Did Stephen M. Bloch personally control the Liquidia (LQDA) share sales?

According to the disclosure, Bloch did not make the investment decision. The Canaan entities instituted a communications-screen policy for securities matters, and he disclaims beneficial ownership of the Canaan-held shares except for any pecuniary interest through his limited liability company interests.

Venture fund tied to Liquidia (LQDA) director sells 220,835 shares

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Liquidia Corp director-affiliated entity reports open-market share sales. A fund associated with director Stephen M. Bloch sold a total of 220,835 shares of Liquidia common stock in open-market transactions on June 8 and June 9, at weighted average prices around $64–$66 per share.

The securities are held directly by Canaan VIII L.P., whose investment and voting decisions are made collectively by the managers of Canaan Partners VIII LLC. Bloch disclaims beneficial ownership of these securities except to any pecuniary interest through his interests in Canaan Partners VIII LLC and did not participate in the investment decision due to a communications-screen policy. Separately, the filing shows Bloch directly holding 65,712 Liquidia shares.

Insider Trade Summary

Net Seller: 220,835 shares ($14,273,683)

Net Sell 6 txns

Insider Bloch Stephen M

Role null

Sold 220,835 shs ($14.27M)

Type	Security	Shares	Price	Value
Sale	Common Stock	64,500	$64.2718	$4.15M
Sale	Common Stock	8,034	$65.243	$524K
Sale	Common Stock	106,310	$64.4941	$6.86M
Sale	Common Stock	39,187	$65.3796	$2.56M
Sale	Common Stock	2,804	$66.188	$186K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,572,441 shares (Indirect, See footnote); Common Stock — 65,712 shares (Direct, null)

Footnotes (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 $65.00 to $65.90, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $66.01 to $66.39, 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 $64.99, 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 $65.00 to $65.72, 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

Total shares sold: 220,835 shares June 9 sale price: $65.2430 per share June 9 sale price: $64.2718 per share +4 more

7 metrics

Total shares sold 220,835 shares Open-market sales reported in Form 4

June 9 sale price $65.2430 per share Open-market sale of 8,034 shares on June 9

June 9 sale price $64.2718 per share Open-market sale of 64,500 shares on June 9

June 8 sale price $66.1880 per share Open-market sale of 2,804 shares on June 8

June 8 sale price $65.3796 per share Open-market sale of 39,187 shares on June 8

June 8 sale price $64.4941 per share Open-market sale of 106,310 shares on June 8

Direct holdings 65,712 shares Direct common stock holding as of June 8

Key Terms

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

5 terms

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.

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"

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"

communications-screen policy financial

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

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Form 4 Insider Transactions: What Each Field Means →

06/10/2026 - 04:30 PM

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)
06/08/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/08/2026		S		106,310	D	$64.4941⁽¹⁾	1,678,932	I	See footnote⁽²⁾
Common Stock	06/08/2026		S		39,187	D	$65.3796⁽³⁾	1,639,745	I	See footnote⁽²⁾
Common Stock	06/08/2026		S		2,804	D	$66.188⁽⁴⁾	1,636,941	I	See footnote⁽²⁾
Common Stock	06/09/2026		S		64,500	D	$64.2718⁽⁵⁾	1,572,441	I	See footnote⁽²⁾
Common Stock	06/09/2026		S		8,034	D	$65.243⁽⁶⁾	1,564,407	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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 $65.00 to $65.90, 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.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $66.01 to $66.39, 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 $64.99, 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 $65.00 to $65.72, 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	06/10/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Liquidia Corp (LQDA) disclose for Stephen M. Bloch?

Liquidia disclosed that a fund associated with director Stephen M. Bloch sold 220,835 common shares in open-market transactions. These sales occurred on June 8 and June 9 at weighted average prices between about $64 and $66 per share.

Who actually sold the Liquidia (LQDA) shares reported in Stephen M. Bloch’s Form 4?

The shares are held directly by Canaan VIII L.P., with investment and voting decisions made by managers of Canaan Partners VIII LLC. Stephen M. Bloch disclaims beneficial ownership except for any pecuniary interest and did not participate in the investment decision due to a communications-screen policy.

How many Liquidia (LQDA) shares were sold and at what prices?

The filing reports open-market sales totaling 220,835 Liquidia common shares. Weighted average sale prices ranged roughly from $64.00 to $66.39 per share, with detailed price ranges for each trade available upon request from the issuer, security holders, or SEC staff.

What are Stephen M. Bloch’s direct Liquidia (LQDA) holdings after the reported transactions?

The Form 4 shows a direct holding entry of 65,712 Liquidia common shares for Stephen M. Bloch as of June 8. This position is separate from the larger stake held indirectly through the Canaan entities, which is subject to his beneficial ownership disclaimer.

How are the Liquidia (LQDA) sale prices described in the Form 4 footnotes?

Each reported sale price is a weighted average. The shares were sold in multiple trades within specified ranges, such as $64.00–$64.99 or $66.01–$66.39. The reporting person undertakes to provide full breakdowns of shares sold at each price upon request.