Liquidia director-linked fund sells 196K shares
Liquidia Corp director-affiliated entities reported open-market sales of common stock.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
Liquidia Corp director-affiliated entities reported open-market sales of common stock. Entities linked to Stephen M. Bloch, primarily Canaan VIII L.P. and Canaan Partners VIII LLC, sold a total of 196,111 shares of Liquidia common stock in several open-market transactions on June 12 and June 15, 2026, at weighted average prices around $71–$72 per share. Footnotes state that Bloch disclaims beneficial ownership of securities held by the Canaan entities except for any pecuniary interest and that he did not participate in the investment decision under a communications-screen policy. Following these transactions, indirect holdings reported for the Canaan entities remained above 980,000 shares, while Bloch’s direct holding entry shows 65,712 shares as of June 12.
Insider Trade Summary
Net Seller: 196,111 shares
Net Sell
5 txns
Insider
Bloch Stephen M
Role
Director
Sold
196,111 shs ($14.01M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 82,740 | $71.418 | $5.91M |
| Sale | Common Stock | 2,322 | $72.0762 | $167K |
| Sale | Common Stock | 97,954 | $71.3726 | $6.99M |
| Sale | Common Stock | 13,095 | $72.1544 | $945K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 980,073 shares (Indirect, See footnote);
Common Stock — 65,712 shares (Direct)
Footnotes (5)
- F1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $71.00 to $71.995, 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.
- 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.
- F3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $72.00 to $72.415, 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.
- F4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $71.00 to $71.93, 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.
- F5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $72.03 to $72.16, 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: 196,111 shares
Sale price example: $71.4180 per share
Another sale price: $71.3726 per share
+3 more
6 metrics
Total shares sold
196,111 shares
Aggregate open-market sales on June 12 and June 15, 2026
Sale price example
$71.4180 per share
Weighted average price for 82,740-share sale on June 15, 2026
Another sale price
$71.3726 per share
Weighted average price for 97,954-share sale on June 12, 2026
Indirect holdings after trade
980,073 shares
Indirectly held following one June 15, 2026 sale entry
Direct holdings entry
65,712 shares
Common stock shown as directly held as of June 12, 2026
Price range example
$71.00–$71.995
Weighted-average price range for one sale group per footnote
Key Terms
open-market sale, weighted average price, beneficial ownership, pecuniary interest, +1 more
5 terms
open-market sale financial
"transaction_action is described as "open-market sale" for each sale entry"
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"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider activity did Liquidia Corp (LQDA) disclose in this Form 4?
Liquidia Corp reported that entities associated with director Stephen M. Bloch sold 196,111 shares of common stock in several open-market transactions. These trades occurred on June 12 and June 15, 2026, at weighted average prices in the low $70 range.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Accepted by SEC EDGAR
Learn about SEC filing dates