Company: LBRX
Filing Date: 2025-08-22
Form Type: S-1
Source: 0001193125-25-186467
Chunk: 146

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-08-22
Form: S-1
Chunk 146
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 utilize a fixed-flexible dose of LB-102. This trial design allows us to evaluate two doses of LB-102 in the trial, thereby increasing the chances for a patient to derive clinical benefit from treatment with LB-102, while retaining the advantages of a two-arm trial, which is known to mitigate the risk of a high placebo rate. Additionally, flexible dose trials typically have better signal detection than fixed dose trials for depression, as flexible dose trials lower the magnitude of symptom reduction with placebo. We believe LB-102 has the potential to provide improved tolerability and clinical activity in bipolar depression compared to currently available treatments worldwide, which are associated with troubling adverse events and insufficient efficacy for certain symptoms, including cognitive impairment associated with the disease. Since our inception in 2015, we have devoted substantially all of our resources to the research and development of LB-102by conducting clinical trials and preclinical studies and recruiting management and technical staff to support these operations. To date, we have funded our operations primarily through the aggregate gross proceeds of approximately $121.7 million from the sales of our redeemable convertible preferred stock, common stock, and convertible notes. We have not generated any revenue from product sales and we have incurred recurring losses since our inception. Our net losses were $10.2 million and $43.9 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $114.5 million. We expect to continue to generate operating losses and negative operating cash flows for the foreseeable future. We anticipate that our operating expenses and capital expenditures will increase substantially with our ongoing activities, particularly as we:

| • |     | continue to progress the clinical development of LB-102 in acute 
 schizophrenia, bipolar depression and other indications;         |

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| • |     | advance additional product candidates through clinical development; |

| • |     | require the manufacture of larger quantities of LB-102 and any additional            
 product candidates to support future clinical trials or potential commercialization; |

| • |     | seek marketing authorizations for LB-102 and any of our future product 
 candidates that successfully complete clinical development, if any;    |

| • |     | acquire or license other product candidates or technologies; |

| • |     | make milestone, royalty, or other payments under our current royalty agreements or any future license agreements; |

| • |     | obtain, maintain, protect, and enforce our intellectual property portfolio; |

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