Company: LBRX
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0001193125-25-197877
Chunk: 168

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 168
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 in valuations of our common stock of $28.45, $22.03, $35.14, $31.23, $49.64, $41.83, $23.15, and $21.19, per share, respectively. In conducting the valuations, the independent third-party valuation specialist considered all objective and subjective factors that it believed to be relevant for each valuation conducted in accordance with the Practice Aid, including our best estimate of our business condition, prospects, and operating performance at each valuation date. Other significant factors included:

| • |     | the prices of our redeemable convertible preferred stock sold to outside investors in arm’s length                                                                                      
 transactions, and the rights, preferences and privileges of our preferred stock as compared to those of our common stock, including the liquidation preferences of our preferred stock; |

| • |     | the progress of our research and development programs, including the status of preclinical studies and clinical 
 trials for LB-102;                                                                                              |

| • |     | the valuation of publicly traded companies in the life sciences and biotechnology sectors, as well as recently 
 completed mergers and acquisitions of guideline companies;                                                     |

| • |     | our results of operations, including cash on hand, and our historical and forecasted performance and operating 
 results;                                                                                                       |

| • |     | the lack of liquidity of our common stock and redeemable convertible preferred stock; |

| • |     | any external market conditions affecting the life sciences and biotechnology industry sectors; |

| • |     | the likelihood of achieving a liquidity event for the holders of our common stock and stock options, such as an 
 IPO or a sale of our company, given prevailing market conditions; and                                           |

| • |     | the state of the IPO market for similarly situated privately held life sciences companies. |

The dates of our contemporaneous valuations have not always coincided with the dates of our stock option grants. In determining the exercise prices of the stock options, our board of directors considered, among other things, the most recent valuation of our common stock and their assessment of additional objective and subjective factors that were relevant as of the grant dates. The additional factors considered when determining whether any changes in the fair value of our common stock had occurred between the most recent valuation and the grant dates included our stage of research and development, our operating and financial performance, and current business conditions. The estimates of fair value of our common stock are highly complex and subjective. There are significant judgments and estimates inherent in