LB Pharmaceuticals sets $150 million private placement of stock and warrants

LB Pharmaceuticals Inc (Nasdaq: LBRX) said on July 29, 2026 that it had signed a securities purchase agreement covering 3,577,560 shares of common stock and pre-funded warrants to purchase up to 715,513 additional shares, sold to a limited group of institutional investors in a private placement.¹

Under the deal, common stock is priced at $34.94 per share, while each pre-funded warrant costs $34.9399, reflecting the share price minus a $0.0001 exercise price.¹ The company said it expects gross proceeds of roughly $150 million before transaction expenses.¹ Closing is anticipated on or about July 30, 2026, pending customary conditions.¹

Investors in the round include a mix of new and existing institutional backers such as Adage Capital Partners, BB Biotech, Caligan Partners, Commodore Capital, Deep Track Capital, Farallon Capital Management funds, Integral Health Asset Management, Janus Henderson Investors, Spruce Street Capital, StemPoint Capital, and an unnamed mutual fund, among others.¹ Leerink Partners and Piper Sandler served as placement agents on the transaction.¹

LB Pharmaceuticals said it plans to direct the net proceeds toward expanding its LB-102 program into new indications supported by mechanistic rationale and clinical or real-world data from amisulpride, potentially including negative symptoms of schizophrenia and Alzheimer's disease agitation or psychosis, along with general corporate purposes.¹ The 8-K adds that a trial for the negative-symptoms indication could begin in the second half of 2027, subject to regulatory feedback and other factors.¹

The company also agreed to file a resale registration statement with the SEC covering the newly issued shares, including those underlying the pre-funded warrants.¹ Per the filing, that registration must be filed within 90 days of closing and made effective no later than 90 days after its initial filing, subject to possible extension.¹

LB-102 itself remains in active testing. The company noted that its pivotal Phase 3 NOVA-2 trial in acute schizophrenia and the Phase 2 ILLUMINATE-1 trial in bipolar 1 depression are ongoing, with a Phase 2 trial for adjunctive MDD treatment planned.¹