LQDANasdaqPharmaceutical PreparationsFiscal year ends December 31
Liquidia Corp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 12, 2026
$34.13−0.22 (-0.64%)
Close on Oct 19, 2026
- Market cap
- $3.46B
- P/E (TTM)
- 24.6
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
81.1%
73M of 90M shares
Institutional holders
336
129 new, 33 sold out
Net institutional buying
11M
In Q2 2026
Insider trades, 12 months
1 buys · 165 sales
Net sold $220.98M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Short Daniel S. | 8,656,038 | 9.90% | 13G (passive) amendment | Dec 31, 2025 |
| Dapice Joshua J. | 8,565,638 | 9.95% | 13G (passive) amendment | Sep 30, 2025 |
| Spokes, Andrew J. M. | 8,365,038 | 9.40% | 13G (passive) amendment | Jun 30, 2026 |
| Caligan Partners LP | 8,118,592 | 9.60% | 13D (active) amendment | Sep 10, 2024 |
| Warren, John R. | 6,832,472 | 8.00% | 13G (passive) | Jul 7, 2025 |
| Paul B Manning | 4,946,771 | 6.50% | 13G (passive) amendment | Jun 30, 2026 |
| BlackRock, Inc. | 10,551,901 | 11.90% | 13G (passive) amendment | Jun 30, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of LQDA | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 10,788,586 | 12.05% | $860.17M | +5,299,442 | 0.01% |
| Farallon Capital Management LLC | 8,365,038 | 9.35% | $666.94M | −291,000 | 3.08% |
| Caligan Partners LP | 8,118,892 | 9.07% | $647.32M | – | 30.45% |
| Findell Capital Management LLC | 3,502,112 | 3.91% | $279.22M | – | 39.31% |
| Vanguard Capital Management LLC | 3,139,183 | 3.51% | $250.29M | +212,238 | 0.01% |
| State Street Corp | 3,030,395 | 3.39% | $241.61M | +1,148,796 | 0.01% |
| Opaleye Management Inc. | 2,447,500 | 2.73% | $195.14M | −97,500 | 17.67% |
| Geode Capital Management, LLC | 2,121,290 | 2.37% | $169.16M | +192,321 | 0.01% |
| Bank Of America Corp /De/ | 1,991,566 | 2.22% | $158.79M | −296,226 | 0.01% |
| Price T Rowe Associates Inc /Md/ | 1,940,364 | 2.17% | $154.71K | +987,213 | 0.02% |
| Vanguard Portfolio Management LLC | 1,532,151 | 1.71% | $122.16M | +899,526 | 0.01% |
| Caprock Group, LLC | 1,409,759 | 1.57% | $112.40M | +42,524 | 2.15% |
| Mpm Bioimpact LLC | 1,386,174 | 1.55% | $110.52M | −18,984 | 6.74% |
| D. E. Shaw & Co., Inc. | 1,267,706 | 1.42% | $101.07M | +394,641 | 0.05% |
| Fuller & Thaler Asset Management, Inc. | 1,209,604 | 1.35% | $96.44M | New | 0.26% |
| Goldman Sachs Group Inc | 958,892 | 1.07% | $76.45M | +146,902 | 0.01% |
| Federated Hermes, Inc. | 816,187 | 0.91% | $65.07M | +377,420 | 0.09% |
| Northern Trust Corp | 709,063 | 0.79% | $56.53M | +129,188 | 0.01% |
| Charles Schwab Investment Management Inc | 674,033 | 0.75% | $53.74M | +116,833 | 0.01% |
| Morgan Stanley | 658,441 | 0.74% | $52.50M | +313,770 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 336 | 73M | 81.1% | 129 / 103 | 80 / 33 | 17M | 6M |
| Q1 2026 | 244 | 62M | 68.8% | 55 / 77 | 78 / 36 | 11M | 8M |
| Q4 2025 | 227 | 62M | 69.1% | 61 / 70 | 72 / 33 | 8M | 11M |
| Q3 2025 | 199 | 65M | 72.2% | 52 / 65 | 59 / 30 | 19M | 12M |
| Q2 2025 | 177 | 58M | 64.3% | 37 / 64 | 57 / 27 | 10M | 8M |
| Q1 2025 | 168 | 55M | 61.7% | 28 / 65 | 50 / 22 | 10M | 6M |
| Q4 2024 | 164 | 52M | 57.6% | 31 / 68 | 38 / 19 | 7M | 9M |
| Q3 2024 | 154 | 53M | 59.0% | 36 / 51 | 45 / 17 | 15M | 4M |
| Q2 2024 | 137 | 46M | 51.9% | 29 / 59 | 32 / 29 | 5M | 6M |
| Q1 2024 | 139 | 48M | 53.2% | 43 / 45 | 36 / 19 | 15M | 4M |
| Q4 2023 | 116 | 37M | 41.0% | 30 / 43 | 31 / 16 | 11M | 3M |
| Q3 2023 | 102 | 29M | 31.9% | 18 / 31 | 34 / 18 | 2M | 3M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of LQDA | Value | % of fund | As of |
|---|---|---|---|---|---|
| iShares Core S&P Small-Cap ETF | 4,232,422 | 4.73% | $337.45M | 0.30% | Jun 30, 2026 |
| Vanguard Total Stock Market Index Fund | 2,259,289 | 2.52% | $180.13M | 0.01% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 1,811,474 | 2.02% | $144.43M | 0.17% | Jun 30, 2026 |
| Fullerthaler Behavioral Small-Cap Growth | 812,800 | 0.91% | $64.80M | 1.05% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 805,880 | 0.90% | $64.25M | 0.07% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 771,365 | 0.86% | $64.88M | 0.19% | Jul 31, 2026 |
| iShares Russell 2000 Growth ETF | 651,493 | 0.73% | $51.94M | 0.34% | Jun 30, 2026 |
| State Street(R) SPDR(R) Portfolio S&P 600(TM) Small Cap ETF | 643,837 | 0.72% | $51.33M | 0.30% | Jun 30, 2026 |
| iShares S&P Small-Cap 600 Growth ETF | 631,318 | 0.71% | $50.33M | 0.61% | Jun 30, 2026 |
| T. Rowe Price New Horizons Fund, Inc. | 521,706 | 0.58% | $41.60M | 0.28% | Jun 30, 2026 |
| Small Cap Growth Fund | 413,511 | 0.46% | $34.78M | 0.62% | Jul 31, 2026 |
| State Street(R) SPDR(R) S & P 600(TM) Small Cap Growth ETF | 398,580 | 0.45% | $31.78M | 0.61% | Jun 30, 2026 |
| Oberweis Micro-Cap Fund | 392,100 | 0.44% | $31.26M | 1.94% | Jun 30, 2026 |
| Vanguard Tax-Managed Small-Cap Fund | 388,092 | 0.43% | $30.94M | 0.27% | Jun 30, 2026 |
| T. Rowe Price Health Sciences Fund, Inc. | 364,952 | 0.41% | $29.10M | 0.24% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Roger Jeffs | Chief Executive Officer, Director | 2,204,837 | 2.46% | Jul 14, 2026 |
| Sarah Krepp | Chief Human Resource Officer | 117,308 | 0.13% | Sep 3, 2026 |
| Jason Adair | Chief Business Officer | 225,438 | 0.25% | Aug 25, 2026 |
| Rajeev Saggar | Chief Medical Officer | 192,265 | 0.21% | Aug 19, 2026 |
| Dana Boyle | Chief Accounting Officer | 167,919 | 0.19% | Jul 29, 2026 |
| Russell Schundler | General Counsel | 634,154 | 0.71% | Jul 14, 2026 |
| Michael Kaseta | CFO and COO | 345,805 | 0.39% | Jul 14, 2026 |
| Sanjeev Khindri | Chief Development Officer | 65,947 | 0.07% | Jul 14, 2026 |
| Scott Moomaw | Chief Commercial Officer | 182,485 | 0.20% | Jul 14, 2026 |
| Raman Singh | Director | 53,105 | 0.06% | Sep 15, 2026 |
| Katherine Rielly-Gauvin | Director | 56,364 | 0.06% | Aug 21, 2026 |
| Stephen M. Bloch | Director | 576,671 | 0.64% | Jul 24, 2026 |
| Arthur S. Kirsch | Director | 46,637 | 0.05% | Jun 18, 2026 |
| Paul B. Manning | Director | 673,878 | 0.75% | Jun 18, 2026 |
| Partners LP Caligan | Director, 10% owner | 8,163,229 | 9.12% | Jun 18, 2026 |
| Damian deGoa | Director | 92,353 | 0.10% | Jun 18, 2026 |
| David Edward Johnson | Director, 10% owner | 8,157,347 | 9.11% | Jun 18, 2026 |
| Joanna Horobin | Director | 39,637 | 0.04% | Jun 18, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Raman Singh Director | Sep 14, 2026 | Option exercise | +8,468 | $9.31 | $78.84K | 53,105 |
| Raman Singh Director | Sep 14, 2026 | Sale | −8,468 | $66.16 | $560.24K | 44,637 |
| Raman Singh Director | Sep 11, 2026 | Option exercise | +556 | $8.63 | $4.80K | 45,193 |
| Raman Singh Director | Sep 11, 2026 | Option exercise | +8,468 | $9.31 | $78.84K | 53,661 |
| Raman Singh Director | Sep 11, 2026 | Sale | −9,024 | $68.62 | $619.23K | 44,637 |
| Sarah Krepp Chief Human Resource Officer | Sep 1, 2026 | Sale(10b5-1 plan) | −274 | $67.76 | $18.57K | 117,308 |
| Jason Adair Chief Business Officer | Aug 21, 2026 | Option exercise | +9,000 | $9.31 | $83.79K | 225,438 |
| Jason Adair Chief Business Officer | Aug 21, 2026 | Option exercise | +11,799 | $9.31 | $109.85K | 237,237 |
| Jason Adair Chief Business Officer | Aug 21, 2026 | Option exercise | +10,762 | $14.20 | $152.82K | 247,999 |
| Jason Adair Chief Business Officer | Aug 21, 2026 | Option exercise | +238 | $14.20 | $3.38K | 248,237 |
| Jason Adair Chief Business Officer | Aug 21, 2026 | Sale(10b5-1 plan) | −31,799 | $69.09 | $2.20M | 216,438 |
| Jason Adair Chief Business Officer | Aug 21, 2026 | Sale(10b5-1 plan) | −41,832 | $69.09 | $2.89M | 174,606 |
| Katherine Rielly-Gauvin Director | Aug 20, 2026 | Option exercise | +11,727 | $2.51 | $29.43K | 56,364 |
| Katherine Rielly-Gauvin Director | Aug 20, 2026 | Option exercise | +6,666 | $2.59 | $17.26K | 63,030 |
| Katherine Rielly-Gauvin Director | Aug 20, 2026 | Sale(10b5-1 plan) | −18,393 | $72.23 | $1.33M | 44,637 |
| Katherine Rielly-Gauvin Director | Aug 19, 2026 | Option exercise | +23,455 | $2.51 | $58.87K | 68,092 |
| Katherine Rielly-Gauvin Director | Aug 19, 2026 | Sale(10b5-1 plan) | −36,789 | $74.99 | $2.76M | 44,637 |
| Katherine Rielly-Gauvin Director | Aug 19, 2026 | Option exercise | +13,334 | $2.59 | $34.54K | 81,426 |
| Rajeev Saggar Chief Medical Officer | Aug 19, 2026 | Option exercise | +50,000 | $3.73 | $186.50K | 192,265 |
| Rajeev Saggar Chief Medical Officer | Aug 19, 2026 | Sale | −50,000 | $74.06 | $3.70M | 142,265 |
| Rajeev Saggar Chief Medical Officer | Aug 17, 2026 | Sale | −29,534 | $76.84 | $2.27M | 142,265 |
| Jason Adair Chief Business Officer | Jul 27, 2026 | Sale(10b5-1 plan) | −688 | $87.53 | $60.22K | 216,438 |
| Dana Boyle Chief Accounting Officer | Jul 27, 2026 | Sale(10b5-1 plan) | −1,600 | $87.53 | $140.05K | 167,919 |
| Stephen M. Bloch Director | Jul 23, 2026 | Sale | −96,400 | $89.44 | $8.62M | 505,077 |
| Stephen M. Bloch Director | Jul 23, 2026 | Sale | −3,600 | $90.71 | $326.56K | 501,477 |
| Stephen M. Bloch Director | Jul 22, 2026 | Sale | −14,562 | $89.24 | $1.30M | 601,477 |
| Stephen M. Bloch Director | Jul 22, 2026 | Sale | −48,032 | $88.65 | $4.26M | 616,039 |
| Stephen M. Bloch Director | Jul 22, 2026 | Sale | −37,406 | $87.70 | $3.28M | 664,071 |
| Stephen M. Bloch Director | Jul 21, 2026 | Sale | −74,444 | $79.98 | $5.95M | 702,033 |
| Stephen M. Bloch Director | Jul 21, 2026 | Sale | −556 | $80.66 | $44.85K | 701,477 |
| Stephen M. Bloch Director | Jul 20, 2026 | Sale | −3,596 | $79.55 | $286.06K | 776,477 |
| Scott Moomaw Chief Commercial Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −8,864 | $71.52 | $633.95K | 182,485 |
| Scott Moomaw Chief Commercial Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −675 | $71.39 | $48.19K | 191,349 |
| Sarah Krepp Chief Human Resource Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −7,306 | $71.52 | $522.53K | 117,178 |
| Sarah Krepp Chief Human Resource Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −558 | $71.39 | $39.84K | 124,484 |
| Dana Boyle Chief Accounting Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −641 | $71.39 | $45.76K | 177,880 |
| Dana Boyle Chief Accounting Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −8,361 | $71.52 | $597.98K | 169,519 |
| Rajeev Saggar Chief Medical Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −703 | $71.39 | $50.19K | 181,022 |
| Rajeev Saggar Chief Medical Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −9,223 | $71.52 | $659.63K | 171,799 |
| Russell Schundler General Counsel | Jul 13, 2026 | Sale(10b5-1 plan) | −1,046 | $71.39 | $74.67K | 619,654 |
| Russell Schundler General Counsel | Jul 13, 2026 | Sale(10b5-1 plan) | −13,692 | $71.52 | $979.25K | 605,962 |
| Roger Jeffs Chief Executive Officer, Director | Jul 13, 2026 | Sale(10b5-1 plan) | −2,505 | $71.39 | $178.83K | 1,163,170 |
| Roger Jeffs Chief Executive Officer, Director | Jul 13, 2026 | Sale(10b5-1 plan) | −32,744 | $71.52 | $2.34M | 1,130,426 |
| Jason Adair Chief Business Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −7,301 | $71.52 | $522.17K | 217,126 |
| Jason Adair Chief Business Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −562 | $71.39 | $40.12K | 224,427 |
| Sanjeev Khindri Chief Development Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −1,101 | $71.52 | $78.74K | 65,947 |
| Sanjeev Khindri Chief Development Officer | Jul 13, 2026 | Sale(10b5-1 plan) | −84 | $71.39 | $6.00K | 67,048 |
| Michael Kaseta CFO and COO | Jul 13, 2026 | Sale(10b5-1 plan) | −18,977 | $71.52 | $1.36M | 345,805 |
| Michael Kaseta CFO and COO | Jul 13, 2026 | Sale(10b5-1 plan) | −1,453 | $71.39 | $103.73K | 364,782 |
| Scott Moomaw Chief Commercial Officer | Jul 10, 2026 | Option exercise | +3,108 | – | – | 187,666 |
| Scott Moomaw Chief Commercial Officer | Jul 10, 2026 | Option exercise | +4,358 | – | – | 192,024 |
| Sarah Krepp Chief Human Resource Officer | Jul 10, 2026 | Option exercise | +3,179 | – | – | 125,042 |
| Dana Boyle Chief Accounting Officer | Jul 10, 2026 | Option exercise | +3,179 | – | – | 178,521 |
| Rajeev Saggar Chief Medical Officer | Jul 10, 2026 | Option exercise | +3,531 | – | – | 177,238 |
| Rajeev Saggar Chief Medical Officer | Jul 10, 2026 | Option exercise | +4,487 | – | – | 181,725 |
| Russell Schundler General Counsel | Jul 10, 2026 | Option exercise | +6,409 | – | – | 620,700 |
| Russell Schundler General Counsel | Jul 10, 2026 | Option exercise | +3,759 | – | – | 614,291 |
| Roger Jeffs Chief Executive Officer, Director | Jul 10, 2026 | Option exercise | +13,834 | – | – | 1,151,342 |
| Roger Jeffs Chief Executive Officer, Director | Jul 10, 2026 | Option exercise | +14,333 | – | – | 1,165,675 |
| Jason Adair Chief Business Officer | Jul 10, 2026 | Option exercise | +3,907 | – | – | 218,645 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Singh Ramandeep Director | Sep 14, 2026 | 8,468 | $560.24K | Sep 14, 2026 | Stock Option Exercise |
| Singh Ramandeep Director | Sep 11, 2026 | 9,024 | $619.21K | Sep 11, 2026 | Stock Option Exercise |
| Adair Jason Officer | Aug 21, 2026 | 73,631 | $5.23M | Aug 21, 2026 | Exercise of Stock Options |
| T. Rielly-Gauvin Katherine Director | Aug 19, 2026 | 55,182 | $4.10M | Aug 19, 2026 | Exercise of Stock Options |
| Saggar Rajeev Officer | Aug 19, 2026 | 50,000 | $3.70M | Aug 19, 2026 | Stock Option Exercise |
| Saggar Rajeev Officer | Aug 17, 2026 | 29,534 | $2.27M | Aug 17, 2026 | Performance Shares |
| Krepp Sarah Officer | Jun 11, 2026 | 24,880 | $1.62M | Jun 11, 2026 | Employee Stock Purchase Plan |
| VIII LP Canaan Director | Jun 10, 2026 | 200,000 | $13.00M | Jun 10, 2026 | pre-IPO investment |
| VIII LP Canaan Director | Jun 8, 2026 | 200,000 | $12.80M | Jun 8, 2026 | pre-IPO investment |
| VIII LP Canaan Director | Jun 4, 2026 | 200,000 | $13.00M | Jun 4, 2026 | Pre-IPO Investment |
| B. Manning Paul Director | Jun 4, 2026 | 200,000 | $11.14M | Jun 4, 2026 | Registered Direct Offering |
| Arthur S. Kirsch Director | Jun 1, 2026 | 30,000 | $1.84M | Jun 1, 2026 | Market Purchase |
| Singh Ramandeep Director | May 21, 2026 | 29,494 | $1.77M | May 21, 2026 | Stock Option Exercise |
| Biopharma Llc Serendipity Director, Officer | May 20, 2026 | 106,428 | $6.38M | May 20, 2026 | Merger or Acquisition |
| Biopharma Llc Serendipity Director, Officer | May 14, 2026 | 100,000 | $5.76M | May 14, 2026 | Merger or Acquisition |