Canaan entities tied to Liquidia (NASDAQ: LQDA) sell 196K shares in market trades

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

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 ($14,012,580)

Net Sell 5 txns

Insider Bloch Stephen M

Role null

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 — 982,395 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 $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. 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 $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. 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. 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"

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Form 4 Insider Transactions: What Each Field Means →

06/16/2026 - 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)
06/12/2026

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	06/12/2026		S		97,954	D	$71.3726⁽¹⁾	1,078,230	I	See footnote⁽²⁾
Common Stock	06/12/2026		S		13,095	D	$72.1544⁽³⁾	1,065,135	I	See footnote⁽²⁾
Common Stock	06/15/2026		S		82,740	D	$71.418⁽⁴⁾	982,395	I	See footnote⁽²⁾
Common Stock	06/15/2026		S		2,322	D	$72.0762⁽⁵⁾	980,073	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 $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.

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 $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.

4. 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.

5. 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.

	/s/ Dr. Stephen M. Bloch	06/16/2026
	** 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 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.

Who actually sold Liquidia Corp (LQDA) shares in this filing?

The shares are held and sold by Canaan VIII L.P., whose sole general partner is Canaan Partners VIII LLC. Investment and voting decisions are made collectively by managers of Canaan Partners VIII LLC, not individually by director Stephen M. Bloch.

Does Stephen M. Bloch claim full beneficial ownership of the LQDA shares sold?

No. The filing states that Stephen M. Bloch disclaims beneficial ownership of securities held by the Canaan entities, except to the extent of his pecuniary interest through limited liability company interests he owns in Canaan Partners VIII LLC.

At what prices were the Liquidia Corp (LQDA) shares sold?

Reported prices are weighted averages, with separate footnotes stating ranges. Transactions occurred at prices between $71.00 and $71.995, between $71.00 and $71.93, between $72.00 and $72.415, and between $72.03 and $72.16 per share.

How many Liquidia Corp (LQDA) shares remain held after these sales?

Table entries show indirect holdings by the Canaan entities remaining above 980,000 shares after the reported sales. A separate holding entry shows Stephen M. Bloch with 65,712 shares held directly as of June 12, 2026.

Did Stephen M. Bloch participate in the decision to sell LQDA shares?

According to the footnotes, the Canaan entities maintain a communications-screen policy for securities matters related to Liquidia. The filing states that Stephen M. Bloch did not participate in this investment decision, despite being associated with those entities.