| Item 1. | |
| (a) | Name of issuer:
LIQUIDIA CORP |
| (b) | Address of issuer's principal executive offices:
419 DAVIS DRIVE, SUITE 100, MORRISVILLE, NC, 27560. |
| Item 2. | |
| (a) | Name of person filing:
Paul B. Manning
PD Joint Holdings, LLC, Series 2016-A
BKB Growth Investments, LLC |
| (b) | Address or principal business office or, if none, residence:
c/o PBM Capital Group, LLC
200 Garrett Street, Suite S
Charlottesville, VA 22902 |
| (c) | Citizenship:
Paul B. Manning is a United States Citizen.
PD Joint Holdings, LLC, Series 2016-A is a Delaware limited liability company.
BKB Growth Investments, LLC is a Delaware limited liability company. |
| (d) | Title of class of securities:
Common Stock, $0.001 par value per share |
| (e) | CUSIP No.:
53635D202 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
|
| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
Mr. Manning's holdings consist of (i) 38,755 shares of the Issuer's common stock held by Mr. Manning, (ii) 3,131,794 shares of the Issuer's common stock held by Paul and Diane Manning, JTWROS, (iii) 435,674 shares of the Issuer's common stock held by PBM Capital Finance, LLC, (iv) 1,229,163 shares of the Issuer's common stock held by Paul B. Manning Revocable Trust and (v) 111,385 shares of common stock issuable upon the exercise of stock options within 60 days of June 30, 2026.
PD Joint Holdings, LLC, Series 2016-A holds 198,413 shares of the Issuer's common stock.
BKB Growth Investments, LLC holds 716,311 shares of the Issuer's common stock. |
| (b) | Percent of class:
Mr. Manning may be deemed to beneficially own 6.5%.
PD Joint Holdings, LLC, Series 2016-A may be deemed to beneficially own 0.2%.
BKB Growth Investments, LLC may be deemed to beneficially own 0.8%.
The percentages are calculated based upon 89,508,891 outstanding shares of Common Stock of the Issuer as of July 29, 2026, as reported in the Issuer's 10-Q, filed with the Securities and Exchange Commission on August 12, 2026. |
| (c) | Number of shares as to which the person has:
|
| | (i) Sole power to vote or to direct the vote:
Mr. Manning has the sole power to direct the vote or direct the vote of 4,946,771 shares of the Issuer's common stock.
|
| | (ii) Shared power to vote or to direct the vote:
Mr. Manning shares power to vote or direct the vote 914,724 shares of the Issuer's common stock.
PD Joint Holdings, LLC, Series 2016-A shares power to vote or direct the vote 198,413 shares of the Issuer's common stock.
BKB Growth Investments, LLC shares power to vote or direct the vote 716,311 shares of the Issuer's common stock.
|
| | (iii) Sole power to dispose or to direct the disposition of:
Mr. Manning has the sole power to dispose or to direct the disposition of 4,946,771 shares of the Issuer's common stock.
|
| | (iv) Shared power to dispose or to direct the disposition of:
Mr. Manning shares power to dispose or to direct the disposition 914,724 shares of the Issuer's common stock.
PD Joint Holdings, LLC, Series 2016-A shares power to dispose or to direct the disposition 198,413 shares of the Issuer's common stock.
BKB Growth Investments, LLC shares power to dispose or to direct the disposition 716,311 shares of the Issuer's common stock.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Not Applicable
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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Not Applicable
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| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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Rule 13d-1(d)