,500$0$480,158$19,456,473
2Rhythm Pharmaceuticals, Inc.2025David Meeker807,6928,274,7857,688,560759,48817,544,525
3BioCryst Pharmaceuticals Inc.2025Jon Stonehouse728,466011,132,4581,052,63312,951,082
4Pacira BioSciences, Inc.2025Frank Lee935,3089,215,5000738,81011,636,917
5Kiniksa Pharmaceuticals International, Plc2025Sanj Patel943,1293,798,0214,743,4461,284,06510,782,661
6Mirum Pharmaceuticals, Inc.2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
7Axsome Therapeutics, Inc.2025Herriot Tabuteau835,0005,533,5542,833,237876,75010,283,492
8MannKind Corporation2025Michael Castagna789,4367,689,4800675,7579,300,485
9Travere Therapeutics, Inc.2025Eric Dube854,2503,314,5203,309,384964,1258,457,151
10Amphastar Pharmaceuticals, Inc.2025Jack Yongfeng Zhang950,9113,301,9813,302,024361,0008,309,350
11Catalyst Pharmaceuticals, Inc.2024Richard Daly750,0001,267,6015,070,83007,774,160
12Liquidia Corp2025Roger Jeffs824,0005,590,99201,254,4007,712,736
13Agios Pharmaceuticals, Inc.2025Brian Goff846,8641,291,6802,627,252592,8045,370,389
14Arcturus Therapeutics Holdings Inc.2025Joseph Payne750,0000941,00001,691,000
15Theravance Biopharma, Inc.2025Rick Winningham1,047,43100419,1821,472,019

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

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Liquidia Corpnot disclosedRSU 50 · PSU 50not disclosedFW Cook
Agios Pharmaceuticals, Inc.100%Option 40 · PSU 40 · RSU 20NoAon
Amphastar Pharmaceuticals, Inc.not disclosedOptions 50 · RSU 50not disclosedWillis Towers Watson (WTW)
Arcturus Therapeutics Holdings Inc.not disclosedOptions 100not disclosednot disclosed
Axsome Therapeutics, Inc.150%RSU 33 · Options 33 · PSU 33NoFrederic W. Cook & Co., Inc.
BioCryst Pharmaceuticals Inc.not disclosednot disclosednot disclosedAon
Catalyst Pharmaceuticals, Inc.not disclosednot disclosednot disclosedMercer LLC
Kiniksa Pharmaceuticals International, Plcnot disclosedOption 50 · RSU 25 · PSU 25not disclosedCompensia, Inc.
MannKind Corporation107%PSU 55 · RSU 45Yes — Total Stockholder Return (TSR) relative to Russell 3000 Pharmaceutical & Biotechnology IndexMercer LLC
Mirum Pharmaceuticals, Inc.200%Option 47.2 · PSU 17.6 · RSU 17.6NoAlpine Rewards
Pacira BioSciences, Inc.90%RSU 80 · PSU 20NoAon
Rhythm Pharmaceuticals, Inc.120%Options 50 · RSU 50NoPay Governance
Theravance Biopharma, Inc.not disclosedRSU 100not disclosedFrederic W. Cook & Co. (FW Cook)
Travere Therapeutics, Inc.150%not disclosedNoAon
Verona Pharma Plcnot disclosedPRSU 75 · RSU 25not disclosedAon

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 yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1644,270,299612,74949,53098.63%Passed
20252025-06-1744,393,4821,313,301501,66097.13%Passed
20242024-06-2031,829,9483,823,031107,91889.28%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 yearMeeting dateApproval — company’s computation
20262026-06-1698.63%a
20252025-06-1797.13%b
20242024-06-2089.28%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 ↗
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