Company: LBRX
Filing Date: 2025-07-23
Form Type: DRS/A
Source: 0000950123-25-006557
Chunk: 56

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-07-23
Form: DRS/A
Chunk 56
---
 value of our common stock. As of December 31, 2024, we had limited accounting personnel and other resources to address our internal control over financial reporting. In connection with the preparation of our financial statements for the year ended December 31, 2024, material weaknesses were identified in the design and operating effectiveness of our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Based on our assessment, we did not appropriately design and maintain entity-level controls impacting the control environment, control activities, information and monitoring activities to prevent or detect material misstatements to the financial statements. These material weaknesses relate to: (i) an insufficient number of qualified resources to ensure adequate oversight and accountability over the performance of controls, including:

| • |     | proper segregation of duties, |

| • |     | controls over the completeness and accuracy of information used in the operation of control activities across 
 substantially all financial statement areas, and                                                              |

| • |     | retention of control evidence, and |

(ii) improper access and a lack of review over user access and user provisioning as it relates to our information technology environment and general controls over information systems that support the financial reporting process. 36

These material weaknesses could result in a misstatement of our accounts or disclosures in
our annual or interim financial statements that would not be prevented or detected on a timely basis.

These material weaknesses have
not been remediated as of the date of this prospectus. To remediate the material weaknesses, we continue to hire finance and accounting personnel, as well as improve our financial controls and accounting systems. We continue using services of a
third-party firm to assist in the design and implementation of controls. We intend to continue to take further steps to remediate these material weaknesses through formalizing documentation of policies and procedures and further evolving the
accounting processes. The material weaknesses will not be considered remediated until management completes the design and implementation of the measures described above and the controls operate for a sufficient period of time and management has
concluded, through testing, that these controls are effective. Although we currently expect to remediate these material weaknesses by December 31, 2025, we cannot assure you that we will be able to successfully do so on this timeline.

The measures we have taken to date, and those that we are continuing to design and