Company: LBRX
Filing Date: 2025-08-22
Form Type: S-1
Source: 0001193125-25-186467
Chunk: 154

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-08-22
Form: S-1
Chunk 154
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 on change in fair value of derivative instruments, resulting from a gain on the change in fair value on warrant liabilities of $0.6 million during 2025 and a $1.7 million loss on the change in fair value of derivative liabilities during 2024, partially offset by a $0.6 million decrease in interest income related to the decreased investment in marketable securities and money market funds. 102

Liquidity and Capital Resources We have incurred net losses and negative cash flows from operations since our inception and anticipate we will continue to incur net losses for the foreseeable future. To date, we have funded our operations primarily with proceeds from issuances of our redeemable convertible preferred stock, common stock and convertible notes. Through June 30, 2025, our operations have been financed primarily by gross proceeds of $35.7 million from the issuance of convertible notes and $84.8 million from the sales of shares of redeemable convertible preferred stock. As of June 30, 2025 and December 31, 2024, we had cash and cash equivalents and marketable securities of $14.2 million and $28.0 million, respectively. Until required for use in our business, we typically invest our cash, in accordance with our investment policy, in money market funds and fixed income securities including U.S. treasury bills and government securities. We attempt to minimize credit risk related to our cash and cash equivalents and marketable securities by maintaining a well-diversified portfolio that limits the amount of exposure as to maturity and investment type. Our primary use of cash has been to fund operating expenses, which consist of research and development and general and administrative expenditures. As we progress through the phases of development of LB-102and any of our future product candidates, we anticipate that we will incur increasing losses in future quarters and years compared to historical periods. Cash Flows The following table sets forth a summary of the net cash flow activity for the years ended December 31, 2024 and 2023 and the six months ended June 30, 2025 and 2024 (in thousands):

|                                                                       |     | 2024 | Year Ended December 31, |   |     | 2023 |         |   |     | 2025 |               (Unaudited) 
 Six Months Ended June 30, |   |     | 2024 |         |   |
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