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
High-Impact Neuromedicines for Real-World Care August 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 data highlights potential for differentiated profile in $12B branded AP market1 Streamlined pat
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
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 Derivative of Amisulpride
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 Advantages
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 Amisulpride Heritage
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 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 DpAt high doses, postsynaptic D2/D3 receptor blockade suppresses dopamine signaling, which is overactive in psy
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 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 Primary Endpoint: NOVA -1 Phase 2 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 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 schizophrenia trial (baseline PANSS of 94) PANSS Δ from baseline 0 Rapid onset at ~1 week with sustained benefit (Δ vs. Placebo at Day 28) -2 50 mg LS Means in PANSS Total Score -4
Slide 15: Compelling Treatment Effect at Doses Planned for Phase 3
Compelling Treatment Effect at Doses Planned for Phase 3 Results for LB-102 are near the top of effect Effect Size vs Effect Size vs size (ES) reported for approved first-line APs1 Dose Placebo Placebo (completers) (MMRM) ES for 100 mg dose are in the range of those previously reported for amisulpri
Slide 16: Robust, Dose-Dependent Effect on Cognition in Phase 2
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 Profile in Phase 2
Favorable Adverse Event (AE) Profile in Phase 2 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 (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
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) Dystonia 0 3 (2.8%) 1 (2.8%) 1 (0.9%
Slide 19: Low Rates of Other Adverse Events of Interest
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 readout 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 ~ 460 100 mg Secondary Endpoints: 1:1:1 randomization CGI-S, PANSS positive and negativ
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 benzamide in the U.S. for the treatment of SCZ Compelling Evidence Potentially Class-Leading Differentiated Effects in Cognition of Clinical Activity Safety Profile + Simple Dosing and Negative Symptoms • Rapid-onset at week
Slide 22: Mood Disorders: Bipolar Depression and Adjunctive MDD
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 with 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 Development in Bipolar Depression and 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 Efficacy
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 Support Mood Disorder Potential
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: Phase 2 SCZ Results Support 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: 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 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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