Lb Pharmaceuticals Inc · NASDAQ:LBRX
Lb Pharmaceuticals — Investor Presentation (August 2026)
35 slides from Lb Pharmaceuticals's investor presentation, Aug 11, 2026
Slide 1: High-Impact Neuromedicines for Real-World Care
LB Pharmaceuticals Inc High-Impact Neuromedicines for Real-World Care August 2026 1
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 data highlights potential for differentiated profile in $12b branded AP market1 v Streamlined p
Slide 4: Differentiated Profile Across Neuropsychiatric Disorders
Differentiated Profile Across Neuropsychiatric Disorders Competitive clinical activity Validated mechanism, once- with potential for rapid- daily, starting therapeutic dose onset, sustained response Potentially class-leading Potential first benzamide tolerability profile antipsychotic in the U.S.1 R
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 LB-102 Preclinical Phase 1 Phase 2 Phase 3 Anticipated Milestones Topline data expected 1H 2027 Psychosis Pre-NDA meeting expected 2H 2027 Related Schizophrenia Disorders LAI Formulation development
Slide 6: LB-102 is a Derivative of Amisulpride, an AP with More Than 2 Million Monthly Prescriptions
LB-102 is a Derivative 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 disorders Selectively
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 LB-102 Methylation of amisulpride improved lipophilicity, enabling more efficient transport across the BBB and longer residence time in the CNS1 Advantages of LB-102 versus amisulpride Im
Slide 8: LB-102's Mechanism, Phase 2 Data, and the Heritage of Amisulpride
LB-102’s Mechanism, Phase 2 Data, and the Heritage of Amisulpride Support Development in a Wide Range of Indications LB-102 and amisulpride have a distinct CNS receptor binding profile among antipsychotics D2 D3 5HT7 Psychosis (positive symptoms), Depression, cognition, Depression, cognition, mania
Slide 9: Distinct Mechanism of LB-102 and Amisulpride Underlies Efficacy in a Potential Range of Indications
Distinct Mechanism of LB-102 and Amisulpride Underlies Efficacy in a Potential Range of Indications Major Depressive Disorder Bipolar Disorder / Negative Symptoms Schizophrenia High Levels Dopamine Suppressing (via receptor blockade) At high doses, postsynaptic D2/D3 receptor blockade suppresses dop
Slide 10: Established Antipsychotic Development Path Unlocks Multi-Indication Value
Established Antipsychotic Development Path Unlocks Multi-Indication Value Development of APs typically starts in SCZ to anchor dose and premium pricing; enables efficient expansion to bipolar depression and MDD, increasing the addressable market by ~10x Numerous High Value Blockbuster Products Acqui
Slide 11: Schizophrenia
Schizophrenia .
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 Persistent Symptoms and Treatment Limitations Continue and Debilitating Disease to Drive Disability and Switching, Hinder Adherence with No Cure ~3M ~74% BID people in the US with discontinue medi
Slide 13: Successful Phase 2 Acute SCZ Trial Has Potential to Be One of Two Pivotal Trials
Successful Phase 2 Acute SCZ Trial Has Potential to Be One of Two Pivotal Trials Required for Approval NOVA -1 Phase 2 Trial Design Primary Endpoint: 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 fact
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 SCZ trial (baseline PANSS of 94) PANSS Δ from baseline (Δ vs. Placebo at Day 28) Rapid onset at ~1 week with sustained benefit 50 mg -14.3 (-5.0 vs. Pbo) (p=0.0009) LS Means in PANS
Slide 15: Compelling Treatment Effect at Doses Planned for Phase 3
Compelling Treatment Effect at Doses Planned for Phase 3 Effect Size vs Effect Size vs Results for LB-102 are near the top of effect Dose Placebo Placebo size (ES) reported for approved first-line APs1 (completers) (MMRM) ES for 100 mg dose are in the range of those 50 mg 0.61 0.50 previously report
Slide 16: Robust, Dose-Dependent Effect on Cognition in Phase 2, a Key Unmet Need
Robust, Dose-Dependent Effect on Cognition in Phase 2, a Key Unmet Need Global composite effect1: psychomotor function, memory, attention, working memory and executive function Dose Effect Size vs. Placebo P-value 50 mg (n=90) 0.26 0.0476 LB-102 75 mg (n=83) 0.41 0.0027 100 mg (n=23) 0.66 0.0018 • S
Slide 17: Favorable Adverse Event (AE) Profile in Phase 2
Favorable Adverse Event (AE) Profile in Phase 2 Adverse Events Reported in ≥5% of Patients 50 mg (n=107) 75 mg (n=108) 100 mg (n=36) Placebo (n=108) Number of subjects (% of treatment group) Insomnia 27 (25.2%) 23 (21.3%) 14 (38.9%) 24 (22.2%) Headache 12 (11.2%) 9 (8.3%) 2 (5.6%) 10 (9.3%) Anxiety
Slide 18: Potentially Class Leading Low Rate of EPS Among D2 Antagonists and Partial Agonists
Potentially Class Leading Low Rate of EPS (Including Akathisia) Among D2 Antagonists and Partial Agonists Total EPS Observed in LB-102 Phase 2 Trial Number of subjects (% of treatment group) 50 mg 75 mg 100 mg Placebo Preferred Term (n=107) (n=108) (n=36) (n=108) • EPS is generally correlated with d
Slide 19: Low Rates of Other Adverse Events of Interest Support Potentially Class Leading Safety Profile
Low Rates of Other Adverse Events of Interest Support Potentially 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 Phase 2 trial QTc Prolonga
Slide 20: Robust Phase 3 Program for LB-102 in Schizophrenia
Robust Phase 3 Program for LB-102 in Schizophrenia Phase 3 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) N ~ 460 1:1:1 randomization 100 mg Secondary Endpoints: ~ 25 sites U.S. Only CGI-S, PANS
Slide 21: LB-102 has Potential to be the Branded AP of Choice in SCZ
LB-102 has Potential to be the Branded AP of Choice in SCZ Potential first-in-class benzamide in the U.S. for the treatment of SCZ Compelling Evidence of Potentially Class Leading Differentiated Effects in Cognition Clinical Activity Safety Profile + Simple Dosing and Negative Symptoms • Rapid-onset
Slide 22: Mood Disorders: Bipolar Depression and Adjunctive Major Depressive Disorder
Mood Disorders: Bipolar Depression and Adjunctive Major Depressive Disorder
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 All Other 30% Antipsychotics 38% ($4.6B) ($3.6B) Rexulti Approvals: SCZ, MDD, Alzheimer’s agita
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: Residual symptoms are poorly addressed by ~60% 45 – 70% Have anhedonia1 or Experience anhedonia or current treatments and significantly impact cognitive deficits2 cognitive
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 Multi-Modal Mechanism Underlies Potential for Efficacy in Depression, Anhedonia, and Cognitive Impairment
LB-102’s Multi-Modal Mechanism Underlies Potential for Efficacy in Depression, Anhedonia, and Cognitive Impairment Strong Mechanistic Rationale • Selectivity for presynaptic autoreceptors at low doses increases dopamine signaling, which is underactive in depression • D3 / 5HT7 also implicated in cog
Slide 27: Historical Amisulpride Data and Current Use Strongly Support LB-102 Potential in Mood Disorders
Historical Amisulpride Data and Current Use Strongly Support LB-102 Potential in Mood Disorders Strong Mechanistic Rationale • Approvals in dysthymia and negative symptoms of SCZ • As good or better than Paxil, Zoloft and significantly better than Pbo1 Validating Clinical and Real-World Experience w
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 • Market competitive clinical activity with rapid Strong Mechanistic Rationale onset as early as week 1 • Robust effects on cognition and negative symptoms1 • Favorable tolerability pr
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 N ~320 LB-102 25 mg QD (Fixed Dose) n ≈ 160 LB-102 25-50 mg QD (Flexible Dose) Randomized 1:1 CGI-BP Score (~30 US sites) Placebo QD (n ≈ 160) Week 1 Week 2
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 (~ 50 US/EU sites) ADT + Placebo QD Week 1 Week 2
Slide 31: Future Directions
Future Directions .
Slide 32: We are Pursuing Additional High Value, Clinically Validated Expansion Opportunities
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 ex
Slide 33: Compelling Lifecycle Opportunity with LAI Formulation
Compelling Lifecycle Opportunity with LAI Formulation LAI’s reduce risk of relapse by offering the potential for: ~$6B Improved compliance market globally2 Consistent drug exposure LB-102 LAI Potential first-in-class benzamide LAI globally Reduced hospitalization and improved functional outcomes ear
Slide 34: A Compelling Sequence of Clinical Milestones
A Compelling Sequence of Clinical Milestones Anticipated Near- 20 2026 2026 2027 2028 2028 2029 2029 Term Catalysts 27 Topline data Initiated P3 trial Schizophrenia (1H) (Q1) Pre-NDA meeting (2H) Initiated P2 trial Topline data Bipolar Depression (Q1) (1Q) Initiation of P2 trial Topline data Adjunct
Slide 35: Thank you!
LB Pharmaceuticals Inc Thank you! For more information, please contact ir@lbpharma.us 35
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