Liquidia Ownership

Who are the major shareholders and have insiders been buying or selling?

Recent Insider Transactions

NasdaqCM:LQDA Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Shares	Max Price
07 Nov 25	SellUS$727,674	Dana Boyle	Individual	29,004	US$25.16
05 Nov 25	SellUS$1,927,287	Rajeev Saggar	Individual	71,381	US$27.00
13 Oct 25	SellUS$41,951	Scott Moomaw	Individual	1,792	US$23.41
03 Sep 25	SellUS$220,650	Ramandeep Singh	Individual	7,500	US$29.42
02 Sep 25	SellUS$18,957,475	Paul Manning	Individual	670,837	US$29.14
19 Aug 25	SellUS$135,850	Joanna Horobin	Individual	5,000	US$27.17

Insider Trading Volume

Insider Buying: LQDA insiders have only sold shares in the past 3 months.

Ownership Breakdown

What is the ownership structure of LQDA?
Owner Type	Number of Shares	Ownership Percentage
Private Companies	1,860,371	2.14%
Individual Insiders	7,795,700	8.96%
General Public	8,078,415	9.29%
Hedge Funds	16,684,530	19.2%
Institutions	52,576,467	60.4%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 71.06% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
9.85%	Farallon Capital Management, L.L.C.	8,565,638	US$269.0m	102%	1.39%
9.33%	Caligan Partners, LP	8,118,892	US$254.9m	0%	27.82%
6.01%	BlackRock, Inc.	5,228,806	US$164.2m	6.88%	no data
5.38%	Paul Manning	4,679,729	US$146.9m	-12.5%	no data
4.55%	The Vanguard Group, Inc.	3,961,217	US$124.4m	10.2%	no data
3.35%	Canaan Management, Inc.	2,917,169	US$91.6m	0%	38.92%
3.25%	Findell Capital Management LLC	2,830,000	US$88.9m	-5.67%	34.16%
3.06%	The Goldman Sachs Group, Inc.	2,660,851	US$83.6m	13.7%	0.03%
3.01%	Opaleye Management Inc.	2,615,000	US$82.1m	5.66%	10.32%
2.5%	Roger Jeffs	2,176,937	US$68.4m	1.22%	no data
2.2%	State Street Global Advisors, Inc.	1,913,856	US$60.1m	4.54%	no data
2.14%	Legend Aggregator Advisors, LLC	1,860,371	US$58.4m	0%	no data
1.97%	TCG Crossover Management, LLC	1,710,084	US$53.7m	0%	1.92%
1.88%	The Caprock Group, LLC	1,632,089	US$51.2m	0%	1.2%
1.85%	Geode Capital Management, LLC	1,607,598	US$50.5m	14.4%	no data
1.71%	D. E. Shaw & Co., L.P.	1,487,901	US$46.7m	916%	0.04%
1.31%	Tang Capital Management, LLC	1,143,759	US$35.9m	0%	1.09%
1.12%	Millennium Management LLC	974,703	US$30.6m	4,640%	0.02%
1.11%	Morgan Stanley	963,489	US$30.3m	139%	no data
1.04%	FMR LLC	907,479	US$28.5m	-0.76%	no data
1%	Susquehanna International Group, LLP	870,013	US$27.3m	-13%	0.04%
0.94%	Tiger Lily Capital	816,311	US$25.6m	0%	33.39%
0.89%	Jane Street Group, LLC	773,296	US$24.3m	1,310%	0.03%
0.82%	Bank of America Corporation	709,111	US$22.3m	426%	0.01%
0.8%	Boothbay Fund Management, LLC	696,194	US$21.9m	5.66%	0.55%

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/01/04 13:30
End of Day Share Price	2026/01/02 00:00
Earnings	2025/09/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Liquidia Corporation is covered by 15 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jason Matthew Gerberry	BofA Global Research
Julian Harrison	BTIG
Andrew Fein	H.C. Wainwright & Co.