LBRX Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About LBRX Interactive Breakdown Better Bets vs. LBRX Peer Outperformance Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Clinical Pipeline Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    LB Pharmaceuticals (LBRX)

    Market Price (10/11/2026): $37.22 | Market Cap: $1.1 BilSector: Health Care | Industry: Biotechnology

    LB Pharmaceuticals (LBRX)

    Market Price (10/11/2026): $37.22
    Market Cap: $1.1 Bil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.51, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -95 Mil

    Stock price has recently run up significantly
    12M Rtn12 month market price return is 141%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%

    Key risks
    LBRX key risks include [1] its heavy dependence on the success of its single lead product candidate, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -29%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
    2 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 14.51, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 20%
    3 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -95 Mil
    5 Stock price has recently run up significantly
    12M Rtn12 month market price return is 141%
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12%
    7 Key risks
    LBRX key risks include [1] its heavy dependence on the success of its single lead product candidate, Show more.

    LBRX in ETFs

    Weight = LBRX's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    VTWO0.03%
    IWO0.03%
    SCHA0.02%
    ONEQ0.00%
    IWN0.00%
    +2 more covered ETFs

    Valuation & Metrics

    FYE: 12/31LBRX [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$0.0 Mil—
    FY 2027 Sales$0.0 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth—13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$-85.7 Mil—
    FY 2026 Net Income (Non-GAAP)$-146.4 Mil—
    FY 2027 Net Income (Non-GAAP)$-127.5 Mil—
    FY 2027 Net Income Growth—18.9%
    FY 2026 EPS (Non-GAAP)$-5.74—
    FY 2027 EPS (Non-GAAP)$-5.36—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S—1.7
    FY 2027 P/S——
    FY 2026 P/E—7.9
    FY 2027 P/E——

    [1] LBRX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    null

    AI Analysis | Feedback

    MetricValueDateSource
    Lead Product Candidate Clinical Trial Phase (Acute Schizophrenia)Phase 3-ready11062025Link
    Lead Product Candidate Clinical Trial Phase (Bipolar Depression)Phase 211062025Link
    Number of Employees166292025Link
    U.S. Issued Patents711072025Link
    Foreign Issued Patents1111072025Link
    U.S. Pending Patents211072025Link
    Foreign Pending Patents2411072025Link

    Price Chart

    null
    Upcoming
    11/05/2026Earnings ReleaseRev: -
    EPS: -

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/9/2026

    LB Pharmaceuticals (LBRX) stock has gained about 15% since 6/30/2026 because of the following key factors:

    1. Accelerated Timeline for Pivotal Phase 3 NOVA-2 Trial Results.

    LB Pharmaceuticals announced on July 22, 2026, an accelerated timeline for reporting topline results from its pivotal Phase 3 NOVA-2 clinical trial for LB-102 in schizophrenia. The company now anticipates these results in the first half of fiscal year 2027, ahead of its prior guidance of the second half of fiscal year 2027, due to faster-than-expected patient enrollment.

    2. Successful $150 Million Private Placement Enhances Financial Position and Pipeline Expansion.

    On July 29, 2026, LB Pharmaceuticals completed a private placement, raising approximately $150 million from institutional investors. These proceeds are designated for expanding the LB-102 pipeline into new indications, such as negative symptoms of schizophrenia and Alzheimer's disease psychosis/agitation, and for general corporate purposes. This financing significantly extended the company's cash runway, with current cash, cash equivalents, and marketable securities expected to fund operations beyond the second quarter of fiscal year 2029.

    Show more
    Updated on 10/9/2026

    LB Pharmaceuticals (LBRX) stock has gained about 15% since 6/30/2026 because of the following key factors:

    1. Accelerated Timeline for Pivotal Phase 3 NOVA-2 Trial Results.

    LB Pharmaceuticals announced on July 22, 2026, an accelerated timeline for reporting topline results from its pivotal Phase 3 NOVA-2 clinical trial for LB-102 in schizophrenia. The company now anticipates these results in the first half of fiscal year 2027, ahead of its prior guidance of the second half of fiscal year 2027, due to faster-than-expected patient enrollment.

    2. Successful $150 Million Private Placement Enhances Financial Position and Pipeline Expansion.

    On July 29, 2026, LB Pharmaceuticals completed a private placement, raising approximately $150 million from institutional investors. These proceeds are designated for expanding the LB-102 pipeline into new indications, such as negative symptoms of schizophrenia and Alzheimer's disease psychosis/agitation, and for general corporate purposes. This financing significantly extended the company's cash runway, with current cash, cash equivalents, and marketable securities expected to fund operations beyond the second quarter of fiscal year 2029.

    3. Favorable Analyst Coverage and Price Target Increases.

    During the period, several analyst firms initiated or adjusted their ratings and price targets for LBRX, contributing to positive market sentiment. For example, on October 2, 2026, Needham initiated coverage with a "buy" rating and a $68.00 price target. Similarly, H.C. Wainwright raised its price target to $60 while maintaining a "Buy" rating. The consensus analyst rating for LB Pharmaceuticals stands at a "Moderate Buy" with an average price target of $56.56, indicating a potential upside of approximately 63.4% from the stock's price of $34.61 as of October 8, 2026.

    Show less
    Holding a concentrated position? Know your true downside before the momentum shifts.
    Protect Your Wealth →

    Stock Movement Drivers

    Fundamental Drivers

    The 14.7% change in LBRX stock from 6/30/2026 to 10/10/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610102026Change
    Stock Price ($)32.4537.2214.7%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)2230-25.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/10/2026
    ReturnCorrelation
    LBRX14.7% 
    Market (SPY)4.3%6.2%
    Sector (XLV)7.7%2.8%

    Fundamental Drivers

    The 50.9% change in LBRX stock from 3/31/2026 to 10/10/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)331202610102026Change
    Stock Price ($)24.6637.2250.9%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)2530-16.1%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/10/2026
    ReturnCorrelation
    LBRX50.9% 
    Market (SPY)20.0%15.2%
    Sector (XLV)17.0%8.4%

    Fundamental Drivers

    The 135.7% change in LBRX stock from 9/30/2025 to 10/10/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)930202510102026Change
    Stock Price ($)15.7937.22135.7%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)430-88.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/10/2026
    ReturnCorrelation
    LBRX135.7% 
    Market (SPY)17.8%10.8%
    Sector (XLV)24.3%4.4%

    Fundamental Drivers

    null
    null

    Market Drivers

    9/30/2023 to 10/10/2026
    ReturnCorrelation
    LBRX  
    Market (SPY)88.4%11.3%
    Sector (XLV)38.9%5.7%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    LBRX Return----29%55%100%
    Peers Return-17%14%16%-3%49%-8%48%
    S&P 500 Return27%-19%24%23%16%13%107%

    Monthly Win Rates [3]
    LBRX Win Rate----75%60% 
    Peers Win Rate55%50%53%47%58%36% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    LBRX Max Drawdown------31% 
    Peers Max Drawdown-48%-44%-38%-35%-31%-35% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: NBIX, ACAD, ALKS, AXSM, VNDA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/9/2026 (YTD)

    How Low Can It Go

    LBRX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

    EventXLVS&P 500
    2025 US Tariff Shock
      % Loss-11.7%-18.8%
      % Gain to Breakeven13.3%23.1%
      Time to Breakeven142 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-13.8%-24.5%
      % Gain to Breakeven15.9%32.4%
      Time to Breakeven166 days427 days
    2020 COVID-19 Crash
      % Loss-27.9%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven77 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-15.0%-19.2%
      % Gain to Breakeven17.6%23.8%
      Time to Breakeven191 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-15.9%-12.2%
      % Gain to Breakeven18.9%13.9%
      Time to Breakeven165 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-15.8%-17.9%
      % Gain to Breakeven18.8%21.8%
      Time to Breakeven153 days123 days

    Compare to NBIX, ACAD, ALKS, AXSM, VNDA

    In The Past

    State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    LBRX has limited trading history. Below is the Health Care sector ETF (XLV) in its place.

    EventXLVS&P 500
    2020 COVID-19 Crash
      % Loss-27.9%-33.7%
      % Gain to Breakeven38.8%50.9%
      Time to Breakeven77 days140 days
    2008-2009 Global Financial Crisis
      % Loss-37.9%-53.4%
      % Gain to Breakeven61.1%114.4%
      Time to Breakeven767 days1085 days

    Compare to NBIX, ACAD, ALKS, AXSM, VNDA

    In The Past

    State Street Health Care Select Sector SPDR ETF's stock fell -11.7% during the 2025 US Tariff Shock. Such a loss loss requires a 13.3% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About LB Pharmaceuticals (LBRX)

    LB Pharmaceuticals (LBRX) is a clinical-stage biopharmaceutical company focused on developing innovative therapies for neuropsychiatric diseases, including schizophrenia and bipolar depression. Its lead product candidate is LB-102, an oral, small molecule designed to be the first benzamide antipsychotic drug approved in the United States. LB-102 is a unique methylated derivative of amisulpride, a second-generation antipsychotic widely used in Europe, aiming to offer a differentiated therapeutic profile and strong intellectual property protection in key markets.

    The company's primary focus is advancing LB-102 through clinical development. It has successfully completed a Phase 2 trial for acute schizophrenia, demonstrating statistically significant clinical activity across all doses, a potentially class-leading tolerability profile (low rates of sedation and extrapyramidal symptoms), and a positive impact on cognition. Based on positive feedback from the FDA, this Phase 2 trial may serve as one of the two pivotal trials required for U.S. approval. LB Pharmaceuticals plans to initiate a single, six-week Phase 3 trial for acute schizophrenia in the first quarter of 2026, with topline data expected in the second half of 2027. If positive, this could lead to discussions with the FDA for a New Drug Application (NDA) submission in early 2028.

    Beyond schizophrenia, LB Pharmaceuticals is expanding the development of LB-102 into other indications, starting with bipolar depression. A potentially registrational Phase 2 trial for bipolar depression is slated to begin in the first quarter of 2026, with topline data anticipated in the first quarter of 2028. The company is also developing a long-acting injectable (LAI) formulation of LB-102, which could significantly improve patient compliance for chronic conditions like schizophrenia and bipolar disorder. LB Pharmaceuticals primarily targets patients in the U.S. neuropsychiatric market, which saw branded antipsychotic drug sales of approximately $12 billion in 2024, addressing a significant unmet need for treatments that effectively balance efficacy with improved tolerability.

    AI Analysis | Feedback

    Here are 1-2 brief analogies to describe LB Pharmaceuticals (LBRX):

    • LB Pharmaceuticals is like Samsung custom-tuning a widely used European generic (amisulpride) into a proprietary, enhanced psychiatric drug (LB-102) for the U.S. market.

    • LB Pharmaceuticals is like Audi, taking a proven, widely-used European drug's 'platform' (amisulpride) and re-engineering it into a proprietary, premium, and improved therapy (LB-102) for the U.S. market.

    AI Analysis | Feedback

    Here are the major products for LB Pharmaceuticals:

    • LB-102 (Oral Formulation): A novel oral, small molecule therapy currently in Phase 3 for acute schizophrenia and in Phase 2 for bipolar depression, with potential for other neuropsychiatric disorders.
    • LB-102 (Long-Acting Injectable Formulation): An investigational long-acting injectable (LAI) formulation of LB-102 currently in development, designed to improve patient compliance for schizophrenia and bipolar disorder.

    AI Analysis | Feedback

    LB Pharmaceuticals (LBRX) is a clinical-stage biopharmaceutical company. Its lead product candidate, LB-102, is currently in clinical development (Phase 2 completed, Phase 3 planned for Q1 2026) and has not yet received regulatory approval from the U.S. Food and Drug Administration (FDA).

    Therefore, the company does not currently have commercial products on the market or major customers.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Heather Turner, J.D. Chief Executive Officer and Director

    Heather Turner is the Chief Executive Officer and Director of LB Pharmaceuticals. She has been CEO of LB Pharmaceuticals (LBRX) since at least November 2025.

    Roger Sawhney, M.D. Chief Financial Officer

    Roger Sawhney has served as Chief Financial Officer of LB Pharmaceuticals since June 2024. Prior to this, he was the Chief Financial Officer of Garuda Therapeutics, Inc. from 2022 to 2023 and held multiple positions, including Chief Business Officer and Chief Financial Officer, at Omega Therapeutics, Inc. from 2020 to 2022. Dr. Sawhney also served as Director of the healthcare investment platform at KKR & Co., a global investment firm, from 2018 to 2020. He held senior roles at Novartis AG, Bain & Company, and the Boston Consulting Group.

    Anna Eramo, M.D. Chief Medical Officer

    Anna Eramo serves as the Chief Medical Officer of LB Pharmaceuticals. Her background includes extensive experience in the discovery, development, and commercialization of neuropsychiatric therapeutics.

    Kaya Pai Panandiker Chief Commercial Officer

    Kaya Pai Panandiker is the Chief Commercial Officer at LB Pharmaceuticals, an appointment announced in November 2025.

    Gad Soffer Chief Operating and Business Officer

    Gad Soffer serves as the Chief Operating and Business Officer of LB Pharmaceuticals, having been promoted to this role in March 2026. Previously, he was the Chief Business Officer.

    AI Analysis | Feedback

    The key risks for LB Pharmaceuticals (LBRX) include:

    1. Uncertainty in FDA Approval Pathway: There is no guarantee that LB Pharmaceuticals' completed Phase 2 acute schizophrenia trial will be accepted by the FDA as one of the two pivotal trials required for approval of a new drug application (NDA) in the United States. Should the FDA deem the Phase 2 trial insufficient, the company may be required to conduct an additional pivotal trial in acute schizophrenia, which would extend development timelines and increase costs.

    2. Clinical Trial Failure: The success of LB Pharmaceuticals' pipeline, particularly its lead product candidate LB-102, is contingent upon the successful completion and positive outcomes of its planned Phase 3 trial for acute schizophrenia and its Phase 2 trial for bipolar depression. There is an inherent risk that these trials may not achieve their primary or secondary endpoints, fail to demonstrate statistically significant clinical activity, or not replicate the positive tolerability profile and cognitive impact observed in prior trials. Such failures would significantly impede or prevent regulatory approval and commercialization.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    The addressable market for LB Pharmaceuticals' main product, LB-102, falls within the U.S. market for branded antipsychotic drugs, which was approximately $12 billion as of 2024.

    AI Analysis | Feedback

    Here are three expected drivers of future revenue growth for LB Pharmaceuticals (LBRX) over the next 2-3 years:

    1. Advancement of LB-102 towards FDA approval for acute schizophrenia: The company plans to initiate a six-week Phase 3 trial for LB-102 in acute schizophrenia patients in the first quarter of 2026. Topline data from this trial is expected in the second half of 2027, and if positive, discussions with the FDA regarding a potential New Drug Application (NDA) submission are anticipated in the first quarter of 2028. This pathway is designed to lead to regulatory approval and subsequent commercialization of LB-102 for acute schizophrenia in the United States.
    2. Initiation and progression of the Phase 2 trial for LB-102 in bipolar depression: LB Pharmaceuticals plans to initiate a potentially registrational Phase 2 trial for LB-102 in bipolar depression in the first quarter of 2026. Topline data from this trial is expected in the first quarter of 2028. Success in this indication would significantly expand the potential market for LB-102 beyond schizophrenia, leveraging its mechanism of action and observed tolerability profile.
    3. Development of a long-acting injectable (LAI) formulation of LB-102: The company has commenced and expects to continue efforts in 2026 for the development of an LAI formulation of LB-102. An effective LAI form could significantly improve compliance in patients with schizophrenia and bipolar disorder and address an unmet need in the market, as there are few approved LAI agents and no benzamide class LAIs currently available or in development worldwide.

    AI Analysis | Feedback

    Share Issuance

    • LB Pharmaceuticals raised $285.0 million in an initial public offering (IPO) on September 10, 2025, by selling 19,000,000 shares at $15.00 per share.
    • In February 2026, the company announced a private placement expected to generate approximately $100.0 million in gross proceeds, through the issuance of 3,306,571 shares of common stock and pre-funded warrants for up to an additional 1,417,107 shares.
    • Prior to its IPO, LB Pharmaceuticals secured over $120 million in private financing, including a $75 million Series C round that issued shares between August 2023 and January 2024.

    Inbound Investments

    • The $100.0 million private placement in February 2026 saw participation from both new and existing institutional investors, including Balyasny Asset Management, Deep Track Capital, and TCGX.
    • As of December 31, 2025, BlackRock, Inc. reported a passive ownership stake of 5.1% in LB Pharmaceuticals, holding 1,277,776 shares.
    • During the third quarter (presumably 2025), significant new positions were acquired by institutional investors, such as Deep Track Capital LP (valued at approximately $52.94 million), RA Capital Management L.P. (approximately $28.06 million), and TCG Crossover Management LLC (approximately $27.55 million).

    Capital Expenditures

    • For a recent reported period, net capital expenditures were $0.00, reflecting a -100% change from $238.00K in a prior period.
    • The balance sheet for the quarter ending September 30, 2025, listed "Property and equipment, net" at $1,635K.

    Peer Outperformance in Biotechnology

    null
    Share of Biotechnology constituents that LBRX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    92%
    of 454 industry peers · 141.1% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is LBRX's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 6 13.0%45.5%92.4% CAH 440% · MCK 377% · COR 179%
    Health Care Services 20 22.6%34.2%13.0% HIMS 313% · RDNT 161% · DGX 81%
    Managed Health Care 8 37.5%-6.1%6.4% OSCR 136% · HQY 43% · ELV 17%
    Health Care Facilities 24 1.7%8.7%5.4% THC 325% · NHC 277% · ENSG 143%
    Health Care Equipment 50 -2.8%0.5%-15.7% POCI 11350% · UFPT 359% · GKOS 271%
    Pharmaceuticals 62 -7.3%-3.2%-29.4% INDV 1102% · ETON 1009% · LQDA 792%
    Health Care Supplies 12 30.5%-8.0%-35.0% LNTH 332% · HAE 78% · MMSI 22%
    Life Sciences Tools & Services 109 -8.6%-10.1%-63.2% SNWV 2194% · NTRA 259% · MEDP 232%
    Biotechnology ← 364 -17.4%-25.3%-79.7% DNTH 1102% · CELZ 1098% · ELVN 953%
    Health Care Technology 21 -27.9%-59.5%-82.0% SPOK 78% · HSTM 19% · VEEV 4%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1LB Pharmaceuticals Earnings Notes12/16/2025
    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    PCRXPacira BioSciences1.444.0%40.3%
    OPCHOption Care Health4.837.2%-2.5%
    PTCPTC22.335.0%11.6%
    PRMEPrime Medicine0.733.9%15.0%
    PCVXVaxcyte10.326.4%54.7%
    QDELQuidelOrtho0.924.6%-53.0%
    RXORXO4.924.4%130.1%
    PENGPenguin Solutions3.924.3%290.0%
    NVAXNovavax2.121.9%89.7%
    HPKHighPeak Energy1.221.7%101.5%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    AVBPArriVent BioPharma0.8-40.8%-16.8%
    ALMRAlamar Biosciences1.5-26.5%14.9%
    NUAINew Era Energy & Digital0.5-25.4%60.2%
    SHAZSharonAI0.7-25.3%-59.0%
    ANGOAngioDynamics0.5-23.8%-10.3%
    GLASGlass House Brands0.4-22.4%-51.9%
    EOSEEos Energy Enterprises0.9-21.5%-78.0%
    AEHRAehr Test Systems2.7-21.1%319.2%
    YSSYork Space Systems0.9-20.8%-78.8%
    AXTIAXT4.2-20.3%318.7%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    MYPSPLAYSTUDIOS0.5740.5%530.4%
    KODKodiak Sciences6.3203.8%257.2%
    DNAGinkgo Bioworks0.891.7%56.4%
    PACBPacific Biosciences of California0.783.5%24.6%
    GRALGRAIL6.181.3%64.2%
    IOVAIovance Biotherapeutics6.679.6%435.5%
    SECZSecuritize2.071.9%12.4%
    MRNAModerna89.564.7%663.0%
    PEverpure51.464.2%130.7%
    PENGPenguin Solutions3.956.9%290.0%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    CTVACorteva8.9-84.3%-80.1%
    LQDALiquidia2.4-59.6%-20.6%
    XNDUXanadu Quantum Technologies1.2-56.6%-66.1%
    QUREuniQure1.5-49.2%-5.6%
    EMATEvolution Metals & Technologies1.0-46.8%-92.3%
    GLASGlass House Brands0.4-46.6%-51.9%
    NKTRNektar Therapeutics1.4-41.7%-2.6%
    AVBPArriVent BioPharma0.8-41.7%-16.8%
    ALHCAlignment Healthcare1.6-40.9%-61.8%
    ABRArbor Realty Trust0.5-40.3%-59.2%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    LBRXNBIXACADALKSAXSMVNDAMedian
    NameLB Pharm.Neurocri.Acadia P.Alkermes Axsome T.Vanda Ph. 
    Mkt Price37.22143.9719.7740.00168.474.5838.61
    Mkt Cap1.114.53.46.78.70.35.0
    Rev LTM03,3741,1391,668777216958
    Op Inc LTM-9580686144-183-186-4
    FCF LTM-8386851222-72-153-11
    FCF 3Y Avg-63073343-120-7573
    CFO LTM-82898160251-71-14245
    CFO 3Y Avg-665143382-120-71143

    Growth & Margins

    LBRXNBIXACADALKSAXSMVNDAMedian
    NameLB Pharm.Neurocri.Acadia P.Alkermes Axsome T.Vanda Ph. 
    Rev Chg LTM-34.4%11.8%10.8%56.9%6.0%11.8%
    Rev Chg 3Y Avg-26.5%29.3%4.6%62.1%-1.9%26.5%
    Rev Chg Q-39.5%16.4%27.0%45.5%-3.9%27.0%
    QoQ Delta Rev Chg LTM-8.8%4.0%6.7%9.6%-0.9%6.7%
    Op Inc Chg LTM-189.1%61.5%-4.4%-61.6%12.2%-84.2%-33.0%
    Op Inc Chg 3Y Avg-46.0%136.4%-14.8%-9.1%-243.4%-9.1%
    Op Mgn LTM-23.9%7.6%8.6%-23.5%-86.1%7.6%
    Op Mgn 3Y Avg-23.2%6.3%17.7%-51.8%-51.2%6.3%
    QoQ Delta Op Mgn LTM--1.9%0.2%-3.7%1.4%-12.4%-1.9%
    CFO/Rev LTM-26.6%14.1%15.1%-9.2%-66.0%14.1%
    CFO/Rev 3Y Avg-24.7%13.9%24.8%-30.3%-33.6%13.9%
    FCF/Rev LTM-25.7%4.5%13.3%-9.3%-70.9%4.5%
    FCF/Rev 3Y Avg-23.4%7.4%22.3%-30.5%-35.5%7.4%

    Valuation

    LBRXNBIXACADALKSAXSMVNDAMedian
    NameLB Pharm.Neurocri.Acadia P.Alkermes Axsome T.Vanda Ph. 
    Mkt Cap1.114.53.46.78.70.35.0
    P/S-4.33.04.011.21.34.0
    P/Op Inc-11.818.039.346.5-47.7-1.58.3
    P/EBIT-11.817.839.342.7-46.9-1.58.1
    P/E-13.120.68.9101.0-45.5-1.04.0
    P/CFO-13.616.221.226.6-122.5-1.97.1
    Total Yield-7.6%4.9%11.2%1.0%-2.2%-99.9%-0.6%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-4.3%2.4%6.6%-2.2%-22.3%2.4%
    D/E0.00.00.00.20.00.10.0
    Net D/E-0.30.0-0.30.1-0.0-0.5-0.1

    Returns

    LBRXNBIXACADALKSAXSMVNDAMedian
    NameLB Pharm.Neurocri.Acadia P.Alkermes Axsome T.Vanda Ph. 
    1M Rtn-19.5%-8.0%-28.7%-13.3%-20.2%-9.2%-16.4%
    3M Rtn13.0%-18.7%-24.6%-23.0%-27.9%-26.7%-23.8%
    6M Rtn52.9%11.7%-9.0%19.9%-5.4%-36.6%3.1%
    12M Rtn141.1%5.4%-1.4%28.2%38.4%-13.8%16.8%
    3Y Rtn115.1%26.7%-15.4%51.9%140.0%1.2%39.3%
    1M Excs Rtn-22.4%-11.0%-31.6%-16.1%-23.1%-12.1%-19.3%
    3M Excs Rtn11.5%-21.3%-26.4%-26.8%-30.1%-27.7%-26.6%
    6M Excs Rtn38.3%-3.0%-23.6%5.5%-20.0%-51.2%-11.5%
    12M Excs Rtn131.8%-12.3%-22.9%11.5%26.2%-31.9%-0.4%
    3Y Excs Rtn31.9%-54.0%-91.3%-28.4%77.5%-76.9%-41.2%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/2024
    Filing Date8/11/20265/12/20263/26/202611/6/20259/12/20255/12/20269/12/202511/6/2025
    Key Financials Quarterly        
    Total Revenue00000000
    Ebitda-54-22-14-5-5-6-5-16
    Operating Income-54-22-14-5-5-6-6-16
    Net Income-52-19-11-4-5-5-5-14
    EPS-1.71-0.67-0.45-0.61-0.22-0.24-1.43-4.01
    Key Financials TTM        
    Total Revenue TTM00000000
    Ebitda TTM-95-46-30-22-33-55-65-61
    Operating Income TTM-95-46-30-22-33-55-65-60
    Net Income TTM-86-39-25-19-29-52-63-61
    Growth Rates Quarterly        
    Total Revenue Growth--------
    EBITDA Growth-1025.2%-246.8%-152.5%67.9%82.3%60.7%-252.4%-
    Operating Income Growth-1009.6%-243.8%-150.4%67.4%81.7%61.3%-467.5%-
    Net Income Growth-959.4%-259.1%-126.2%74.9%82.4%67.2%-51.8%-
    Margins Quarterly        
    EBITDA Margin--------
    Operating Income Margin--------
    Net Income Margin--------
    Cash & Debt        
    Total Cash32836629531414-28-
    Total Debt53444040
    Net Debt / (Cash)-323-362-292-311-10--24-
    Cash Flows Quarterly        
    FCF from Operations-38-23-18-3-6-8-6-22
    Cash Flows TTM        
    FCF from Operations TTM-82-50-35-23-41-52-53-48
    Returns to Shareholders Quarterly        
    Dividends00000000
    Share Repurchases-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly        
    ROIC-102.7%-53.6%-39.9%-17.9%-11923.9%---
    Return on Invested Capital (ROIC) TTM        
    ROIC TTM-45.3%-27.9%-21.8%-18.8%-20190.2%---

    Segment Financials

    Revenue by Segment
    $ Mil20242023
    Development of novel therapies for the treatment of neuropsychiatric diseases, including00
    Total00


    Operating Income by Segment
    $ Mil202520242023
    Development of novel therapies for the treatment of neuropsychiatric diseases, including-30-65-11
    Total-30-65-11


    Net Income by Segment
    $ Mil20252024
    Development of novel therapies for the treatment of neuropsychiatric diseases, including-25-63
    Total-25-63


    Assets by Segment
    $ Mil20242023
    Development of novel therapies for the treatment of neuropsychiatric diseases, including3446
    Total3446


    Price Behavior

    Price Behavior
    Market Price$37.22 
    Market Cap ($ Bil)1.1 
    First Trading Date09/11/2025 
    Distance from 52W High-24.8% 
       50 Days200 Days
    DMA Price$28.67$16.30
    DMA Trendupup
    Distance from DMA29.8%128.4%
     3M1YR
    Volatility61.5%63.0%
    Downside Capture-17.8112.34
    Upside Capture49.29111.06
    Correlation (SPY)6.1%11.6%
    LBRX Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.391.120.440.740.550.17
    Up Beta-1.951.972.171.461.750.42
    Down Beta2.853.13-0.64-0.84-0.720.44
    Up Capture-64%46%51%136%119%11%
    Bmk +ve Days6162766132424
    Stock +ve Days8192961125129
    Down Capture266%101%-48%53%8%17%
    Bmk -ve Days16263760120328
    Stock -ve Days14233564125133

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LBRX
    LBRX148.4%62.9%1.68-
    Sector ETF (XLV)19.8%15.8%0.945.1%
    Equity (SPY)16.7%13.0%0.9111.6%
    Gold (GLD)3.3%29.5%0.11-2.4%
    Commodities (DBC)45.0%20.9%1.67-14.9%
    Real Estate (VNQ)4.8%13.8%0.090.7%
    Bitcoin (BTCUSD)-33.2%44.2%-0.79-1.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LBRX
    LBRX16.6%62.3%1.38-
    Sector ETF (XLV)7.7%15.2%0.315.7%
    Equity (SPY)13.9%17.1%0.6211.3%
    Gold (GLD)18.5%18.9%0.79-3.1%
    Commodities (DBC)10.0%19.5%0.39-15.2%
    Real Estate (VNQ)1.3%18.8%-0.041.4%
    Bitcoin (BTCUSD)11.4%52.0%0.39-3.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with LBRX
    LBRX8.0%62.3%1.38-
    Sector ETF (XLV)11.0%16.7%0.535.7%
    Equity (SPY)15.5%17.9%0.7311.3%
    Gold (GLD)11.8%16.4%0.59-3.1%
    Commodities (DBC)8.2%18.1%0.37-15.2%
    Real Estate (VNQ)4.5%20.7%0.181.4%
    Bitcoin (BTCUSD)63.5%66.2%1.03-3.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity6.0 Mil
    Short Interest: % Change Since 91520267.0%
    Average Daily Volume0.4 Mil
    Days-to-Cover Short Interest14.5 days
    Basic Shares Quantity30.1 Mil
    Short % of Basic Shares19.9%

    Earnings Returns History

    Updated 9/14/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/2026-1.1%0.8%4.0%
    5/12/20263.8%-12.4%-8.3%
    3/26/2026-2.8%4.7%29.7%
    11/6/2025-4.3%-6.9%38.9%
    SUMMARY STATS   
    # Positive123
    # Negative321
    Median Positive3.8%2.8%29.7%
    Median Negative-2.8%-9.7%-8.3%
    Max Positive3.8%4.7%38.9%
    Max Negative-4.3%-12.4%-8.3%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/11/2026-1.1%0.8%4.0%
    5/12/20263.8%-12.4%-8.3%
    3/26/2026-2.8%4.7%29.7%
    11/6/2025-4.3%-6.9%38.9%
    SUMMARY STATS   
    # Positive123
    # Negative321
    Median Positive3.8%2.8%29.7%
    Median Negative-2.8%-9.7%-8.3%
    Max Positive3.8%4.7%38.9%
    Max Negative-4.3%-12.4%-8.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/11/202610-Q
    03/31/202605/12/202610-Q
    12/31/202503/26/202610-K
    09/30/202511/06/202510-Q
    06/30/202509/12/2025424B4
    03/31/202406/24/2024DRS/A
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/11/202610-Q
    03/31/202605/12/202610-Q
    12/31/202503/26/202610-K
    09/30/202511/06/202510-Q
    06/30/202509/12/2025424B4
    03/31/202406/24/2024DRS/A

    Insider Activity

    Updated 8/3/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Deep, Track Biotechnology Master Fund, LtdDirectBuy916202515.002,000,00030,000,00040,292,070Form
    2Deep, Track Biotechnology Master Fund, LtdDeep Track Special Opportunities Fund, LPBuy916202515.00666,6669,999,9909,999,990Form
    3Pontifax, Management 4 GP (2015) LtdSee footnoteBuy916202515.001,000,00015,000,00021,175,215Form
    4Nussbaum, RanSee footnoteBuy916202515.001,000,00015,000,00021,175,215Form
    5Vida, Ventures GP Iii, Llc Vida Ventures III, L.P.Buy916202515.00332,5664,988,49013,203,210Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Deep, Track Biotechnology Master Fund, LtdDirectBuy916202515.002,000,00030,000,00040,292,070Form
    2Deep, Track Biotechnology Master Fund, LtdDeep Track Special Opportunities Fund, LPBuy916202515.00666,6669,999,9909,999,990Form
    3Pontifax, Management 4 GP (2015) LtdSee footnoteBuy916202515.001,000,00015,000,00021,175,215Form
    4Nussbaum, RanSee footnoteBuy916202515.001,000,00015,000,00021,175,215Form
    5Vida, Ventures GP Iii, Llc Vida Ventures III, L.P.Buy916202515.00332,5664,988,49013,203,210Form
    6Vida, Ventures GP Iii, Llc Vida Ventures III-A, L.P.Buy916202515.0076711,50530,435Form

    Investor Activity (13F)

    Updated Oct 11, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Spruce Street Capital LP$33.6 Mil8.1%28ADD +36.9%13F
    Trails Edge Capital Partners, LP$32.5 Mil7.7%26TRIM -5.5%13F
    Caligan Partners LP$34.6 Mil2.4%24New13F
    Commodore Capital LP$37.0 Mil2.1%36Hold13F
    Great Point Partners LLC$7.4 Mil1.8%39New13F
    Vivo Capital, LLC$19.7 Mil1.6%46Hold13F
    TCG Crossover Management, LLC$45.3 Mil1.3%49ADD +5.4%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Caligan Partners LP$34.6 Mil2.4%24New13F
    Great Point Partners LLC$7.4 Mil1.8%39New13F
    Spruce Street Capital LP$33.6 Mil8.1%28ADD +36.9%13F
    TCG Crossover Management, LLC$45.3 Mil1.3%49ADD +5.4%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Trails Edge Capital Partners, LP$32.5 Mil7.7%26TRIM -5.5%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    TCG Crossover Management, LLC$45.3 Mil1.3%49ADD +5.4%13F
    Commodore Capital LP$37.0 Mil2.1%36Hold13F
    Caligan Partners LP$34.6 Mil2.4%24New13F
    Spruce Street Capital LP$33.6 Mil8.1%28ADD +36.9%13F
    Trails Edge Capital Partners, LP$32.5 Mil7.7%26TRIM -5.5%13F
    Vivo Capital, LLC$19.7 Mil1.6%46Hold13F
    Great Point Partners LLC$7.4 Mil1.8%39New13F

    Industry Resources

    External Quote Links


    Prefer one of these to Trefis? Tell us why.
    Core Cache Last Updated: 10/10/2026