LQDA Form 4: Director Paul Manning Sells Large Blocks of Stock
Rhea-AI Filing Summary
Paul B. Manning, a director of Liquidia Corp (LQDA), reported multiple sales of Common Stock in late August and early September 2025. The Form 4 shows sales on 08/28/2025 (154,337 shares at a weighted average $27.94), 08/29/2025 (188,232 shares at $27.62 weighted average), and two sales on 09/02/2025 (254,038 shares at $28.67 weighted average and 74,230 shares at $29.14 weighted average). The filing lists several holdings held indirectly through trusts and entities (including PBM 2024 GRAT, PBM 2000 Trust, BKB Growth Investments, PBM Capital Finance, and PD Joint Holdings) and notes 3,131,794 shares disposed of in total on one line and various indirect ownership amounts disclosed in footnotes.
Positive
- None.
Negative
- Material insider dispositions: Multiple large sales totaling several hundred thousand shares on 08/28/2025, 08/29/2025 and 09/02/2025 are reported.
- Reduction in direct ownership: Reported disposals include 154,337; 188,232; 254,038; and 74,230 shares on listed dates, reducing direct holdings.
- No stated 10b5-1 plan indication for these transactions: The filing does not check the box indicating the transactions were made pursuant to a Rule 10b5-1 trading plan.
Insights
TL;DR: Director Paul Manning sold large blocks of LQDA shares across several dates, reducing his direct holdings while retaining indirect positions.
The Form 4 documents material insider sales: 154,337 shares sold on 08/28/2025 at a weighted average $27.94, 188,232 shares on 08/29/2025 at $27.62 weighted average, and combined 328,268 shares on 09/02/2025 at weighted averages of $28.67 and $29.14. The filing clarifies substantial indirect holdings remain via multiple trusts and entities where Manning has voting or investment power. From a market-impact perspective, the sales are explicit and significant in size but the filing does not state the reasons for the dispositions, any planned schedule, or any Rule 10b5-1 plan invocation for these specific transactions.
TL;DR: Multiple disclosed sales by a director are significant for transparency; the filing documents ownership through trusts and managed entities.
The disclosure properly identifies the reporting person as a director and provides detailed footnotes on indirect ownership structures: PBM 2024 GRAT (trustee with sole power), PBM 2000 Trust (trustee with sole power), BKB and PD entities (shared power via Tiger Lily Capital), and PBM Capital Finance (manager/owner). The Form 4 includes weighted-average price ranges for the transactions and a signature dated 09/02/2025, meeting Form 4 reporting requirements. The filing does not include an explicit affirmative-defense 10b5-1 box checked for the reported transactions.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 254,038 | $28.67 | $7.28M |
| Sale | Common Stock | 74,230 | $29.14 | $2.16M |
| Sale | Common Stock | 188,232 | $27.62 | $5.20M |
| Sale | Common Stock | 154,337 | $27.94 | $4.31M |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (1)
- The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.50 to $28.34 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 ranges set forth in footnotes (1), (3), (4) and (5). The shares are held directly by the PBM 2024 Grantor Retained Annuity Trust (the "PBM 2024 GRAT"). The Reporting Person is the trustee of the PBM 2024 GRAT and has sole voting and investment power with respect to the shares held by the PBM 2024 GRAT. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.50 to $27.77 inclusive. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.08 to $29.065 inclusive. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $29.07 to $29.25 inclusive. The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB. The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM. The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD. The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust. The shares are held by Reporting Person jointly with his spouse.
