Company: LBRX
Filing Date: 2025-07-23
Form Type: DRS/A
Source: 0000950123-25-006557
Chunk: 360

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-07-23
Form: DRS/A
Chunk 360
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 remaining 0.9 million were exercisable as of May 21, 2022 (“Class B Warrants”). The Class A Warrants and Class B Warrants are collectively referred to as the “A and
B Warrants”.

In May 2022, in connection with the Series B Offering, the Company issued the Series B-1
Warrants to purchase 80,000 shares of the Company’s common stock that were immediately exercisable at an exercise price of $3.75 per share. The warrants expire five years after issuance.

The Series B Offering included a Rights Offer Phase (“Rights Offer”) in which the Company offered participants in the Series A Offering to invest in
the Series B Offering. During the Rights Offer, for each Class A Warrant holder that invested in the Series B Offering, the Class A Warrant holder received the right to convert its Class A Warrants into the number of shares of common
stock issuable upon exercise of the Class A Warrants, at no cost and for an exercise price of zero ($0.00) per share. On May 3, 2022, the Company settled the warrant liability and converted 0.2 million Class A Warrants to common
stock. The difference in fair value based on the change in the exercise price of the warrants of less than $0.01 million was recorded to gain (loss) on change in fair value of derivative instruments in the accompanying statement of operations.

Pursuant to the anti-dilution terms contained in the Class A Warrants, any Class A Warrant holder who chose not to participate in the Rights
Offer received a reduction in the exercise price of the Class A Warrants from $2.30 per share to $2.27 per share, calculated based on the amount of common stock issued upon conversion of the Class A Warrants in the Rights Offer.

The Class B Warrants issued as part of the Series A Offering remain outstanding and were not impacted by the Class A Warrant conversions.

In August 2023, as part of the Series C Offering, the Company modified the outstanding Class A Warrants, Class B Warrants and Class B-1 Warrants reducing the exercise price to $0.01. The Company recorded a gain on the change in fair value of $0.8 million to gain (loss) on change in fair value of derivative instruments in the accompanying
statement of operations for the year ended December 31, 2023.

Additionally, the Company issued 0.1 million new warrants