Company: LBRX
Filing Date: 2025-08-22
Form Type: S-1
Source: 0001193125-25-186467
Chunk: 386

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-08-22
Form: S-1
Chunk 386
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, in the accompanying unaudited condensed statements of operations. The following are the assumptions used in the Black-Scholes valuation model in order to determine the fair value of the derivative liabilities for the warrant liabilities as of June 30, 2025 and December 31, 2024:

|                                   |     | June 30, 2025 |               |     | December 31, 2024 |               |
|:----------------------------------|:----|:--------------|:--------------|:----|:------------------|:--------------|
| Term – financing event (in years) |     |               | —             |     |                   | —             |
| Term – exit event (in years)      |     |               | 0.25 - 2.25   |     |                   | 0.58 - 2.00   |
| Volatility                        |     |               | 50.0% - 68.0% |     |                   | 49.0% - 70.0% |
| Exercise price                    |     | $             | 0.01 - $1.50  |     | $                 | 0.01 - $1.50  |
| Risk-free rate                    |     |               | 3.71% - 4.41% |     |                   | 4.23% - 4.25% |

Changes in one or more significant unobservable inputs used in the valuation may result in a significantly higher or lower fair value measurement at the reporting dates. The change in the derivative liabilities for the six months ended June 30, 2025 was (in thousands):

|                                  |     | Warrants |       |   |
|:---------------------------------|:----|:---------|------:|:--|
| Balance, December 31, 2024       |     | $        | 2,504 |   |
| Gain due to change in fair value |     |          |  (579 | ) |
| Balance, June 30, 2025           |     | $        | 1,925 |   |

F-46

LB Pharmaceuticals Inc Notes to Condensed Financial Statements (Unaudited) During the six months ended June 30, 2025 and 2024, there were no transfers of instruments between Level 1, 2 and 3 in the fair value hierarchy. There are uncertainties on the fair value measurement of the instruments classified under Level 3 due to the use