LB PHARMACEUTICALS INC
LBRX · Pharmaceutical Preparations · 28.7M shares · EDGAR filings ↗
Reference price $15.00 · est. market cap ~$430M — last insider purchase, 2025-09-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B77Well-capitalized late-stage CNS developer with a clean, statistically significant Phase 2 schizophrenia win and a multi-year runway.
Strengths
- NOVA-1 Phase 2 met PANSS primary across all doses (50mg p=0.0009) with multiplicity control, JAMA-published
- Fortress balance sheet: $295M cash, ~33.5-quarter runway (93.8 pct), current ratio 41 (99 pct)
- LB-102 leverages validated amisulpride heritage; Phase 3 initiated and usable as one of two pivotal trials
Risks
- Pre-revenue with accumulated deficit ~$129.5M and negative returns (ROE/ROA ~-8%)
- Single-asset concentration; Phase 3 efficacy and tolerability still unproven
- Substantial future losses and eventual commercialization execution risk
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-35.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $295M cash & investments, ~34 quarters of runway
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
Key metrics
Return on equity
-8.4%
Return on assets
-8.1%
Current ratio
41.4×
Free cash flow
-$35M
Tangible book value
$301M
Cash & investments
$295M
Cash runway
34q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-09-12 | Deep Track Biotechnology Master Fund, Ltd. | Conversion | 686K | — |
| 2025-09-12 | Deep Track Biotechnology Master Fund, Ltd. | Buy | 2.0M | $15.00 |
| 2025-09-12 | Deep Track Biotechnology Master Fund, Ltd. | Buy | 667K | $15.00 |
| 2025-09-12 | Pontifax Management 4 G.P. (2015) Ltd. | Conversion | 412K | — |
| 2025-09-12 | Pontifax Management 4 G.P. (2015) Ltd. | Buy | 1.0M | $15.00 |
| 2025-09-12 | Nussbaum Ran | Conversion | 412K | — |
| 2025-09-12 | Nussbaum Ran | Buy | 1.0M | $15.00 |
| 2025-09-12 | Vida Ventures GP III, L.L.C. | Conversion | 548K | — |
| 2025-09-12 | Vida Ventures GP III, L.L.C. | Conversion | 1.3K | — |
| 2025-09-12 | Vida Ventures GP III, L.L.C. | Buy | 333K | $15.00 |
| 2025-09-12 | Vida Ventures GP III, L.L.C. | Buy | 767 | $15.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07494305 ↗ | Multicenter Study to Assess the Efficacy and Safety of LB-102 in the Treatment of Adult Patients With BP1MDE. Bipolar I Disorder | PHASE2 | Recruiting | 2028-02-01 |
| NCT07363577 ↗ | Study to Evaluate LB-102 for the Treatment of Adult Patients With Acute Schizophrenia Schizophrenia | PHASE3 | Recruiting | 2027-06-01 |
| NCT07369154 ↗ | 52-week Open Label Safety-Tolerability Study Schizophrenia | PHASE3 | Not Yet Recruiting | 2028-12-01 |
| NCT06179108 ↗ | Randomized, Double-blinded, Placebo-controlled, Evaluating the Treatment With LB-102 in Patients With Acute Schizophrenia Schizophrenia | PHASE2 | Completed | 2024-12-04 |
| NCT04588129 ↗ | Receptor Occupancy of LB-102 Using Positron Emission Tomography (PET) in Healthy Volunteers Schizophrenia | PHASE1 | Completed | 2021-09-17 |
| NCT04187560 ↗ | Safety and Tolerability of Single and Multiple Doses of LB-102 in Healthy Adults Schizophrenia | PHASE1 | Completed | 2020-07-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Exec/director changeExhibits | filing ↗ |
| 2026-06-09 | Shareholder vote | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-03-26 | ResultsExhibits | filing ↗ |
| 2026-03-16 | Exec/director change | filing ↗ |
| 2026-03-10 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-05 | Material agreement3.02Reg FDOtherExhibits | filing ↗ |
| 2025-11-13 | Material agreementExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-08 | 0001193125-26-265867 ↗ |
| 8-K | 2026-06-09 | 2026-06-03 | 0001193125-26-263724 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-219607 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-219529 ↗ |
| 10-K | 2026-03-26 | 2025-12-31 | 0001193125-26-126368 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001193125-26-126223 ↗ |
| 8-K | 2026-03-16 | 2026-03-13 | 0001193125-26-108474 ↗ |
| 8-K | 2026-03-10 | 2026-03-04 | 0001193125-26-099419 ↗ |
| 8-K | 2026-02-05 | 2026-02-04 | 0001193125-26-038539 ↗ |
| 8-K | 2025-11-13 | 2025-11-10 | 0001193125-25-279074 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001193125-25-276070 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-268174 ↗ |