# LB Pharmaceuticals Inc (LBRX)

> Source: Nexqual · https://nexqual.com/LBRX · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, LB Pharmaceuticals Inc (LBRX), nexqual.com/LBRX" · informational, not investment advice.

**Price:** USD 39.83 (+0.48% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 39.64 · day 38.49–40.38 · 52w 14.32–50.16 · market cap $1.28B · NGM

## Key facts
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 58 (range 35–80).
- Total return with dividends: 1Y +154.5% vs S&P 500 +13.6%; 5Y +137.1% vs S&P 500 +79.8%.
- Next earnings: 2026-11-12, EPS estimate USD -1.52, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2024 | FY2025 | TTM |
|---|---|---|---|
| Net income | -$63.1M | -$25.2M | -$85.7M |
| EPS (diluted) | -$176.15 | -$3.13 | — |
| Free cash flow | -$53.8M | -$35.3M | -$82.8M |
| Cash + short-term investments | $25.4M | $295M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 3.9x · FCF yield -6.45% · Earnings yield -6.67%

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 58 (low 35, high 80).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Canaccord Genuity | Initiated | Buy | $65 |
| 2026-10-06 | Guggenheim | Initiated | Buy | $80 |
| 2026-10-05 | Roth Capital | Downgrade | Buy → Neutral | $37 → $35 |
| 2026-10-02 | Needham | Initiated | Buy | $68 |
| 2026-08-24 | HC Wainwright & Co. | Target raised | Buy | $45 → $60 |
| 2026-08-12 | BMO Capital | Target raised | Outperform | $46 → $54 |
| 2026-08-03 | HC Wainwright & Co. | Reiterated | Buy | $45 |
| 2026-07-21 | BMO Capital | Initiated | Outperform | $46 |
| 2026-07-07 | Wolfe Research | Initiated | Outperform | $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2025-09-08) |
|---|---|---|
| Total return | +154.5% | +137.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | +155.3% | +113.5% |
| Volatility (annualized) | 62.2% | 50.6% |
| Max drawdown | -31.3% (Sep 2026→Oct 2026) | -25.5% (Aug 2026→Oct 2026) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/LBRX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LBRX's own 10-K filed 2026-03-26 (https://www.sec.gov/Archives/edgar/data/1691082/000119312526126368/lbrx-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | AbbVie (ABBV) | "In bipolar depression, we believe LB-102, if approved, would compete with several currently approved therapeutics, including: Vraylar (marketed by AbbVie Inc.);" |

## Company outlook (8-K filed 2026-08-11)

- "We are looking forward to our first pivotal trial readout and recently announced that, based on enrollment in our pivotal NOVA-2 trial in schizophrenia being more rapid than expected, we now project topline data readout in the first half of 2027, ahead of our prior guidance, and plan to schedule a pre-NDA meeting with the FDA soon thereafter in the second half of 2027."
- "LB-102 in Schizophrenia • Based on enrollment projections in the pivotal Phase 3 NOVA-2 trial evaluating the efficacy and safety of LB-102 in patients with acute schizophrenia, topline data is expected in the first half of 2027."
- "Based on current operating assumptions, the Company anticipates its current cash, cash equivalents, and marketable securities will support its planned operations beyond the second quarter of 2029."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.52 | $-0.93 | −$0.59 | $0 | 8 |
| Next quarter (ends 2026-12-31) | $-1.52 | $-1.04 | −$0.48 | $0 | 8 |
| Current fiscal year (ends 2026-12-31) | $-5.47 | $-3.35 | −$2.12 | $0 | 9 |
| Next fiscal year (ends 2027-12-31) | $-5.13 | $-4.25 | −$0.89 | $0 | 9 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$1.71 | −$0.80 | Miss −113.8% | — |
| — | Quarter ended Dec 31, 2025 | −$0.45 | −$0.32 | Miss −40.6% | — |
| — | Quarter ended Sep 30, 2025 | −$0.61 | −$0.28 | Miss −117.9% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-13 | Schedule 13G/A | JPMORGAN CHASE & CO.: 4.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1691082/000001961726000360/0000019617-26-000360-index.htm |
| 2026-09-15 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “Appointment of Chief Medical Officer On September 15, 2026, LB Pharmaceuticals Inc (the "Company") announced that Susan G. Kozauer, M.D. has been appointed to serve as the Company's Chief Medical Officer, effective as of September 14, 2026 (the "Start Date"). Dr. Kozauer, age 54, served as the Senior Vice President, Head of Clinical Development at Centessa Pharmaceuticals from August 2025 to September 2026. Prior to that, she served as the Vice President in Clinical Development at Intra-Cellular Therapies, Inc.…” | https://www.sec.gov/Archives/edgar/data/1691082/000119312526391358/0001193125-26-391358-index.htm |
| 2026-09-03 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “Appointment of Chief Financial Officer On September 3, 2026, LB Pharmaceuticals Inc (the "Company") announced that Joseph M. Miller has been appointed to serve as the Company's Chief Financial Officer, effective as of September 2, 2026 (the "Start Date"). Mr. Miller, age 52, has over two decades of experience in both public and private biotech and commercial stage companies across the health sciences, biotech, and pharmaceutical sectors. Most recently. Mr. Miller served as the Chief Financial Officer of Aurinia…” | https://www.sec.gov/Archives/edgar/data/1691082/000119312526381076/0001193125-26-381076-index.htm |
| 2026-08-14 | Schedule 13G/A | TCG Crossover GP II, LLC, TCG Crossover Fund II, L.P.: 5.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1691082/000119312526352336/0001193125-26-352336-index.htm |
| 2026-08-11 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1691082/000119312526343490/0001193125-26-343490-index.htm |
| 2026-08-11 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1691082/000119312526343479/0001193125-26-343479-index.htm |
| 2026-07-29 | Schedule 13G/A | BlackRock, Inc.: 6.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1691082/000201238326002809/0002012383-26-002809-index.htm |
| 2026-07-29 | 8-K | Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure — “On July 28, 2026, LB Pharmaceuticals Inc (the "Company") entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain investors (the "Investors") pursuant to which the Company, in a private placement (the "Private Placement"), agreed to issue and sell to the Investors an aggregate of (i) 3,577,560 shares (the "Shares") of the Company's common stock, par value $0.0001 per share (the "Common Stock") and (ii) pre-funded warrants (the "Pre-Funded Warrants") to purchase up to 715,513 shares of…” | https://www.sec.gov/Archives/edgar/data/1691082/000119312526322208/0001193125-26-322208-index.htm |
| 2026-07-22 | 8-K | Other material event — “On July 22, 2026, LB Pharmaceuticals Inc (the "Company") issued a press release announcing accelerated timing of topline results from the Phase 3 NOVA-2 clinical trial of LB-102 in schizophrenia. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and, other than the quotes contained therein, is incorporated herein by reference.” | https://www.sec.gov/Archives/edgar/data/1691082/000119312526311357/0001193125-26-311357-index.htm |
| 2026-07-16 | Schedule 13G | JPMORGAN CHASE & CO: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1691082/000001961726000264/0000019617-26-000264-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.