Deep Track funds add LBRX (LBRX) pre-funded warrants with 9.99% cap
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
LB Pharmaceuticals Inc. reported insider purchases of pre-funded warrants by Deep Track-affiliated funds. On February 6, 2026, Deep Track Biotechnology Master Fund, Ltd. acquired 378,444 pre-funded warrants, and Deep Track Special Opportunities Fund, LP acquired 93,925 pre-funded warrants, each at $21.1699 per warrant.
The pre-funded warrants are exercisable immediately at an exercise price of $0.0001 per share of common stock and do not expire. Their terms cap beneficial ownership at 9.99% of LB Pharmaceuticals’ outstanding common stock, preventing exercises that would put the holder and its affiliates above that threshold. Deep Track Capital, LP and David Kroin are reporting persons and state they may be deemed beneficial owners only to the extent of their pecuniary interests.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 472,369 shares ($10,000,004)
Net Buy
2 txns
Insider
Deep Track Biotechnology Master Fund, Ltd., Deep Track Special Opportunities Fund, LP, Deep Track Capital, LP, KROIN DAVID
Role
10% Owner | 10% Owner | 10% Owner | 10% Owner
Bought
472,369 shs ($10.00M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Pre-Funded Warrants (Right to Buy) | 378,444 | $21.1699 | $8.01M |
| Purchase | Pre-Funded Warrants (Right to Buy) | 93,925 | $21.1699 | $1.99M |
Holdings After Transaction:
Pre-Funded Warrants (Right to Buy) — 378,444 shares (Direct);
Pre-Funded Warrants (Right to Buy) — 93,925 shares (Indirect, By Deep Track Special Opportunities Fund, LP)
Footnotes (1)
- The Pre-Funded Warrants are exercisable immediately and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. The Pre-Funded Warrants do not expire. Under the terms of the Pre-Funded Warrants held by the Reporting Persons, the Issuer may not effect the exercise of any such Pre-Funded Warrant, and a holder will not be entitled to exercise any portion of any such Pre-Funded Warrant (i) if immediately prior to the exercise, the Reporting Persons (together with its affiliates), beneficially owns an aggregate number of shares of Issuer Common Stock greater than 9.99%, as applicable (the "Maximum Percentage"), of the total number of issued and outstanding shares of Common Stock of the Issuer without taking into account any shares underlying such Pre-Funded Warrants, or (ii) to the extent that immediately following the exercise, the holder (together with its affiliates) would beneficially own in excess of the Maximum Percentage of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of such shares of Common Stock. Represents securities held by Deep Track Biotechnology Master Fund, Ltd. Deep Track Capital, LP is the investment manager of Deep Track Biotechnology Master Fund, Ltd. 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 Biotechnology Master Fund, Ltd. Deep Track Capital, LP and Mr. Kroin disclaim beneficial ownership of such shares except to the extent of their respective pecuniary interests. 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. Deep Track Capital, LP and Mr. Kroin disclaim beneficial ownership of such shares except to the extent of their respective pecuniary interests.
FAQ
What insider transactions did Deep Track report in LB Pharmaceuticals (LBRX) on February 6, 2026?
Deep Track-affiliated funds reported purchasing pre-funded warrants in LB Pharmaceuticals on February 6, 2026. Deep Track Biotechnology Master Fund, Ltd. bought 378,444 pre-funded warrants and Deep Track Special Opportunities Fund, LP bought 93,925, each at $21.1699 per warrant, according to the Form 4.
What are the key terms of the LBRX pre-funded warrants purchased by Deep Track funds?
The pre-funded warrants are exercisable immediately at an exercise price of $0.0001 per share of common stock. They do not expire and can be exercised at any time until fully exercised, subject to a 9.99% beneficial ownership limitation described in the filing’s warrant terms.
What is the 9.99% beneficial ownership limitation mentioned in the LBRX Form 4?
The warrants restrict exercises that would cause the reporting persons and their affiliates to beneficially own more than 9.99% of LB Pharmaceuticals’ outstanding common stock. The issuer may not effect, and holders may not request, warrant exercises that would push ownership above this Maximum Percentage threshold.
Who are the reporting persons in the LB Pharmaceuticals (LBRX) Deep Track Form 4 filing?
Reporting persons include Deep Track Biotechnology Master Fund, Ltd., Deep Track Special Opportunities Fund, LP, Deep Track Capital, LP, and David Kroin. The filing explains that Deep Track Capital, LP manages the funds and that David Kroin may be deemed a beneficial owner only to the extent of his pecuniary interest.
Are the LBRX pre-funded warrants acquired by Deep Track considered derivative securities?
Yes. The Form 4 classifies them as derivative securities titled “Pre-Funded Warrants (Right to Buy).” Each warrant is linked to LB Pharmaceuticals common stock, exercisable at $0.0001 per share, and listed in Table II of the filing, which covers derivative securities such as warrants and options.