Press Release: LB Pharmaceuticals Reports 3Q 2025 Financial Results and Recent Corporate Updates

Dow Jones
2025/11/06

NEW YORK, Nov. 06, 2025 (GLOBE NEWSWIRE) -- LB Pharmaceuticals Inc ("LB Pharmaceuticals" or the "Company") (Nasdaq: LBRX) today announced financial results for the third quarter ended on September 30, 2025 and provided recent corporate updates.

"Following our recent initial public offering, we are well-positioned to continue executing on our strategy to advance LB-102 into a Phase 3 trial in acute schizophrenia, as well as a Phase 2 trial in bipolar depression," said Heather Turner, Chief Executive Officer of LB Pharmaceuticals. "The robust and statistically significant results recently reported from our potentially registrational Phase 2 trial in acute schizophrenia confirm the meaningful clinical impact and differentiated tolerability of LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. Our team is focused on advancing LB-102 towards FDA approval to expand treatment options for underserved patients."

Recent Corporate Updates

   -- In September 2025, the Company announced the pricing of its upsized 
      initial public offering of 21,850,000 shares of its common stock at a 
      price of $15.00 per share. The aggregate gross proceeds to LB 
      Pharmaceuticals from the offering were $327.8 million. 
 
   -- In October 2025, the Company presented three posters featuring new and 
      previously reported analyses from its Phase 2 NOVA1 clinical trial of 
      LB-102 in acute schizophrenia at the 38th European College of 
      Neuropsychopharmacology ("ECNP") Congress, which took place in Amsterdam, 
      The Netherlands, from October 11-14, 2025. Using a validated battery of 
      cognitive tests in its Phase 2 acute schizophrenia trial, a post-hoc 
      analysis demonstrated that after four weeks of treatment with LB-102, a 
      robust, dose-dependent, and significant treatment effect size was 
      identified in a completer population for all doses of LB-102 compared 
      with placebo. The treatment effect size versus placebo was 0.26 
      (p=0.0476) at the 50 mg dose, 0.41 (p=0.0027) at the 75 mg dose and 
      reached 0.66 (p=0.0018) at the 100 mg dose. Significant effect sizes of 
      the magnitude reported in this trial provide early evidence that LB-102 
      may positively impact cognitive deficits--an area of significant unmet 
      need that spans across schizophrenia and mood disorders. 
 
          -- The Company presented two additional posters at ECNP, which 
             included an encore presentation of the primary efficacy and safety 
             results from the NOVA1 trial, and a post-hoc analysis focused on 
             the effects of LB-102 on negative symptoms in a subset of patients 
             with prominent negative symptoms at baseline. 
 
          -- Collectively, these analyses further reinforce LB-102's balanced 
             clinical profile, which is characterized by clinically meaningful 
             reduction in Positive and Negative Syndrome Scale ("PANSS") scores, 
             a generally favorable and potentially class-leading tolerability 
             profile and differentiated clinical activity across multiple 
             symptom domains. 
   -- To increase the statistical power of its planned Phase 3 clinical trial 
      in acute schizophrenia, the Company plans to increase the sample size of 
      this trial from approximately 400 patients to approximately 460 patients. 
      The Company is planning to initiate this trial in the first quarter of 
      2026 and continues to expect to report topline data for this trial in the 
      second half of 2027. 
 
   -- The Company also plans to initiate a potentially registrational Phase 2 
      trial in bipolar depression in the first quarter of 2026 and expects to 
      report topline data for this trial in the first quarter of 2028. 

New Team Appointments

   -- In September 2025, the Company announced the appointments of William Kane 
      and Rekha Hemrajani to its Board of Directors. These new Board members 
      add valuable expertise in finance, business development, CNS product 
      commercialization, and corporate strategy. 
 
   -- In October 2025, LB Pharmaceuticals announced the appointment of James 
      Rawls, Pharm.D., as Senior Vice President of Regulatory Affairs. 
      Throughout his career, Dr. Rawls has led or contributed to more than a 
      dozen successful regulatory filings and product approvals in the United 
      States, Europe, and Japan, with specific experience in neuropsychiatric 
      diseases. 

Financial Results for the Three Months ended September 30, 2025

   -- Research & Development Expenses:Research and development expenses were 
      $2.4 million for the third quarter of 2025, as compared to $10.7 million 
      in the third quarter of 2024. The decrease was primarily due to a 
      decrease in clinical trial expenses related to the conduct of our Phase 2 
      clinical trial of LB-102 in acute schizophrenia in 2024. 
   -- General & Administrative Expenses: General and administrative expenses 
      were $2.8 million for the third quarter of 2025, as compared to $5.4 
      million for the third quarter of 2024. The decrease was primarily due to 
      the write-off of deferred financing costs in 2024. 
   -- Net Loss:Net loss was $3.6 million for the third quarter of 2025, as 
      compared to a net loss of $14.2 million for the third quarter of 2024. 
   -- Cash Position: Cash, cash equivalents and marketable securities as of 
      September 30, 2025 were approximately $314.5 million following the 
      Company's initial public offering in September. Based on current 
      operating assumptions, the Company anticipates its current cash, cash 
      equivalents and marketable securities will support its planned operations 
      into the second quarter of 2028. 

Financial Results for the Nine Months ended September 30, 2025

   -- Research & Development Expenses:Research and development expenses were 
      $8.3 million for the nine months ended September 30, 2025, as compared to 
      $50.8 million for the nine months ended September 30, 2024. The decrease 
      was primarily due to a decrease in clinical trial expenses related to the 
      conduct of our Phase 2 clinical trial of LB-102 in acute schizophrenia in 
      2024. 
   -- General & Administrative Expenses: General and administrative expenses 
      were $8.3 million for the nine months ended September 30, 2025, as 
      compared to $8.5 million for the nine months ended September 30, 2024. 
   -- Net Loss:Net loss was $13.7 million for the nine months ended September 
      30, 2025, as compared to $58.0 million for the nine months ended 
      September 30, 2024. 

About LB-102

LB-102 is a Phase 3-ready oral, small molecule and a methylated derivative of amisulpride. In early 2025, LB Pharmaceuticals announced positive data from a four-week placebo-controlled, double-blinded, Phase 2 trial in patients with acute schizophrenia. The Phase 2 trial demonstrated statistically significant benefit versus placebo at all doses studied, a potentially class leading safety profile among D2 antagonists and partial agonists, and positive effects on negative symptoms and cognition. LB-102 is advancing into a Phase 3 clinical trial for acute schizophrenia and a Phase 2 clinical trial for bipolar depression. Additional expansion opportunities for LB-102 could include major depressive disorder (MDD), predominantly negative symptoms of schizophrenia, Alzheimer's disease psychosis and agitation, as well as bipolar mania and cognitive impairment associated with schizophrenia.

About LB Pharmaceuticals

LB Pharmaceuticals is a clinical-stage biopharmaceutical company developing novel therapies for the treatment of schizophrenia, bipolar depression, and other neuropsychiatric diseases. The Company is building a pipeline that leverages the broad therapeutic potential of its lead product candidate, LB-102, which the Company believes has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States. LB-102, if approved, has the potential to become a mainstay of psychiatric practice by offering a potentially attractive alternative to branded and generic therapeutics for the treatment of schizophrenia, bipolar depression, and other neuropsychiatric diseases.

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "positioned," "potential," "predict," "seek," "should," "target," "will," "would" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the design, objectives and timing of the Phase 3 trial in acute schizophrenia and the Phase 2 trial in bipolar depression; the expected regulatory pathway and therapeutic benefits of LB-102 and continuing advancement of LB-102 and the Company's portfolio; and anticipated cash runway into the second quarter of 2028. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others: the Company's limited operating history and historical losses; the Company's ability to raise additional funding to complete the development and any commercialization of LB-102; the Company's dependence on the success of its lead product candidate, LB-102; the Company's ability to obtain

regulatory approval of and successfully commercialize its product candidate; the early stages of clinical development of the Company's lead product candidate, LB-102; any undesirable side effects or other properties of the Company's product candidate; that the Company may be delayed in initiating, enrolling or completing any clinical trials; competition from third parties that are developing products for similar uses; the Company's ability to obtain, maintain and protect its intellectual property; and the Company's dependence on third parties in connection with manufacturing, clinical trials and preclinical studies.

These and other risks are described more fully in the Company's filings with the Securities and Exchange Commission (the "SEC") and its other documents to be subsequently filed with or furnished to the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Contacts

Media:

Michael Tattory

LifeSci Communications

Mtattory@lifescicomms.com

Investor Relations:

Joyce Allaire

LifeSci Advisors

JAllaire@LifeSciAdvisors.com

 
                         LB Pharmaceuticals Inc 
                        Condensed Balance Sheets 
             (In thousands, except share and per share data) 
                               (Unaudited) 
------------------------------------------------------------------------ 
 
                                             As of 
                           ------------------------------------------ 
                            September 30, 2025     December 31, 2024 
                           --------------------   ------------------- 
Assets 
Current assets 
   Cash and cash 
    equivalents             $           269,744    $           22,978 
   Marketable securities                 44,735                 5,021 
   Prepaid expenses and 
    other current assets                  1,922                   880 
     Total current assets               316,401                28,879 
Operating lease 
 right-of-use assets, 
 net                                      2,198                 2,298 
Property and equipment, 
 net                                      1,635                 1,859 
Restricted cash                             512                   498 
                               ----------------       --------------- 
     Total assets           $           320,746    $           33,534 
                               ================       =============== 
Liabilities, redeemable 
convertible preferred 
stock and stockholders' 
equity (deficit) 
Current liabilities 
   Accounts payable         $             2,590    $            2,320 
   Accrued expenses                       3,327                 5,302 
   Operating lease 
    liability, current                      730                   487 
                               ----------------       --------------- 
     Total current 
      liabilities                         6,647                 8,109 
Derivative liability - 
 warrants                                   942                 2,504 
Operating lease 
 liability, noncurrent                    2,936                 3,216 
                               ----------------       --------------- 
     Total liabilities                   10,525                13,829 
                               ----------------       --------------- 
Commitments and 
contingencies 
Redeemable convertible 
preferred stock 
   Series Seed preferred 
    stock, $0.0001 par 
    value, zero and 
    295,467 shares 
    authorized, zero and 
    295,467 shares issued 
    and outstanding as of 
    September 30, 2025 
    and December 31, 
    2024, respectively. 
    Liquidation 
    preference of zero 
    and $443 as of 
    September 30, 2025 
    and December 31, 
    2024, respectively.                      --                   435 
   Series A preferred 
    stock, $0.0001 par 
    value, zero and 
    3,655,374 shares 
    authorized, zero and 
    3,655,374 outstanding 
    as of September 30, 
    2025 and December 31, 
    2024, respectively. 
    Liquidation 
    preference of zero 
    and $8,407 as of 
    September 30, 2025 
    and December 31, 
    2024, respectively.                      --                 6,179 
   Series B preferred 
    stock, $0.0001 par 
    value, zero and 
    301,119 shares 
    authorized, zero and 
    301,119 shares issued 
    and outstanding as of 
    September 30, 2025 
    and December 31, 
    2024, respectively. 
    Liquidation 
    preference of zero 
    and $903 as of 
    September 30, 2025 
    and December 31, 
    2024, respectively.                      --                   580 
   Series C preferred 
    stock, $0.0001 par 
    value, zero and 
    75,000,000 shares 
    authorized, zero and 
    73,820,346 shares 
    issued and 
    outstanding as of 
    September 30, 2025 
    and December 31, 
    2024, respectively. 
    Liquidation 
    preference of zero 
    and $110,731 as of 
    September 30, 2025 
    and December 31, 
    2024, respectively.                      --               107,065 
Stockholders' equity 
(deficit) 
   Common stock, $0.0001 
    par value, 
    500,000,000 and 
    105,000,000 shares 
    authorized, 
    25,299,102 and 
    251,655 shares issued 
    and outstanding as of 
    September 30, 2025 
    and December 31, 
    2024, respectively.                       3                     1 
   Additional paid-in 
    capital                             428,327                 9,657 
   Accumulated deficit                 (118,056)             (104,323) 
   Accumulated other 
    comprehensive (loss) 
    income                                  (53)                  111 
                               ----------------       --------------- 
     Total stockholders' 
      equity (deficit)                  310,221               (94,554) 
                               ----------------       --------------- 
      Total liabilities, 
       redeemable 
       convertible 
       preferred stock 
       and stockholders' 
       deficit              $           320,746    $           33,534 
                               ================       =============== 
 
 
 
                          LB Pharmaceuticals Inc 
                     Condensed Statements of Operations 
              (in thousands, except share and per share data) 
                                (Unaudited) 
--------------------------------------------------------------------------- 
 
                        Three Months Ended      Nine Months Ended September 
                           September 30,                    30, 
                     -------------------------  --------------------------- 
                          2025         2024          2025          2024 
                     --------------  ---------  --------------  ----------- 
Operating expenses 
  Research and 
   development       $    2,419      $ 10,664   $    8,261      $ 50,795 
  General and 
   administrative         2,827         5,419        8,273         8,496 
                      ---------       -------    ---------       ------- 
    Total operating 
     loss                (5,246)      (16,083)     (16,534)      (59,291) 
Non-operating 
income (expense) 
  Interest income           707           384        1,120         1,423 
  Realized gain on 
   sale of 
   marketable 
   securities, net           --           503          119           593 
  Gain (loss) on 
   change in fair 
   value of 
   derivative 
   instruments              983         1,015        1,562          (756) 
    Total 
     non-operating 
     income               1,690         1,902        2,801         1,260 
                      ---------       -------    ---------       ------- 
Loss before income 
 tax                     (3,556)      (14,181)     (13,733)      (58,031) 
Income tax 
provision                    --            --           --            -- 
                      ---------       -------    ---------       ------- 
Net loss             $   (3,556)     $(14,181)  $  (13,733)     $(58,031) 
                      =========       =======    =========       ======= 
Net loss per share, 
 basic and diluted   $    (0.61)     $ (39.49)  $    (6.26)     $(162.15) 
Weighted average 
 shares outstanding 
 used in 
 calculating net 
 loss per share, 
 basic and diluted    5,806,862       359,079    2,195,199       357,891 
 

(END) Dow Jones Newswires

November 06, 2025 08:00 ET (13:00 GMT)

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