Venture fund tied to Liquidia (LQDA) trims 70K shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Canaan VIII, L.P., an investment fund associated with Liquidia director Stephen M. Bloch, sold 70,234 shares of Liquidia common stock in open-market transactions. The sales occurred on March 26–27 at weighted average prices ranging from about $35 to $37 per share across several trades.
After these sales, entities tied to the fund reported holding 2,188,935 shares indirectly, while Bloch also reported 65,712 shares held directly. Bloch disclaims beneficial ownership of the fund-held shares except for his pecuniary interest and did not participate in the investment decision due to a communications-screen policy.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 70,234 shares ($2,533,766)
Net Sell
5 txns
Insider
Bloch Stephen M
Role
Director
Sold
70,234 shs ($2.53M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 30,401 | $35.4214 | $1.08M |
| Sale | Common Stock | 30,176 | $36.3758 | $1.10M |
| Sale | Common Stock | 1,973 | $37.1303 | $73K |
| Sale | Common Stock | 7,684 | $37.2183 | $286K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Common Stock — 2,221,084 shares (Indirect, See footnote);
Common Stock — 65,712 shares (Direct)
Footnotes (1)
- The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $37.005 to $37.62, 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. The shares are held directly by Canaan VIII, L.P. ("Canaan LP") and reflect a reduction for shares previously distributed, for no consideration, pro rata to the partners of Canaan LP and the members of its general partner, Canaan Partners VIII LLC ("Canaan LLC" and together with Canaan LP, the "Canaan Entities"), including the Reporting Person, representing each such person's proportional interest in the shares held by Canaan LP. Such distributions were made in accordance with the exemptions afforded by Rule 16a-9 and Rule 16a-13 under the Securities Exchange Act of 1934. Canaan LLC 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $35.065 to $36.04, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $36.06 to $37.035, 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. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $37.08 to $37.20, 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. Includes 26,957 shares received in distributions described in footnote (2) above.
Key Figures
Total shares sold: 70,234 shares
First tranche price: $35.4214 per share
Second tranche price: $36.3758 per share
+4 more
7 metrics
Total shares sold
70,234 shares
Net open-market sales reported for March 26–27
First tranche price
$35.4214 per share
30,401-share open-market sale on March 27
Second tranche price
$36.3758 per share
30,176-share open-market sale on March 27
Third tranche price
$37.1303 per share
1,973-share open-market sale on March 27
Fourth tranche price
$37.2183 per share
7,684-share open-market sale on March 26
Indirect holdings after trades
2,188,935 shares
Indirectly held through Canaan VIII, L.P. after sales
Direct holdings after trades
65,712 shares
Shares reported as held directly after March 26 entry
Key Terms
open-market sale, weighted average price, beneficial ownership, pecuniary interest, +1 more
5 terms
open-market sale financial
"transaction_action": "open-market sale""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
beneficial ownership financial
"The Reporting Person disclaims beneficial ownership of the securities held by the Canaan Entities"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"except to the extent of his pecuniary interest, if any, in such securities"
communications-screen policy financial
"The Canaan Entities have instituted a communications-screen policy with respect to securities matters"
FAQ
What did the latest Form 4 for Liquidia Corp (LQDA) report?
The Form 4 reported open-market sales of Liquidia common stock by an investment fund linked to director Stephen M. Bloch. Canaan VIII, L.P. sold 70,234 shares over March 26–27 at weighted average prices between roughly $35 and $37 per share.