Lb Pharmaceuticals Inc · NASDAQ:LBRX
Lb Pharmaceuticals — Investor Presentation (October 2026)
35 slides from Lb Pharmaceuticals's investor presentation, Oct 27, 2026
Slide 1: High-Impact Neuromedicines for Real-World Care
High-Impact Neuromedicines for Real-World Care October 27, 2026
Slide 2: Disclaimer
Disclaimer Statements contained in this presentation regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “anticipates,” "believes," "expects," "intends," “plans,” “poten
Slide 3: Building a Fully Integrated Company Focused on Neuropsychiatric Disorders
Building a Fully Integrated Company Focused on Neuropsychiatric Disorders Late-stage trials ongoing in schizophrenia (SCZ), bipolar depression and planned in adjunctive MDD Positive registrational Phase 2 (NOVA-1) data highlights potential for differentiated profile in $12B branded AP market1 Stream
Slide 4: Differentiated Profile Across Neuropsychiatric Disorders
LB-102 Differentiated Profile Across Neuropsychiatric Disorders Competitive clinical activity Robust effects on cognition, Potentially class-leading with potential for rapid-onset, negative symptoms and tolerability profile sustained response potentially anhedonia Validated mechanism, Potential for
Slide 5: Late-Stage Development Pipeline with Multiple Clinical Milestones and Runway Expected Beyond 2Q 2029
Late-Stage Development Pipeline with Multiple Clinical Milestones and Runway Expected Beyond 2Q 2029 Psychosis Related Disorders Route of Indication Product Preclinical Phase 1 Phase 2 Phase 3 Anticipated Milestones Administration Topline data expected 1H 2027 Schizophrenia LB-102 Oral Pre-NDA meeti
Slide 6: LB-102 is a Structural Modification of Amisulpride
LB-102 is a Structural Modification of Amisulpride, an AP with More Than 2 Million Monthly Prescriptions Annually in Europe2 Approved ex-U.S. for SCZ, (-) symptoms of SCZ and dysthymia1 with extensive use in mood disorders and anxiety2 Not available in the U.S. for psychosis-related or mood disorder
Slide 7: LB-102 Was Purpose-Built to Address Amisulpride's Limitations
LB-102 Was Purpose-Built to Address Amisulpride’s Limitations Designed to improve BBB penetration of amisulpride Potential advantages of LB-102 resulting from methylation of amisulpride Improved potency, lowering required dose and reducing systemic exposure – 50 mg LB-102 ≈ 400 mg amisulpride1 Enabl
Slide 8: LB-102's Mechanism, NOVA-1 Data, and the Heritage of Amisulpride
LB-102’s Mechanism, NOVA-1 Data, and the Heritage of Amisulpride Support Clinical Development in a Wide Range of Indications LB-102 and amisulpride have a distinct CNS receptor binding profile among antipsychotics D2 D3 5HT7 A dopamine receptor associated A dopamine receptor associated A serotonin r
Slide 9: Distinct Mechanism of LB-102 and Amisulpride Provides Opportunity in a Range of Indications
Distinct Mechanism of LB-102 and Amisulpride Provides Opportunity in a Range of Indications Major Depressive Disorder Bipolar Disorder/Negative Symptoms Schizophrenia High Levels At high doses, postsynaptic D2/D3 receptor blockade suppresses dopamine signaling, which is overactive in psychosis Physi
Slide 10: Established Antipsychotic Development Path Unlocks Multi-Indication Value
Established Antipsychotic Development Path Unlocks Multi-Indication Value Development of APs typically starts in schizophrenia to anchor dose and premium pricing; enables efficient expansion to bipolar depression and MDD, increasing the addressable market by ~10x Numerous Blockbuster Products 2025 U
Slide 11: Schizophrenia
Schizophrenia 11
Slide 12: Schizophrenia Remains a High-Burden Disease with Persistent Treatment Gaps
Schizophrenia Remains a High-Burden Disease with Persistent Treatment Gaps Schizophrenia is a Prevalent and Persistent Symptoms and Treatment Limitations Continue Debilitating Disease with No Cure to Drive Disability and Switching, Hinder Adherence ~3M ~74% BID people in the US with discontinue medi
Slide 13: Successful NOVA-1 Acute Schizophrenia Trial Has Potential to Be One of Two Pivotal Trials
Successful NOVA-1 Acute Schizophrenia Trial Has Potential to Be One of Two Pivotal Trials to Support FDA Approval Primary Endpoint: NOVA -1 Trial Design PANSS Δ from baseline at day 28 4-Week Treatment Period Secondary Endpoints: 50 mg (n = 107) CGI-S, PANSS positive and negative subscales, Marder f
Slide 14: Statistically Superior Clinical Activity to Placebo at All Three Doses
Statistically Superior Clinical Activity to Placebo at All Three Doses Clinically meaningful PANSS reduction in 4-week schizophrenia trial (baseline PANSS of 94) PANSS Δ from baseline 0 Effect observed as early as week 1 with (Δ vs. Placebo at Day 28) -2 sustained benefit 50 mg LS Means in PANSS Tot
Slide 15: Compelling Treatment Effect at Doses Planned for Phase 3
Compelling Treatment Effect at Doses Planned for Phase 3 Dose Effect Size (completers) Effect Size (MMRM) 50 mg 0.61 0.50 LB-102 (NOVA-1) 100 mg 0.83 0.64 Results for LB-102 are near the top of effect size (ES) reported for approved first-line APs1,2 ES for 100 mg dose are in the range of those prev
Slide 16: Robust, Dose-Dependent Effect on Cognition in NOVA-1, a Key Unmet Need
Robust, Dose-Dependent Effect on Cognition in NOVA-1, a Key Unmet Need Global composite effect1: psychomotor function, memory, attention, working memory and executive function Dose Effect Size p-value 50 mg (n=90) 0.26 0.0476 LB-102 75 mg (n=83) 0.41 0.0027 (NOVA-1) 100 mg (n=23) 0.66 0.0018 • Signi
Slide 17: Favorable Adverse Event (AE) Profile in NOVA-1
Favorable Adverse Event (AE) Profile in NOVA-1 Most AEs were mild or moderate in severity and similar to placebo Adverse Events Reported in ≥5% of Patients 50 mg 75 mg 100 mg Placebo Number of subjects (% of treatment group) (n=107) (n=108) (n=36) (n=108) Insomnia 27 (25.2%) 23 (21.3%) 14 (38.9%) 24
Slide 18: Potential for a Class Leading Rate of EPS (Including Akathisia)
Potential for a Class Leading Rate of EPS (Including Akathisia) Total EPS Observed in LB-102 NOVA-1 Trial Number of subjects (% of treatment group) 50 mg 75 mg 100 mg Placebo Preferred Term (n=107) (n=108) (n=36) (n=108) Dystonia 0 3 (2.8%) 1 (2.8%) 1 (0.9%) Akathisia 1 (0.9%) 2 (1.9%) 0 1 (0.9%) Ex
Slide 19: Low Rates of Other Adverse Events of Interest Support the Potential for a Class Leading Safety Profile
Low Rates of Other Adverse Events of Interest Support the Potential for a Class Leading Safety Profile Prolactin-related AEs Low rate (~1-5.6%); AEs were mild to moderate and did not result in discontinuation Sedation Single case of sedation among 251 patients exposed to LB-102 in NOVA-1 trial QTc P
Slide 20: LB-102's Robust Registrational Program is Underway in Schizophrenia
LB-102’s Robust Registrational Program is Underway in Schizophrenia Phase 3 NOVA-2 topline data read out expected in 1H 2027 Phase 3 Trial Design 6-Week Treatment Period Primary Endpoint: 50 mg PANSS Δ from baseline at day 42 (6 weeks) Secondary Endpoints: N ~ 460 100 mg 1:1:1 randomization CGI-S, P
Slide 21: LB-102 has Potential to be the Branded AP of Choice in Schizophrenia
LB-102 has Potential to be the Branded AP of Choice in Schizophrenia Potential first benzamide in the U.S. for the treatment of schizophrenia Compelling Evidence Potential for a Class Leading Potential for Differentiated Effects in of Clinical Activity in NOVA-1 Safety Profile Negative and Cognitive
Slide 22: Mood Disorders: Bipolar Depression and Adjunctive Major Depressive Disorder
Mood Disorders: Bipolar Depression and Adjunctive Major Depressive Disorder 22
Slide 23: Achieving Blockbuster Status Typically Requires Expansion Beyond SCZ
Achieving Blockbuster Status Typically Requires Expansion Beyond SCZ 2025 Branded AP Sales in U.S.: ~$12B Four branded APs account for ~60% of sales • Vraylar Approvals: SCZ, Bipolar Mania, BPD, MDD Vraylar 30% • Rexulti Approvals: SCZ, MDD, Alzheimer’s All Other ($3.6B) Antipsychotics agitation 38%
Slide 24: Bipolar Disorder and MDD Have Unmet Needs that Align Well with the Profile of LB-102
Bipolar Disorder and MDD Have Unmet Needs that Align Well with the Profile of LB-102 Bipolar Disorder MDD Efficacy Unmet Needs: ~60% 45 – 70% Residual symptoms are poorly addressed have anhedonia1 or experience anhedonia or by current treatments and significantly cognitive deficits2 cognitive defici
Slide 25: Multiple Lines of Evidence Support the Development of LB-102 in Bipolar Depression and Adjunctive MDD
Multiple Lines of Evidence Support the Development of LB-102 in Bipolar Depression and Adjunctive MDD High POS in planned Phase 2 trials Strong Mechanistic Rationale Validating Clinical and Real-World Experience with Amisulpride Supportive Results from LB-102 Phase 2 Schizophrenia Trial 25
Slide 26: LB-102's Multimodal Mechanism Underlies Potential for Efficacy in Depression, Anhedonia, and Cognitive Impairment
LB-102’s Multimodal Mechanism Underlies Potential for Efficacy in Depression, Anhedonia, and Cognitive Impairment • Selectivity for presynaptic autoreceptors at low doses Strong Mechanistic Rationale increases dopamine signaling, which is underactive in depression • D3 / 5HT7 also implicated in cogn
Slide 27: Historical Amisulpride Data and Current Use Strongly Support LB-102's Potential in Mood Disorders
Historical Amisulpride Data and Current Use Strongly Support LB-102’s Potential in Mood Disorders Strong Mechanistic Rationale • Approvals in dysthymia and negative symptoms of schizophrenia • As good or better than Paxil, Zoloft and significantly better than Pbo1 Validating Clinical and Real-World
Slide 28: Results from LB-102 Phase 2 SCZ Trial Further Support Potential to Achieve Differentiated Profile in Mood Disorders
Results from LB-102 Phase 2 SCZ Trial Further Support Potential to Achieve Differentiated Profile in Mood Disorders Strong Mechanistic Rationale • Market-competitive clinical activity with rapid onset as early as week 1 • Robust effects on cognition and negative symptoms1 Validating Clinical and Rea
Slide 29: Bipolar Depression: Potentially Registrational Phase 2 Trial Design
Bipolar Depression: Potentially Registrational Phase 2 Trial Design Topline data readout expected in 1Q 2028 6-Week Outpatient Treatment Period LB-102 25 mg QD (Fixed Dose) n ≈ 160 LB-102 25-50 mg QD (Flexible Dose) N ~ 320 Randomized 1:1 CGI-BP Score Placebo QD (n ≈ 160) Week 1 Week 2 Week 3 Week 4
Slide 30: Adjunctive MDD: Potentially Registrational Phase 2 Trial Design
Adjunctive MDD: Potentially Registrational Phase 2 Trial Design Topline data readout expected in 1H 2029 6-Week Outpatient Treatment Period ADT + LB-102 15 mg QD (Fixed Dose) ADT + LB-102 15-25 mg QD (Flexible Dose) N ~ 380 Randomized 1:1 CGI-I Score ADT + Placebo QD Week 1 Week 2 Week 3 Week 4 Week
Slide 31: Future Directions
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Slide 32: We are Pursuing Additional High Value, Clinically Validated Expansion Opportunities with Strong Clinical Rationale
We are Pursuing Additional High Value, Clinically Validated Expansion Opportunities with Strong Clinical Rationale Predominantly Negative Symptoms of SCZ Alzheimer’s Disease (AD) Psychosis/Agitation Rationale: Rationale: • Amisulpride outperformed placebo in three • 40% of ~7M Americans with AD expe
Slide 33: Compelling Lifecycle Opportunity with LAI Formulation
Compelling Lifecycle Opportunity with LAI Formulation LAIs reduce risk of relapse by offering the potential for: ~$6B market globally1 Improved compliance Consistent drug exposure LB-102 LAI Reduced hospitalization and • Potential first-in-class benzamide LAI globally improved functional outcomes ea
Slide 34: A Compelling Sequence of Clinical Milestones
A Compelling Sequence of Clinical Milestones Anticipated Near-Term Catalysts 2026 2027 2028 2029 Topline data Initiated P3 trial Schizophrenia (Q1) (1H) Pre-NDA meeting (2H) Initiated P2 trial Topline data Bipolar Depression (Q1) (1Q) Initiation of P2 trial Topline data Adjunctive MDD (early 2027) (
Slide 35: Thank you
Thank you For more information, please contact ir@lbpharma.com
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