Company: LBRX
Filing Date: 2025-08-22
Form Type: S-1
Source: 0001193125-25-186467
Chunk: 385

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-08-22
Form: S-1
Chunk 385
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     — |     | $     | 25,445 |
| Liabilities                     |     |                              |        |     |         |       |     |         |       |     |       |        |
| Derivative liability - warrants |     |                              |      — |     |         |     — |     |         | 2,504 |     |       |  2,504 |
| Total liabilities               |     | $                            |      — |     | $       |     — |     | $       | 2,504 |     | $     |  2,504 |

F-45

LB Pharmaceuticals Inc Notes to Condensed Financial Statements (Unaudited) Marketable Securities The Company accounts for marketable securities held as “available-for-sale”in accordance with ASC 320, Investments-Debt Securities. The Company classifies these investments as current assets and carries them at fair value. The fair value of the Company’s marketable securities classified within Level 2 is based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sidedmarkets, benchmark securities, bids, offers, and reference data including market research publications. Certificate of Deposit The Company’s certificates of deposit are Level 2 instruments. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings. Warrants The Company previously issued warrants to investors in connection with equity financings. The warrants are required to be measured at fair value and reported as a liability in the accompanying unaudited condensed balance sheets. The warrants are valued at each reporting date using the Black-Scholes model with any changes in fair value recorded in the accompanying unaudited condensed statements of operations. The valuation of the warrants is considered under Level 3 of the fair value hierarchy due to the need to use assumptions in the valuation that are both significant to the fair value measurement and unobservable. See Note 8 Redeemable Convertible Preferred Stock and Equityfor additional information. For the six months ended June 30, 2025 and 2024, the change in the fair value of the Level 3 warrant liability resulted in the recording of a gain (loss) on change in fair value of derivative instruments of $0.6 million and $(1.8) million, respectively