Company: LBRX
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0001193125-25-197877
Chunk: 21

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 21
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 delays, and other known or
unknown factors in achieving our business objectives. Accordingly, you should consider our prospects in light of the costs, uncertainties, delays, and difficulties frequently encountered by companies in clinical development, especially
clinical-stage biopharmaceutical companies such as ours. Any predictions you make about our future success or viability may not be as accurate as they could be if we had a longer operating history or a history of successfully developing and
commercializing pharmaceutical products.

We have incurred substantial losses since our inception. We anticipate incurring substantial and increasing losses for the foreseeable future and may never achieve or maintain profitability.

Investment in biopharmaceutical
product development is highly speculative because it entails substantial upfront capital expenditures and significant risk that any potential product candidate will fail to demonstrate adequate efficacy or an acceptable safety profile, gain
regulatory approval, and become commercially viable. We have no products approved for commercial sale and have not generated any revenue from product sales to date. As a result, we are not profitable, have incurred substantial losses in each period
since our inception, and we expect to incur significant losses for the foreseeable future.

For the years ended December 31, 2024 and
2023, and the six months ended June 30, 2025, our net losses were approximately $63.1 million, $6.3 million, and $10.2 million, respectively. As of June 30, 2025, we had an accumulated deficit of approximately
$114.5 million. Substantially all of our losses have resulted from expenses incurred in connection with the development of our pipeline, research and development, clinical trial costs, and from general and administrative costs associated with
our operations. We expect to incur significant losses for

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the foreseeable future, and we expect these losses to increase as we continue our development of our product candidate. We anticipate that our expenses will increase substantially if, and as, we:

| • |     | conduct further clinical trials for LB-102 in patients with                                                                                                                
 schizophrenia, initiate clinical development of LB-102 in bipolar depression and other neuropsychiatric indications, and advance our preclinical programs into the clinic; |

| • |     | identify additional product candidates and acquire rights from third parties to those product candidates through       
 licenses or other acquisitions, and conduct development activities, including preclinical studies and clinical trials; |

| • |     | procure the manufacturing of preclinical, clinical, and commercial supply of our current and future product 
 candidates;                                                                                                 |

| •