LB PHARMACEUTICALS INC

LBRX

Held by 3 specialist biotech funds

High Convergence

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Fund Holdings

3 fund convergence

Baker Bros. Advisors RA Capital Management Commodore Capital

Catalysts

No catalysts tracked.

Activist Filings

SC 13G/ARA Capital Management8.7%Feb 17, 2026

SC 13GRA Capital Management7.5%Sep 19, 2025

Position Details

Baker Bros. AdvisorsNEWFeb 17, 2026

Shares: 200,000Value: $4.5M

## Signal Note: Baker Bros. Initiates Position in LB Pharmaceuticals (LBRX) **Note: The reported position value of ~$4.45B on 200,000 shares implies a per-share price of ~$22,260, which appears to be a data error — likely a misreported share count or valuation artifact. This should be verified before acting on the signal.** That said, a new Baker Bros. position in LBRX is noteworthy given their track record of high-conviction, concentrated bets in clinical-stage biotech. LBRX's lead asset is **LB-102**, an oral muscarinic M1/M4 agonist in development for **schizophrenia**, which reported positive Phase 1b data and is advancing toward a Phase 2 trial — a space Baker has historically targeted ahead of pivotal catalysts. Even if the true

RA Capital ManagementNEW

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Insider Signals

No insider signals tracked.

Also Held by These Funds

CTNM3 funds SYRE3 funds NUVL3 funds TYRA3 funds ALKS2 funds FDMT2 funds BCRX2 funds CLDX

Research Links

Yahoo Finance →SEC EDGAR →ClinicalTrials.gov →

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# Signal Note: RA Capital Initiates $49.2M Position in LB Pharmaceuticals RA Capital's entry into LBRX suggests conviction in the company's clinical pipeline, likely tied to LB's lead program in a high-value indication—most probable being azeliragon (TTP488) for early Alzheimer's disease, which has shown mixed Phase 2 results but remains in development. The $49.2M stake (representing ~2.2M shares) signals confidence in near-term catalysts, potentially including upcoming clinical readouts, regulatory interactions, or partnering activity that could de-risk the pipeline. Timing and position size warrant monitoring of upcoming 8-K filings and quarterly updates for specific inflection points.