LB Pharmaceuticals Inc 2025年度报告

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YESնNOշ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YESնNOշ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. YESշNOն Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). YESշNOն Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the ExchangeAct. Large accelerated filerնAccelerated filerնNon-accelerated filerշSmaller reporting companyշEmerging growth companyշ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.ն If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.ն Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).նIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YESնNOշ The registrant was not a public company as of the last business day of its most recently completed second fiscal quarter and therefore cannot calculate the aggregate marketvalue of its voting and non-voting common equity held by non-affiliates as of such date. The registrant’s Common Stock began trading on the Nasdaq Global Market onSeptember 11, 2025. The number of shares of Registrant’s Common Stock outstanding as of March 23, 2026 was 28,674,827.DOCUMENTS INCORPORATED BY REFERENCEPart III incorporates certain information by reference from the registrant’s proxy statement for the 2026 Annual Meeting of Shareholders. Such proxy statementwill be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2025. Table of Contents PART I Item 1.Business3Item 1A.Risk Factors61Item 1B.Unresolved Staff Comments121Item 1C.Cybersecurity121Item 2.Properties122Item 3.Legal Proceedings122Item 4.Mine Safety Disclosures122 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities123Item 6.[Reserved]124Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations125Item 7A.Quantitative and Qualitative Disclosures About Market Risk138Item 8.Financial Statements and Supplementary Data138Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure138Item 9A.Controls and Procedures138Item 9B.Other Information139Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections139 PART III Item 10.Directors, Executive Officers and Corporate Governance140Item 11.Executive Compensation140Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters140Item 13.Certain Relationships and Related Transactions, and Director Independence140Item 14.Principal Accounting Fees and Services140 PART IV Item 15.Exhibits, Financial Statement Schedules141Item 16.Form 10-K Summary144 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains express or implied forward-looking statements within the meaning of thePrivate Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or theSecurities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Thesestatements are based on our management’s belief and assumptions and on information currently available to ourmanagement. Although we believe that the expectations reflected in these forward-looking statements are reasonable,these statements relate to future events or our future operational or financial performance, and involve known andunknown risks