Company: LBRX
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001193125-25-268174
Chunk: 11

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-11-06
Form: 10-Q
Item: Item 8
Chunk 11
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 shares issuable upon conversion of Series C preferred stock due to certain anti‑dilution adjustments.

Reverse Stock Split

On September 8, 2025, the Company effected a 1‑for‑27.8874 reverse stock split of the shares of common stock (the “Reverse Stock Split”). The number of authorized shares and par value per share were not adjusted as a result of the Reverse Stock Split. No fractional shares were issued; stockholders entitled to a fractional share received a cash payment in lieu thereof. All references to shares, equity awards and options (including exercise prices), share data, per share data, and related information contained in the financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. 

Liquidity and Capital Resources

The Company's condensed financial statements have been prepared on a going concern basis. The Company has evaluated whether conditions and events, considered in the aggregate, raise substantial doubt about its ability to continue as a going concern within one year after the date that these condensed financial statements are issued. As of September 30, 2025, the Company had an accumulated deficit of $118.1 million. For the three and nine months ended September 30, 2025, the Company incurred a net loss of $3.6 million and $13.7 million, respectively, and used $17.1 million of cash in operating activities for the nine months ended September 30, 2025. In prior periods, these factors raised substantial doubt about the Company’s ability to continue as a going concern.

Based on the Company’s current operating plan, management estimates that its existing cash, cash equivalents and marketable securities of $314.5 million as of September 30, 2025, will be sufficient to fund operating expenses and capital requirements for at least the next twelve months from the issuance date of these condensed financial statements. Accordingly, as of the issuance date of these unaudited condensed financial statements, management has concluded that conditions and events do not raise substantial doubt about the Company’s ability to continue as a going concern for at least twelve months from that date, and the substantial doubt previously raised has been alleviated.