NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP purchased 28.1% of their position (545.46K shares) of LIQUIDIA TECHNOLOGIES INC on the open market

Open‑market purchase worth $6.00M — a significant purchase. The strongest form of insider conviction signal.

P · 1 purchase

NEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIP

Filed: 8/1/2018ACC: 0001209191-18-044777

InsiderNEW ENTERPRISE ASSOCIATES 12, LIMITED PARTNERSHIPCIK 1383391

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IssuerLIQUIDIA TECHNOLOGIES INCCIK 1330436

10% Owner

Since Jul 2018

-21.66M

Net shares

Net seller

$6.00M

Total acquired

Open market trades

1B · 0S

Total transactions

2.51M acquired · 24.17M disposed

Non-Derivative Transactions4

Common Stock

Direct

C · Conversion

+515.55K

Price / share

—

Trade value

—

% of position

4636.2%

7/30/2018

11.12K→526.67K

Common Stock

Direct

C · Conversion

+432.03K

Price / share

—

Trade value

—

% of position

82.0%

7/30/2018

526.67K→958.70K

Common Stock

Direct

C · Conversion

+980.72K

Price / share

—

Trade value

—

% of position

102.3%

7/30/2018

958.70K→1.94M

Common Stock

Direct

P · Purchase

+545.46K

Price / share

$11.00

Trade value

$6M

% of position

28.1%

7/30/2018

1.94M→2.48M

Total

Net shares

+2.47M

Net value

$6M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	7/30/2018	C · Conversion	+515.55K	—	—	4636.2%	11.12K	526.67K
Common Stock Direct	7/30/2018	C · Conversion	+432.03K	—	—	82.0%	526.67K	958.70K
Common Stock Direct	7/30/2018	C · Conversion	+980.72K	—	—	102.3%	958.70K	1.94M
Common Stock Direct	7/30/2018	P · Purchase	+545.46K	$11.00	$6M	28.1%	1.94M	2.48M
Total			+2.47M		$6M

Derivative Transactions5

Series B Preferred Stock

Direct

C · Conversion

Converts to

Common Stock

515.55K shares

−3.65M

Strike price

Held after

0.00

Exercisable

—

7/30/2018

Series C Preferred Stock

Direct

C · Conversion

Converts to

Common Stock

432.03K shares

−3.34M

Strike price

Held after

0.00

Exercisable

—

7/30/2018

Series D Preferred Stock

Direct

C · Conversion

Converts to

Common Stock

980.72K shares

−16.50M

Strike price

Held after

0.00

Exercisable

—

7/30/2018

Warrant to purchase Series D Preferred Stock

Direct

J · J

Converts to

Series D Preferred Stock

40.70K shares

−684.91K

Strike price

0.01

Held after

0.00

Exercisable

—

7/30/2018

Warrant to purchase Common Stock

Direct

J · J

Converts to

Common Stock

40.70K shares

+40.70K

Strike price

0.01

Held after

40.70K

Exercisable

—

7/30/2018

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Series B Preferred Stock Direct	Common Stock515.55K shares	7/30/2018	C · Conversion	−3.65M		—	0.00
Series C Preferred Stock Direct	Common Stock432.03K shares	7/30/2018	C · Conversion	−3.34M		—	0.00
Series D Preferred Stock Direct	Common Stock980.72K shares	7/30/2018	C · Conversion	−16.50M		—	0.00
Warrant to purchase Series D Preferred Stock Direct	Series D Preferred Stock40.70K shares	7/30/2018	J · J	−684.91K	0.01	—	0.00
Warrant to purchase Common Stock Direct	Common Stock40.70K shares	7/30/2018	J · J	+40.70K	0.01	—	40.70K