--- title: "LB Pharmaceuticals agrees to $100.0 million private placement at $21.17 a share" url: "https://aibio.space/news/lb-pharmaceuticals-agrees-100-0-million-private-placement-21-17-share/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-02-05" section: "Financings" tickers: "NASDAQ:LBRX" source: "https://www.sec.gov/Archives/edgar/data/1691082/000119312526038539/d943290d8k.htm" summary: "LB Pharmaceuticals agreed to sell 3,306,571 shares and pre-funded warrants for up to 1,417,107 shares to institutional investors. It plans to use the proce" --- By the aibio.space news desk. Sources - [LB PHARMACEUTICALS INC Form 8-K filed February 5, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1691082/000119312526038539/d943290d8k.htm) - [LB PHARMACEUTICALS INC exhibit d943290dex991.htm to the February 5, 2026 Form 8-K (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1691082/000119312526038539/d943290dex991.htm) - [LB PHARMACEUTICALS INC exhibit d943290dex101.htm to the February 5, 2026 Form 8-K (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1691082/000119312526038539/d943290dex101.htm) [LBRX](https://aibio.space/companies/lb-pharmaceuticals/) 2026-02-05 # LB Pharmaceuticals agrees to $100.0 million private placement at $21.17 a share Tickers [LBRX](https://aibio.space/companies/lb-pharmaceuticals/) LB Pharmaceuticals agreed to sell 3,306,571 shares and pre-funded warrants for up to 1,417,107 shares to institutional investors. It plans to use the proceeds for a Phase 2 trial of LB-102 in major depressive disorder and for general corporate purposes. ## Key facts - **Company**: LB Pharmaceuticals Inc (NASDAQ: LBRX) - **News type**: Financings - **Primary source**: [LB PHARMACEUTICALS INC Form 8-K filed February 5, 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1691082/000119312526038539/d943290d8k.htm) *An empty boardroom with a long table. CC0, via rawpixel. The picture shows the field, not the companies named.* LB Pharmaceuticals Inc (Nasdaq: [LBRX](https://aibio.space/companies/lb-pharmaceuticals/)) agreed on February 4, 2026 to sell common stock and pre-funded warrants in a private placement. The company expects gross proceeds of approximately $100.0 million before transaction-related expenses, and expects the placement to close on or about February 6, 2026. It disclosed the deal in a [Form 8-K filed February 5, 2026](https://www.sec.gov/Archives/edgar/data/1691082/000119312526038539/d943290d8k.htm). ## The terms The company agreed to sell 3,306,571 common shares, par value $0.0001 per share, at $21.17 each. It also agreed to sell pre-funded warrants for up to 1,417,107 shares at $21.16990 each, which is the share price less the $0.0001 exercise price. The 8-K describes the share price as before underwriting discounts and commissions. The warrants carry an exercise price of $0.0001 a share, can be exercised immediately, and do not expire. A holder cannot exercise if that would leave it owning more than 4.99% or 9.99% of the outstanding common stock, as applicable. A holder may raise that limit to no more than 19.99% on 61 days' notice to the company. ## Who was paid The 8-K names Leerink Partners LLC, Piper Sandler & Co. and Stifel, Nicolaus & Company, Incorporated as the placement agents for the private placement. The company agreed to pay them customary placement fees. The 8-K's price paragraph refers to underwriting discounts, but the document itself names the three firms as placement agents, and it does not describe any underwriter. It does not name counsel to the company or to the placement agents. The press release says the financing includes new and existing investors, among them Balyasny Asset Management L.P., Caligan Partners, Commodore Capital, Deep Track Capital, Nantahala Capital, Pivotal bioVenture Partners, Spruce Street Capital, TCGX, Trails Edge Capital Partners and others. ## Registration and exemption The securities were not registered under the Securities Act of 1933. The company relies on the exemption in Section 4(a)(2), and says the sale did not involve a public offering or general solicitation. LB Pharmaceuticals also signed a Registration Rights Agreement dated February 4, 2026. Under it, the company must file a Form S-1 resale registration statement for the shares and warrant shares within 60 days of the closing. It must use reasonable best efforts to have that statement declared effective no later than 90 days after the initial filing, subject to extension. It also agreed to keep the registration effective until the shares can be sold without restriction under Rule 144. ## The planned trial The company says it will use the net proceeds to fund a Phase 2 trial of LB-102 as an adjunctive treatment for major depressive disorder, along with working capital and general corporate purposes. It plans to start that trial in early 2027, with topline results expected in the first half of 2029. The design is multi-center, randomized, double-blind and placebo-controlled. It would test two once-daily doses, 15 mg and 25 mg, in patients who have had an inadequate response after one or two prior trials of standard antidepressants. The two-arm trial lasts six weeks and is expected to enroll about 380 patients at about 50 sites in the U.S. and Europe. The primary endpoint is the MADRS-10 score at week six. The primary statistical analysis compares all patients on LB-102, regardless of dose, with placebo. That means the main result will pool the two doses rather than report one dose against placebo. The 8-K says major depressive disorder affects 280 million people globally and approximately 20 million people in the United States. It gives no source for those figures. ## The gap in the disclosure The 8-K does not give LB Pharmaceuticals' cash balance, net loss or burn rate. Without those figures, the $100.0 million gross amount cannot be set against what the company spends each year, and the filing does not explain how long the new money would last. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story LBRX LB Pharmaceuticals Inc NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/lb-pharmaceuticals-agrees-100-0-million-private-placement-21-17-share/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "LB Pharmaceuticals agrees to $100.0 million private placement at $21.17 a share", 2026-02-05, https://aibio.space/news/lb-pharmaceuticals-agrees-100-0-million-private-placement-21-17-share/