LB Pharmaceuticals Inc美股招股说明书(2025-09-12版)

19,000,000 Shares Common Stock This is the initial public offering of LB Pharmaceuticals Inc. We are offering 19,000,000 shares of our common stock. The initial public offering price is$15.00 per share. Prior to this offering, there has been no public market for our common stock. Our common stock has been approved for listing on the Nasdaq GlobalMarket, or Nasdaq, under the symbol “LBRX.” We believe that upon the completion of this offering, we will meet the standards for listing on Nasdaq,and the completion of this offering is contingent upon such listing. We are an “emerging growth company” and a “smaller reporting company” under applicable Securities and Exchange Commission rules and haveelected to comply with certain reduced public company reporting requirements for this prospectus and future filings. Investing in our common stock involves a high degree of risk. See the section titled “Risk Factors” beginning on page 13to read about factors you should consider before buying shares of our common stock. Neither the Securities and Exchange Commission nor any other state securities commission has approved or disapproved of these securities ordetermined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. (1)See the section titled “Underwriting” for additional information regarding compensation payable to the underwriters. We have granted the underwriters an option for a period of 30 days to purchase up to 2,850,000 additional shares of common stock from us at the initialpublic offering price, less the underwriting discounts and commissions. The underwriters expect to deliver the shares of common stock to purchasers on September 12, 2025 through the book-entry facilities of The DepositoryTrust Company. Stifel Leerink Partners Table of Contents TABLE OF CONTENTS Prospectus SummaryThe OfferingSummary Financial InformationRisk FactorsSpecial Note Regarding Forward-Looking StatementsMarket and Industry DataUse of ProceedsDividend PolicyCapitalizationDilutionManagement’s Discussion and Analysis of Financial Condition and Results of Operations Business Underwriting Legal Matters Experts Where You Can Find Additional InformationIndex to Financial Statements Table of Contents PROSPECTUS SUMMARY This summary highlights selected information contained in greater detail elsewhere in this prospectus. This summary is not complete anddoes not contain all of the information you should consider in making your investment decision. Before investing in our common stock, you shouldcarefully read this entire prospectus. You should carefully consider, among other things, the sections titled Risk Factors,” “Special Note RegardingForward-Looking Statements,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our financialstatements and the related notes included elsewhere in this prospectus. Unless the context otherwise requires, the terms the “Company,” “LBPharmaceuticals,” “we,” “us,” “our,” and similar references in this prospectus refer to LB Pharmaceuticals Inc. Overview We are a clinical-stage biopharmaceutical company developing novel therapies for the treatment of schizophrenia, bipolar depression, andother neuropsychiatric 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-102is 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, foramisulpride were incompatible with patent coverage on the drug. Amisulpride is a generic drug that has been extensively used in clinical practicefollowing its initial approval in France in the 1980s, generating at least twomillion monthly prescriptions in 2023 in a subset of 16 continentalEuropean countries. Among these European prescriptions for amisulpride, our data suggest that approximately 60% are for schizophrenia andschizoaffective disorders, approximately 20% are for mood disorders, approximately 14% are for anxiety, and the remainder are for a variety ofother indications. We developedLB-102in order to address the limitations of amisulpride with a differentiated therapeutic profile and strongintellectual property protection. We believeLB-102’smechanism of action, data from our recently completed Phase 2 trial ofLB-102in acuteschizophrenia, and the legacy of clinical experience with amisulpride support the continued development ofLB-102in schizophrenia and bipolardepression. If successful in treating bipolar depression, we may also developLB-102in the treatment of major depressive disorder, or MDD. In thefuture, we may also developLB-102for the tre