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LB Pharmaceuticals

LBRX Lead: Phase 3 2 Biotech Distilled articles ↓ 30 filings & releases ↓ Cash $215M (Sep 30, 2026) ↓ 2 verdicts ↓ 5 timing quotes ↓
Neurology Small Molecule

Market cap $1.36B 32.4M shares (10-Q, Nov 3, 2026) × $42.01 close Nov 6, 2026

Most recent annual filing: 2026-03-26

Catalyst timeline

11 trackedQuarter catalyst calendar →
  1. LB-102 negative-symptoms trial FDA feedback2026LB-102 negative-symptoms trial FDA feedback, 2026, notable
  2. NOVA-2 enrollment doneLate 2026 / early 2027NOVA-2 enrollment done, Late 2026 / early 2027, routine
  3. LB-102 schizophrenia corporate update~Nov 9–12, 2026LB-102 schizophrenia corporate update, ~Nov 9–12, 2026, routine
  4. Internal controls remediation corporate updateDec 31, 2026Internal controls remediation corporate update, Dec 31, 2026, routine
  5. NOVA-2 LB-102 schizophrenia topline1H 2027NOVA-2 LB-102 schizophrenia topline, 1H 2027, thesis-defining
  6. Cobenfy ADEPT competitor readoutearly 2027Cobenfy ADEPT competitor readout, early 2027, notable
  7. LB-102 adjunctive MDD Ph2 startEarly 2027LB-102 adjunctive MDD Ph2 start, Early 2027, routine
  8. Negative symptoms program corporate update1Q 2027Negative symptoms program corporate update, 1Q 2027, routine
  9. LB-102 schizophrenia NDA filing2H 2027LB-102 schizophrenia NDA filing, 2H 2027, notable
  10. ILLUMINATE-1 topline1Q 2028ILLUMINATE-1 topline, 1Q 2028, major
  11. LB-102 schizophrenia NDA filing~2028LB-102 schizophrenia NDA filing, ~2028, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (3 active programs)

Capital (as filed)

Cash
$215M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$189M Sep 30, 2026
Operating cash flow
−$64.3M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$404M cash, runway beyond Q2 2029 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (2)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (2 calls)

Every verdict Biotech Distilled has published on LB Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-10-30 Watch LB Pharmaceuticals Inc (LBRX) - Scientific Deep Dive for LB-102 and Pipeline Products At $40 the market already prices ~57% success odds vs BD's 65–75% estimate, leaving only a modest edge that is smaller than the author's own uncertainty, so the stock is a watch until price falls below ~$32 or NOVA-2 data arrive.
  2. 2026-11-06 Watch UPDATE: LB Pharmaceuticals (LBRX) - The Q3 Scorecard and the $200M Fire Extinguisher Q3 cash of $403.8M and NOVA-2 on track pass two of three thesis checks, but a newly disclosed $200M ATM introduces a soft ceiling on pre-data rallies without yet tripping the PASS trigger; the SPECULATIVE BUY entry level remains ~$32.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (5 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (30)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Nov 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

15 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)