[Form 4] Liquidia Corp Insider Trading Activity
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Liquidia Corp director Paul B. Manning reported an internal reallocation of his Liquidia common stock on February 11, 2026. He withdrew 55,116 shares from the PBM 2024 Grantor Retained Annuity Trust in exchange for cash, moving those shares from indirect to direct ownership.
After this change in form of beneficial ownership, he directly holds 469,583 shares, with additional holdings reported jointly with his spouse and through several entities and trusts, including BKB Growth Investments, PBM Capital Finance, PD Joint Holdings, and the PBM 2000 Trust.
Positive
- None.
Negative
- None.
Insider Trade Summary
7 transactions reported
Mixed
7 txns
Insider
Manning Paul B
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Common Stock | 55,116 | $42.63 | $2.35M |
| Other | Common Stock | 55,116 | $42.63 | $2.35M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 0 shares (Indirect, See footnote);
Common Stock — 469,583 shares (Direct)
Footnotes (1)
- The Reporting Person withdrew 55,116 shares of the Issuer from PBM 2024 Grantor Retained Annuity Trust (the "PBM 2024 GRAT"), a grantor retained annuity trust, in exchange for cash. The withdrawal of shares resulted in a decrease in the number of shares the Reporting Person beneficially owns indirectly through PBM 2024 GRAT and a corresponding increase in the number of shares the Reporting Person beneficially owns directly. This withdrawal of shares constitutes a change in form of beneficial ownership of the shares, exempted by Rule 16a-13 under the Securities Exchange Act of 1934. The shares are held directly by the PBM 2024 GRAT. The Reporting Person is the trustee of the PBM 2024 GRAT and has sole voting and investment power with respect to the shares held by the PBM 2024 GRAT. Includes 375,712 shares distributed to the Reporting Person in satisfaction of annuity obligation from the PBM 2024 GRAT. The shares are held by Reporting Person jointly with his spouse. The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB. The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM. The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD. The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust.
FAQ
What insider transaction did Liquidia (LQDA) director Paul B. Manning report?
Paul B. Manning reported a reallocation of 55,116 Liquidia common shares on February 11, 2026. The shares were withdrawn from the PBM 2024 Grantor Retained Annuity Trust in exchange for cash, shifting his ownership from indirect to direct without indicating an open-market purchase or sale.
What is the PBM 2024 Grantor Retained Annuity Trust mentioned in the Liquidia Form 4?
The PBM 2024 Grantor Retained Annuity Trust is a grantor retained annuity trust that held Liquidia shares for Paul B. Manning. As trustee, he had sole voting and investment power. The Form 4 reports a withdrawal of 55,116 shares from this trust in exchange for cash.
Does the Liquidia Form 4 show an open-market buy or sell by Paul B. Manning?
The Form 4 uses transaction code J and describes a change in the form of beneficial ownership. It documents shares withdrawn from the PBM 2024 Grantor Retained Annuity Trust into direct ownership, exempt under Rule 16a-13, rather than a standard open-market purchase or sale.