Schedule 13G filing: Farallon Capital Management and affiliated funds (collectively the “Reporting Persons”) disclosed passive ownership of Liquidia Corporation (ticker LQDA) common stock as of 07 July 2025.
Key holdings
- Largest direct holder: Farallon Partners, L.L.C. – 6,619,847 shares, representing 7.7 % of outstanding shares.
- Aggregate shares attributed to individual managing members (Joshua J. Dapice et al.) – 6,832,472 shares, or ≈8 % of the class.
- Significant underlying funds include:
- Farallon Healthcare Partners Master, L.P. – 2,601,710 shares (3 %).
- Farallon Capital Offshore Investors II, L.P. – 1,739,892 shares (2 %).
- Farallon Capital Institutional Partners, L.P. – 717,814 shares (0.8 %).
- Farallon Capital Partners, L.P. – 785,702 shares (0.9 %).
Each fund reports 0 shares with sole voting/dispositive power; all voting and dispositive power is shared among the Farallon entities. The filing is made on Schedule 13G, indicating a passive investment intent rather than an activist position (which would require a Schedule 13D).
The Reporting Persons certify that the securities were “not acquired and are not held for the purpose of or with the effect of changing or influencing control” of Liquidia. No other material transactions, agreements, or intentions were disclosed.
Liquidia Corporation (NASDAQ:LQDA) filed a Form 8-K to disclose the receipt of an additional USD 50 million under the Sixth Amendment to its Revenue Interest Financing Agreement with HealthCare Royalty Partners IV, L.P. (HCR).
The funds became available after two key milestones satisfied the agreement’s “Funding Condition”:
- May 30 2025: The U.S. District Court for the Middle District of North Carolina denied United Therapeutics Corporation’s request for a preliminary injunction and temporary restraining order against Liquidia.
- June 2 2025: Liquidia completed its first commercial shipment of YUTREPIA™ (treprostinil inhalation powder) for treatment of PAH and PH-ILD.
The company now has access to a cumulative USD 100 million under the HCR facility (USD 50 million drawn in March plus the new USD 50 million). A further USD 25 million tranche remains available if: (1) YUTREPIA net sales exceed USD 100 million by June 30 2026 and (2) both parties mutually agree to fund.
No earnings data were provided, and the filing contains no new financial statements. The disclosure highlights strengthened liquidity to support YUTREPIA’s commercial rollout while acknowledging ongoing—but presently unsuccessful—litigation efforts by a competitor.
Insider Trading Alert: Liquidia Corp (LQDA) Director Raman Singh received 18,396 Restricted Stock Units (RSUs) on June 17, 2025. The RSUs were granted at $0 cost and convert to common stock on a one-for-one basis.
Key Details:
- Following the transaction, Singh directly owns 38,755 shares
- The RSUs vest at the earlier of: one-year anniversary of grant date or day before next annual shareholder meeting
- Transaction was reported via Form 4 filing on June 28, 2025
- Filing location: 419 Davis Drive, Suite 100, Morrisville, NC
This equity grant appears to be part of standard director compensation arrangements. The transaction increases Singh's alignment with shareholder interests through expanded equity ownership in the company.
Director Katherine Rielly-Gauvin of Liquidia Corp (LQDA) reported the acquisition of 18,396 restricted stock units (RSUs) on June 17, 2025. The RSUs were granted at $0 cost and convert to common stock on a one-for-one basis.
Key details of the transaction:
- Following the transaction, Rielly-Gauvin directly owns 38,755 shares
- The RSUs vest at the earlier of: - One-year anniversary of grant date - Day before next annual shareholder meeting
- Transaction was reported within the required filing deadline
This equity grant appears to be part of the company's director compensation program, representing a standard annual stock award to align the director's interests with shareholders.