Sept 8 (Reuters) - Cash-strapped drug developer LB Pharmaceuticals said on Monday it was

aiming for a valuation of up to $321.6 million in its New York initial public offering,

potentially setting up the first sizable U.S. biotech flotation in months.

WHY IT'S IMPORTANT

Biotech listings - historically a key driver of U.S. healthcare listings - have slumped

this year amid regulatory uncertainty, sidelining many would-be issuers.

Weight-loss drug developer Aardvark Therapeutics ( AARD ) was the last notable biotech to

raise more than $50 million in 2025; its shares have nearly halved since their February debut.

Aurion Biotech and Odyssey Therapeutics have both scrapped planned New York listings

earlier this year.

CONTEXT

Founded in 2015, LB Pharmaceuticals is developing therapies that target schizophrenia,

bipolar depression, and other neuropsychiatric diseases.

The biotech's lead experimental candidate, LB-102, an oral drug in late-stage development,

aimed at treating acute schizophrenia - a sudden and intense onset of psychotic symptoms.

LB Pharmaceuticals plans to start a six-week late-stage trial of LB-102 in patients with

acute schizophrenia in the first quarter of 2026.

BY THE NUMBERS

The New York-based firm is seeking up to $266.7 million by offering 16.7 million shares

priced between $14 and $16 apiece.

It has raised more than $120 million from investors, including venture capital firms Deep

Track Capital, Pontifax, TCG Crossover Fund, and Vida Ventures.

The company had $14.2 million cash in hand as of June 30.

WHAT'S NEXT

LB Pharmaceuticals will list on the Nasdaq under the symbol "LBRX." Leerink Partners, Piper

Sandler, and Stifel are the lead underwriters for the offering.

The company plans to use proceeds to advance clinical development of LB-102 for acute

schizophrenia and bipolar depression and for general corporate purposes.