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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.
Key Figures
Mr. Manning beneficial ownership:6.5 %Shares outstanding:89,508,891 sharesManning sole voting/dispositive power:4,946,771 shares+4 more
7 metrics
Mr. Manning beneficial ownership6.5 %Percent of Liquidia common stock Mr. Manning may be deemed to beneficially own
Shares outstanding89,508,891 sharesLiquidia common shares outstanding as of July 29, 2026
Manning sole voting/dispositive power4,946,771 sharesShares over which Mr. Manning has sole voting and dispositive power
Manning shared voting/dispositive power914,724 sharesShares over which Mr. Manning has shared voting and dispositive power
PD Joint Holdings stake198,413 shares (0.2%)Shares and percent of class held by PD Joint Holdings, LLC Series 2016-A
BKB Growth Investments stake716,311 shares (0.8%)Shares and percent of class held by BKB Growth Investments, LLC
Options exercisable for Manning111,385 sharesShares issuable upon exercise of stock options within 60 days of June 30, 2026
Key Terms
beneficially own, sole voting power, shared dispositive power, JTWROS, +1 more
5 terms
beneficially ownfinancial
"Mr. Manning may be deemed to beneficially own 6.5%."
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
sole voting powerfinancial
"Sole Voting Power 4,946,771.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
shared dispositive powerfinancial
"Shared Dispositive Power 914,724.00"
JTWROSfinancial
"3,131,794 shares ... held by Paul and Diane Manning, JTWROS"
Revocable Trustfinancial
"1,229,163 shares ... held by Paul B. Manning Revocable Trust"
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What percentage of Liquidia Corp (LQDA) does Paul B. Manning beneficially own?
Paul B. Manning may be deemed to beneficially own 6.5% of Liquidia Corp’s common stock, based on 89,508,891 shares outstanding as of July 29, 2026, as reported in the company’s Form 10-Q.
How many Liquidia Corp (LQDA) shares does Paul B. Manning control?
Paul B. Manning has sole power over 4,946,771 shares and shared power over 914,724 shares of Liquidia Corp common stock, covering both voting and dispositive rights as disclosed in the ownership report.
What are the holdings of PD Joint Holdings, LLC Series 2016-A in Liquidia Corp (LQDA)?
PD Joint Holdings, LLC Series 2016-A holds 198,413 shares of Liquidia Corp common stock, representing 0.2% of the class, with shared voting and shared dispositive power over all of those shares as reported.
What are the holdings of BKB Growth Investments, LLC in Liquidia Corp (LQDA)?
BKB Growth Investments, LLC holds 716,311 shares of Liquidia Corp common stock, representing 0.8% of the class, and has shared voting and shared dispositive power over all of those shares according to the filing.
How is Paul B. Manning’s beneficial ownership in Liquidia Corp (LQDA) structured?
Mr. Manning’s holdings include 38,755 directly held shares, 3,131,794 JTWROS with Diane Manning, 435,674 via PBM Capital Finance, LLC, 1,229,163 via a revocable trust, and 111,385 shares issuable from options exercisable within 60 days.
What share count was used to calculate ownership percentages for Liquidia Corp (LQDA)?
All reported ownership percentages are calculated using 89,508,891 outstanding shares of Liquidia Corp common stock as of July 29, 2026, a figure taken from the company’s Form 10-Q filed on August 12, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
LIQUIDIA CORP
(Name of Issuer)
Common Stock, $0.001 par value per share
(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
Paul B Manning
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
4,946,771.00
6
Shared Voting Power
914,724.00
7
Sole Dispositive Power
4,946,771.00
8
Shared Dispositive Power
914,724.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,946,771.00
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)
6.5 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
PD Joint Holdings, LLC Series 2016-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
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
198,413.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
198,413.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
198,413.00
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)
0.2 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
53635D202
1
Names of Reporting Persons
BKB Growth Investments, LLC
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
716,311.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
716,311.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
716,311.00
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)
0.8 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
LIQUIDIA CORP
(b)
Address of issuer's principal executive offices:
419 DAVIS DRIVE, SUITE 100, MORRISVILLE, NC, 27560.
Item 2.
(a)
Name of person filing:
Paul B. Manning
PD Joint Holdings, LLC, Series 2016-A
BKB Growth Investments, LLC
(b)
Address or principal business office or, if none, residence:
c/o PBM Capital Group, LLC
200 Garrett Street, Suite S
Charlottesville, VA 22902
(c)
Citizenship:
Paul B. Manning is a United States Citizen.
PD Joint Holdings, LLC, Series 2016-A is a Delaware limited liability company.
BKB Growth Investments, LLC is a Delaware limited liability company.
(d)
Title of class of securities:
Common Stock, $0.001 par value per share
(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:
Mr. Manning's holdings consist of (i) 38,755 shares of the Issuer's common stock held by Mr. Manning, (ii) 3,131,794 shares of the Issuer's common stock held by Paul and Diane Manning, JTWROS, (iii) 435,674 shares of the Issuer's common stock held by PBM Capital Finance, LLC, (iv) 1,229,163 shares of the Issuer's common stock held by Paul B. Manning Revocable Trust and (v) 111,385 shares of common stock issuable upon the exercise of stock options within 60 days of June 30, 2026.
PD Joint Holdings, LLC, Series 2016-A holds 198,413 shares of the Issuer's common stock.
BKB Growth Investments, LLC holds 716,311 shares of the Issuer's common stock.
(b)
Percent of class:
Mr. Manning may be deemed to beneficially own 6.5%.
PD Joint Holdings, LLC, Series 2016-A may be deemed to beneficially own 0.2%.
BKB Growth Investments, LLC may be deemed to beneficially own 0.8%.
The percentages are calculated based upon 89,508,891 outstanding shares of Common Stock of the Issuer as of July 29, 2026, as reported in the Issuer's 10-Q, filed with the Securities and Exchange Commission on August 12, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Mr. Manning has the sole power to direct the vote or direct the vote of 4,946,771 shares of the Issuer's common stock.
(ii) Shared power to vote or to direct the vote:
Mr. Manning shares power to vote or direct the vote 914,724 shares of the Issuer's common stock.
PD Joint Holdings, LLC, Series 2016-A shares power to vote or direct the vote 198,413 shares of the Issuer's common stock.
BKB Growth Investments, LLC shares power to vote or direct the vote 716,311 shares of the Issuer's common stock.
(iii) Sole power to dispose or to direct the disposition of:
Mr. Manning has the sole power to dispose or to direct the disposition of 4,946,771 shares of the Issuer's common stock.
(iv) Shared power to dispose or to direct the disposition of:
Mr. Manning shares power to dispose or to direct the disposition 914,724 shares of the Issuer's common stock.
PD Joint Holdings, LLC, Series 2016-A shares power to dispose or to direct the disposition 198,413 shares of the Issuer's common stock.
BKB Growth Investments, LLC shares power to dispose or to direct the disposition 716,311 shares of the Issuer's common stock.
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.
Not Applicable
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:
Not Applicable
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.
Paul B Manning
Signature:
/s/ Paul B. Manning
Name/Title:
Paul B. Manning
Date:
08/14/2026
PD Joint Holdings, LLC Series 2016-A
Signature:
/s/ Paul B. Manning and /s/ Bradford Manning
Name/Title:
By: Tiger Lily Capital, LLC, its Manager, By: Paul B. Manning, Manager and Bradford Manning, Manager
Date:
08/14/2026
BKB Growth Investments, LLC
Signature:
/s/ Paul B. Manning and /s/ Bradford Manning
Name/Title:
By: Tiger Lily Capital, LLC, its manager, By: Paul B. Manning, Manager and Bradford Manning, Manager
Date:
08/14/2026
Exhibit Information
Joint Filing Agreement (Incorporated by reference to Exhibit A to the Schedule 13G/A, filed with the Securities and Exchange Commission on February 14, 2022)
