Venture fund tied to Liquidia (LQDA) trims 70K shares

Rhea-AI Filing Summary

Canaan VIII, L.P., an investment fund associated with Liquidia director Stephen M. Bloch, sold 70,234 shares of Liquidia common stock in open-market transactions. The sales occurred on March 26–27 at weighted average prices ranging from about $35 to $37 per share across several trades.

After these sales, entities tied to the fund reported holding 2,188,935 shares indirectly, while Bloch also reported 65,712 shares held directly. Bloch disclaims beneficial ownership of the fund-held shares except for his pecuniary interest and did not participate in the investment decision due to a communications-screen policy.

Insider Trade Summary

Net Seller: 70,234 shares ($2,533,766)

Net Sell 5 txns

Insider Bloch Stephen M

Role Director

Sold 70,234 shs ($2.53M)

Type	Security	Shares	Price	Value
Sale	Common Stock	30,401	$35.4214	$1.08M
Sale	Common Stock	30,176	$36.3758	$1.10M
Sale	Common Stock	1,973	$37.1303	$73K
Sale	Common Stock	7,684	$37.2183	$286K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 2,221,084 shares (Indirect, See footnote); Common Stock — 65,712 shares (Direct)

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 $37.005 to $37.62, 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 shares are held directly by Canaan VIII, L.P. ("Canaan LP") and reflect a reduction for shares previously distributed, for no consideration, pro rata to the partners of Canaan LP and the members of its general partner, Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities"), including the Reporting Person, representing each such person's proportional interest in the shares held by Canaan LP. Such distributions were made in accordance with the exemptions afforded by Rule 16a-9 and Rule 16a-13 under the Securities Exchange Act of 1934. Canaan LLC 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 $35.065 to $36.04, 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 $36.06 to $37.035, 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 $37.08 to $37.20, 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. Includes 26,957 shares received in distributions described in footnote (2) above.

Key Figures

Total shares sold: 70,234 shares First tranche price: $35.4214 per share Second tranche price: $36.3758 per share +4 more

7 metrics

Total shares sold 70,234 shares Net open-market sales reported for March 26–27

First tranche price $35.4214 per share 30,401-share open-market sale on March 27

Second tranche price $36.3758 per share 30,176-share open-market sale on March 27

Third tranche price $37.1303 per share 1,973-share open-market sale on March 27

Fourth tranche price $37.2183 per share 7,684-share open-market sale on March 26

Indirect holdings after trades 2,188,935 shares Indirectly held through Canaan VIII, L.P. after sales

Direct holdings after trades 65,712 shares Shares reported as held directly after March 26 entry

Key Terms

open-market sale, weighted average price, beneficial ownership, pecuniary interest, +1 more

5 terms

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.

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"

Form 4 Insider Transactions: What Each Field Means →

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)
03/26/2026

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	03/26/2026		S		7,684	D	$37.2183(1)	2,251,485(2)	I	See footnote(3)
Common Stock	03/27/2026		S		30,401	D	$35.4214(4)	2,221,084	I	See footnote(3)
Common Stock	03/27/2026		S		30,176	D	$36.3758(5)	2,190,908	I	See footnote(3)
Common Stock	03/27/2026		S		1,973	D	$37.1303(6)	2,188,935	I	See footnote(3)
Common Stock								65,712(7)	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 $37.005 to $37.62, 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 shares are held directly by Canaan VIII, L.P. ("Canaan LP") and reflect a reduction for shares previously distributed, for no consideration, pro rata to the partners of Canaan LP and the members of its general partner, Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities"), including the Reporting Person, representing each such person's proportional interest in the shares held by Canaan LP. Such distributions were made in accordance with the exemptions afforded by Rule 16a-9 and Rule 16a-13 under the Securities Exchange Act of 1934.

3. Canaan LLC 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.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $35.065 to $36.04, 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 $36.06 to $37.035, 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 $37.08 to $37.20, 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. Includes 26,957 shares received in distributions described in footnote (2) above.

	/s/ Dr. Stephen M. Bloch	03/30/2026
	** 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

What did the latest Form 4 for Liquidia Corp (LQDA) report?

The Form 4 reported open-market sales of Liquidia common stock by an investment fund linked to director Stephen M. Bloch. Canaan VIII, L.P. sold 70,234 shares over March 26–27 at weighted average prices between roughly $35 and $37 per share.

How many Liquidia (LQDA) shares were sold in this insider transaction?

The filing shows total sales of 70,234 Liquidia common shares. These were split across four open-market transactions, with trade sizes of 30,401 shares, 30,176 shares, 1,973 shares, and 7,684 shares, each at different weighted average prices.

At what prices were the Liquidia (LQDA) shares sold in the Form 4?

The reported weighted average sale prices ranged from about $35 to $37 per share. Individual transactions were priced at $35.4214, $36.3758, $37.1303, and $37.2183, each representing averages of multiple trades within narrower intraday price ranges.

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

The shares were sold by Canaan VIII, L.P., a fund managed by Canaan Partners VIII LLC. The filing explains that investment and voting decisions are made collectively by Canaan LLC’s managers, and Bloch disclaims beneficial ownership beyond his pecuniary interest.

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

After the reported sales, 2,188,935 shares were shown as held indirectly through the fund, and 65,712 shares were held directly. These figures indicate a substantial remaining position associated with entities linked to director Stephen M. Bloch.

Did Stephen Bloch personally decide to sell the Liquidia (LQDA) shares?

The filing states that Bloch did not participate in this investment decision. Canaan entities use a communications-screen policy for securities matters involving Liquidia, and he disclaims beneficial ownership of the fund’s shares except for any pecuniary interest.