LB Pharmaceuticals
LBRX on Nasdaq. LB Pharmaceuticals sells nothing yet; it develops a drug candidate for patients. Market value $1.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-7.49 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$34.26 a share, 139% above its 1-year low
Over the past year the price has ranged from $14.32 to $50.16.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $83 million in the past 12 months, a shortfall of $35 million in the year to December 2025.
| Revenue | |
| Revenue | n/a |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | 0.00 |
| Shares outstanding | |
| Shares outstanding | 0.03bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 115 funds in all.
Largest holders overall
- Deep Track Capital, LP$109m
- BlackRock$89mAdded
- RA Capital Management, L.P.$72m
- Nantahala Capital Management$68mAdded
- Trails Edge Capital Partners, LP$49mAdded
- JPMorgan Chase$49mAdded
- Commodore Capital LP$49m
- TCG Crossover Management$47mCut
- Caligan Partners LP$47m
- Spruce Street Capital LP$45m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- at least 11.7%−3.2 pts(filed with 3 related holders)Since 6 February 2025
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: On February 4, 2026, the Issuer entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain investors (the "Investors") pursuant to which the Issuer, in a private placement (the…
Read the filing - RA Capital Management, L.P.Passive investorat least 8.7%+1.2 pts(filed with 3 related holders)Since 31 December 2025
- Commodore Capital LPPassive investorat least 6.8%+1.3 pts(filed with 3 related holders)Since 31 March 2026
- BlackRock, Inc.Passive investor6.3%+1.2 ptsSince 30 June 2026
- Pontifax Management 4 G.P. (2015) Ltd.Passive investorat least 6.3%(filed with 3 related holders)Since 12 September 2025
What they said
The Reporting Persons acquired the securities reported herein for investment purposes, subject to the following: The Reporting Persons intend to review on a continuing basis the investments in the Issuer by the Reporting Persons. The Reporting Persons may engage in discussions…
Read the filing - JPMORGAN CHASE & COPassive investor5.2%+0.3 ptsSince 30 June 2026
- TCG Crossover GP II, LLCPassive investorat least 5.0%−1.4 pts(filed with 2 related holders)Since 30 June 2026
- Caligan Partners LPPassive investorat least 5.0%(filed with 1 related holder)Since 31 March 2026
- Trails Edge Capital Partners, LPPassive investorat least 5.0%(filed with 2 related holders)Since 24 December 2025
- BlackRock Portfolio Management LLCPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
at least 11.7%−3.2 pts (filed with 3 related holders) | 6 February 2025 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: On February 4, 2026, the Issuer entered into a Securities Purchase Agreement (the "Purchase Agreement") with certain investors (the "Investors") pursuant to which the Issuer, in a private placement (the… Read the filing | |
RA Capital Management, L.P. Passive investor | at least 8.7%+1.2 pts (filed with 3 related holders) | 31 December 2025 | |
Commodore Capital LP Passive investor | at least 6.8%+1.3 pts (filed with 3 related holders) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.3%+1.2 pts | 30 June 2026 | |
Pontifax Management 4 G.P. (2015) Ltd. Passive investor | at least 6.3% (filed with 3 related holders) | 12 September 2025 | What they saidThe Reporting Persons acquired the securities reported herein for investment purposes, subject to the following: The Reporting Persons intend to review on a continuing basis the investments in the Issuer by the Reporting Persons. The Reporting Persons may engage in discussions… Read the filing |
JPMORGAN CHASE & CO Passive investor | 5.2%+0.3 pts | 30 June 2026 | |
TCG Crossover GP II, LLC Passive investor | at least 5.0%−1.4 pts (filed with 2 related holders) | 30 June 2026 | |
Caligan Partners LP Passive investor | at least 5.0% (filed with 1 related holder) | 31 March 2026 | |
Trails Edge Capital Partners, LP Passive investor | at least 5.0% (filed with 2 related holders) | 24 December 2025 | |
BlackRock Portfolio Management LLC Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in LB Pharmaceuticals’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 8 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on our management’s evaluation (with the participation of our principal executive officer and our principal financial officer) of our disclosure controls and procedures as required by Rule 13a-15 under the Exchange Act and the material weaknesses previously identified and further discussed below, our principal executive officer and our principal financial officer have concluded that our disclosure controls and procedures were not effective at the reasonable level of assurance as of June 30, 2026, the end of the period covered by this Quarterly Report on Form 10-Q.”
From the 10-Q filed 11 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.