LB Pharmaceuticals has raised 285 million USD in its initial public offering in the United States, the biotechnology company has confirmed, marking the first major biotech IPO since February. The New York-based firm sold 19 million shares at 15 USD apiece, pricing the offering within its earlier indicated range of 14 to 16 USD per share. The IPO gives LB a valuation of approximately 301.5 million USD.

LB’s flagship experimental drug, LB-102, is an oral candidate in late-stage development intended to treat acute schizophrenia. The company plans to begin a six-week late-stage trial of LB-102 in patients with acute schizophrenia in the first quarter of 2026.

LB Pharmaceuticals will trade under the ticker symbol “LBRX” on Nasdaq. The lead underwriters for the offering were Leerink Partners, Piper Sandler and Stifel.

Prior to the IPO, LB had around 14.2 million USD in cash as of 30 June, which the company acknowledged would be insufficient to support operations through its planned development phases without this capital raise. The funds raised will help support its upcoming phase III trial for schizophrenia, among other development activities.