LB Pharmaceuticals

What LB Pharmaceuticals does

LB Pharmaceuticals Inc is a clinical-stage biopharmaceutical company developing LB-102, an oral once-daily small molecule that is a methylated derivative of amisulpride and a selective antagonist of dopamine D2/D3 and serotonin 5-HT7 receptors. The single methyl-group modification is engineered to enhance blood-brain barrier penetration and lower dose requirements versus twice-daily amisulpride, which is approved in over 50 countries but has never been approved in the United States. The lead clinical programs are the pivotal Phase 3 NOVA-2 trial in acute schizophrenia (~460 patients at 25 U.S. sites, topline 2H 2027) and the Phase 2 ILLUMINATE-1 trial in bipolar I depression (~320 patients at ~30 U.S. sites, topline Q1 2028), with a planned long-acting injectable formulation and future expansion into MDD adjunctive therapy, predominantly negative schizophrenia, Alzheimer's disease-related psychosis/agitation, bipolar mania, and cognitive impairment associated with schizophrenia. A long-acting injectable formulation is also in development to extend commercial protection and improve adherence.

The company is incorporated in Delaware and headquartered in New York, and went public on the Nasdaq Global Market under ticker LBRX in September 2025 via an upsized $285 million IPO that was the largest biotech IPO of 2025. It subsequently raised an additional $100 million in a February 2026 private placement at $21.17 per share, bringing reported cash and equivalents to $365.6 million with runway into Q2 2029. Major institutional backers include Deep Track Capital, TCGX Crossover, Vida Ventures, and Pontifax, with post-IPO 13F-disclosed stakes from RA Capital Management, JPMorgan Chase, and others; the company joined the Russell 2000 and Russell 3000 indices in December 2025.

LB Pharmaceuticals has no approved products and no product revenue. The future revenue model is conventional branded small-molecule commercialization in the U.S., selling LB-102 to psychiatrists, hospitals, and specialty pharmacy channels via a direct field sales organization that the company is actively building under Chief Commercial Officer Kaya Pai Panandiker (ex-Neumora, Cerevel, Lundbeck). Until approval, all operating cash flow is negative (Q1 2026 net loss of $19.1 million) and funded entirely by equity capital raised in public and private markets.

Name

LB Pharmaceuticals

Legal name

LB Pharmaceuticals Inc

Website

https://lbpharma.us

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

LB Pharmaceuticals is a clinical-stage biopharmaceutical company developing LB-102, an oral once-daily methylated amisulpride derivative being evaluated in Phase 3 for schizophrenia and Phase 2 for bipolar depression, with plans to commercialize to U.S. psychiatrists and specialty pharmacies if approved.

Ownership category

akta.pro rank

Product category

Central Nervous System Therapeutics

NAICS

Pharmaceutical and Medicine Manufacturing (32541)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

akta.pro secondary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

Keywords

• Antipsychotic drug development
• Schizophrenia treatment
• Bipolar depression therapy
• Neuropsychiatric pharmaceuticals
• Small molecule therapeutics

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Future product sales (pre-revenue): Currently a clinical-stage biopharmaceutical company with no approved products and no product revenue. Future revenue is expected to be generated through commercial sales of LB-102 (and any follow-on indications) to U.S. healthcare providers, hospitals, and specialty pharmacies if FDA approval is obtained.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

LB Pharmaceuticals is developing LB-102, an oral once-daily small molecule that is a methylated derivative of amisulpride acting as a potent and selective antagonist of D2, D3, and 5-HT7 receptors, designed to be the first benzamide antipsychotic approved for neuropsychiatric disorders in the United States. The lead indication is acute schizophrenia (Phase 3 NOVA-2), with a Phase 2 program (ILLUMINATE-1) in bipolar I depression and a long-acting injectable formulation in development. The company is clinical-stage with no approved products and no current revenue.

Product overview

LB Pharmaceuticals is a clinical-stage biopharmaceutical company built around a single lead product candidate, LB-102, being advanced across multiple neuropsychiatric indications rather than as a portfolio of separate products. The core offering is LB-102 in an oral formulation, supported by an investigational long-acting injectable (LAI) formulation and a clinical development pipeline that includes the pivotal Phase 3 NOVA-2 trial in acute schizophrenia and the Phase 2 ILLUMINATE-1 trial in bipolar depression, with potential future expansion into major depressive disorder and other neuropsychiatric diseases.

Differentiator

Problem solved

Functional benefit

Brands

• LB-102: LB-102 is the company's lead product candidate, an oral small molecule that is a methylated derivative of amisulpride and a potent and selective antagonist of D2, D3, and 5HT7 receptors. It is being developed as a potential first benzamide antipsychotic drug approved for neuropsychiatric disorders in the United States, with clinical programs in schizophrenia (Phase 3 NOVA-2) and bipolar depression (Phase 2 ILLUMINATE-1).

Products and services

• LB-102 (Oral Formulation) LB-102 is a novel, once-daily, orally administered small molecule being developed as a potential first-in-class benzamide antipsychotic in the United States for the treatment of neuropsychiatric disorders. It is a methylated derivative of amisulpride designed to enhance blood-brain barrier penetration while preserving receptor potency and selectivity, with potent and selective antagonism of D2, D3, and 5-HT7 receptors. Lead indication is acute schizophrenia (Phase 3 NOVA-2).
• LB-102 Long-Acting Injectable (LAI) Formulation Long-acting injectable formulation of LB-102 under investigation for potential to provide improved clinical results and treatment adherence for schizophrenia and bipolar depression patients compared to oral formulations. An LAI formulation, if approved, could extend commercial protection for LB-102 and provide an alternative to currently limited approved LAI antipsychotic drugs for neuropsychiatric disorders.
• LB-102 Clinical Development Pipeline (across neuropsychiatric indications) Clinical development pipeline leveraging the broad therapeutic potential of LB-102 across multiple neuropsychiatric indications, including Phase 3 NOVA-2 in acute schizophrenia (~460 patients), Phase 2 ILLUMINATE-1 in bipolar depression (~320 patients), and planned exploration of major depressive disorder (MDD), predominantly negative symptoms of schizophrenia, Alzheimer's disease-related agitation and psychosis, bipolar mania, and cognitive impairment associated with schizophrenia (CIAS).

Quantifiable outcome

• Phase 2 NOVA-1 primary endpoint: statistically significant PANSS reduction at all doses vs placebo (50mg: 5.0-point reduction, p=0.0009, effect size 0.61; 75mg: 4.7-point reduction, p=0.0022, effect size 0.41; 100mg: 6.8-point reduction, p=0.0017, effect size 0.83)
• +3 more outcomes

Segments4 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered recurring external communications and ir partner and operational service provider.

• LifeSci Communications / LifeSci Advisorsrecurring external communications and ir partnerImplementation/ SI/ Consulting PartnerExternal media relations and investor relations agency for LB Pharmaceuticals. Kristin Politi, Ph.D. (VP, Media Strategy) and Joyce Allaire (Investor Relations) at LifeSci serve as primary contacts for press releases and IR communications.
• Equiniti Trust Company, LLCoperational service providerOthersTransfer agent for LB Pharmaceuticals Inc common stock (Nasdaq: LBRX), as disclosed in the investor FAQ.
• BDO USA, P.C.operational service providerImplementation/ SI/ Consulting PartnerIndependent registered public accounting firm for LB Pharmaceuticals Inc, as disclosed in the investor FAQ.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Neumora Therapeutics: Clinical-stage neuroscience biotech developing therapeutics for brain diseases; LB's CCO and a board director (Robert Lenz) both came from Neumora. Similar stage, CNS focus, and large-cap institutional backing.
• Karuna Therapeutics (Bristol Myers Squibb): Developed Cobenfy (xanomeline plus trospium), the first muscarinic agonist approved for schizophrenia, and was acquired by BMS for $14B in 2024. Most directly comparable late-stage CNS developer targeting schizophrenia with a novel mechanism and similar launch/commercial profile.
• Cerevel Therapeutics (AbbVie): Developed emraclidine and other schizophrenia candidates and was acquired by AbbVie for $8.7B in 2024. Closely comparable as a CNS-focused clinical-stage biotech with schizophrenia assets and where LB's CCO previously led commercial.
• Intra-Cellular Therapies (AbbVie): Developed Caplyta (lumateperone), an FDA-approved antipsychotic for schizophrenia and bipolar depression - the closest on-market competitor for LB-102 in both target indications, and recently acquired by AbbVie for ~$14.3B.
• Acadia Pharmaceuticals: Commercial CNS-focused biopharma with Nuplazid (pimavanserin) approved for Parkinson's disease psychosis and pipeline assets in schizophrenia-adjacent indications. Comparable commercial-stage CNS commercializer with launch expertise.
• Vanda Pharmaceuticals: CNS-focused biopharma developing small molecules for schizophrenia and other neuropsychiatric disorders. Comparably sized CNS specialist targeting overlapping patient populations.
• Axsome Therapeutics: CNS-focused biopharma commercializing Auvelity (dextromethorphan-bupropion) for major depressive disorder and developing assets across neuropsychiatry, with comparable mid-cap public profile and analogous launch trajectory.
• Sage Therapeutics (Supernus): CNS-focused biopharma with Zurzuvae (zuranolone) approved for postpartum depression. Comparable clinical-stage-to-commercial CNS developer with franchise ambitions in mood and neuropsychiatric disorders adjacent to LB-102's MDD and bipolar programs.

Broad incumbents

• Alkermes: Established CNS-focused biopharma with Aristada (long-acting injectable aripiprazole for schizophrenia) and Lybalvi (olanzapine/samidorphan). Direct LAI schizophrenia competitor and broader CNS incumbent with commercial infrastructure.
• Sumitomo Pharma America (Sunovion): Markets Latuda (lurasidone), one of the leading branded atypical antipsychotics for schizophrenia and bipolar depression. Established incumbent competing directly with LB-102's target indications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/lb_pharma
• LinkedInlinkedin.com/company/lbpharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds9 records

Investors17 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LB Pharmaceuticals