Deep Track funds add LBRX (LBRX) pre-funded warrants with 9.99% cap

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.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Deep Track Biotechnology Master Fund, Ltd.

(Last) (First) (Middle)

C/O WALKERS CORPORATE LIMITED

190 ELGIN AVE

(Street)

GEORGE TOWN E9 KY1-9001

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/06/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Pre-Funded Warrants (Right to Buy)	$0.0001	02/06/2026		P		378,444		(1)(2)	(1)(2)	Common Stock	378,444	$21.1699	378,444	D(3)
Pre-Funded Warrants (Right to Buy)	$0.0001	02/06/2026		P		93,925		(1)(2)	(1)(2)	Common Stock	93,925	$21.1699	93,925	I	By Deep Track Special Opportunities Fund, LP(4)

1. Name and Address of Reporting Person^*

Deep Track Biotechnology Master Fund, Ltd.

(Last) (First) (Middle)

C/O WALKERS CORPORATE LIMITED

190 ELGIN AVE

(Street)

GEORGE TOWN E9 KY1-9001

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

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)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Deep Track Capital, LP

(Last) (First) (Middle)

200 GREENWICH AVENUE, 3RD FLOOR

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

KROIN DAVID

(Last) (First) (Middle)

C/O DEEP TRACK CAPITAL, LP

200 GREENWICH AVENUE, 3RD FLOOR

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

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.

2. 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.

3. 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.

4. 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.

	Deep Track Biotechology Master Fund, Ltd. /s/ David Kroin, Director	02/10/2026
	Deep Track Special Opportunities Fund, LP, By David Kroin, Managing Member of the Investment Manager	02/10/2026
	Deep Track Capital, LP /s/ David Kroin, Managing Member of the General Partner of the Investment Adviser	02/10/2026
	/s/ David Kroin	02/10/2026
	** Signature of Reporting Person	Date
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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.

How are Deep Track Capital, LP and David Kroin related to the LBRX warrant holdings?

The securities are held by Deep Track Biotechnology Master Fund, Ltd. and Deep Track Special Opportunities Fund, LP. Deep Track Capital, LP acts as investment manager, and David Kroin is managing member of its general partner. Both disclaim beneficial ownership except for their respective pecuniary interests in the funds’ holdings.

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.