Liquidia (LQDA) Director Stephen Bloch Sells 200,000 Shares

What Happened

• Stephen M. Bloch, a director of Liquidia Corp (LQDA), reported open-market sales totaling 200,000 shares on July 22–23, 2026, generating approximately $17,786,407 in gross proceeds. The filing lists five dispositions:
  • 37,406 shares on 2026-07-22 at a weighted avg price $87.70 — $3,280,566
  • 48,032 shares on 2026-07-22 at a weighted avg price $88.65 — $4,257,849
  • 14,562 shares on 2026-07-22 at a weighted avg price $89.24 — $1,299,549
  • 96,400 shares on 2026-07-23 at a weighted avg price $89.44 — $8,621,900
  • 3,600 shares on 2026-07-23 at a weighted avg price $90.71 — $326,543
• These were sales (S) — not purchases or option exercises — so they represent insider selling, which is routine but does not by itself indicate management view of the company.

Key Details

• Transaction dates: July 22–23, 2026 (report filed 2026-07-24).
• Total shares sold: 200,000; approximate total proceeds: $17.79 million.
• Reported prices are weighted averages; footnotes indicate the sales occurred in multiple executions at price ranges:
  • First block ranged $87.16–$88.155 (F1)
  • Second block ranged $88.16–$89.15 (F3)
  • Third block ranged $89.16–$89.42 (F4)
  • Fourth block ranged $89.00–$89.95 (F5)
  • Fifth block ranged $90.505–$90.90 (F6) The reporting person offers to provide full execution-level details upon request.
• Footnote re: Canaan entities (F2): some securities are held by Canaan VIII L.P.; Bloch disclaims beneficial ownership of those Canaan-held shares except to the extent of any pecuniary interest. He reportedly did not participate in Canaan’s investment decision due to a communications-screen policy.
• Shares owned after transaction: not specified in the provided summary of the filing.
• Filing timeliness: the Form 4 was filed within two days of the transactions (filed 7/24 for trades on 7/22–7/23), so it appears timely under Section 16 reporting rules.

Context

• These were open-market sales (code S) — common for insiders to monetize holdings for diversification, tax, or other personal reasons. Sales provide less direct signal about insider confidence than purchases do. The filing shows weighted-average prices with execution ranges; no 10b5-1 plan, option exercise, or tax-withholding event is indicated in the provided details.