Form 3: Deep Track reports stake in LB Pharmaceuticals (LBRX)

Rhea-AI Filing Summary

Deep Track Special Opportunities Fund, LP reported an initial Form 3 disclosing direct ownership of 666,666 shares of LB Pharmaceuticals Inc. (LBRX). The filing states the reporting entity is managed by Deep Track Capital, LP and that David Kroin, as managing member of the investment manager, may be deemed a beneficial owner of those shares. Affiliates of the reporting person, including Deep Track Biotechnology Master Fund, Ltd and Deep Track Capital, LP, separately filed Section 16 reports and collectively beneficially own in the aggregate more than ten percent of LBRX common stock.

Positive

• Initial Form 3 filed disclosing ownership, satisfying Section 16 disclosure requirements
• Clear ownership amount disclosed: 666,666 shares held directly by Deep Track Special Opportunities Fund, LP
• Organizational relationships disclosed: identifies Deep Track Capital, LP and David Kroin, aiding transparency

Negative

• Affiliates collectively own >10% of LBRX common stock, indicating concentrated ownership
• Form 3 does not include acquisition details (purchase price, dates), so market impact from timing or terms is unclear

Insights

Securities Analyst

TL;DR: Routine initial beneficial ownership disclosure showing a substantial affiliate stake and potential deemed ownership by the fund's manager.

The Form 3 is an initial Section 16 filing reporting 666,666 shares held directly by Deep Track Special Opportunities Fund, LP. The filing clarifies the investment manager structure: Deep Track Capital, LP manages the fund and David Kroin, as managing member of the GP, may be deemed to beneficially own the shares. The disclosure also notes affiliates collectively own more than 10% of outstanding common stock, which makes this group a significant holder under Section 16 definitions. This is a standard disclosure without transaction details, and it notifies the market of concentrated insider-affiliate ownership.

Corporate Governance Expert

TL;DR: Standard governance disclosure; identifies related-party relationships that create potential deemed ownership under Section 16.

The filing appropriately identifies the reporting person, address, and the relationship to LB Pharmaceuticals Inc. (Director; 10% Owner box checked). It provides the requisite explanation of indirect ownership through the investment manager and GP structure. While procedural, the filing is informative for compliance and monitoring of insider/affiliate holdings and confirms that affiliated Section 16 reports have been or will be filed for the broader ownership group.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Deep Track Special Opportunities Fund, LP

(Last) (First) (Middle)

200 GREENWICH AVENUE, 3RD FLOOR

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/12/2025

3. Issuer Name and Ticker or Trading Symbol
LB PHARMACEUTICALS INC [ LBRX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	666,666	D(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents securities held by Deep Track Special Opportunities Fund, LP. Deep Track Capital, LP is the investment manager of Deep Track Special Opportunities Fund, LP. Mr. David Kroin is the managing member of Deep Track Capital GP, LLC, the general partner of Deep Track Capital, LP., and by virtue of such status may be deemed to be the beneficial owner of the shares owned by Deep Track Special Opportunities Fund, LP. Affiliates of the Reporting Person, including Deep Track Biotechnology Master Fund, Ltd, Deep Track Capital, LP and Mr. Kroin, have separately filed Section 16 reports with respect to the shares of Issuer common stock they may be deemed to beneficially own.

Remarks:

Affiliates of the Reporting Person beneficially own in the aggregate more than ten percent of the outstanding shares of Issuer common stock. Therefore, the Reporting Person may be deemed to be a ten percent owner with respect to Issuer securities.

	Deep Track Special Opportunities Fund, LP, By David Kroin managing member of the Investment Manager	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Deep Track Special Opportunities Fund report on the Form 3 for LBRX?

The fund reported direct ownership of 666,666 shares of LB Pharmaceuticals Inc. (LBRX) on an initial Form 3.

Does the filing identify who manages the reporting fund?

Yes. The filing states Deep Track Capital, LP is the investment manager and David Kroin is the managing member of the general partner.

Do affiliates of the reporting person own a significant stake in LBRX?

Yes. The filing states affiliates in the aggregate beneficially own more than ten percent of LBRX common stock.

Was this filing submitted as an initial statement or an amendment?

This document is an initial Form 3 (Initial Statement of Beneficial Ownership).

Does the Form 3 show any derivative securities or transactions?

No. Table II (derivative securities) contains no entries; only non-derivative common stock is reported.