--- title: "LB Pharmaceuticals agrees to $150 million private placement at $34.94 a share" url: "https://aibio.space/news/lb-pharmaceuticals-agrees-150-million-private-placement-34-94-share/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-07-29" section: "Financings" tickers: "NASDAQ:LBRX" source: "https://www.sec.gov/Archives/edgar/data/1691082/000119312526322208/d156920dex991.htm" summary: "The company is selling 3,577,560 shares and pre-funded warrants for up to 715,513 shares to institutional investors. The deal is expected to close on or ab" --- By the aibio.space news desk. Sources - [LB Pharmaceuticals Inc 8-K (2026-07-29)](https://www.sec.gov/Archives/edgar/data/1691082/000119312526322208/d156920dex991.htm) [LBRX](https://aibio.space/companies/lb-pharmaceuticals/) 2026-07-29 # LB Pharmaceuticals agrees to $150 million private placement at $34.94 a share Tickers [LBRX](https://aibio.space/companies/lb-pharmaceuticals/) The company is selling 3,577,560 shares and pre-funded warrants for up to 715,513 shares to institutional investors. The deal is expected to close on or about July 30, 2026, and the 2025 10-K filed in March 2026 shows net loss of $25.2 million for the year. ## Key facts - **Company**: LB Pharmaceuticals Inc (NASDAQ: LBRX) - **News type**: Financings - **Primary source**: [LB Pharmaceuticals Inc 8-K (2026-07-29)](https://www.sec.gov/Archives/edgar/data/1691082/000119312526322208/d156920dex991.htm) *Planning on a whiteboard. Photo: Startup Stock Photos, CC0, via StockSnap. The picture shows the field, not the companies named.* ## The terms LB Pharmaceuticals Inc (Nasdaq: [LBRX](https://aibio.space/companies/lb-pharmaceuticals/)) signed a securities purchase agreement on July 29, 2026 to sell 3,577,560 shares of common stock and pre-funded warrants to purchase up to 715,513 shares to a limited group of institutional investors. The purchase price is $34.94 per share. Each pre-funded warrant costs $34.9399, which is the share price less the $0.0001 exercise price. The company expects gross proceeds of approximately $150 million before transaction-related expenses. The closing is expected on or about July 30, 2026, subject to customary conditions. The release does not give the expenses or the net proceeds. The investors include Adage Capital Partners, L.P., BB Biotech, Caligan Partners, Commodore Capital and Deep Track Capital, along with funds managed by Farallon Capital Management, Integral Health Asset Management, Janus Henderson Investors, Spruce Street Capital, and StemPoint Capital LP. The release also cites a leading mutual fund and other investors. Leerink Partners and Piper Sandler acted as placement agents. The release names no financial adviser or counsel. ## Use of proceeds and the registration The company intends to use the net proceeds to expand LB-102 into new indications, potentially including negative symptoms of schizophrenia and Alzheimer's disease agitation and psychosis. The remainder would go to working capital and general corporate purposes. The securities are not registered. Under a registration rights agreement signed with the investors, the company has agreed to file a registration statement with the SEC covering the resale of the shares, including those underlying the pre-funded warrants. Without registration or an exemption, the securities may not be offered or sold in the United States. ## The lead drug and its trial record LB-102 is an investigational, once-daily, oral small molecule that the company describes as a potential first benzamide antipsychotic in the United States. It is a methylated derivative of amisulpride, which the release describes as widely used outside the United States. The release says LB-102 is a potent and selective antagonist of D2, D3 and 5HT-7 receptors. The release cites a four-week, placebo-controlled, double-blinded Phase 2 trial in acute schizophrenia, announced in early 2025. It says LB-102 showed statistically significant benefit versus placebo at all doses, with effects on negative symptoms and cognitive performance. Those are company descriptions of an early, short trial. The release's claim of sustained benefit covers only the four weeks of the trial. The pivotal Phase 3 NOVA-2 trial in acute schizophrenia and the Phase 2 ILLUMINATE-1 trial in bipolar 1 depression are ongoing. A Phase 2 trial in adjunctive major depressive disorder is planned. ## Spending and the cash position The 10-K filed on March 26, 2026 says the company has not recognized any revenue, including from product sales, and does not expect product revenue in the foreseeable future. It expects research and development expenses to increase substantially as LB-102 moves into later-stage trials. It also says it cannot determine the duration or completion cost of its development projects, and that it may never succeed in achieving regulatory approval for any of its product candidates. The filing reports research and development expense of $16.7 million for 2025, down from $51.2 million for 2024. Net loss was $25.2 million for 2025, against $63.1 million for 2024. Cash used in operations was $35.2 million in 2025, against $53.1 million in 2024. Cash and cash equivalents were $23.0 million at the end of 2024, with short-term investments of $5.0 million. The release gives no current cash balance, so the $150 million raise cannot be set against one. The filing also says that certain former and current officers and their affiliates held 1.13% of the future royalties as of December 31, 2025, under the royalty agreements described in its business section. [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-150-million-private-placement-34-94-share/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "LB Pharmaceuticals agrees to $150 million private placement at $34.94 a share", 2026-07-29, https://aibio.space/news/lb-pharmaceuticals-agrees-150-million-private-placement-34-94-share/