Company: LBRX
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0001193125-25-197877
Chunk: 155

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 155
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102to be used for clinical and preclinical development; and (iv) a $1.6 million increase in preclinical research expenses related to the continued clinical development of LB-102for schizophrenia and other indications. General and Administrative Expenses General and administrative expenses were $13.7 million for the year ended December 31, 2024, compared to $3.5 million for the year ended December 31, 2023. The increase of $10.1 million was primarily due to: (i) a $3.2 million increase related to the write off of deferred offering costs; (ii) a $2.3 million increase in stock-based compensation primarily related to modifications of outstanding stock options of our former chief executive officer; (iii) a $1.3 million increase in personnel-related costs related to increased headcount (including the hiring of a chief executive officer and chief financial officer) and merit increases; (iv) a $0.8 million increase in termination benefits related to the resignation of our former chief executive officer; (v) a $0.7 million increase in consulting expenses primarily related to industry market research; (vi) a $0.6 million increase in accounting and audit expenses related to preparation of public company-compliant financial statements; and (vii) a $0.5 million increase in office and rent expense primarily related to relocation of our corporate office in the third quarter of 2024. Non-operatingIncome (Expense) Non-operatingincome was $1.7 million for the year ended December 31, 2024, compared to $5.1 million for the year ended December 31, 2023. The decrease of $3.4 million was primarily due to: (i) a $17.2 million decrease in the gain (loss) on change in fair value of derivative instruments, resulting from a loss on the change in fair value on warrant liabilities of $0.9 million during 2024 and a $16.3 million gain on the change in fair value of derivative liabilities during 2023; (ii) a $7.4 million loss on extinguishment of debt related to the conversion of the convertible notes to Series C preferred stock in August 2023; (iii) a $4.8 million decrease in interest expense related to the convertible notes converted to Series C preferred stock in August 2023; and (iv) a $1.5 million increase in interest income and realized gain related to the increased investment in marketable securities