LB Pharmaceuticals raised $285 million in an upsized IPO on Nasdaq under ticker LBRX, starting trading on September 11, 2025, amid a biotech IPO drought since February 20251346.
The IPO funds will support a Phase III trial for lead candidate LB-102 in schizophrenia ($133 million allocated), a Phase II trial in bipolar disorder ($25 million), and development of a long-acting injectable version134.
LB-102, a derivative of amisulpride, showed positive Phase II results in January 2025, meeting primary endpoint on PANSS score, with additional data on cognition and negative symptoms presented in October 202513.
Despite tight 2025 biotech capital markets due to economic uncertainties and policy shifts, CEO Heather Turner's leadership enabled this standout $285-350 million raise, topping the year's biotech IPOs126.
The offering was upsized from an initial 16.7 million shares at $15 each to 19 million, potentially increasing by $42.7 million if underwriters exercise the option1.
Sources:
1. https://www.pharmaceutical-technology.com/news/lb-pharmaceuticals-tops-2025-biotech-ipo-list-with-285m-nasdaq-debut/
2. https://www.thebiointel.com/article/how-lb-rode-brutal-capital-markets-to-successful-ipo-2025
3. https://xtalks.com/lb-pharmaceuticals-ipo-raises-285m-to-advance-late-stage-neuropsychiatry-pipeline-4430/
4. https://biostock.se/en/2025/09/lb-pharmaceuticals-tar-in-285-musd-vid-borsnotering/
6. https://www.eisneramper.com/insights/life-sciences/2026-life-science-trends-0126/