Updated: November 3, 2025.
LB Pharmaceuticals Inc. started trading on the Nasdaq Global Market under the ticker “LBRX” on September 11, 2025. This followed the pricing of its upsized initial public offering (IPO).
The New York-based biopharma company sold 19 million shares of common stock at $15 each, raising $285 million in gross proceeds before accounting for underwriting discounts and expenses. The offering closed on September 12, 2025.
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The IPO places LB Pharmaceuticals among a growing number of drug developers focused on neuropsychiatric conditions. Its lead candidate, LB-102, is a new oral therapy advancing through late-stage development for schizophrenia and bipolar depression. Both conditions have treatment gaps that have persisted for years.
Schizophrenia affects about 0.25% to 0.64% of adults in the US, which is roughly one in every 200 people. It remains one of the top 15 causes of disability worldwide. Bipolar disorder affects around 2.8% of US adults, or about 3.1 million people, and is a leading cause of psychiatric hospitalization.
LB Pharmaceuticals’ main research centers on LB-102, a new chemical entity (NCE) and derivative of amisulpride, a second-generation antipsychotic that is widely used in Europe but has never been approved in the US.
LB-102 was designed to improve upon amisulpride by increasing blood-brain barrier permeability. This improvement allows for once-daily dosing and potentially reduces sedation and other side effects.
In a Phase II trial with 359 patients, LB-102 showed statistically significant reductions in schizophrenia symptoms for all doses. The study also looked at cognitive outcomes, and early signs pointed to possible improvements in areas often overlooked by current antipsychotics.
After receiving favorable feedback from the FDA at the end of Phase II, LB Pharmaceuticals plans to start a six-week Phase III trial in acute schizophrenia in early 2026. This trial will include about 400 patients across 25 sites in the US.
Topline results are expected in late 2027, followed by a potential meeting regarding a new drug application in 2028.
Alongside schizophrenia, LB Pharmaceuticals is developing LB-102 for bipolar depression, with a potential Phase II trial planned for 2026. The compound targets dopamine D2/D3 and serotonin 5-HT7 receptors, which may allow for both antipsychotic and antidepressant effects. The company is also looking at LB-102 for its potential in other additional neuropsychiatric conditions.
People with schizophrenia often have major thinking-skill challenges, and while standard antipsychotics help hallucinations and delusions by blocking dopamine D2, they have a limited impact on thinking problems.
Improving cognitive function in schizophrenia has long been overlooked, but the industry is now moving to fill that gap.
Monument Therapeutics, in collaboration with the Foundation for the National Institutes of Health, recently began a trial of MT1988 for cognitive impairment associated with schizophrenia as part of their Accelerating Medicines Partnership Schizophrenia program.
Other similar efforts include Kynexis’s Phase II trial of KYN-5356, a first-in-class KAT-II inhibitor that, in Phase I trials, showed it can lower kynurenic acid levels and may improve cognitive function. Alto Neuroscience’s ALTO-101, currently enrolling for Phase II, is a PDE4 inhibitor that recently received FDA Fast Track designation for cognitive impairment related to schizophrenia.
In early October, LB Pharmaceuticals presented more Phase II NOVA1 analyses at the European College of Neuropsychopharmacology Congress. This included data suggesting potential improvements in cognitive performance and negative symptoms based on dose.
In addition to its oral formulation, LB Pharmaceuticals is also developing a long-acting injectable version of LB-102. This aims to address the challenge of medication adherence in managing schizophrenia. Work on this formulation is in progress, with further development planned through 2026.
The proceeds from the IPO will support the Phase III schizophrenia trial, the Phase II bipolar depression study and the development of the injectable program.
LB Pharmaceuticals joins a growing field of companies exploring more effective treatment methods for schizophrenia. This includes novel receptor targets, cognitive-enhancing approaches and digital tools to improve long-term outcomes for patients facing serious mental illness.
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