Company: LBRX
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0001193125-25-197877
Chunk: 388

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 388
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 value of the placement agent warrants issued in conjunction with the 2022 Notes was $1.5 million. The stock-based
compensation cost related to the warrants was treated as a debt issuance cost for the 2022 Notes (see Note 11 Notes).

In August 2023, the
Company executed a final agreement with the placement agent replacing all prior agreements. As part of this agreement, the Company issued warrants to purchase 0.05 million of the Company’s common stock exercisable six months after the
grant date at an exercise price of $0.28 per share. Also, the less than 0.01 million warrants issued as part of the Series B Stock Offering (as described above) were amended and reissued and are exercisable six months after the grant date
at an exercise price of $0.28 per share. The warrants expire ten years after issuance.

As the fair value of the replacement warrants was less than
the grant date fair value of the original warrants, no incremental compensation costs were recorded.

11. Notes

On August 29, 2023, the Company entered into the Series C Offering (as described in Note 6 Redeemable Convertible Preferred Stock and Equity). The
principal of all 2022 Notes and 2020 Notes outstanding at the time

F-31

LB Pharmaceuticals Inc Notes to Financial Statements of the closing, in the aggregate amount of $35.7 million, was converted into 23.8 million shares of Series C preferred stock at a price of $1.50 per share. The Company recorded a loss on extinguishment of debt in the amount of $7.4 million in the accompanying statements of operations. The Company elected to pay the accrued interest on the 2020 Notes and 2022 Notes in cash in the total amount of approximately $2.0 million. 2022 Convertible Notes The Company entered into the 2022 Notes with several investors who loaned the Company a total of approximately $25.7 million as detailed below (in thousands):

| Issue Date        |     | Principal |        |     | Original 
 Maturity 
 Date     |            |
|:------------------|:----|:----------|-------:|:----|:---------|:-----------|
| October 21, 2022  |     | $         |  6,925 |     |          | 10/21/2023 |
| November 10, 2022 |     |           |  9,649