LB PHARMACEUTICALS INC LBRX
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. LB-102 is currently in late-stage clinical development for schizophrenia and bipolar depression. We are also planning to conduct a Phase 2 clinical trial evaluating LB-102 as an adjunctive treatment in major depressive disorder, or MDD. LB-102 is a new chemical entity and a methylated derivative of amisulpride, a second-generation antipsychotic drug approved in over 50 countries, not including the United States, because the development and regulatory requirements of the U.S. Food and Drug Administration, or FDA, for amisulpride were incompatible with patent coverage on the drug. Amisulpride is a generic drug that has been extensively used in clinical practice following its initial approval in France in the 1980s, generating at least two million monthly prescriptions in 2023 in a subset of 16 continental European countries. Among these European prescriptions for amisulpride, our data suggest that approximately 60% are for schizophrenia and schizoaffective disorders, approximately 20% are for mood disorders, approximately 14% are for anxiety, and the remainder are for a variety of other indications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| R&D | $16.7M | $51.2M | — |
| SG&A | $13.7M | $13.7M | — |
| Total operating expenses | $30.4M | $64.8M | — |
| Pre-tax income | -$25.2M | -$63.1M | — |
| Income tax | $1.0K | $1.0K | — |
| Net income | -$25.2M | -$63.1M | — |
| EPS, basic | -3.13 | -176.15 | — |
| EPS, diluted | -3.13 | -176.15 | — |
| Shares, diluted (wtd. avg.) | 8.0M | 358,229 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $250.2M | $23.0M | — |
| Short-term investments | $45.0M | $5.0M | — |
| Total current assets | $308.4M | $28.9M | — |
| Property, plant and equipment | $1.6M | $1.9M | — |
| Total assets | $312.9M | $33.5M | — |
| Accounts payable | $2.1M | $2.3M | — |
| Total current liabilities | $7.4M | $8.1M | — |
| Total liabilities | $11.6M | $13.8M | — |
| Retained earnings | -$129.5M | -$104.3M | — |
| Total equity | $301.3M | -$94.6M | -$34.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$35.2M | -$53.1M | — |
| Depreciation and amortisation | $321.0K | $91.0K | — |
| Stock-based compensation | $4.2M | $3.1M | — |
| Capital expenditure | $52.0K | $769.0K | — |
| Investing cash flow | -$39.9M | $23.2M | — |
| Financing cash flow | $302.6M | $38.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-126368.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | — | — |
| Gross profit | — | — | — |
| Net income | — | -$63.1M | -$25.2M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Regulation FD disclosure Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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