Liquidia: Canaan VIII sells 235,477 shares

A Liquidia Corp director did not participate in the investment decision for Canaan VIII L.P.'s shares.

Rhea-AI Filing Summary

Liquidia Corp director Stephen M. Bloch reported that Canaan VIII L.P. sold 235,477 shares of common stock on October 5, 2026, at a weighted average price of $27.1262 per share; sales ranged from $26.745 to $27.59. Canaan LP reported zero shares afterward. Bloch separately held 104,570 shares directly, including 32,976 received in a distribution. The reported amount reflects a reduction for shares previously distributed by Canaan LP for no consideration, and Bloch did not participate in the investment decision. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Seller: 235,477 shares

Net Sell 2 txns

Insider Bloch Stephen M

Role Director

Sold 235,477 shs ($6.39M)

Type	Security	Shares	Price	Value
Sale	Common Stock F1, F2, F3	235,477	$27.1262	$6.39M
holding	Common Stock F4	--	--	--

Holdings After Transaction: Common Stock — 0 shares (Indirect, See footnote); Common Stock — 104,570 shares (Direct)

Footnotes (4)

1. F1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $26.745 to $27.59, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
2. F2. The shares were held directly by Canaan VIII L.P. ("Canaan LP"). The amount reported reflects a reduction for shares previously distributed, for no consideration, by Canaan LP to its general partner, Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities"), and subsequently distributed by Canaan LLC pro rata to its members, including the Reporting Person. Such distributions were made in accordance with the exemptions afforded by Rule 16a-9 and Rule 16a-13 under the Securities Exchange Act of 1934.
3. F3. Canaan LLC is the sole general partner of Canaan LP. Investment and voting decisions with respect to the securities held by Canaan LP are made by the managers of Canaan LLC, collectively. The Reporting Person disclaims beneficial ownership of the securities held by the Canaan Entities, except to the extent of his pecuniary interest, if any, in such securities by virtue of the limited liability company interests he owns in Canaan LLC. The Canaan Entities have instituted a communications-screen policy with respect to securities matters relating to the Issuer, and the Reporting Person did not participate in this investment decision.
4. F4. Includes 32,976 shares received in the distribution described in footnote (2) above.

Key Figures

Shares sold: 235,477 shares Weighted average sale price: $27.1262 per share Lowest reported sale price: $26.745 per share +4 more

7 metrics

Shares sold 235,477 shares Canaan VIII L.P., October 5, 2026

Weighted average sale price $27.1262 per share Canaan VIII L.P., October 5, 2026

Lowest reported sale price $26.745 per share Multiple sales on October 5, 2026

Highest reported sale price $27.59 per share Multiple sales on October 5, 2026

Canaan VIII L.P. shares following transaction 0 shares After the October 5, 2026 sale

Stephen M. Bloch shares held directly 104,570 shares After the October 5, 2026 transaction

Shares received in distribution 32,976 shares Included in Stephen M. Bloch's direct holdings

Key Terms

weighted average price, general partner, pecuniary interest, pro rata

4 terms

weighted average price financial

"a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

general partner technical

"sole general partner of Canaan LP"

A general partner is the person or firm that runs an investment partnership and legally represents it — they make the day-to-day decisions, choose which assets to buy or sell, and are responsible for the partnership’s obligations. Investors care because the general partner’s judgment, risk-taking and fee and profit-sharing arrangements determine both the potential returns and the level of exposure to losses; think of the GP as the ship’s captain whose skill and honesty shape the voyage’s outcome.

pecuniary interest financial

"to the extent of his pecuniary interest"

pro rata technical

"distributed by Canaan LLC pro rata to its members"

Pro rata means dividing or distributing something proportionally based on a specific factor, such as ownership or contribution. For example, if an investor owns 10% of a company, they would receive 10% of any dividends or benefits allocated. This approach ensures everyone gets their fair share relative to their stake or input, helping investors understand how benefits, costs, or responsibilities are fairly shared.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many LQDA shares did Canaan VIII L.P. sell, and at what price?

Canaan VIII L.P. reported selling 235,477 shares on October 5, 2026, at a weighted average price of $27.1262 per share. The sales were priced from $26.745 to $27.59 per share, inclusive. Canaan Partners VIII LLC is the partnership's general partner, and its managers collectively make investment and voting decisions.

How many LQDA shares did Stephen M. Bloch hold directly after the transaction?

Stephen M. Bloch reported 104,570 shares held directly after the October 5, 2026 transaction; that amount includes 32,976 shares received in a distribution. Canaan VIII L.P. reported zero shares following its sale.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/07/2026 - 04:30 PM Accepted by SEC EDGAR 10/07/2026 - 04:30 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bloch Stephen M

(Last) (First) (Middle)

419 DAVIS DRIVE, SUITE 100

(Street)

MORRISVILLE NORTH CAROLINA 27560

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Liquidia Corp [ LQDA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/05/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/05/2026		S		235,477	D	$27.1262(1)	0(2)	I	See footnote(3)
Common Stock								104,570(4)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $26.745 to $27.59, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.

2. The shares were held directly by Canaan VIII L.P. ("Canaan LP"). The amount reported reflects a reduction for shares previously distributed, for no consideration, by Canaan LP to its general partner, Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities"), and subsequently distributed by Canaan LLC pro rata to its members, including the Reporting Person. Such distributions were made in accordance with the exemptions afforded by Rule 16a-9 and Rule 16a-13 under the Securities Exchange Act of 1934.

3. Canaan LLC is the sole general partner of Canaan LP. Investment and voting decisions with respect to the securities held by Canaan LP are made by the managers of Canaan LLC, collectively. The Reporting Person disclaims beneficial ownership of the securities held by the Canaan Entities, except to the extent of his pecuniary interest, if any, in such securities by virtue of the limited liability company interests he owns in Canaan LLC. The Canaan Entities have instituted a communications-screen policy with respect to securities matters relating to the Issuer, and the Reporting Person did not participate in this investment decision.

4. Includes 32,976 shares received in the distribution described in footnote (2) above.

	/s/ Dr. Stephen M. Bloch	10/07/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)