Entity linked to Liquidia director sells 78,596 shares

Canaan VIII L.P., an investment fund associated with Liquidia Corp director Stephen M. Bloch, reported open-market sales totaling 78,596 shares of Liquidia common stock on July 20–21, 2026, at weighted-average prices around $79.55–$80.66.

Rhea-AI Filing Summary

Canaan VIII L.P., an investment fund associated with Liquidia Corp director Stephen M. Bloch, reported open-market sales totaling 78,596 shares of Liquidia common stock on July 20–21, 2026, at weighted-average prices around $79.55–$80.66. A separate entry shows Bloch directly holding 71,594 shares of common stock. Footnotes state the fund’s managers collectively make investment decisions, and Bloch disclaims beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

Net Seller: 78,596 shares

Net Sell 4 txns

Insider Bloch Stephen M

Role Director

Sold 78,596 shs ($6.29M)

Type	Security	Shares	Price	Value
Sale	Common Stock F3, F2	74,444	$79.9841	$5.95M
Sale	Common Stock F4, F2	556	$80.6576	$45K
Sale	Common Stock F1, F2	3,596	$79.5518	$286K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 701,477 shares (Indirect, See footnote); Common Stock — 71,594 shares (Direct)

Footnotes (4)

1. F1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $79.50 to $79.78, 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 $79.50 to $80.45, 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 $80.51 to $80.69, 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: 78,596 shares Shares sold on 2026-07-20: 3,596 shares Shares sold on 2026-07-21 (block 1): 74,444 shares +2 more

5 metrics

Total shares sold 78,596 shares Indirect open-market sales reported for July 20–21, 2026

Shares sold on 2026-07-20 3,596 shares Indirect sale at a weighted-average price of $79.5518

Shares sold on 2026-07-21 (block 1) 74,444 shares Indirect sale at a weighted-average price of $79.9841

Shares sold on 2026-07-21 (block 2) 556 shares Indirect sale at a weighted-average price of $80.6576

Direct common stock holdings 71,594 shares Directly held Liquidia common stock reported as of July 20, 2026

Key Terms

weighted average price, beneficial ownership, pecuniary interest, communications-screen policy

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.

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 regulatory

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider stock sales did Liquidia Corp (LQDA) report for July 20–21, 2026?

An investment fund associated with a Liquidia director reported selling 78,596 shares of Liquidia common stock on July 20–21, 2026. The sales were executed in multiple open-market trades at weighted-average prices between $79.50 and $80.69, according to transaction footnotes.

Who executed the recent LQDA share sales linked to director Stephen M. Bloch?

The sales involved securities held by Canaan VIII L.P., whose general partner is Canaan Partners VIII LLC. Footnotes state Canaan LLC’s managers collectively make investment and voting decisions. Stephen M. Bloch disclaims beneficial ownership except for any pecuniary interest and did not participate in this investment decision.

At what prices were the Liquidia (LQDA) insider share sales carried out?

Reported weighted-average prices were $79.5518 for 3,596 shares, $79.9841 for 74,444 shares, and $80.6576 for 556 shares. Footnotes explain these averages reflect multiple trades in ranges from $79.50–$80.69, with full trade-breakdown details available on request.

How many Liquidia (LQDA) shares does Stephen M. Bloch hold directly?

A holding entry reports Stephen M. Bloch directly holding 71,594 shares of Liquidia common stock as of July 20, 2026. This direct position is separate from the shares held and traded by Canaan VIII L.P., which are reported as indirectly owned.

Were the reported Liquidia (LQDA) insider sales made under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is not marked as a plan trade, and the transaction footnotes do not reference any 10b5-1 trading plan. The reported sales therefore are not identified as occurring under a pre-arranged Rule 10b5-1 program.

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

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Available on EDGAR 07/22/2026 - 07:31 PM Accepted by SEC EDGAR 07/22/2026 - 07:31 PM Learn about SEC filing dates

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)
07/20/2026

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	07/20/2026		S		3,596	D	$79.5518(1)	776,477	I	See footnote(2)
Common Stock	07/21/2026		S		74,444	D	$79.9841(3)	702,033	I	See footnote(2)
Common Stock	07/21/2026		S		556	D	$80.6576(4)	701,477	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 $79.50 to $79.78, 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 $79.50 to $80.45, 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 $80.51 to $80.69, 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	07/22/2026
	** 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)