LBRX Stock — LB Pharmaceuticals Inc: Cash, EV, Pipeline

What they do

We are a late-stage biopharmaceutical company developing novel therapies for the treatment of a wide range of neuropsychiatric disorders including schizophrenia, bipolar depression, adjunctive treatment of major depressive disorder and other diseases. We are building a pipeline that leverages the broad therapeutic potential of our lead product candidate, LB-102, which we believe has the potential to be the first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States.

Source: 10-K FY2025 via SEC EDGAR

Share price

$42.01

Market cap

$1,355.2M

Cash

$403.8M

Enterprise value

$951.5M

Balance sheet

Cash	$403.8M
Debt	$0.0M
Net cash	$403.8M
Enterprise value	$951.5M
Basic shares	32.4M shares
Fully diluted shares	36.1M shares
Fully diluted market cap	$1,516.0M
Cash per share	$12.48
Quarterly burn	$37.6M
Cash runway	8.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

32.3M

Pre-funded warrants

—

Options

3.3M

RSUs

0.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.5M

FDSO

36.1M

Cap table as of 2026-08-05.

Price history

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Next catalyst

LB-102 · Est. Apr 1, 2027 · half midpoint · guided in 8 wks

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Apr 1, 2027 in 8 wks half midpoint	LB-102 NOVA-2 Phase 3 in schizophrenia	Phase 3	schizophrenia	H1 2027
Jul 13 - Aug 24 in 8 mo	LB-102 (50 mg tablet)	Phase 3	Schizophrenia	—
Mar 14 - Apr 25 in 16 mo	LB-102	Phase 2	Bipolar I Disorder	—
Jan 12 - Feb 23 in 27 mo	LB-102	Phase 3	Schizophrenia	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

LB-102

Phase 3 · Active Modality: small molecule

Target D2, D3, 5HT7

Indications

Schizophrenia (Phase 3)
Bipolar depression (Phase 2)
Adjunctive major depressive disorder (Phase 2)
Alzheimer's disease agitation/psychosis (Stage not disclosed)
Negative symptoms of schizophrenia (Stage not disclosed)

Catalysts

— second half of 2027

Status note First benzamide antipsychotic for neuropsychiatric disorders. Pivotal Phase 3 NOVA-2 in schizophrenia (concurrent open-label outpatient NOVA-3 enrolling); Phase 2 ILLUMINATE-1 in bipolar depression; Phase 2 in adjunctive MDD; additional expansion planned in negative symptoms of schizophrenia and Alzheimer's agitation/psychosis.

LB-102 LAI

Preclinical · Active Modality: long-acting injectable

Target D2, D3, 5HT7

Indications

Schizophrenia (Preclinical)

Status note Long-acting injectable formulation of LB-102 under development to improve adherence.

Per-asset detail extracted from the 10-Q filed 2026-08-11. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	LB-102
Lead indication	Schizophrenia
Lead phase	Phase 3
Active trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07363577	Phase 3	Recruiting	Sponsor	LB Pharmaceuticals Inc.	—	Schizophrenia	H1 2027 Est. Apr 1, 2027 · half midpoint
NCT07369154	Phase 3	Recruiting	Sponsor	LB Pharmaceuticals Inc.	—	Schizophrenia	—
NCT07494305	Phase 2	Recruiting	Sponsor	LB Pharmaceuticals Inc.	—	Bipolar I Disorder	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 3 active trials for LB Pharmaceuticals Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	2,208,604	no change	0.62%	2026-08-14
Vivo Capital	800,000	no change	2.37%	2026-08-14
Logos Global Management	585,000	-330,000	0.82%	2026-08-14
Great Point Partners	317,221	+17,221	2.43%	2026-08-14
Baker Bros. Advisors	200,000	no change	0.03%	2026-08-14
Boxer Capital	70,000	no change	0.17%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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LBRX — LB Pharmaceuticals Inc ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

LBRX — LB Pharmaceuticals Inc