Company: LBRX
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0001193125-25-197877
Chunk: 154

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 154
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 generated no revenue during the year ended December 31, 2024 or 2023. Research and Development Expenses The following table summarizes our research and development expenses for the periods presented (in thousands):

|                                          |     | Year Ended December 31, |   2024 |     |   |  2023 |     |   | Change |
|:-----------------------------------------|:----|:------------------------|-------:|:----|:--|------:|:----|:--|-------:|
| Direct research and development expenses |     |                         |        |     |   |       |     |   |        |
| Clinical trial                           |     | $                       | 42,369 |     | $ | 5,408 |     | $ | 36,961 |
| Formulation and CMC                      |     |                         |  2,270 |     |   |   469 |     |   |  1,801 |
| Preclinical                              |     |                         |  1,845 |     |   |   251 |     |   |  1,594 |
| Indirect and unallocated expenses        |     |                         |        |     |   |       |     |   |        |
| Personnel-related                        |     |                         |  3,689 |     |   | 1,552 |     |   |  2,137 |
| Consulting and other                     |     |                         |    998 |     |   |   165 |     |   |    833 |
| Total research and development expenses  |     | $                       | 51,171 |     | $ | 7,845 |     | $ | 43,326 |

Research and development expenses were $51.2 million for the year ended December 31, 2024, compared to $7.8 million for the year ended December 31, 2023 . The increase of $43.4 million was primarily due to: (i) a $37.0 million increase in clinical trial expenses related to the conduct of our Phase 2 trial of LB-102in the treatment of patients with acute schizophrenia, the majority of which took place in 2024; (ii) a $2.1 million 102

increase in personnel-related expenses related to an increase in headcount; (iii) a $1.8 million increase in formulation and CMC expenses due to the scale-upand production of LB-