Fund tied to Liquidia (LQDA) director sells 25K common shares

Filing Impact

(High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Liquidia Corp director Stephen M. Bloch reported stock transactions mainly involving an investment fund he is associated with. Canaan VIII L.P. sold 24,147 shares of Liquidia common stock at a weighted average price of $79.4474 and 853 shares at a weighted average price of $80.045.

After these sales, entities associated with Canaan VIII L.P. held 855,926 Liquidia shares indirectly, while Bloch held 71,594 shares directly. Footnotes state that Canaan Partners VIII LLC managers collectively make investment and voting decisions, and Bloch disclaims beneficial ownership of the Canaan-held shares except for any pecuniary interest and did not participate in this investment decision.

Insights

Sales were executed by a venture fund tied to a director, who still reports a large remaining position.

The transactions show Canaan VIII L.P., a fund associated with director Stephen M. Bloch, selling a total of 25,000 Liquidia common shares in open-market trades around $79–$80. These are routine secondary-market sales rather than new share issuance by the company.

Footnotes clarify that investment and voting decisions for the Canaan-held shares are made by managers of Canaan Partners VIII LLC, and Bloch disclaims beneficial ownership beyond any pecuniary interest. After the sales, indirect holdings reported for the Canaan entities remain substantial at 855,926 shares, alongside Bloch’s 71,594 directly held shares, suggesting the fund continues to maintain a significant exposure.

Insider Trade Summary

Net Seller: 25,000 shares ($1,986,695)

Net Sell 3 txns

Insider Bloch Stephen M

Role null

Sold 25,000 shs ($1.99M)

Type	Security	Shares	Price	Value
Sale	Common Stock	24,147	$79.4474	$1.92M
Sale	Common Stock	853	$80.045	$68K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 855,926 shares (Indirect, See footnote); Common Stock — 71,594 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 $79.00 to $79.995, 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 $80.02 to $80.09, 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 (large block): 24,147 shares Shares sold (small block): 853 shares Total shares sold: 25,000 shares +4 more

7 metrics

Shares sold (large block) 24,147 shares Open-market sale at $79.4474 per share

Shares sold (small block) 853 shares Open-market sale at $80.045 per share

Total shares sold 25,000 shares Aggregate of two open-market sales

Indirect holdings after sales 855,926 shares Held by entities associated with Canaan VIII L.P. after transactions

Direct holdings after transactions 71,594 shares Common stock held directly by Stephen M. Bloch

Price range block 1 $79.00–$79.995 Price range for trades underlying $79.4474 weighted average

Price range block 2 $80.02–$80.09 Price range for trades underlying $80.045 weighted average

Key Terms

weighted average price, beneficial ownership, pecuniary interest, indirect ownership, +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."

indirect ownership financial

"The securities are held directly by Canaan VIII L.P. ("Canaan LP")."

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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/06/2026 - 05:44 PM Accepted by SEC EDGAR 07/06/2026 - 05:44 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)
07/01/2026

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	07/01/2026		S		24,147	D	$79.4474⁽¹⁾	855,926	I	See footnote⁽²⁾
Common Stock	07/01/2026		S		853	D	$80.045⁽³⁾	855,073	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)
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 $79.00 to $79.995, 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 $80.02 to $80.09, 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	07/06/2026
	** 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 transactions did Liquidia Corp (LQDA) report for Stephen M. Bloch?

Liquidia disclosed that an investment fund associated with director Stephen M. Bloch, Canaan VIII L.P., sold 24,147 shares at $79.4474 and 853 shares at $80.045 in open-market transactions, totaling 25,000 shares of common stock.

Who actually decided to sell the Liquidia (LQDA) shares in this Form 4 filing?

The filing states that securities are held by Canaan VIII L.P., whose investment and voting decisions are made collectively by managers of Canaan Partners VIII LLC. Stephen M. Bloch did not participate in this investment decision, according to the footnote disclosure.

How many Liquidia (LQDA) shares remain held after the Canaan VIII L.P. sales?

After the reported sales, entities associated with Canaan VIII L.P. held 855,926 Liquidia common shares indirectly, while Stephen M. Bloch held 71,594 shares directly. These figures come from the post-transaction ownership amounts disclosed for each line item.

At what prices were the Liquidia (LQDA) shares sold in the reported transactions?

One block of 24,147 Liquidia shares was sold at a weighted average price of $79.4474, and another 853 shares were sold at a weighted average price of $80.045. Footnotes note these are averages over multiple trades within stated price ranges.

Does Stephen M. Bloch claim full beneficial ownership of the Canaan-held Liquidia (LQDA) shares?

No. The filing states Bloch disclaims beneficial ownership of securities held by the Canaan entities, except to the extent of his pecuniary interest through limited liability company interests in Canaan Partners VIII LLC, which is the general partner of Canaan VIII L.P.

Are the reported Liquidia (LQDA) insider sales direct or indirect holdings?

The two sale transactions involve indirectly held shares, reported with an indirect ownership code and a footnote referring to Canaan VIII L.P. A separate entry shows 71,594 Liquidia shares held directly by Stephen M. Bloch after the transactions.