Canaan fund tied to Liquidia (LQDA) director sells 84,800 shares but keeps large stake

Rhea-AI Filing Summary

Liquidia Corp director-related entity sells shares while retaining a large position. An investment entity associated with director Stephen M. Bloch, Canaan VIII L.P., sold a total of 84,800 shares of Liquidia common stock in open-market transactions on June 4–5, 2026 at weighted average prices around $64–$66 per share. The filing states these securities are held by the Canaan entities, that Dr. Bloch disclaims beneficial ownership beyond any pecuniary interest, and that he did not participate in the investment decision due to a communications-screen policy. After these sales, the filing reports 1,785,242 shares held indirectly through Canaan entities and 65,712 shares held directly.

Insights

Equity ownership and governance analyst

Fund-level sales trimmed an associated position but left sizable holdings.

The Form 4 shows entities associated with Stephen M. Bloch sold 84,800 shares of Liquidia Corp common stock through open-market transactions at weighted average prices between about $64 and $66 per share. These are classified as indirect holdings.

Footnote language attributes the sold shares to the Canaan Entities, notes that Dr. Bloch disclaims beneficial ownership beyond any pecuniary interest, and that managers of Canaan Partners VIII LLC make investment decisions. A communications-screen policy means he did not participate in this decision, reducing its informational value about his personal outlook.

After the transactions, the filing shows 1,785,242 shares held indirectly by the Canaan entities and 65,712 shares held directly. With no derivative positions reported and a substantial indirect stake remaining, this looks like a partial portfolio adjustment by an investment fund rather than a complete exit.

Insider Trade Summary

Net Seller: 84,800 shares ($5,507,782)

Net Sell 5 txns

Insider Bloch Stephen M

Role null

Sold 84,800 shs ($5.51M)

Type	Security	Shares	Price	Value
Sale	Common Stock	2,064	$64.1394	$132K
Sale	Common Stock	46,108	$64.4691	$2.97M
Sale	Common Stock	35,208	$65.5824	$2.31M
Sale	Common Stock	1,420	$66.0786	$94K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,785,242 shares (Indirect, See footnote); Common Stock — 65,712 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $64.00 to $64.995, 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. The securities are held directly by Canaan VIII L.P. ("Canaan LP"). Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities") 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $65.03 to $65.98, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $66.045 to $66.19, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $64.00 to $64.50, 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.

Key Figures

Shares sold total: 84,800 shares June 5 sale size: 2,064 shares Largest single-day block: 46,108 shares +3 more

6 metrics

Shares sold total 84,800 shares Net open-market sales reported across four transactions

June 5 sale size 2,064 shares Open-market sale at weighted average price $64.1394

Largest single-day block 46,108 shares Open-market sale on June 4, 2026 at $64.4691

Indirect holdings after sales 1,785,242 shares Common stock held indirectly through Canaan entities after transactions

Direct holdings after entry 65,712 shares Common stock held directly as of June 4, 2026 entry

Weighted average price example $65.5824 per share One June 4, 2026 sale executed across a price range

Key Terms

weighted average price, beneficial ownership, pecuniary interest, open-market sale, +1 more

5 terms

weighted average price financial

"The price reported in Column 4 is 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.

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of the securities held by the Canaan Entities, except to the extent of his pecuniary interest."

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"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."

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

communications-screen policy financial

"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."

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Form 4 Insider Transactions: What Each Field Means →

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)
06/04/2026

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	06/04/2026		S		46,108	D	$64.4691(1)	1,823,934	I	See footnote(2)
Common Stock	06/04/2026		S		35,208	D	$65.5824(3)	1,788,726	I	See footnote(2)
Common Stock	06/04/2026		S		1,420	D	$66.0786(4)	1,787,306	I	See footnote(2)
Common Stock	06/05/2026		S		2,064	D	$64.1394(5)	1,785,242	I	See footnote(2)
Common Stock								65,712	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 $64.00 to $64.995, 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 securities are held directly by Canaan VIII L.P. ("Canaan LP"). Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities") 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.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $65.03 to $65.98, 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.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $66.045 to $66.19, 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.

5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $64.00 to $64.50, 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.

	/s/ Dr. Stephen M. Bloch	06/08/2026
	** 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)

FAQ

What did the Liquidia Corp (LQDA) Form 4 filed by Stephen M. Bloch report?

The Form 4 reports that investment entities associated with director Stephen M. Bloch sold Liquidia common stock in open-market trades. These transactions reduced an indirect fund-held position but left both substantial indirect holdings and a smaller direct personal holding still reported in the filing.

How many Liquidia (LQDA) shares were sold in the reported transactions?

The filing shows total open-market sales of 84,800 shares of Liquidia common stock across four transactions. These sales occurred over two days and were executed through multiple trades at different prices, reflected as weighted average prices for each transaction line on the Form 4.

At what prices were the Liquidia (LQDA) shares sold in the Form 4?

The reported weighted average sale prices ranged roughly between $64 and $66 per share. Footnotes explain each line’s price is an average of multiple trades within specific ranges, and more detailed price breakdowns are available on request from the issuer or the reporting person.

Who actually holds and sold the Liquidia (LQDA) shares linked to Stephen M. Bloch?

The securities are held directly by Canaan VIII L.P., whose general partner is Canaan Partners VIII LLC. The Form 4 states Canaan LLC’s managers make investment and voting decisions collectively, and Dr. Bloch disclaims beneficial ownership beyond any pecuniary interest in those entities.

Did Stephen M. Bloch personally decide to sell Liquidia (LQDA) shares?

The filing states the Canaan entities use a communications-screen policy for issuer-related securities, and that Stephen M. Bloch did not participate in this investment decision. This indicates the transactions were made at the fund level rather than as a personal trading decision by the director.

How many Liquidia (LQDA) shares does the Form 4 show remaining after the sales?

After the reported sales, the Form 4 lists 1,785,242 shares held indirectly through the Canaan entities and 65,712 shares held directly. This indicates the transactions reduced, but did not eliminate, the aggregate position associated with the reporting person and related investment entities.