LB Pharmaceuticals filed a registration statement with the US Securities and Exchange Commission on Tuesday for an initial public offering of about 16.7 million shares of common stock, with an expected price range of $14 to $16 per share.

The company said it granted underwriters a 30-day option to buy up to 2.5 million additional shares at the IPO price.

LB Pharmaceuticals said it expects net proceeds from the offering to reach about $228.5 million, or $263.4 million if additional shares are fully exercised, with plans to use the funds to develop its lead drug LB-102 as a treatment for schizophrenia and bipolar depression and the remainder for general corporate purposes.

The company plans to list its shares on Nasdaq under the LBRX ticker.