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LB PHARMACEUTICALS INC
American pharmaceutical preparations company based in New York.
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Last updated Oct 18, 2026.
Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Research and development | $16.7M | $51.2M |
| General and administrative | $13.7M | $13.7M |
| Total operating loss | -$30.4M | -$64.8M |
| Interest income | $3.9M | $1.7M |
| Realized gain on sale of marketable securities, net | $119.0K | $955.0K |
| Gain (loss) on change in fair value of derivative instruments | $1.2M | -$947.0K |
| Total non-operating income | $5.2M | $1.7M |
| Loss before income tax | -$25.2M | -$63.1M |
| Income tax provision | $1.0K | $1.0K |
| Net loss | -$25.2M | -$63.1M |
| Net loss per share, basic | -$3.13 | -$176.15 |
| Net loss per share, diluted | -$3.13 | -$176.15 |
| Weighted average shares outstanding used in calculating net loss per share, basic | 8.0M shares | 358.2K shares |
| Weighted average shares outstanding used in calculating net loss per share, diluted | 8.0M shares | 358.2K shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2025-09-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $250.2M | $23.0M | ||
| Marketable securities | $45.0M | $5.0M | ||
| Prepaid expenses and other current assets | $13.2M | $880.0K | ||
| Total current assets | $308.4M | $28.9M | ||
| Operating lease right-of-use assets, net | $2.2M | $2.3M | ||
| Property and equipment, net | $1.6M | $1.9M | ||
| Restricted cash | $770.0K | $498.0K | ||
| Total assets | $312.9M | $33.5M | ||
| Accounts payable | $2.1M | $2.3M | ||
| Accrued expenses | $4.6M | $5.3M | ||
| Operating lease liability, current | $730.0K | $487.0K | ||
| Total current liabilities | $7.4M | $8.1M | ||
| Derivative liability - warrants | $1.3M | $2.5M | ||
| Operating lease liability, noncurrent | $2.8M | $3.2M | ||
| Total liabilities | $11.6M | $13.8M | ||
| Common stock, $0.0001 par value, 500,000,000 and 105,000,000 shares authorized, 25,299,372 and 251,655 shares issued and outstanding as of December 31, 2025 and 2024, respectively. | $3.0K | $114.3M | $1.0K | |
| Additional paid-in capital | $430.7M | $9.7M | ||
| Accumulated deficit | -$129.5M | -$104.3M | ||
| Accumulated other comprehensive income | $168.0K | $111.0K | ||
| Total stockholders' equity (deficit) | $301.3M | -$94.6M | -$34.5M | |
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $312.9M | $33.5M | ||
| Preferred stock, par value | $0.00 | |||
| Preferred stock, shares authorized | 10.0M shares | |||
| Common stock, par value | $0.00 | $0.00 | ||
| Common stock, shares authorized | 500.0M shares | 105.0M shares | ||
| Common Stock, Shares, Issued | 25.3M shares | 3.2M shares | 251.7K shares | |
| Common stock, shares outstanding | 25.3M shares | 251.7K shares |
| Period ending | 2025-12-31 | 2025-09-30 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $250.2M | $23.0M | ||
| Marketable securities | $45.0M | $5.0M | ||
| Prepaid expenses and other current assets | $13.2M | $880.0K | ||
| Total current assets | $308.4M | $28.9M | ||
| Operating lease right-of-use assets, net | $2.2M | $2.3M | ||
| Property and equipment, net | $1.6M | $1.9M | ||
| Restricted cash | $770.0K | $498.0K | ||
| Total assets | $312.9M | $33.5M | ||
| Accounts payable | $2.1M | $2.3M | ||
| Accrued expenses | $4.6M | $5.3M | ||
| Operating lease liability, current | $730.0K | $487.0K | ||
| Total current liabilities | $7.4M | $8.1M | ||
| Derivative liability - warrants | $1.3M | $2.5M | ||
| Operating lease liability, noncurrent | $2.8M | $3.2M | ||
| Total liabilities | $11.6M | $13.8M | ||
| Common stock, $0.0001 par value, 500,000,000 and 105,000,000 shares authorized, 25,299,372 and 251,655 shares issued and outstanding as of December 31, 2025 and 2024, respectively. | $3.0K | $114.3M | $1.0K | |
| Additional paid-in capital | $430.7M | $9.7M | ||
| Accumulated deficit | -$129.5M | -$104.3M | ||
| Accumulated other comprehensive income | $168.0K | $111.0K | ||
| Total stockholders' equity (deficit) | $301.3M | -$94.6M | -$34.5M | |
| Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $312.9M | $33.5M | ||
| Preferred stock, par value | $0.00 | |||
| Preferred stock, shares authorized | 10.0M shares | |||
| Common stock, par value | $0.00 | $0.00 | ||
| Common stock, shares authorized | 500.0M shares | 105.0M shares | ||
| Common Stock, Shares, Issued | 25.3M shares | 3.2M shares | 251.7K shares | |
| Common stock, shares outstanding | 25.3M shares | 251.7K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net Income (Loss) | -$25.2M | -$63.1M |
| Stock-based compensation expense | $4.2M | $3.1M |
| Shares issued for services rendered | $0 | $71.0K |
| Loss on write off of property and equipment | $8.0K | $0 |
| Write off of deferred offering costs | $0 | $3.2M |
| Depreciation and amortization | $321.0K | $91.0K |
| Noncash lease expense | $147.0K | $308.0K |
| Realized gain on sale of marketable securities, net | -$119.0K | -$955.0K |
| Amortization (accretion) of premiums (discounts) on investments, net | $261.0K | -$34.0K |
| (Gain) loss on change in fair value of derivative instruments | -$1.2M | $947.0K |
| Prepaid expenses and other current assets | -$12.3M | -$1.8M |
| Operating lease liability | -$134.0K | -$60.0K |
| Accrued interest on marketable securities | -$268.0K | $114.0K |
| Accounts payable and accrued expenses | -$910.0K | $5.0M |
| Net cash used in operating activities | -$35.2M | -$53.1M |
| Purchases of property and equipment | -$52.0K | -$769.0K |
| Purchase of marketable securities | -$44.8M | -$29.7M |
| Proceeds from the sale of marketable securities | $2.5M | $23.6M |
| Maturities of marketable securities | $2.5M | $30.1M |
| Net cash (used in) provided by investing activities | -$39.9M | $23.2M |
| Proceeds from initial public offering | $327.8M | $0 |
| Payment of issuance costs for initial public offering | -$25.4M | $0 |
| Proceeds from exercise of warrants and options | $247.0K | $23.0K |
| Proceeds from issuance of redeemable convertible Series C preferred stock | $0 | $40.0M |
| Payment of issuance costs for redeemable convertible Series C preferred stock | $0 | -$1.7M |
| Net cash provided by financing activities | $302.6M | $38.3M |
| Net increase in cash, cash equivalents and restricted cash | $227.5M | $8.5M |
| Income tax paid | $1.0K | $1.0K |
| Conversion of 78,072,306 shares (1) of redeemable convertible preferred stock to common stock upon the closing of initial public offering | $114.3M | $0 |
| Right of use assets in exchange for operating lease liabilities | $0 | $2.4M |
| Acquisition of leasehold improvements | $0 | $1.2M |
No quarter-by-quarter statement was filed.
Leadership
Who has led LB PHARMACEUTICALS INC, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerHeather D. Turner Sep 10, 2025 to now6
- Chief financial officerJoseph M. Miller Sep 14, 2026 to now7
Board members and other officers (14)
- Chief Medical OfficerSusan Gani Kozauer Sep 24, 2026 to now8
- Chief Medical OfficerAnna Eramo Sep 10, 2025 to now9
- Chief Business OfficerGad Soffer Sep 10, 2025 to now10
- SVP, Technical OperationsRichard Anthony Silva Sep 11, 2025 to now11
- Senior Vice President, FinanceMarc L. Panoff Sep 29, 2025 to now12
- Chief Commercial OfficerPanandiker Kaya Kamlesh Pai Nov 18, 2025 to now13
- Board memberRobert A. Lenz Mar 10, 2026 to now14
- Board memberHeather D. Turner Sep 10, 2025 to now6
- Board memberJ. Scott Garland Sep 10, 2025 to now15
- Board memberRebecca Luse Sep 10, 2025 to now16
- Board memberRekha Hemrajani Sep 10, 2025 to now17
- Board memberRobert R. Ruffolo Sep 10, 2025 to now18
- Board memberZachary Prensky Sep 10, 2025 to now19
- Board memberRan Nussbaum Sep 11, 2025 to now20
Former names
- LB PHARMACEUTICALS INC.Dec 15, 2016 to Dec 12, 20182
Timeline
- Sep 10, 2025New chief executive Heather D. Turner becomes CEO6
Filings
135 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 16 major events, 49 insider forms, 20 large holders, 5 private raises, 41 other. The latest 20:
- Oct 13, 20264 EDGAR
- Oct 13, 20264 EDGAR
- Oct 13, 2026SCHEDULE 13G/A EDGAR
- Oct 5, 2026EFFECT EDGAR
- Oct 1, 2026POS AM EDGAR
- Oct 1, 2026S-3ASR EDGAR
- Sep 24, 20263 EDGAR
- Sep 15, 2026424B3 EDGAR
- Sep 15, 20268-K EDGAR
- Sep 14, 20263 EDGAR
- Sep 3, 2026424B3 EDGAR
- Sep 3, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 2026424B3 EDGAR
- Aug 11, 202610-Q EDGAR
- Aug 11, 20268-K EDGAR
- Aug 3, 20264 EDGAR
- Jul 29, 2026SCHEDULE 13G/A EDGAR
- Jul 29, 2026424B3 EDGAR
- Jul 29, 20268-K EDGAR
The 135 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 20 such filings since October 2021, the latest 10:
- Oct 13, 2026SCHEDULE 13G/A
- Aug 14, 2026SCHEDULE 13G/A
- Jul 29, 2026SCHEDULE 13G/A
- Jul 16, 2026SCHEDULE 13G
- May 15, 2026SCHEDULE 13G/A
- May 15, 2026SCHEDULE 13G
- May 15, 2026SCHEDULE 13G/A
- May 13, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G/A
- Feb 10, 2026SCHEDULE 13D/A
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Money raised
Private offerings the company reported to the SEC on Form D.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Deep Track Capital, LP | 3,352,804 | $108.8M | 1.6% | No change |
| BlackRock, Inc. | 2,734,305 | $88.7M | 0.0% | +263,460 |
| Ra Capital Management, L.P. | 2,208,604 | $71.7M | 0.6% | No change |
| Nantahala Capital Management, LLC | 2,105,788 | $68.3M | 2.1% | +1,052,894 |
| Trails Edge Capital Partners, LP | 1,523,022 | $49.4M | 7.8% | +203,660 |
| Jpmorgan Chase & Co | 1,497,293 | $48.9M | 0.0% | +69,725 |
| Commodore Capital LP | 1,500,000 | $48.7M | 2.9% | No change |
| TCG Crossover Management, LLC | 1,447,310 | $47.0M | 1.1% | −392,179 |
| Caligan Partners LP | 1,438,070 | $46.7M | 2.3% | No change |
| Spruce Street Capital LP | 1,376,159 | $44.7M | 8.8% | No change |
| Vanguard Capital Management LLC | 971,165 | $31.5M | 0.0% | +76,512 |
| Balyasny Asset Management L.P. | 921,471 | $29.9M | 0.1% | −2,223 |
| Alyeska Investment Group, L.P. | 863,947 | $28.0M | 0.1% | No change |
| Vivo Capital, LLC | 800,000 | $26.0M | 2.4% | No change |
| Nan Fung Group Holdings Ltd | 630,657 | $20.5M | 15.6% | No change |
| Geode Capital Management, LLC | 612,793 | $19.9M | 0.0% | +94,565 |
| State Street Corp | 602,028 | $19.5M | 0.0% | +97,655 |
| Logos Global Management LP | 585,000 | $19.0M | 0.8% | −330,000 |
| Goldman Sachs Group Inc | 576,456 | $18.7M | 0.0% | +212,657 |
| Jennison Associates LLC | 540,902 | $17.6M | 0.0% | +2,686 |
| Great Point Partners LLC | 317,221 | $10.3M | 2.4% | +17,221 |
| Boothbay Fund Management, LLC | 275,675 | $8.9M | 0.2% | New |
| Millennium Management LLC | 259,219 | $8.4M | 0.0% | +122,253 |
| Ameriprise Financial Inc | 227,485 | $7.4M | 0.0% | +119,178 |
| Citadel Advisors LLC | 215,969 | $7.0M | 0.0% | −200,937 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9SEC EDGARAnna Eramo, Chief Medical Officer
- 10SEC EDGARGad Soffer, Chief Business Officer
- 11
- 12
- 13
- 14SEC EDGARRobert A. Lenz, Board member
- 15SEC EDGARJ. Scott Garland, Board member
- 16SEC EDGARRebecca Luse, Board member
- 17SEC EDGARRekha Hemrajani, Board member
- 18SEC EDGARRobert R. Ruffolo, Board member
- 19SEC EDGARZachary Prensky, Board member
- 20SEC EDGARRan Nussbaum, Board member