Caligan Partners LP 4

What Happened
Caligan Partners LP, a reported 10% owner of Liquidia Corp (ticker: LQDA), executed a same-day sale and purchase of 5,300 shares on 2026-05-19. The sale was 5,300 shares at $59.98 for proceeds of $317,894, and the purchase was 5,300 shares at $59.98 for $317,894. According to the filing, this represents a transaction between Caligan-managed funds/accounts rather than a net economic buy or sell.

Key Details

• Transaction date: 2026-05-19; Price per share: $59.98.
• Sale: 5,300 shares disposed for $317,894. Purchase: 5,300 shares acquired for $317,894.
• Shares owned after transaction: not specified in the excerpt of the filing provided.
• Filing date: 2026-05-20 (covers 2026-05-19 transactions) — appears to be timely.
• Notable footnotes:
  • F1: Securities are held by funds and managed accounts for which Caligan is investment manager; David Johnson is Managing Partner of Caligan.
  • F2: The reported sale/purchase represents a transaction between the Caligan Funds.
  • F3: Mr. Johnson is deemed to hold these securities for the benefit of the Caligan Funds and Accounts.

Context
This was an intra-fund transfer by a 10% institutional holder, not an executive selling personal shares. While purchases by insiders can be a bullish signal, this specific pair of sale and repurchase appears to be an internal reallocation between Caligan-managed funds/accounts and does not change the firm’s net position in Liquidia based on the information provided.