Start here if you're new
what it is
LB Pharmaceuticals is trying to turn LB-102 into a pill for schizophrenia, bipolar depression, and other neuropsychiatric diseases.
how it gets paid
Last year Lb Pharmaceuticals made n/a in revenue. LB-102 schizophrenia was the main engine at $0M, or 60% of sales.
what just happened
The quarter posted a -$6.26 EPS loss, and revenue still has no reported number.
At a glance
n/a balance sheet
1.7x trailing p/e — the market's not buying it — or you found a deal
$12.00 fy2025 eps est
~$734M market cap
small cap
What they do
LB Pharmaceuticals is trying to turn LB-102 into a pill for schizophrenia, bipolar depression, and other neuropsychiatric diseases.
Phase 3-ready → ready for the last big human trial → so what: you are close to a yes-or-no answer. LB-102 is a pill, so patients do not need a clinic trip for every dose. The company has 16 employees, which tells you how much of the story still depends on one asset.
How they make money
n/a
annual revenue
LB-102 schizophrenia
$0M
LB-102 bipolar depression
$0M
Other neuropsychiatric work
$0M
The products that matter
lead neuropsychiatric drug candidate
LB-102
the core asset
LB-102 is carrying a ~$734M equity story while the company has $0 in trailing revenue. If the data works, the company changes category. If it does not, the valuation has very little else to hide behind.
primary catalyst
cash to fund trials
cash runway
$314.5M cash
This $314.5M balance is the thing keeping the story alive. In clinical biotech, cash is not a side detail. It is time measured in quarters.
balance sheet oxygen
everything beyond the lead program
pipeline optionality
thin from disclosed data
The page does not show a second asset with numbers behind it. You should treat any platform narrative as optionality, not as the core thesis.
unproven
Key numbers
$12.00
fy2025 eps est
n/a
fy rev est
1.7x
trailing p/e
n/a
dividend yield
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $3M (0% of capital)
- net profit margin 102.0% — keeps -102 cents of every dollar in revenue
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for LBRX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter posted a -$6.26 EPS loss, and revenue still has no reported number.
EDGAR shows no annual revenue figure and no latest-quarter revenue number. That means this is still a trial story, not a sales story.
-$6.26
eps
n/a
n/a
n/a
n/a
EPS loss
A -$6.26 EPS print means the company is still burning cash, not earning it.
source: EDGAR SEC filings, 2026
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What could go wrong
the #1 risk is LB-102 failing to show convincing clinical evidence. This is a one-asset-heavy company with $0 in trailing revenue, so bad data would not be a speed bump. It would be the thesis breaking in public.
med
LB-102 data disappoints
This is the central risk. With no operating business underneath the story, weak efficacy, safety issues, or a muddled readout would force investors to reprice what exactly a ~$734M market cap is paying for.
Impact: it would hit the asset carrying almost all of the narrative and most of the valuation.
med
cash burn ends in dilution
The company has $314.5M in cash and just raised $100M, which helps. But pre-revenue biotech funds itself with new equity if timelines slip or trial costs rise. That is normal. It is also painful when it happens before proof improves.
Impact: your ownership stake can shrink before the science earns a better price.
med
single-asset concentration
The page does not show a second program with enough weight to diversify the thesis. That means company risk and program risk are basically the same thing right now.
Impact: one setback can damage 100% of the story at once.
With $0 in trailing revenue, there is no mature business here to absorb a clinical miss. The cash balance buys time. It does not buy forgiveness.
source: institutional data · regulatory filings · risk analysis
Pay attention to
thesis
LB-102 is still the stock
Until this page shows a broader revenue base or a second funded asset, almost all of the valuation logic runs through LB-102.
metric
cash versus runway
The key number is $314.5M in cash. If that number starts falling faster than milestones arrive, dilution risk moves from background concern to the main event.
calendar
the next clinical update
For a pre-revenue biotech, the calendar is the income statement. Watch for timing changes, not just management optimism.
risk
another financing before proof improves
The recent $100M placement helped, but if new capital is needed before cleaner evidence on LB-102, the market may charge a steeper price.
Analyst rankings
short-term outlook
mixed
coverage is thin. in human-speak, the street does not have a clean shared view yet.
risk profile
volatile
Small-cap clinical biotech moves on binary events, not gentle estimate revisions. Expect sharp reactions to anything that changes the probability tree.
chart momentum
catalyst-driven
This chart can describe the mood. It cannot settle the science. The next trial milestone matters more than any technical pattern.
earnings predictability
40 / 100
That low score fits a company with $0 in trailing revenue. Quarterly numbers are secondary to development progress.
source: institutional data
Institutional activity
institutional ownership data for LBRX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21
current price
n/a
target midpoint · n/a from current
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