Company: LBRX
Filing Date: 2025-07-23
Form Type: DRS/A
Source: 0000950123-25-006557
Chunk: 359

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-07-23
Form: DRS/A
Chunk 359
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ation Event. As of December 31, 2024, the shares of
Preferred Stock were not redeemable and the likelihood of an occurrence of a Deemed Liquidation Event was not deemed to be probable.

Conversion: Each share of Preferred Stock is convertible at the option of the holder at any time after issuance into the number of fully paid
and non-assessable shares of common stock as determined by dividing the original issue price of each series of Preferred Stock by the conversion price of each series in effect at time of the conversion. The
initial conversion price is the respective original issue price, subject to adjustment in accordance with the anti-dilution provisions of the stock.

Each
share of Preferred Stock will automatically be converted into one share of common stock at the then effective conversion rate in the event of either: (i) the closing of a public offering at a price of at least $3.00 per share (as adjusted for
stock dividends, splits or similar transactions) resulting in gross proceeds to the Company of at least $75.0 million; or (ii) an event approved by the Requisite Series C Holders.

As of December 31, 2024 and 2023, none of the outstanding shares of Preferred Stock had been converted into common stock.

Reissuance: Shares of any Preferred Stock that are redeemed or converted will be retired or canceled and may not be reissued by the Company.

Common Stock

All issued shares of common stock
are entitled to vote on a one share/one vote basis.

During 2024, the Company entered into an agreement for financial advisory services. As
compensation for the services, the Company issued 40,000 shares of common stock. The Company recorded stock-based compensation expense of $0.1 million included in general and administrative expense on the accompanying statement of operations.
The fair value of the issued shares was determined based on the fair value of the Company’s common stock as of the date of the agreement.

F-25

LB Pharmaceuticals Inc

Notes to Financial Statements

Warrants

In 2018, in connection with the Company’s Series A Offering in 2018 (the “Series A Offering”), the Company issued warrants to purchase
1.8 million shares of the Company’s common stock at an exercise price of $2.30 per share. The warrants expire ten years after issuance. The warrants were issued in two tranches of which 0.9 million were fully exercisable at issuance
(“Class A Warrants”) and the