Lb Pharmaceuticals Inc · NASDAQ:LBRX
Lb Pharmaceuticals — Investor Day (October 2026)
60 slides from Lb Pharmaceuticals's investor day presentation, Oct 27, 2026
Slide 1: High-Impact Neuromedicines for Real-World Care
High-Impact Neuromedicines for Real-World Care R&D Day October 27, 2026
Slide 2: Heather Turner, Chief Executive Officer
Heather Turner Chief Executive Officer 2
Slide 3: 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 4: Our Mission
Our Mission To boldly advance high-impact therapies that help people with brain disorders live life more fully. 4
Slide 5: Today's Speakers
Today’s Speakers Heather Turner Susan G. Kozauer, MD Gad Soffer Chief Executive Officer Chief Medical Officer Chief Operating and Business Officer Kaya Pai Panandiker Roger McIntyre, MD Joe Miller Chief Commercial Officer Prof. of Psychiatry and Prof. Chief Financial Officer of Pharmacology & Toxico
Slide 6: Today's Focus
Today’s Focus • LB Pharma and the LB-102 Opportunity • LB-102 Clinical Data in Schizophrenia and Observations we are Exploring • New Preclinical Data Supporting Potential Differentiation • Planning for Potential Commercialization in Schizophrenia • Looking Ahead to Pivotal Data and Summary • Q&A 6
Slide 7: LB Today: Late-Stage Development Pipeline with Multiple Clinical Milestones
LB Today: 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
Slide 8: LB-102 is a Structural Modification of Amisulpride
LB-102 is a Structural Modification of Amisulpride, a Generic AP Available Ex-US Advantages Limitations • Selectively inhibits D2, D3, and 5HT7 • Poor blood-brain barrier (BBB) receptors with few off-target effects1 penetration Amisulpride • Among the highest effect sizes (0.73) • Requires high dose
Slide 9: Amisulpride is Widely Prescribed, Highlighting its Established Clinical Utility
Amisulpride is Widely Prescribed, Highlighting its Established Clinical Utility 2023 EUROPEAN PRESCRIPTIONS BY DIAGNOSIS1 ~2M MONTHLY PRESCRIPTIONS across 16 European countries Approved ex-U.S. 2 for: Schizophrenia • Schizophrenia 7.2% 12.7% Mood disorders • Negative symptoms of schizophrenia 46.9%
Slide 10: 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 11: LB-102's Mechanism, NOVA-1 Data, and 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 12: 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 13: 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 14: Our Goal Is to Transform What Is Possible for People With Schizophrenia
Our Goal Is to Transform What Is Possible for People With Schizophrenia Too Few People With Schizophrenia Achieve Long-Lasting Relief 33% Long-lasting symptomatic remission 27% Long-lasting adequate quality of life 13% Long-lasting functional remission Novick D, et al. Schizophr Res. 2009 14
Slide 15: Susan G. Kozauer, MD, Chief Medical Officer
Susan G. Kozauer, MD Chief Medical Officer 15
Slide 16: LB-102 is Under Development in a Range of Neuropsychiatric Disorders
LB-102 is Under Development in a Range of Neuropsychiatric Disorders With Several Clinical Trials Completed To Date Completed clinical trials Ongoing/planned clinical trials ❖ Phase 1 SAD / MAD trial in healthy volunteers ❖ Phase 3 trial (NOVA-2) in patients experiencing an acute exacerbation of ❖ P
Slide 17: LB-102: Striatal D2 Receptor Occupancy
LB-102: Striatal D2 Receptor Occupancy Results of a Phase 1b PET study in healthy volunteers Average % dopamine receptor occupancy after single dose Average % dopamine receptor occupancy at steady state 100 100 90 50 mg 90 80 75 mg 80 100 mg 70 70 % Dopamine RO % Dopamine RO 60 60 50 50 100 mg S1 40
Slide 18: Schizophrenia is a Complex Brain Disorder with Three Symptom Domains
Schizophrenia is a Complex Brain Disorder with Three Symptom Domains Positive symptoms Symptoms that affect a person’s perception of reality, such as hallucinations, delusions or disorganized behavior. Negative symptoms A reduction in emotional expression, motivation, pleasure, joy or social engagem
Slide 19: 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 20: 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 NOVA-1 schizophrenia trial (baseline PANSS of 94) 0 Effect observed as early as week 1 with PANSS Δ from baseline sustained benefit (Δ vs. Placebo at Day 28) -2 LS Means in PANSS To
Slide 21: 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 22: Improvements on Both Positive and Negative Symptoms in NOVA-1
Improvements Were Demonstrated in NOVA-1 at Week 4 on Both Positive and Negative Symptoms Observed effect on negative symptoms at low dose consistent with bimodal mechanism PANSS Positive Symptoms PANSS Negative Symptoms 0.0 LS Mean Change from Baseline in PANSS -1.0 -1.1 -2.0 -1.7 -1.8 p=0.1633 Sub
Slide 23: Robust, Dose-Dependent Effect on Cognition in NOVA-1
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 24: Improvement in Cognitive Performance was Primarily a Direct Effect of LB-102
Improvement in Cognitive Performance was Primarily a Direct Effect of LB-102 Bivariate Analysis of the Association Between Treatment-Related Mediation Analysis of the Effect of LB-102 on Changes in PANSS Total Score and Global Cognition Composite Global Cognition Composite Score Score for LB- 102 in
Slide 25: Favorable Adverse Event 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 26: Potential for a Class Leading Rate of EPS
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 27: Low Rates of Other Adverse Events of Interest
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 28: 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 29: Efficacy, Tolerability and Simplicity of Use Enable Patients to Sustain Treatment
Efficacy, Tolerability and Simplicity of Use Enable Patients to Sustain Treatment This matters because 80% of patients relapse within 5 years, and consequences can be serious: Recovery can be slower and less complete, and More frequent admissions to hospital illness can become more resistant to trea
Slide 30: Exploring Mechanistic Underpinnings of LB-102's Observed Clinical Profile
We are Exploring the Potential Mechanistic Underpinnings of LB-102’s Observed Clinical Profile LOWER EPS POTENTIAL MECHANISTIC HYPOTHESIS EPS rate similar to placebo in NOVA-1, Regional selectivity despite 70 – 80% RO NEGATIVE SYMPTOM EFFECTS MECHANISTIC HYPOTHESIS Significant effect at 50 mg dose P
Slide 31: Roger McIntyre, MD
Roger McIntyre, MD Professor of Psychiatry and Professor of Pharmacology and Toxicology, University of Toronto 31
Slide 32: Disclosure
Disclosure Dr. McIntyre has been engaged by LB Pharma as a medical advisor and to speak at this program. Accordingly, Dr. McIntyre has a financial relationship with LB Pharma The research studies presented in this presentation were conducted by LB Pharma; not by Dr. McIntyre 32
Slide 33: Agenda
Agenda • Brain regions and their connection to schizophrenia symptoms • Regional selectivity as a potential mechanism for low EPS with high D2 RO • Understanding amisulpride’s bimodal activity profile • Effects of LB-102 on pre-synaptic autoreceptors • Next steps 33
Slide 34: Core Symptoms of Schizophrenia Mapped to Aberrant Dopamine Signaling
The Core Symptoms of Schizophrenia Can Be Mapped to Aberrant Dopamine Signaling in Specific Regions of the Brain Positive Symptoms (associative striatum) • Hyperdopaminergia in the associative striatum, is considered to be associated with positive symptoms1 Negative Symptoms (Limbic Striatum: • Hypo
Slide 35: Therapeutics for Positive Symptoms Also Impact Dopamine Signaling Causing Side Effects
Many Therapeutics That Address Positive Symptoms Also Impact Dopamine Signaling in Parts of the Brain that Can Cause Side Effects Positive Symptoms Extrapyramidal Symptoms (associative striatum) (sensorimotor striatum) • Non-selective dopamine receptor antagonist antipsychotics inhibit Negative Symp
Slide 36: Regional Selectivity in the CNS Hypothesized to Explain Low EPS
To Better Understand LB-102’s Low Rate of EPS Observed in NOVA-1 Despite High D2 RO, Regional Selectivity in the CNS was Hypothesized to Play a Role SCIENTIFIC QUESTION STUDY DESIGN Does LB-102 affect dopamine signaling Assessed pattern of neuronal activity in whole in the associative vs sensorimoto
Slide 37: The Mouse Brain Atlas Divides the Brain Into Functional Units
The Mouse Brain Atlas Divides the Brain Into Functional Units and Differentiates Between the Associative and the Motor Striatum Subdivisions of the mouse caudoputamen, a part of the striatum, from the mouse brain atlas • Associative striatum inputs (light blue regions) • Motor striatum inputs (dark
Slide 38: Haloperidol Showed Activity Throughout the Associative and Motor Striatum
Haloperidol, an Antipsychotic Drug Associated with High Rates of EPS, Showed Clear Signs of Activity Throughout the Associative and Motor Striatum Hal 0.5 mg/kg, sc Hal 1.0 mg/kg, sc • This pattern is consistent with positive symptom efficacy as well as high rates of EPS1,2 • The associative to moto
Slide 39: LB-102 and Amisulpride Showed a Distinct, Motor Sparing Pattern
LB-102 and Amisulpride Showed a Distinct, Motor Sparing Pattern of Activity Compared with Haloperidol Hal 0.5mg/kg, sc Ami 30 mg/kg, sc LB 20 mg/kg, sc • LB-102 and amisulpride predominantly affect the associative striatum while sparing motor regions versus control • This pattern is consistent with
Slide 40: Regional Selectivity is a Plausible Mechanism for Low EPS
Regional Selectivity is a Plausible Potential Mechanism for the Low Rate of EPS Observed with LB-102 in NOVA-1 Striatal Selectivity in Mouse Brain 14 12 Associative / Motor Striatal Ratio 10 Lower ratio connotes greater selectivity for motor vs 8.37 The associative to motor 8 associative striatum (i
Slide 41: EPS Rate in NOVA-1 Lower Than Other D2 Antagonists and Partial Agonists
The EPS Rate Observed in NOVA-1 Following Treatment with LB-102 Was Lower Than That Reported for Other D2 Antagonists and Partial Agonists Clinical Rates of EPS Selected Antipsychotics (including akathisia) Haloperidol 44 - 56%1 Risperidone 17 - 35%2-4 Olanzapine 15 - 32%5 Cariprazine 24 - 33%6,7 Am
Slide 42: Summary and Next Steps (Regional Selectivity)
Summary and Next Steps (Regional Selectivity) • Preclinical c-Fos activation study suggests LB-102 may have a regionally selective activity profile in the brain • Preferentially active in associative versus motor related areas of the striatum • Supports plausible potential mechanism for observed low
Slide 43: Negative Symptoms: Unmet Need With No Approved Therapies in the U.S.
Negative Symptoms is an Area of Unmet Need Where There are Currently No Approved Therapies in the U.S. • Hypodopaminergia and diminished dopaminergic Positive Symptoms reactivity in the limbic (associative striatum) striatum and prefrontal cortex are postulated to play a role in negative and cogniti
Slide 44: Amisulpride Benefit vs Placebo in Negative Symptoms at Lower Doses
Multiple Sources Showed that Amisulpride Demonstrated Statistically Significant Benefit vs Pbo in Negative Symptoms of Schizophrenia, Specifically at Lower Doses Low-dose amisulpride (50–300 mg/day) has reproducible efficacy in predominant/primary negative symptoms of schizophrenia in multiple rando
Slide 45: Amisulpride Has a Bimodal Mechanism of Action
Underlying These Clinical Results is Preclinical Data That Suggests Amisulpride Has a Bimodal Mechanism of Action LOWER DOSES HIGHER DOSES Presynaptic Autoreceptor Blockade Postsynaptic Receptor Antagonism • Rationale for treating negative and mood symptoms1-5 • Rationale for treating positive sympt
Slide 46: LB-102 Hypothesized to Antagonize Presynaptic Autoreceptors
LB-102 was Hypothesized to be Able to Antagonize Presynaptic Autoreceptors and Increase Dopamine Signaling like Amisulpride SCIENTIFIC QUESTION STUDY DESIGN Assessed the ability of oral Can LB-102 antagonize pre-synaptic administration of LB-102 to trigger the autoreceptors and trigger the release o
Slide 47: LB-102 Blocked Presynaptic D2 Autoreceptor Inhibitory Activity and Triggered Dopamine Release
LB-102 Blocked Presynaptic D2 Autoreceptor Inhibitory Activity and Triggered the Release of Dopamine • Local infusion of quinpirole in the NAc produced a marked and sustained decrease in dopamine efflux • LB-102, administered 30 min after quinpirole, gradually reversed the quinpirole-reduced dopamin
Slide 48: Summary and Next Steps (Limbic Selectivity and Bimodal Activity)
Summary and Next Steps (Limbic Selectivity and Bimodal Activity) • Results of preclinical studies to date highlight the potential of LB-102 to modulate mesolimbic dopaminergic signaling and reward circuitry • These data support the scientific rationale for the clinical development of LB-102 in negat
Slide 49: Summary and Insights
Nigen Aes lb pharma Summary and Insights
Slide 50: Kaya Pai Panandiker, Chief Commercial Officer
Kaya Pai Panandiker Chief Commercial Officer 50
Slide 51: Unmet Needs Persist Across Schizophrenia Treatment
Unmet Needs Persist Across Schizophrenia Treatment “ “If you look at the percentage of people who are taking a traditional, either 1st or 2nd generation antipsychotic, a large percentage are not adequately controlled.” U.S. psychiatrist, LB-102 primary market research, 2026 Schizophrenia affects mil
Slide 52: Treatment Trade-Offs Reinforce the Need for More Balanced Options
Treatment Trade-Offs Reinforce the Need for More Balanced Options ESTABLISHED CLASSES · MULTIPLE AGENTS, DECADES OF USE EMERGING Drug Class D2 antagonists D2/D3 partial agonists Muscarinic agonism Established Established efficacy foundation Introduced efficacy via partial Demonstrated efficacy throu
Slide 53: LB-102 May Address Key Treatment Priorities
PRIMARY MARKET RESEARCH · U.S. PSYCHIATRISTS AND PAYERS 2026 LB-102 May Address Key Treatment Priorities LB-102 Dimension Why It Matters NOVA-1 Profile Clinical Control of positive symptoms is foundational; inadequate response can lead to ✓ Response treatment change1,2 Tolerability Sedation, EPS inc
Slide 54: Commercialization Preparation Will Appropriately Scale With Milestones
Commercialization Preparation Will Appropriately Scale With Milestones POTENTIAL LAUNCH Prepare for launch • Commercial execution & field force PHASE 3 TOPLINE • Medical Affairs scale-up Refine and scale • MSL expansion Data will guide final product positioning, • Supply readiness TODAY evidence pri
Slide 55: Heather Turner, Chief Executive Officer
Heather Turner Chief Executive Officer 55
Slide 56: 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 dataread 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, PA
Slide 57: Phase 3 NOVA-2 Trial: Topline Results and Next Steps
Phase 3 NOVA-2 Trial: Topline Results and Next Steps Topline disclosure expected to provide fulsome view of clinical profile, pre-NDA meeting guides timing of NDA submission Primary Secondary Endpoint Endpoints • Total PANSS Score • CGI at 50mg and 100mg • PANSS Positive NOVA-2 and Negative Subscale
Slide 58: Looking Ahead: A Series of Potentially Value-Creating Clinical Milestones
Looking Ahead: A Series of Potentially Value-Creating Clinical Milestones 2027 2028 2029 Topline results in Topline results in Topline results in pivotal Phase 2 Phase 2 schizophrenia trial bipolar depression adjunctive MDD All fully funded with cash runway expected beyond Q2 2029 58
Slide 59: Building a Fully-integrated Company Developing High-Impact Neuromedicines
Building a Fully-integrated Company Developing High-Impact Neuromedicines for Real-World Care Topline data from pivotal NOVA-2 trial expected 1H 2027 Potential for meaningful differentiation on what matters to patients Expansion potential across psychosis, mood disorders, and LAI Team of seasoned dr
Slide 60: “Apjog “8A] ‘pee7
“Apjog “8A] ‘pee7 60 lb pharma