Canaan entity tied to Liquidia (LQDA) director sells 318,893 shares in open market

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

Liquidia Corp director Stephen M. Bloch filed a Form 4 reporting sales of Liquidia common stock by Canaan VIII L.P. On May 11, 2026, entities affiliated with Canaan sold an aggregate of 318,893 shares of Liquidia common stock in a series of open-market transactions at weighted average prices generally between the high $40s and low $50s per share, as detailed in multiple price ranges.

The securities are held directly by Canaan VIII L.P., whose general partner is Canaan Partners VIII LLC. According to the disclosure, investment and voting decisions for these securities are made collectively by the managers of Canaan Partners VIII LLC, and Bloch disclaims beneficial ownership except to the extent of any pecuniary interest through his limited liability company interests. The filing also notes that Canaan has a communications-screen policy for issuer-related securities matters and states that Bloch did not participate in this investment decision. Following these sales, the filing shows 2,113,134 shares held indirectly through the Canaan entities and 65,712 shares held directly.

Insights

Large open-market sale by a fund entity linked to director, with director disclaiming control.

The Form 4 shows that entities affiliated with Canaan VIII L.P., not Stephen M. Bloch personally, executed open-market sales totaling 318,893 shares of Liquidia common stock on May 11, 2026. Prices were reported as weighted averages across several ranges in the high $40s to low $50s per share.

Footnote language clarifies that Canaan Partners VIII LLC managers make the investment and voting decisions for these securities, and that Bloch disclaims beneficial ownership beyond any pecuniary interest through his LLC interests. It also notes a communications-screen policy and states that he did not participate in this investment decision.

After the transactions, the filing shows 2,113,134 shares held indirectly via the Canaan entities and 65,712 shares held directly. Without data on Liquidia’s total shares outstanding in this excerpt, the proportional impact of this sale on overall ownership or float cannot be assessed from this information alone, so the event is best viewed as a fund-level portfolio move rather than a clearly directional personal trade.

Insider Trade Summary

Net Seller: 318,893 shares ($16,016,775)

Net Sell 7 txns

Insider Bloch Stephen M

Role null

Sold 318,893 shs ($16.02M)

Type	Security	Shares	Price	Value
Sale	Common Stock	75,801	$48.608	$3.68M
Sale	Common Stock	115,479	$49.4452	$5.71M
Sale	Common Stock	27,613	$50.1029	$1.38M
Sale	Common Stock	10,500	$51.3107	$539K
Sale	Common Stock	75,293	$52.3759	$3.94M
Sale	Common Stock	14,207	$53.253	$757K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 2,113,134 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 $47.93 to $48.925, 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 $48.93 to $49.925, 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 $49.93 to $50.38, 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 $51.00 to $51.99, 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 $52.03 to $53.02, 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 $53.03 to $53.59, 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: 318,893 shares Direct holdings after transaction: 65,712 shares Indirect holdings after transaction: 2,113,134 shares +4 more

7 metrics

Total shares sold 318,893 shares Aggregate open-market sales on May 11, 2026

Direct holdings after transaction 65,712 shares Common stock held directly after May 11, 2026 entries

Indirect holdings after transaction 2,113,134 shares Common stock held indirectly via Canaan entities after sales

Sale block at $53.2530 14,207 shares at $53.2530 One of several reported open-market sale tranches

Largest single sale tranche 115,479 shares at $49.4452 Non-derivative open-market sale on May 11, 2026

Lowest reported price range $47.93–$48.925 Price range for one weighted-average sale block (Footnote F1)

Highest reported price range $53.03–$53.59 Price range for one weighted-average sale block (Footnote F7)

Key Terms

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

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.

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of the securities"

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 →

05/13/2026 - 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)
05/11/2026

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	05/11/2026		S		75,801	D	$48.608⁽¹⁾	2,113,134	I	See footnote⁽²⁾
Common Stock	05/11/2026		S		115,479	D	$49.4452⁽³⁾	1,997,655	I	See footnote⁽²⁾
Common Stock	05/11/2026		S		27,613	D	$50.1029⁽⁴⁾	1,970,042	I	See footnote⁽²⁾
Common Stock	05/11/2026		S		10,500	D	$51.3107⁽⁵⁾	1,959,542	I	See footnote⁽²⁾
Common Stock	05/11/2026		S		75,293	D	$52.3759⁽⁶⁾	1,884,249	I	See footnote⁽²⁾
Common Stock	05/11/2026		S		14,207	D	$53.253⁽⁷⁾	1,870,042	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 $47.93 to $48.925, 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 $48.93 to $49.925, 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 $49.93 to $50.38, 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 $51.00 to $51.99, 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 $52.03 to $53.02, 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.

7. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $53.03 to $53.59, 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	05/13/2026
	** 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) report for Stephen M. Bloch?

Liquidia reported a Form 4 linked to director Stephen M. Bloch showing Canaan VIII L.P. entities sold 318,893 shares of common stock. These were open-market sales across several price ranges in the high $40s to low $50s per share on May 11, 2026.

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

The shares were sold by Canaan VIII L.P., with Canaan Partners VIII LLC as its general partner. Footnotes state Canaan LLC’s managers make investment and voting decisions, and Bloch disclaims beneficial ownership beyond any pecuniary interest from his limited liability company interests.

How many Liquidia (LQDA) shares did the Canaan entities sell and at what prices?

The Form 4 summarizes open-market sales totaling 318,893 Liquidia common shares. Each line reports a weighted average price, with transactions executed in multiple trades at prices generally ranging from about $47.93 up to $53.59 per share, across several discrete ranges.

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

After the reported sales, the filing shows 2,113,134 shares held indirectly and 65,712 shares held directly. The indirect holdings are attributed to the Canaan entities, while the direct figure reflects Bloch’s separate common stock position as listed in the Form 4 tables.

Did Stephen M. Bloch control the decision to sell Liquidia (LQDA) shares in this Form 4?

The footnotes state Bloch did not participate in this investment decision. They explain that Canaan Partners VIII LLC’s managers collectively make investment and voting decisions, and that a communications-screen policy is in place for issuer-related securities matters involving the Canaan entities.

How are the Liquidia (LQDA) sale prices reported in Stephen M. Bloch’s Form 4?

Each sale line shows a weighted average price for multiple underlying trades. Footnotes explain that shares were sold in numerous transactions within specified price ranges, and that detailed trade-by-trade pricing information is available upon request from the issuer, security holders, or SEC staff.