Company: LBRX
Filing Date: 2025-07-23
Form Type: DRS/A
Source: 0000950123-25-006557
Chunk: 371

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-07-23
Form: DRS/A
Chunk 371
---
 positions as of December 31, 2024 and 2023. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense. The Company has no accruals for interest and penalties as of December 31, 2024 and 2023. The Internal Revenue Code of 1986 contains certain provisions that can limit a taxpayer’s ability to utilize net operating loss (“NOL”) and tax credit carryforwards in any given year resulting from cumulative changes in ownership interests in excess of 50 percent over a three-year period (“ownership change”). In the event of such a deemed ownership change, Internal Revenue Code Section 382 (”Section 382”) imposes an annual limitation on pre-ownershipchange tax attributes. As of December 31, 2024, the Company has not performed a formal Section 382 study, however the Company has reviewed its temporary deductible differences in conjunction with its temporary taxable differences as a measure against its definite lived net operating losses and anticipates any impact would be immaterial. F-35

LB Pharmaceuticals Inc

Notes to Financial Statements

As of December 31, 2024, the Company has federal NOL carryforwards of approximately
$37.2 million, of which $1.5 million is subject to the 20-year carryforward period and begins to expire in 2036. The remaining federal NOL carryforward of $35.7 million has an indefinite
carryforward period.

The Company has available state NOL carryforwards of approximately $41.9 million and $49.1 million as of December 31,
2024 and 2023, respectively. The state NOLs are expected to begin to expire in 2036, although not all states conform to the federal NOL carryforward period and occasionally limit the use of NOLs for a period of time.

As of December 31, 2024 and 2023, the Company had federal research and development credits of approximately $2.7 million and $0.8 million,
respectively. The research and development credits, if not utilized, will begin to expire in 2036.

The Company is subject to taxation and files income
tax returns in the U.S. Federal and state jurisdictions. The statute of limitations for assessment by the Internal Revenue Service and state tax authorities remains open from the tax years December 31, 2021 through December 31, 2024. There
are currently no federal or state income tax audits in progress. The tax authorities