Liquidia Corp (LQDA) affiliate sells 200,000 shares in indirect insider trade

Rhea-AI Filing Summary

Liquidia Corp director Stephen M. Bloch reported indirect open-market sales totaling 200,000 shares of common stock on July 22–23, 2026. The shares were sold by Canaan VIII L.P. in multiple trades at weighted average prices, with trade-price ranges from $87.16 to $90.90 per share.

According to the disclosure, investment and voting decisions for these securities are made collectively by the managers of Canaan Partners VIII LLC. Bloch disclaims beneficial ownership except for any pecuniary interest through his limited liability company interests and did not participate in this investment decision under a communications-screen policy. He continues to hold 71,594 Liquidia shares directly as of July 22, 2026.

Insider Trade Summary

Net Seller: 200,000 shares

Net Sell 6 txns

Insider Bloch Stephen M

Role Director

Sold 200,000 shs ($17.79M)

Type	Security	Shares	Price	Value
Sale	Common Stock F5, F2	96,400	$89.4388	$8.62M
Sale	Common Stock F6, F2	3,600	$90.7065	$327K
Sale	Common Stock F1, F2	37,406	$87.7016	$3.28M
Sale	Common Stock F3, F2	48,032	$88.6461	$4.26M
Sale	Common Stock F4, F2	14,562	$89.2425	$1.30M
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 501,477 shares (Indirect, See footnote); Common Stock — 71,594 shares (Direct)

Footnotes (6)

1. F1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $87.16 to $88.155, 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 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. F3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $88.16 to $89.15, 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. F4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $89.16 to $89.42, 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. F5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $89.00 to $89.95, 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.
6. F6. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $90.505 to $90.90, 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: 200,000 shares Direct holdings after transactions: 71,594 shares Weighted average price block (37,406 shares): $87.7016 per share +4 more

7 metrics

Shares sold 200,000 shares Aggregate common stock sold indirectly by Canaan VIII L.P. on July 22–23, 2026

Direct holdings after transactions 71,594 shares Common stock held directly by Stephen M. Bloch as of July 22, 2026

Weighted average price block (37,406 shares) $87.7016 per share Sale on July 22, 2026; trades occurred between $87.16 and $88.155 per share

Weighted average price block (48,032 shares) $88.6461 per share Sale on July 22, 2026; trades occurred between $88.16 and $89.15 per share

Weighted average price block (14,562 shares) $89.2425 per share Sale on July 22, 2026; trades occurred between $89.16 and $89.42 per share

Weighted average price block (96,400 shares) $89.4388 per share Sale on July 23, 2026; trades occurred between $89.00 and $89.95 per share

Weighted average price block (3,600 shares) $90.7065 per share Sale on July 23, 2026; trades occurred between $90.505 and $90.90 per share

Key Terms

weighted average price, pecuniary interest, communications-screen policy, limited liability company interests

4 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.

pecuniary interest financial

"except to the extent of his pecuniary interest, if any, in such securities"

communications-screen policy regulatory

"The Canaan Entities have instituted a communications-screen policy with respect to securities matters"

limited liability company interests financial

"by virtue of the limited liability company interests he owns in Canaan LLC"

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/24/2026 - 04:30 PM Accepted by SEC EDGAR 07/24/2026 - 04:30 PM Learn about SEC filing dates

FAQ

What insider transactions in LQDA stock did Stephen M. Bloch report?

Stephen M. Bloch reported indirect sales of 200,000 shares of Liquidia Corp common stock on July 22–23, 2026, executed in open-market style transactions at weighted average prices across several price ranges between $87.16 and $90.90 per share.

Who actually sold the 200,000 LQDA shares disclosed in this Form 4?

The 200,000 Liquidia shares were sold by Canaan VIII L.P., with investment and voting decisions made collectively by the managers of Canaan Partners VIII LLC. Bloch reports the transactions but disclaims beneficial ownership except for any pecuniary interest in the Canaan entities.

At what prices were the reported LQDA shares sold in this filing?

The reported Liquidia sales used weighted average prices, with underlying trade prices ranging from $87.16 to $90.90 per share. Each sale block has its own weighted average and footnote detailing the specific price range for those grouped trades.

How many LQDA shares does Stephen M. Bloch hold directly after these sales?

After the reported indirect sales, Stephen M. Bloch continues to hold 71,594 shares of Liquidia common stock directly as of July 22, 2026. These holdings are separate from the Canaan VIII L.P. position that executed the reported sales.

Did the LQDA insider sales occur under a Rule 10b5-1 trading plan?

The Form 4’s Rule 10b5-1 checkbox is not marked, so the transactions are not affirmatively reported as made under a Rule 10b5-1 trading plan. The footnotes describe pricing and ownership details but do not reference any such trading plan.

What ownership relationship does Stephen M. Bloch have to the LQDA shares sold?

The sold shares are held by Canaan VIII L.P., whose general partner is Canaan Partners VIII LLC. Bloch owns limited liability company interests in Canaan LLC, disclaims beneficial ownership beyond any pecuniary interest, and did not participate in this investment decision due to a communications-screen policy.

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)
07/22/2026

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	07/22/2026		S		37,406	D	$87.7016(1)	664,071	I	See footnote(2)
Common Stock	07/22/2026		S		48,032	D	$88.6461(3)	616,039	I	See footnote(2)
Common Stock	07/22/2026		S		14,562	D	$89.2425(4)	601,477	I	See footnote(2)
Common Stock	07/23/2026		S		96,400	D	$89.4388(5)	505,077	I	See footnote(2)
Common Stock	07/23/2026		S		3,600	D	$90.7065(6)	501,477	I	See footnote(2)
Common Stock								71,594	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 $87.16 to $88.155, 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 $88.16 to $89.15, 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 $89.16 to $89.42, 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 $89.00 to $89.95, 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.

6. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $90.505 to $90.90, 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	07/24/2026
	** 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)