Fund tied to Liquidia (LQDA) director sells 100,000 common shares

Rhea-AI Filing Summary

Liquidia Corp director-associated entity reports share sales. An investment fund, Canaan VIII L.P., sold a total of 100,000 shares of Liquidia common stock in open-market transactions on June 22, 2026 at weighted average prices of $75.5437 and $76.1776 per share, across ranges from $75.00 to $76.42.

The transactions are reported by director Stephen M. Bloch, but the securities are held by the Canaan entities, which collectively make investment and voting decisions. Bloch disclaims beneficial ownership except for any pecuniary interest and did not participate in this investment decision. Following these transactions, he also reports 71,594 shares held directly.

Insights

Equity ownership and governance analyst

Fund tied to a Liquidia director sold 100,000 shares while retaining a large stake.

The filing shows Canaan VIII L.P., an investment fund associated with director Stephen M. Bloch, sold 100,000 shares of Liquidia Corp common stock at weighted average prices around $75.54 and $76.18 per share on June 22, 2026.

The securities are held by the Canaan Entities, whose managers collectively control investment and voting decisions. Bloch disclaims beneficial ownership except for any pecuniary interest, and a communications-screen policy means he did not participate in this investment decision, framing the trades as fund-level activity rather than a personal move.

After these sales, the indirect holdings reported for the Canaan entities remain substantial, and Bloch still reports 71,594 shares held directly. With no derivative positions shown and no 10b5-1 language in the excerpt, this appears as a notable but not thesis-changing portfolio adjustment by an institutional holder.

Insider Trade Summary

Net Seller: 100,000 shares ($7,573,704)

Net Sell 3 txns

Insider Bloch Stephen M

Role null

Sold 100,000 shs ($7.57M)

Type	Security	Shares	Price	Value
Sale	Common Stock	69,500	$75.5437	$5.25M
Sale	Common Stock	30,500	$76.1776	$2.32M
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 910,573 shares (Indirect, See footnote); Common Stock — 71,594 shares (Direct, null)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $75.00 to $75.99, 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 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 $76.00 to $76.42, 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: 100,000 shares First weighted average sale price: $75.5437 per share Second weighted average sale price: $76.1776 per share +4 more

7 metrics

Total shares sold 100,000 shares Aggregate open-market sales on June 22, 2026

First weighted average sale price $75.5437 per share Sale of 69,500 shares on June 22, 2026

Second weighted average sale price $76.1776 per share Sale of 30,500 shares on June 22, 2026

Price range for first sale block $75.00–$75.99 Multiple trades within this range (weighted average reported)

Price range for second sale block $76.00–$76.42 Multiple trades within this range (weighted average reported)

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

Net share direction -100,000 shares Net-sell across reported non-derivative transactions

Key Terms

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

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..."

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 06/24/2026 - 04:31 PM Accepted by SEC EDGAR 06/24/2026 - 04:30 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)
06/22/2026

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	06/22/2026		S		69,500	D	$75.5437(1)	910,573	I	See footnote(2)
Common Stock	06/22/2026		S		30,500	D	$76.1776(3)	880,073	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)
				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 $75.00 to $75.99, 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.

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 $76.00 to $76.42, 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	06/24/2026
	** 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)

FAQ

How many Liquidia (LQDA) shares were sold in this Form 4 filing?

The filing reports that Canaan VIII L.P., an entity associated with Liquidia director Stephen M. Bloch, sold a total of 100,000 shares of Liquidia common stock. These were executed as open-market sales across two weighted-average price transactions on June 22, 2026.

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

The reported sales occurred at weighted average prices of $75.5437 and $76.1776 per share. Footnotes state the actual trades were executed in ranges from $75.00 to $75.99 and $76.00 to $76.42, inclusive, across multiple individual transactions.

Who actually holds the Liquidia (LQDA) shares involved in this Form 4?

The shares are held by Canaan VIII L.P., whose general partner is Canaan Partners VIII LLC. Investment and voting decisions for these securities are made collectively by the managers of Canaan LLC, not by director Stephen M. Bloch personally, according to the footnote disclosure.

Does Stephen M. Bloch claim beneficial ownership of the sold Liquidia (LQDA) shares?

Stephen M. Bloch disclaims beneficial ownership of the securities held by the Canaan entities, except for any pecuniary interest from his limited liability company interests in Canaan LLC. The filing specifies that he did not participate in this particular investment decision due to a communications-screen policy.

What direct Liquidia (LQDA) holdings does Stephen M. Bloch report after these sales?

Separate from the fund’s stake, the filing lists 71,594 shares of Liquidia common stock held directly by Stephen M. Bloch as of the transaction date. This entry is marked as direct ownership, distinct from the larger indirect holdings through the Canaan entities.

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

The provided disclosure does not reference a Rule 10b5-1 trading plan. The footnotes instead focus on weighted average pricing details, the price ranges for the trades, and governance arrangements for investment and voting decisions within the Canaan entities.