Bloch Stephen M 4

What Happened

• Stephen M. Bloch, a director of Liquidia Corp (LQDA), sold a total of 196,111 shares in open-market transactions on June 12 and June 15, 2026, generating approximately $14.01 million in gross proceeds. The four reported disposals:
  • 97,954 shares at a weighted-average price of $71.37 — $6,991,232 (6/12/2026) (price range reported: $71.00–$71.995)
  • 13,095 shares at $72.15 — $944,862 (6/12/2026) (price range reported: $72.00–$72.415)
  • 82,740 shares at $71.42 — $5,909,125 (6/15/2026) (price range reported: $71.00–$71.93)
  • 2,322 shares at $72.08 — $167,361 (6/15/2026) (price range reported: $72.03–$72.16)

Key Details

• Transaction type: Sales (open-market disposals), Code S.
• Transaction dates: June 12, 2026 and June 15, 2026. Form 4 filed June 16, 2026.
• Total shares sold: 196,111; total proceeds: ~$14,012,580.
• Shares owned after the transaction: Not provided in the materials supplied.
• Notable footnotes:
  • Several prices are reported as weighted averages (sale prices were executed in multiple trades across small price ranges; the filer will provide breakdowns on request) (F1, F3, F4, F5).
  • Footnote indicates certain securities are held directly by Canaan VIII L.P.; Bloch disclaims beneficial ownership of securities held by the Canaan entities except to the extent of any pecuniary interest, and states he did not participate in that investment decision (F2).
• No indication in the supplied data of option exercises, awards, gifts, or tax-withholding related to these trades.

Context

• These are outright sales (not purchases or option exercises). Sales by insiders can be routine (diversification, tax planning, transfers) and do not by themselves confirm management’s view of company prospects. Purchases are generally considered a stronger signal of insider confidence; these filings simply document reported disposals and related details.