Bloch Stephen M 4
4 · Liquidia Corp · Filed Jun 12, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) Director Stephen Bloch Sells $26.6M in Shares
What Happened
- Stephen M. Bloch, a director of Liquidia Corp (LQDA), sold a total of 388,223 shares in open‑market transactions on June 10–11, 2026. The reported proceeds totaled approximately $26,634,789. All transactions are reported as sales (code "S").
- Reported weighted‑average prices for the lots ranged from about $64.48 to $72.41 (execution prices across trades spanned roughly $64.00 to $72.48). Sales of this type are dispositions (liquidity/diversification) rather than purchases.
Key Details
- Transaction dates and reported lots:
- 2026-06-10: 14,416 shares @ $64.48 — $929,554 (prices in this lot ranged $64.00–$64.995; F1)
- 2026-06-10: 103,301 shares @ $65.54 — $6,770,585 (range $65.00–$65.995; F3)
- 2026-06-10: 28,237 shares @ $66.30 — $1,872,206 (range $66.00–$66.68; F4)
- 2026-06-11: 1,476 shares @ $66.40 — $98,000 (range $66.35–$66.91; F5)
- 2026-06-11: 17,369 shares @ $67.90 — $1,179,414 (range $67.35–$68.335; F6)
- 2026-06-11: 25,117 shares @ $68.91 — $1,730,720 (range $68.35–$69.3425; F7)
- 2026-06-11: 85,285 shares @ $69.87 — $5,959,204 (range $69.35–$70.34; F8)
- 2026-06-11: 20,208 shares @ $71.07 — $1,436,124 (range $70.35–$71.34; F9)
- 2026-06-11: 92,128 shares @ $71.74 — $6,609,309 (range $71.35–$72.34; F10)
- 2026-06-11: 686 shares @ $72.41 — $49,673 (range $72.36–$72.48; F11)
- Total sold: 388,223 shares for ~$26.63M.
- Shares owned after transaction: Not specified in the excerpt provided (see the full Form 4 for post‑sale holdings).
- Notable footnotes: Prices are reported as weighted averages across multiple executions; the filer offers to provide a breakdown of shares sold at each specific price on request. A separate footnote (F2) appears in the filing concerning securities held by Canaan Entities and a disclaimer of beneficial ownership — see the Form 4 text for applicability.
- Filing timeliness: Form 4 filed on 2026-06-12 for trades on 2026-06-10–11 — appears timely (filed within the Form 4 reporting window).
Context
- These were open‑market sales (not option exercises or awards). Sales by insiders can reflect personal liquidity or portfolio rebalancing and are not, by themselves, proof of a change in view on the company; purchases generally carry more weight as signals. For full details, see the Form 4 (Accession 0001104659-26-073507) filed with the SEC on 2026-06-12.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
Bloch Stephen M
Director
Transactions
- Sale
Common Stock
[F1][F2]2026-06-10$64.48/sh−14,416$929,554→ 1,549,991 total(indirect: See footnote) - Sale
Common Stock
[F3][F2]2026-06-10$65.54/sh−103,301$6,770,585→ 1,446,690 total(indirect: See footnote) - Sale
Common Stock
[F4][F2]2026-06-10$66.30/sh−28,237$1,872,206→ 1,418,453 total(indirect: See footnote) - Sale
Common Stock
[F5][F2]2026-06-11$66.40/sh−1,476$98,000→ 1,416,977 total(indirect: See footnote) - Sale
Common Stock
[F6][F2]2026-06-11$67.90/sh−17,369$1,179,414→ 1,399,608 total(indirect: See footnote) - Sale
Common Stock
[F7][F2]2026-06-11$68.91/sh−25,117$1,730,720→ 1,374,491 total(indirect: See footnote) - Sale
Common Stock
[F8][F2]2026-06-11$69.87/sh−85,285$5,959,204→ 1,289,206 total(indirect: See footnote) - Sale
Common Stock
[F9][F2]2026-06-11$71.07/sh−20,208$1,436,124→ 1,268,998 total(indirect: See footnote) - Sale
Common Stock
[F10][F2]2026-06-11$71.74/sh−92,128$6,609,309→ 1,176,870 total(indirect: See footnote) - Sale
Common Stock
[F11][F2]2026-06-11$72.41/sh−686$49,673→ 1,176,184 total(indirect: See footnote)
Holdings
- 65,712
Common Stock
Footnotes (11)
- [F1]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $64.00 to $64.995, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F2]The securities are held directly by Canaan VIII L.P. ("Canaan LP"). Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities") is the sole general partner of Canaan LP. Investment and voting decisions with respect to the securities held by Canaan LP are made by the managers of Canaan LLC, collectively. The Reporting Person disclaims beneficial ownership of the securities held by the Canaan Entities, except to the extent of his pecuniary interest, if any, in such securities by virtue of the limited liability company interests he owns in Canaan LLC. The Canaan Entities have instituted a communications-screen policy with respect to securities matters relating to the Issuer, and the Reporting Person did not participate in this investment decision.
- [F3]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $65.00 to $65.995, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F4]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $66.00 to $66.68, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F5]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $66.35 to $66.91, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F6]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $67.35 to $68.335, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F7]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $68.35 to $69.3425, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F8]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $69.35 to $70.34, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F9]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $70.35 to $71.34, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F10]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $71.35 to $72.34, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
- [F11]The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $72.36 to $72.48, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range.
Signature
/s/ Dr. Stephen M. Bloch|2026-06-12