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.
Positive
None.
Negative
None.
Key Figures
Shares Beneficially Owned:8,365,038 SharesPercent of Class:9.4%Sole Voting Power:0 Shares+5 more
8 metrics
Shares Beneficially Owned8,365,038 SharesCommon Stock of Liquidia Corporation reported as beneficially owned by the reporting persons
Percent of Class9.4%Percentage of Liquidia’s outstanding common stock represented by the reported holdings
Sole Voting Power0 SharesShares over which the reporting persons have sole power to vote
Shared Voting Power8,365,038 SharesShares over which the reporting persons have shared power to vote
Sole Dispositive Power0 SharesShares over which the reporting persons have sole power to dispose
Shared Dispositive Power8,365,038 SharesShares over which the reporting persons have shared power to dispose
CUSIP53635D202Identifier for Liquidia Corporation common stock
Schedule 13G/A Date Reference06/30/2026Date reference associated with the reported ownership information
"The Shares reported hereby as beneficially owned by the Reporting Persons"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared voting powerfinancial
"Shared Voting Power 8,365,038.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 8,365,038.00"
Schedule 13G/Aregulatory
"This statement is filed as a Schedule 13G/A (Amendment No. 3)"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Investment Managerfinancial
"Farallon Capital Management, L.L.C., a Delaware limited liability company (the "Investment Manager")"
Joint Acquisition Statementregulatory
"Exhibit 1. Joint Acquisition Statement Pursuant to Section 240.13d-1(k)"
How many Liquidia (LQDA) shares do the Farallon reporting persons beneficially own?
The reporting persons beneficially own 8,365,038 Shares of Liquidia common stock. These Shares are held through various investment partnerships collectively known as the Farallon Funds, for which Farallon Capital Management, L.L.C. serves as investment manager.
What percentage of Liquidia (LQDA) does Farallon report owning in this Schedule 13G/A?
Farallon and the other reporting persons report beneficial ownership of 9.4% of the outstanding class of Liquidia common stock. This percentage is based on the company’s outstanding Shares as reflected in the Schedule 13G/A (Amendment No. 3).
Who are the reporting persons in the Liquidia (LQDA) Schedule 13G/A Amendment No. 3?
The reporting persons include Farallon Capital Management, L.L.C. and fifteen individual managing or senior managing members such as Joshua J. Dapice and Hannah E. Dunn, all reporting with respect to Shares held by the Farallon Funds.
What voting and dispositive powers over Liquidia (LQDA) shares do the Farallon reporting persons have?
The reporting persons disclose 0 Shares with sole voting or dispositive power and 8,365,038 Shares with shared voting and shared dispositive power. Authority is exercised collectively over these Shares rather than individually.
Who is entitled to dividends and sale proceeds from the Farallon-held Liquidia (LQDA) shares?
The Farallon Funds have the right to receive dividends and proceeds from the sale of the Liquidia securities beneficially owned by the reporting persons. This economic interest is disclosed under the more-than-5-percent ownership item.
What class of Liquidia (LQDA) securities is covered by this Farallon Schedule 13G/A?
The filing covers Common Stock, par value $0.001 per share of Liquidia Corporation, referred to as the "Shares," identified by CUSIP 53635D202 in the Schedule 13G/A (Amendment No. 3).
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Liquidia Corporation
(Name of Issuer)
Common Stock, par value $0.001 per share (the "Shares")
(Title of Class of Securities)
53635D202
(CUSIP Number)
06/30/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital Management, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
IA, OO
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital Institutional Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital Institutional Partners II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital Institutional Partners III, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Four Crossings Institutional Partners V, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital Offshore Investors II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital (AM) Investors, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Capital F5 Master I, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Healthcare Partners Master, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Partners, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Institutional (GP) V, L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon F5 (GP), L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Farallon Healthcare Partners (GP), L.L.C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Dapice Joshua J.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Dreyfuss, Philip D.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Dunn Hannah E.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Gehani, Varun N.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Giauque, Nicolas
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
FRANCE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Husen, Avner A.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Kim, David T.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Linn, Michael G.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Luo Patrick (Cheng)
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Roberts, Jr., Thomas G.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Saito Edric C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Short Daniel S.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Spokes, Andrew J. M.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED KINGDOM
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Warren, John R.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
Wehrly, Mark C.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,365,038.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,365,038.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,365,038.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.4 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Liquidia Corporation
(b)
Address of issuer's principal executive offices:
419 Davis Drive, Suite 100, Morrisville, North Carolina 27560
Item 2.
(a)
Name of person filing:
This statement is filed by the entity and persons listed below, all of whom together are referred to herein as the "Reporting Persons."
(i) Farallon Capital Management, L.L.C., a Delaware limited liability company (the "Investment Manager"), which is the investment manager of certain investment partnerships and vehicles, including the Farallon Funds (as defined in Item 4), with respect to the Shares held by the Farallon Funds; and
(ii) The following persons, each of whom is a managing member or senior managing member, as the case may be, of the Investment Manager, with respect to the Shares held by the Farallon Funds: Joshua J. Dapice ("Dapice"); Philip D. Dreyfuss ("Dreyfuss"); Hannah E. Dunn ("Dunn"); Varun N. Gehani ("Gehani"); Nicolas Giauque ("Giauque"); Avner A. Husen ("Husen"); David T. Kim ("Kim"); Michael G. Linn ("Linn"); Patrick (Cheng) Luo ("Luo"); Thomas G. Roberts, Jr. ("Roberts"); Edric C. Saito ("Saito"); Daniel S. Short ("Short"); Andrew J. M. Spokes ("Spokes"); John R. Warren ("Warren"); and Mark C. Wehrly ("Wehrly").
Dapice, Dreyfuss, Dunn, Gehani, Giauque, Husen, Kim, Linn, Luo, Roberts, Saito, Short, Spokes, Warren and Wehrly are together referred to herein as the "Farallon Individual Reporting Persons."
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is c/o Farallon Capital Management, L.L.C., One Maritime Plaza, Suite 2100, San Francisco, California 94111.
(c)
Citizenship:
The jurisdiction of organization of the Investment Manager is set forth above. Each of the Farallon Individual Reporting Persons, other than Giauque, Luo and Spokes, is a citizen of the United States. Giauque is a citizen of France. Luo is a citizen of China. Spokes is a citizen of the United Kingdom.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share (the "Shares")
(e)
CUSIP No.:
53635D202
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
The Shares reported hereby as beneficially owned by the Reporting Persons are held directly by the following investment partnerships, of which the Investment Manager is the investment manager: (i) Farallon Capital Partners, L.P., a California limited partnership ("FCP"); (ii) Farallon Capital Institutional Partners, L.P., a California limited partnership ("FCIP"); (iii) Farallon Capital Institutional Partners II, L.P., a California limited partnership ("FCIP II"); (iv) Farallon Capital Institutional Partners III, L.P., a Delaware limited partnership ("FCIP III"); (v) Four Crossings Institutional Partners V, L.P., a Delaware limited partnership ("FCIP V"); (vi) Farallon Capital Offshore Investors II, L.P., a Cayman Islands exempted limited partnership ("FCOI II"); (vii) Farallon Capital (AM) Investors, L.P., a Delaware limited partnership ("FCAMI"); (viii) Farallon Capital F5 Master I, L.P., a Cayman Islands exempted limited partnership ("F5MI"); and (ix) Farallon Healthcare Partners Master, L.P., a Cayman Islands exempted limited partnership ("FHPM").
FCP, FCIP, FCIP II, FCIP III, FCIP V, FCOI II, FCAMI, F5MI and FHPM are together referred to herein as the "Farallon Funds."
(b)
Percent of class:
The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
(ii) Shared power to vote or to direct the vote:
The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Items 4(a) - (c) and set forth in Rows 5 through 11 of the cover page for each Reporting Person is incorporated herein by reference for each such Reporting Person.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Farallon Funds have the right to receive dividends from, and the proceeds from the sale of, the securities of the Issuer beneficially owned by the Reporting Persons.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Farallon Capital Management, L.L.C.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member
Date:
08/04/2026
Farallon Capital Partners, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member of its General Partner
Date:
08/04/2026
Farallon Capital Institutional Partners, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member of its General Partner
Date:
08/04/2026
Farallon Capital Institutional Partners II, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member of its General Partner
Date:
08/04/2026
Farallon Capital Institutional Partners III, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member of its General Partner
Date:
08/04/2026
Four Crossings Institutional Partners V, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Manager of its General Partner
Date:
08/04/2026
Farallon Capital Offshore Investors II, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member of its General Partner
Date:
08/04/2026
Farallon Capital (AM) Investors, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member of its General Partner
Date:
08/04/2026
Farallon Capital F5 Master I, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Manager of its General Partner
Date:
08/04/2026
Farallon Healthcare Partners Master, L.P.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Manager of its General Partner
Date:
08/04/2026
Farallon Partners, L.L.C.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Managing Member
Date:
08/04/2026
Farallon Institutional (GP) V, L.L.C.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Manager
Date:
08/04/2026
Farallon F5 (GP), L.L.C.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Manager
Date:
08/04/2026
Farallon Healthcare Partners (GP), L.L.C.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Manager
Date:
08/04/2026
Dapice Joshua J.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Dreyfuss, Philip D.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Dunn Hannah E.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Hannah E. Dunn
Date:
08/04/2026
Gehani, Varun N.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Giauque, Nicolas
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Husen, Avner A.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Kim, David T.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Linn, Michael G.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Luo Patrick (Cheng)
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Roberts, Jr., Thomas G.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Saito Edric C.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Short Daniel S.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Spokes, Andrew J. M.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Warren, John R.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Wehrly, Mark C.
Signature:
/s/ Hannah E. Dunn
Name/Title:
Attorney-In-Fact
Date:
08/04/2026
Exhibit Information
Exhibit 1. Joint Acquisition Statement Pursuant to Section 240.13d-1(k)
