LB Pharma landed on the Nasdaq Thursday, with 3 million additional shares sold than expected.
This story was updated on September 11.
LB Pharma has finally done it. The biotech IPO stalemate has been broken, with the neuroscience-focused company landing on the Nasdaq Thursday morning in an upsized, $285 million offering.
LB had originally filed on Monday for an IPO worth about $228.5 million, or $263.4 million if the underwriters fully exercised their options. The final tally landed at $285 million based on 19 million shares sold at the midpoint of $15 apiece. LB had originally planned to sell 16 million shares.
The company’s shares will begin trading Thursday under the ticker LBRX.
The debut marks the end of a seven-month period during which not a single biotech had gone public in an IPO.
Original article published September 9, 2025.
Neuroscience Biotech LB Files for $228M IPO To Support Phase III Plans
LB Pharma is seeking $228.5 million in its initial public offering, the first attempt from a biotech at climbing on to the public markets in many months.
Proceeds from the offering could rise to $263.4 million if the underwriters fully exercise their options, according to LB’s prospectus, which was filed Monday. The company is seeking a midpoint of $15 per share for the IPO, with more than 16 million shares expected to be sold in the offering. LB had $14 million in cash on hand as of the end of June.
If LB is successful, the debut would mark the first IPO in months for the sector, as the biotech industry endures a nuclear winter. Few biotechs have made their debut this year and many have watched their share prices plummet. Metsera is arguably the most successful of the year. The weight loss biotech raised $312 million in January and its shares have risen 37% year to date thanks to data for its Phase I ultra-long-acting amylin injectable for obesity.
LB has a packed clinical schedule for lead asset LB-102, which the IPO proceeds will support. The novel benzamide antipsychotic is currently in Phase II testing for schizophrenia. LB expects to use $133 million to initiate a Phase III trial in the first quarter of 2026 for the indication, with topline data expected in the second half of 2027. This trial is expected to support a regulatory filing for the drug.
LB-102 is also in a Phase I trial for bipolar depression. About $25 million of the IPO proceeds will support the advancement of the drug into Phase II in the first quarter of 2026, with topline data expected in the first quarter of 2028.
LB is headed by Heather Turner, the former CEO of Carmot Therapeutics, the metabolic disease biotech that was acquired by Roche for $3.1 billion in December 2023. During her time at Carmot, Turner oversaw a dual track process at an IPO and a buyout, which ultimately resulted in the Roche deal. After the transaction, she jumped to LB in November 2024.
