Manning Paul B 4
4 · Liquidia Corp · Filed Jun 8, 2026
Research Summary
AI-generated summary of this filing
Liquidia (LQDA) Director Paul B. Manning Sells Shares
What Happened
- Paul B. Manning, a director of Liquidia Corp (LQDA), sold a total of 200,000 shares in multiple open‑market transactions on June 4, 2026, for aggregate proceeds of approximately $12,782,059 (weighted average ≈ $63.91/share). The individual transactions reported:
- 11,513 shares at $63.13 — $726,816
- 88,487 shares at $64.28 — $5,687,944
- 19,125 shares at $62.62 — $1,197,608
- 68,265 shares at $63.83 — $4,357,355
- 12,610 shares at $64.42 — $812,336
- All reported transactions are sales (code “S”). Sales are often routine and do not necessarily indicate a change in insider sentiment; purchases tend to be more informative about confidence.
Key Details
- Transaction date: 2026-06-04; Form 4 filed: 2026-06-08 (filed on the second business day after the trades, appearing timely).
- Prices: per-trade prices above; overall weighted average ≈ $63.91/share. Several line items include footnotes noting the reported price is a weighted average of multiple trade prices within a range (see below).
- Shares owned after transaction: not provided in the materials you supplied (check the full Form 4 for post‑transaction holdings).
- Notable footnotes (summary):
- Some shares sold were held by entities/trusts managed or controlled by Manning (e.g., PD Joint Holdings, BKB Growth Investments, PBM Capital Finance, and the Paul B. Manning Revocable Trust).
- Manning is listed as co-manager or manager of several entities (shared or sole voting/investment power as specified).
- Several footnotes state the reported price is a weighted average and that Manning will provide per‑trade price details on request to the issuer, shareholders, or the SEC staff.
- Filing timeliness: Filed 6/8 for 6/4 trades; this meets the 2-business‑day Form 4 filing requirement and appears timely.
Context
- These were straightforward open‑market sales (code S). No options exercises, awards, or gifts are reported in this filing.
- Because multiple holdings (trusts and managed entities) are involved, these sales may reflect portfolio or entity-level liquidity needs rather than a personal sale from a single brokerage account.
- For investors: insider sales alone are not conclusive evidence of company prospects. If you want exact per-trade prices within the weighted-average ranges, the footnotes say Manning will provide those details on request.
Insider Transaction Report
Form 4
Liquidia CorpLQDA
Manning Paul B
Director
Transactions
- Sale
Common Stock
[F1][F2]2026-06-04$63.13/sh−11,513$726,816→ 804,798 total(indirect: See footnote) - Sale
Common Stock
[F3][F2]2026-06-04$64.28/sh−88,487$5,687,944→ 716,311 total(indirect: See footnote) - Sale
Common Stock
[F4][F5]2026-06-04$62.62/sh−19,125$1,197,608→ 879,210 total(indirect: See footnote) - Sale
Common Stock
[F6][F5]2026-06-04$63.83/sh−68,265$4,357,355→ 810,945 total(indirect: See footnote) - Sale
Common Stock
[F7][F5]2026-06-04$64.42/sh−12,610$812,336→ 798,335 total(indirect: See footnote)
Holdings
- 469,583
Common Stock
- 3,131,794
Common Stock
[F8] - 435,674(indirect: See footnote)
Common Stock
[F9] - 198,413(indirect: See footnote)
Common Stock
[F10]
Footnotes (10)
- [F1]The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $63.00 to $63.365 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 set forth in this footnote.
- [F10]The securities are held by PD Joint Holdings, LLC Series 2016-A ("PD"). The Reporting Person is a co-manager of Tiger Lily, the manager of PD, and has shared voting and investment power with respect to the shares held by PD.
- [F2]The securities are held by BKB Growth Investments, LLC ("BKB"). The Reporting Person is a co-manager of Tiger Lily Capital, LLC ("Tiger Lily"), the manager of BKB, and has shared voting and investment power with respect to the shares held by BKB.
- [F3]The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $64.00 to $64.61 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 set forth in this footnote.
- [F4]The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $62.21 to $63.15 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 set forth in this footnote.
- [F5]The shares are held directly by the Paul B. Manning Revocable Trust (the "PBM 2000 Trust"). The Reporting Person is the trustee of the PBM 2000 Trust and has sole voting and investment power with respect to the shares held by the PBM 2000 Trust.
- [F6]The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $63.27 to $64.265 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 set forth in this footnote.
- [F7]The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $64.27 to $64.57 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 set forth in this footnote.
- [F8]The shares are held by Reporting Person jointly with his spouse.
- [F9]The securities are held by PBM Capital Finance, LLC ("PBM"). The Reporting Person is the manager and sole beneficial owner of PBM.
Signature
/s/ Paul B. Manning|2026-06-08