Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-17

Liquidia (LQDA)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,712,736
Roger Jeffs total, FY2025
23rd
CEO pay percentile vs peers
31:1
CEO-to-median pay ratio
98.63%
Say-on-pay support, latest vote
Companies that benchmark against LQDA
3 companies name LQDA as a compensation peer

Each company listed discloses LQDA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named LQDA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

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 Schundler540,75025,0002,499,9980588,000017,3473,671,095
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 FY20242025
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.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Rajeev SaggarRSU2025-01-1171,780$874,998
Roger JeffsRSU2025-01-11229,3272,795,496
Michael KasetaRSU2025-01-11112,7971,374,995
Scott MoomawRSU2025-01-1169,729849,997
Russell SchundlerRSU2025-01-11102,5431,249,999
03b

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%
Roger Jeffs2,795,496000.0%
Michael Kaseta1,374,995000.0%
Scott Moomaw849,997000.0%
Russell Schundler1,249,999000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Roger JeffsRSU229,327$7,909,488
Roger JeffsRSU124,5024,294,074
Michael KasetaRSU112,7973,890,369
Russell SchundlerRSU102,5433,536,708
Roger JeffsRSU90,4693,120,276
Rajeev SaggarRSU71,7802,475,692
Scott MoomawRSU69,7292,404,953
Russell SchundlerRSU61,9512,136,690
Michael KasetaRSU52,4531,809,104
Michael KasetaRSU38,9581,343,661
Russell SchundlerRSU33,8261,166,659
Russell SchundlerRSU32,5521,122,718
Rajeev SaggarRSU31,7771,095,989
Michael KasetaRSU28,125970,031
Scott MoomawRSU27,969964,651
Rajeev SaggarRSU26,041898,154
Scott MoomawRSU26,041898,154
Michael KasetaRSU2,34480,845
Russell SchundlerRSU2,34480,845
Scott MoomawRSU1,87564,669
Roger JeffsOption35,0595.14
Roger JeffsOption19,4064.86
Roger JeffsOption100,5216.17
Michael KasetaOption1,5626.25
Michael KasetaOption21,8755.12
Michael KasetaOption43,2876.17
Russell SchundlerOption1,5626.25
Russell SchundlerOption21,8755.12
Russell SchundlerOption36,1696.17
Rajeev SaggarOption29,1673.73
Rajeev SaggarOption28,9356.17
Scott MoomawOption1,2506.25
Scott MoomawOption10,9375.12
Scott MoomawOption28,9356.17
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation program is designed to attract, retain, and reward key employees by aligning executive interests with the drivers of growth and stockholder returns. It emphasizes pay for performance, market competitiveness through peer benchmarking, and long-term alignment via equity compensation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

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.

07

CEO pay ratio

Ratio (CEO : median employee)31 : 1
CEO total compensation
Median employee compensation$251,948
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stephen Bloch, M.DIndependent · Board Chair · Audit · Compensation · Nominating and Corporate Governance (Chair) · Not standing for re-election$112,500$250,002$362,502
Arthur KirschIndependent · Audit (Chair) · Compensation · Not standing for re-election77,500250,002327,502
Joanna Horobin, M.B., C.H.BIndependent · Compensation (Chair) · Not standing for re-election65,000250,002315,002
Ramandeep SinghIndependent · Audit · Nominating and Corporate Governance65,000250,002315,002
Katie Rielly-GauvinIndependent · Compensation · Nominating and Corporate Governance62,500250,002312,502
David JohnsonIndependent · Audit60,000250,002310,002
Paul B. ManningIndependent · Nominating and Corporate Governance · Not standing for re-election55,000250,002305,002
Damian deGoaIndependent · Audit · Not standing for re-election53,614250,002303,616
Roger A. Jeffs, Ph.DEmployee director · Not standing for re-election0
09

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
09b

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.

10

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.

10a

Peer reciprocity

Of the companies Liquidia names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Liquidia.

10b

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
1Rhythm Pharmaceuticals, Inc.2025David Meeker$807,692$8,274,785$7,688,560$759,488$17,544,525
2BioCryst Pharmaceuticals Inc.2025Jon Stonehouse728,466011,132,4581,052,63312,951,082
3Pacira BioSciences, Inc.2025Frank Lee935,3089,215,5000738,81011,636,917
4Kiniksa Pharmaceuticals International, Plc2025Sanj Patel943,1293,798,0214,743,4461,284,06510,782,661
5Mirum Pharmaceuticals, Inc.2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
6Axsome Therapeutics, Inc.2025Herriot Tabuteau835,0005,533,5542,833,237876,75010,283,492
7MannKind Corporation2025Michael Castagna789,4367,689,4800675,7579,300,485
8Travere Therapeutics, Inc.2025Eric Dube854,2503,314,5203,309,384964,1258,457,151
9Amphastar Pharmaceuticals, Inc.2025Jack Yongfeng Zhang950,9113,301,9813,302,024361,0008,309,350
10Catalyst Pharmaceuticals, Inc.2024Richard Daly750,0001,267,6015,070,83007,774,160
11Liquidia2025Roger Jeffs824,0005,590,99201,254,4007,712,736
12Agios Pharmaceuticals, Inc.2025Brian Goff846,8641,291,6802,627,252592,8045,370,389
13Arcturus Therapeutics Holdings Inc.2025Joseph Payne750,0000941,00001,691,000
14Theravance Biopharma, Inc.2025Rick Winningham1,047,43100419,1821,472,019
Verona Pharma Plcnot in coverage universe

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.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Liquidianot disclosedRSU 50 · PSU 50not disclosedFW Cook
Agios Pharmaceuticals, Inc.100%Options 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.170%not disclosednot disclosedAon Human Capital Solutions (division of Aon plc)
Catalyst Pharmaceuticals, Inc.105%not disclosednot disclosedMercer LLC (a business of Marsh McLennan)
Kiniksa Pharmaceuticals International, Plc181%Options 50 · RSU 25 · PSU 25Yes — relative ranking of the TSR of our Class A Shares relative to the NBICompensia, Inc.
MannKind Corporation107%PSU 55 · RSU 45Yes — Total Stockholder Return (TSR) relative to Russell 3000 Pharmaceutical & Biotechnology IndexMercer LLC
Mirum Pharmaceuticals, Inc.200%not disclosedNoAlpine Rewards
Pacira BioSciences, Inc.90%RSU 100NoAon (Aon plc, Human Capital Solutions practice)
Rhythm Pharmaceuticals, Inc.120%Options 50 · RSU 50NoPay Governance LLC
Theravance Biopharma, Inc.not disclosedRSU 100not disclosedFrederic W. Cook & Co. (FW Cook)
Travere Therapeutics, Inc.150%not disclosedNoAon
Verona Pharma Plcnot disclosednot disclosednot disclosednot disclosed

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.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Roger JeffsDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation”. As printed: 7,712,736. Filing ↗machine: r1 · c47 · span 548456–548465
2Section 01, Michael KasetaDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation”. As printed: 4,156,063. Filing ↗machine: r4 · c47 · span 562776–562785
3Section 01, Russell SchundlerDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation”. As printed: 3,671,095. Filing ↗machine: r7 · c47 · span 577283–577292
4Section 01, Rajeev SaggarDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation”. As printed: 2,916,844. Filing ↗machine: r10 · c47 · span 591670–591679
5Section 01, Scott MoomawDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation”. As printed: 2,680,954. Filing ↗machine: r13 · c47 · span 606042–606051
6Section 03, Rajeev Saggar RSUDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 692992–692999
7Section 03, Roger Jeffs RSUDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 649774–649783
8Section 03, Michael Kaseta RSUDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 660738–660747
9Section 03, Scott Moomaw RSUDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 709124–709131
10Section 03, Russell Schundler RSUDEF 14A2026-04-240001104659-26-048597Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 676883–676892
11Section 07, pay ratioDEF 14A2026-04-240001104659-26-048597Section “CEO Pay Ratio”. As printed: 31 : 1. Filing ↗
12Section 08, Stephen Bloch, M.DDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 362,502. Filing ↗
13Section 08, Arthur KirschDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 327,502. Filing ↗
14Section 08, Joanna Horobin, M.B., C.H.BDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 315,002. Filing ↗
15Section 08, Ramandeep SinghDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 315,002. Filing ↗
16Section 08, Katie Rielly-GauvinDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 312,502. Filing ↗
17Section 08, David JohnsonDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 310,002. Filing ↗
18Section 08, Paul B. ManningDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 305,002. Filing ↗
19Section 08, Damian deGoaDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 303,616. Filing ↗
20Section 08, Roger A. Jeffs, Ph.DDEF 14A2026-04-240001104659-26-048597Section “Director Compensation”. As printed: 0. Filing ↗
21Section 06, 2026 voteForm 8-K2026-06-170001104659-26-075177Item 5.07 · say-on-pay result. As reported: 98.63% (votes for as printed: 44,270,299). Filing ↗
22Section 06, 2025 voteForm 8-K2025-06-180001104659-25-060654Item 5.07 · say-on-pay result. As reported: 97.13% (votes for as printed: 44,393,482). Filing ↗
23Section 06, 2024 voteForm 8-K2024-06-210001104659-24-073965Item 5.07 · say-on-pay result. As reported: 89.28% (votes for as printed: 31,829,948). Filing ↗
24Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
25Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
26Section 09b board cost (computed)ComputedcomputedCash 551,114 + equity 2,000,016 + all other 0 = 2,551,130, summed across the director compensation table rows.machine: formula: Σ = 2,551,130
27Rhythm Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-290001628280-26-028375CEO total compensation as printed in Rhythm Pharmaceuticals, Inc.'s own proxy. As printed: 17,544,525. Filing ↗machine: r2 · c42 · span 513064–513074
28BioCryst Pharmaceuticals Inc., Section 10b CEO totalDEF 14A2026-04-230001628280-26-026822CEO total compensation as printed in BioCryst Pharmaceuticals Inc.'s own proxy. As printed: 12,951,082. Filing ↗machine: span 512256–512266
29Pacira BioSciences, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050353CEO total compensation as printed in Pacira BioSciences, Inc.'s own proxy. As printed: 11,636,917. Filing ↗machine: t136 · r1 · c47 · span 2412158–2412168
30Kiniksa Pharmaceuticals International, Plc, Section 10b CEO totalDEF 14A2026-04-160001104659-26-044410CEO total compensation as printed in Kiniksa Pharmaceuticals International, Plc's own proxy. As printed: 10,782,661. Filing ↗machine: t182 · r7 · c14 · span 755082–755092
31Mirum Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001759425-26-000027CEO total compensation as printed in Mirum Pharmaceuticals, Inc.'s own proxy. As printed: 10,441,224. Filing ↗machine: r2 · c21 · span 580200–580210
32Axsome Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177610CEO total compensation as printed in Axsome Therapeutics, Inc.'s own proxy. As printed: 10,283,492. Filing ↗machine: t51 · r2 · c27 · span 900236–900246
33MannKind Corporation, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145613CEO total compensation as printed in MannKind Corporation's own proxy. As printed: 9,300,485. Filing ↗machine: t24 · r5 · c27 · span 606612–606621
34Travere Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-060001438533-26-000027CEO total compensation as printed in Travere Therapeutics, Inc.'s own proxy. As printed: 8,457,151. Filing ↗machine: span 558514–558523
35Amphastar Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-130001297184-26-000023CEO total compensation as printed in Amphastar Pharmaceuticals, Inc.'s own proxy. As printed: 8,309,350. Filing ↗machine: span 722923–722932
36Catalyst Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2025-04-110001193125-25-079097CEO total compensation as printed in Catalyst Pharmaceuticals, Inc.'s own proxy. As printed: 7,774,160. Filing ↗machine: r3 · c31 · span 285833–285842
37Liquidia (subject), Section 10b CEO totalDEF 14A2026-04-240001104659-26-048597CEO total compensation as printed in Liquidia's own proxy. As printed: 7,712,736. Filing ↗machine: r1 · c47 · span 548456–548465
38Agios Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177086CEO total compensation as printed in Agios Pharmaceuticals, Inc.'s own proxy. As printed: 5,370,389. Filing ↗machine: r2 · c31 · span 613185–613194
39Arcturus Therapeutics Holdings Inc., Section 10b CEO totalDEF 14A2026-04-240001193805-26-000507CEO total compensation as printed in Arcturus Therapeutics Holdings Inc.'s own proxy. As printed: 1,691,000. Filing ↗machine: t116 · r1 · c27 · span 296910–296919
40Theravance Biopharma, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050454CEO total compensation as printed in Theravance Biopharma, Inc.'s own proxy. As printed: 1,472,019. Filing ↗machine: r1 · c41 · span 475558–475567
41Section 10a, Arcturus Therapeutics Holdings Inc. reciprocityDEF 14A0001193805-26-000507Arcturus Therapeutics Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
42Section 10a, Pacira BioSciences, Inc. reciprocityDEF 14A0001104659-26-050353Pacira BioSciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
43Section 10a, Amphastar Pharmaceuticals, Inc. reciprocityDEF 14A0001297184-26-000023Amphastar Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
44Section 10a, BioCryst Pharmaceuticals Inc. reciprocityDEF 14A0001628280-26-026822BioCryst Pharmaceuticals Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
45Section 10a, Agios Pharmaceuticals, Inc. reciprocityDEF 14A0001193125-26-177086Agios Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
46Section 10a, Kiniksa Pharmaceuticals International, Plc reciprocityDEF 14A0001104659-26-044410Kiniksa Pharmaceuticals International, Plc's most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
47Section 10a, Travere Therapeutics, Inc. reciprocityDEF 14A0001438533-26-000027Travere Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
48Section 10a, MannKind Corporation reciprocityDEF 14A0001193125-26-145613MannKind Corporation's most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
49Section 10a, Mirum Pharmaceuticals, Inc. reciprocityDEF 14A0001759425-26-000027Mirum Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
50Section 10a, Axsome Therapeutics, Inc. reciprocityDEF 14A0001193125-26-177610Axsome Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
51Section 10a, Rhythm Pharmaceuticals, Inc. reciprocityDEF 14A0001628280-26-028375Rhythm Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗
52Section 10a, Catalyst Pharmaceuticals, Inc. reciprocityDEF 14A0001193125-25-079097Catalyst Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Liquidia. Filing ↗