[Form 4] LB PHARMACEUTICALS INC Insider Trading Activity

Rhea-AI Filing Summary

Marc Panoff, Senior Vice President, Finance of LB Pharmaceuticals, Inc. (LBRX), reported changes to his option holdings on September 10, 2025. The filing shows a one-time option repricing that reduced the exercise price of multiple employee stock options to $15, which the company notes is the issuer's initial public offering price. The report lists several option awards affected: 3,944; 896; 1,255; 14,343; 7,171; and 90,525 shares, with some portions immediately exercisable and others subject to standard vesting schedules. Vesting details are provided for each award and the form is signed by Mr. Panoff on September 12, 2025.

Positive

• Option repricing to $15 (the IPO price) is explicitly documented, clarifying the new exercise price for affected awards
• Vesting schedules for each award are clearly stated, with some tranches immediately exercisable
• Detailed quantities of repriced options are provided (e.g., 90,525; 14,343; 7,171; 3,944; 1,255; 896)

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider option repricing to the IPO price changed economics of senior executive equity awards without showing cash proceeds or share sales.

The Form 4 discloses a company-wide one-time option repricing effective 09/10/2025 that reduced multiple option exercise prices to $15, the stated IPO price. Reported derivative transactions show prior higher-priced option positions removed (disposed) and equal-sized options reissued at $15, across awards exercisable on various schedules. Aggregate notable quantities include awards of 90,525 and 14,343 shares among others. Vesting schedules remain in place as described and some tranches were immediately exercisable. The filing documents a governance action affecting executive compensation but provides no cash exercise, share sale, or dilution figures.

Corporate Governance Expert

TL;DR: The company executed a formal option repricing to align grant exercise prices with the IPO price; vesting terms largely unchanged.

The disclosure confirms an authorized Option Repricing effective 09/10/2025 that set the per-share exercise price of repriced options to $15. The explanatory footnotes clarify that, except for the reduced exercise price, all other terms including vesting remain in full force. The report identifies the reporting person as an officer and shows signatures consistent with required filings. The filing does not include board resolutions, aggregate outstanding share counts, or explicit statements on shareholder approval, so governance context is limited to the repricing mechanics shown.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

1. Name and Address of Reporting Person^*

PANOFF MARC L

(Last) (First) (Middle)

C/O LB PHARMACEUTICALS INC

ONE PENNSYLVANIA PLAZA, SUITE 1025

(Street)

NEW YORK NY 10119

(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		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior Vice President, Finance

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

4. 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 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
Employee Stock Option (Right to Buy)	$64.15	09/10/2025		D			3,944	(1)	11/13/2028	Common Stock	3,944	(2)	0	D
Employee Stock Option (Right to Buy)	$15	09/10/2025		A		3,944		(1)	11/13/2028	Common Stock	3,944	(2)	3,944	D
Employee Stock Option (Right to Buy)	$69.72	09/10/2025		D			896	(1)	12/22/2029	Common Stock	896	(2)	0	D
Employee Stock Option (Right to Buy)	$15	09/10/2025		A		896		(1)	12/22/2029	Common Stock	896	(2)	896	D
Employee Stock Option (Right to Buy)	$69.72	09/10/2025		D			1,255	(1)	08/30/2030	Common Stock	1,255	(2)	0	D
Employee Stock Option (Right to Buy)	$15	09/10/2025		A		1,255		(1)	08/30/2030	Common Stock	1,255	(2)	1,255	D
Employee Stock Option (Right to Buy)	$41.84	09/10/2025		D			14,343	(3)	08/24/2033	Common Stock	14,343	(2)	0	D
Employee Stock Option (Right to Buy)	$15	09/10/2025		A		14,343		(3)	08/24/2033	Common Stock	14,343	(2)	14,343	D
Employee Stock Option (Right to Buy)	$41.84	09/10/2025		D			7,171	(4)	06/26/2034	Common Stock	7,171	(2)	0	D
Employee Stock Option (Right to Buy)	$15	09/10/2025		A		7,171		(4)	06/26/2034	Common Stock	7,171	(2)	7,171	D
Employee Stock Option (Right to Buy)	$15	09/10/2025		A		90,525		(5)	09/09/2035	Common Stock	90,525	$0	90,525	D

Explanation of Responses:

1. Immediately exercisable.

2. The transactions reported herein reflect a one-time stock option repricing, effective on September 10, 2025, which reduced the per share exercise price of each repriced option to $15, representing the initial public offering price of the Issuer's common stock (the "Option Repricing"). Except as modified by the Option Repricing, all other terms and conditions of the repriced options, including, without limitation, any provisions with respect to vesting, remain in full force and effect.

3. One fourth (1/4) of the shares subject to the option award vested on August 25, 2024 and the remaining shares subject to the option vested or shall vest in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continuous service through such vesting date.

4. One fourth (1/4) of the shares subject to the option award vested on June 28, 2025 and the remaining shares subject to the option vested or shall vest in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continuous service through such vesting date.

5. One fourth (1/4) of the shares subject to the option award shall vest on September 10, 2026 and the remaining shares subject to the option shall vest in thirty-six (36) equal monthly installments thereafter, subject to the Reporting Person's continuous service through such vesting date.

	/s/ Marc Panoff	09/12/2025
	** 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 4 (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 change to insider option prices did the LBRX Form 4 report on 09/10/2025?

The Form 4 reports a one-time Option Repricing effective 09/10/2025 that reduced the exercise price of specified options to $15, the issuer's IPO price.

Which reporting person filed the Form 4 for LBRX and what is their role?

The Form 4 was filed by Marc Panoff, identified as Senior Vice President, Finance of LB Pharmaceuticals.

How many repriced options does the filing show for the largest award?

The largest repriced option award listed is 90,525 option shares priced at $15 with an expiration date of 09/09/2035.

Do the repriced options retain their original vesting terms according to the filing?

Yes. The filing states that except as modified by the Option Repricing, all other terms and conditions, including vesting, remain in full force and effect.

Were any shares sold or cash proceeds reported in the Form 4?

No cash proceeds or open-market sales are reported; the Form 4 documents dispositions of higher-priced options and acquisitions of equal-sized options at the repriced $15 level.