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Liquidia Corp investor Paul B. Manning and affiliated entities report updated beneficial ownership of the company’s common stock in Amendment No. 5. Mr. Manning has sole voting and dispositive power over 4,946,771 shares and shared voting and dispositive power over 914,724 shares, representing 6.5% of the common stock. PD Joint Holdings, LLC, Series 2016-A holds 198,413 shares (0.2%), and BKB Growth Investments, LLC holds 716,311 shares (0.8%). Percentages are based on 89,508,891 shares outstanding as of July 29, 2026.
Liquidia Corporation reported a sharp turnaround for the three and six months ended June 30, 2026, driven by commercialization of YUTREPIA and profit-sharing on treprostinil injection. Total revenue was $171.7 million for the quarter and $304.5 million for the first half of 2026, up from $8.8 million and $12.0 million in the prior-year periods. Net income was $74.7 million for the quarter and $127.6 million year-to-date, compared with net losses of $41.6 million and $79.9 million a year earlier.
Cash and cash equivalents were $284.2 million and total assets $521.9 million as of June 30, 2026, against total liabilities of $326.8 million, including $176.1 million of long-term debt under a revenue interest financing agreement that carries fixed payments and a minimum cash covenant of $15.0 million. Inventory and property, plant and equipment increased as the company scaled manufacturing. Management notes an accumulated deficit of $498.7 million but believes existing cash will cover obligations and covenants for at least the next twelve months while continuing YUTREPIA commercialization and L606 development, subject to execution and legal and regulatory risks.
Liquidia Corporation reported a strong turnaround for the quarter ended June 30, 2026, driven by the commercial launch of YUTREPIA. Total revenue was $171.7 million, up sharply from $8.8 million a year earlier, primarily from YUTREPIA product sales.
The company generated net income of $74.7 million and non-GAAP Adjusted EBITDA of $96.3 million, marking a fourth consecutive quarter of increasing profitability. Cash and cash equivalents rose to $284.2 million as of June 30, 2026, compared with $190.7 million at December 31, 2025, while total stockholders’ equity increased to $195.1 million.
Research and development expenses grew to $17.2 million, reflecting higher investment in the L606 program and YUTREPIA-related activities, and selling, general and administrative expenses increased to $57.4 million to support commercialization. The company notes that maintaining YUTREPIA’s approval and ongoing commercialization remains subject to patent litigation in which an opposing party is seeking injunctive relief that could halt sales.
Liquidia Corporation’s common stock is held by a group of investment funds managed by Farallon Capital Management, L.L.C., which together report beneficial ownership of 8,365,038 Shares of Liquidia common stock. This position represents 9.4% of the outstanding class as reflected in the Schedule 13G/A (Amendment No. 3).
The reporting structure is that the Shares are held directly by a set of investment partnerships collectively referred to as the Farallon Funds, while Farallon Capital Management, L.L.C. and fifteen individual managing or senior managing members are reporting persons. For these Shares, the reporting persons disclose shared voting power and shared dispositive power over 8,365,038 Shares and no sole voting or dispositive power. The Farallon Funds have the right to receive dividends and proceeds from any sale of these securities.
Liquidia Corp Chief Accounting Officer Dana Boyle reported selling 1,600 shares of common stock on July 27, 2026 at $87.53 per share. The sale was effected under a Rule 10b5-1 trading plan adopted on December 15, 2023 and was used to cover taxes from RSUs initially granted on January 25, 2023. After this transaction, Boyle directly holds 167,919 shares, including multiple blocks of unvested RSUs and 3,964 shares acquired through the company’s 2020 Employee Stock Purchase Plan.
Liquidia Corp Chief Business Officer Jason Adair reported selling 688 shares of common stock on July 27, 2026 at $87.53 per share. The sale was effected pursuant to a Rule 10b5-1 plan adopted on December 15, 2023 to cover taxes associated with the settlement of previously granted RSUs. Following this transaction, Adair holds 216,438 shares, including several blocks of unvested RSUs from grants in 2023, 2024 and 2025, plus 27,683 RSUs granted in 2026 and 12,023 shares acquired under the 2020 Employee Stock Purchase Plan.
Liquidia Corp director Stephen M. Bloch reported indirect open-market sales totaling 200,000 shares of common stock on July 22–23, 2026. The shares were sold by Canaan VIII L.P. in multiple trades at weighted average prices, with trade-price ranges from $87.16 to $90.90 per share.
According to the disclosure, investment and voting decisions for these securities are made collectively by the managers of Canaan Partners VIII LLC. Bloch disclaims beneficial ownership except for any pecuniary interest through his limited liability company interests and did not participate in this investment decision under a communications-screen policy. He continues to hold 71,594 Liquidia shares directly as of July 22, 2026.
Canaan VIII L.P., an investment fund associated with Liquidia Corp director Stephen M. Bloch, reported open-market sales totaling 78,596 shares of Liquidia common stock on July 20–21, 2026, at weighted-average prices around $79.55–$80.66. A separate entry shows Bloch directly holding 71,594 shares of common stock. Footnotes state the fund’s managers collectively make investment decisions, and Bloch disclaims beneficial ownership beyond any pecuniary interest.
Liquidia Corp Chief Human Resource Officer Sarah Krepp exercised 3,179 performance stock units on July 10, 2026, converting them into an equal number of common shares. On July 13, she executed open-market sales totaling 7,864 common shares at about $71.40–$71.50 per share, leaving 117,178 shares owned directly.
The sales were carried out under a Rule 10b5-1 plan adopted in December 2023 and were used to cover taxes tied to the settlement of earlier RSU and PSU grants. Krepp also retains multiple unvested RSU and PSU awards scheduled to vest over several years.
Liquidia Corp Chief Development Officer Sanjeev Khindri reported open-market sales of 1,185 shares of common stock on July 13, 2026, in two trades at $71.52 and $71.39 per share. The transactions were effected under a Rule 10b5-1 plan and to cover taxes from the settlement of restricted stock units granted on February 10, 2025. He continues to hold unvested equity awards, including 25,432 unvested RSUs from a 36,992-unit 2025 grant and 34,274 RSUs granted on January 16, 2026.