Company: LBRX
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0001193125-25-197877
Chunk: 139

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 139
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 per share of our common stock after this offering. Our historical net tangible book value as of June 30, 2025 was $10.4 million, or $41.27 per share of common stock. Our historical net tangible book value (deficit) per share represents the amount of our total tangible assets less our total liabilities, divided by the total number of shares of common stock outstanding as of June 30, 2025. Our pro forma net tangible book value as of June 30, 2025 was $10.4 million, or $3.03 per share of our common stock. Pro forma net tangible book value per share represents the amount of our total tangible assets less our total liabilities, after giving effect to the automatic conversion of all outstanding shares of our redeemable convertible preferred stock and the related reclassification of the carrying value of the redeemable convertible preferred stock and preferred stock warrant liability to stockholders’ equity upon the closing of this offering. After giving further effect to the sale of 16,666,667 shares of common stock that we are offering and the issuance of 382,467 additional shares of common stock issuable upon conversion of our Series C convertible preferred stock due to anti-dilution adjustments, each based on an assumed initial public offering price of $15.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of June 30, 2025 would have been $238.9 million, or approximately $11.88 per share of common stock. This amount represents an immediate increase (decrease) in pro forma net tangible book value of $(38.24) per share to our existing stockholders and an immediate dilution in pro forma net tangible book value of approximately $8.85 per share to new investors participating in this offering. Dilution per share to new investors is determined by subtracting pro forma as adjusted net tangible book value per share after this offering from the initial public offering price per share paid by new investors. The following table illustrates this dilution on a per share basis to new investors:

| Assumed initial public offering price per share                                                  |     |   |        |   |     | $ | 15.00 |
| Historical net tangible book value per share as of June 30, 2025                                 |     | $ |  41.27 |