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LB Pharmaceuticals (LBRX) holder acquires 286K pre-funded warrants

Filing Impact
(Very High)
Filing Sentiment
(Very Positive)
Form Type
4

Rhea-AI Filing Summary

LB Pharmaceuticals Inc. received an insider report from Deep Track–affiliated entities. On 2026-07-30, Deep Track Biotechnology Master Fund, Ltd., a ten percent holder, purchased 286205.0000 Pre-Funded Warrants to buy LBRX common stock at $34.9399 per warrant, bringing its direct Pre-Funded Warrant position to 664649.0000. Each warrant is immediately exercisable at $0.0001 per share, does not expire, and is subject to a 9.99% beneficial ownership limitation. A separate indirect position of 93925.0000 Pre-Funded Warrants is reported as held by Deep Track Special Opportunities Fund, LP. Deep Track Capital, LP and David Kroin may be deemed beneficial owners through their roles but disclaim beneficial ownership except to the extent of their pecuniary interests.

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Insider Deep Track Biotechnology Master Fund, Ltd., Deep Track Capital, LP, KROIN DAVID
Role 10% Owner | 10% Owner | 10% Owner
Bought 286,205 shs ($10.00M)
Type Security Shares Price Value
Purchase Pre-Funded Warrants (Right to Buy) F1, F2, F3 286,205 $34.9399 $10.00M
holding Pre-Funded Warrants (Right to Buy) F1, F2, F4 -- -- --
Holdings After Transaction: Pre-Funded Warrants (Right to Buy) — 664,649 shares (Direct); Pre-Funded Warrants (Right to Buy) — 93,925 shares (Indirect, By Deep Track Special Opportunities Fund, LP)
Footnotes (4)
  1. F1. 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. F2. 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. F3. 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. F4. 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.
Pre-Funded Warrants Purchased 286205.0000 Pre-Funded Warrants Derivative purchase by Deep Track Biotechnology Master Fund, Ltd. on 2026-07-30
Purchase Price $34.9399 per warrant Price paid per Pre-Funded Warrant in the 2026-07-30 transaction
Exercise Price $0.0001 per share Exercise price for common stock under the Pre-Funded Warrants
Direct Warrants After Transaction 664649.0000 Pre-Funded Warrants Total direct Pre-Funded Warrants held by Deep Track Biotechnology Master Fund, Ltd. after purchase
Indirect Underlying Shares 93925.0000 underlying shares Common shares underlying Pre-Funded Warrants held indirectly by Deep Track Special Opportunities Fund, LP
Beneficial Ownership Cap 9.99% Maximum percentage of outstanding common stock allowed on exercise of the Pre-Funded Warrants
Pre-Funded Warrants financial
"The Pre-Funded Warrants are exercisable immediately and may be exercised at any time"
Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.
beneficially owns regulatory
"beneficially owns an aggregate number of shares of Issuer Common Stock greater than 9.99%"
Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.
Maximum Percentage regulatory
"would beneficially own in excess of the Maximum Percentage of the number of shares"
pecuniary interests financial
"disclaim beneficial ownership of such shares except to the extent of their respective pecuniary interests"
ten percent owner regulatory
"reporting persons are each indicated as a ten percent owner in the issuer"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What insider transaction did Deep Track report for LB Pharmaceuticals (LBRX)?
Deep Track Biotechnology Master Fund, Ltd. purchased 286205.0000 Pre-Funded Warrants for LB Pharmaceuticals common stock on 2026-07-30 at $34.9399 per warrant, increasing its direct Pre-Funded Warrant holdings to 664649.0000 according to the Form 4 filing.

How many LB Pharmaceuticals (LBRX) pre-funded warrants do Deep Track entities hold after the filing?
Following the reported transaction, Deep Track Biotechnology Master Fund, Ltd. directly holds 664649.0000 Pre-Funded Warrants, and Deep Track Special Opportunities Fund, LP is reported with an indirect position over 93925.0000 underlying shares via similar Pre-Funded Warrants, all exercisable at $0.0001 per share.

What are the key terms of the LB Pharmaceuticals (LBRX) pre-funded warrants bought by Deep Track?
The Pre-Funded Warrants are immediately exercisable, have an exercise price of $0.0001 per share, and do not expire. Exercises are limited by a 9.99% beneficial ownership cap, restricting exercises that would push holdings above that percentage of outstanding common stock.

What is the 9.99% beneficial ownership limitation on LBRX pre-funded warrants?
Under the warrants’ terms, Deep Track and its affiliates cannot exercise if doing so would cause them to beneficially own over 9.99% of LB Pharmaceuticals’ outstanding common stock, either immediately before or immediately after a given exercise, based on the filing’s description.

How are Deep Track Capital, LP and David Kroin connected to the LBRX holdings?
The securities are held by funds, including Deep Track Biotechnology Master Fund, Ltd. and Deep Track Special Opportunities Fund, LP. Deep Track Capital, LP manages these funds, and David Kroin controls its general partner; both may be deemed beneficial owners but disclaim beneficial ownership beyond pecuniary interests.

Are the LB Pharmaceuticals (LBRX) pre-funded warrants subject to a Rule 10b5-1 trading plan?
The Form 4 indicates the Rule 10b5-1 checkbox is not affirmatively marked (aff_10b5_one is false). There is no footnote stating that these transactions were executed under a pre-arranged Rule 10b5-1 trading plan for the reporting persons.
SEC Form 4
FORM 4UNITED 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).
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 TOWNCAYMAN ISLANDSKY1-9001
(City)(State)(Zip)
CAYMAN ISLANDS
(Country)		2. Issuer Name and Ticker or Trading Symbol
LB PHARMACEUTICALS INC [ LBRX ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/30/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Pre-Funded Warrants (Right to Buy)$0.000107/30/2026P286,205 (1)(2) (1)(2)Common Stock286,205$34.9399664,649D(3)
Pre-Funded Warrants (Right to Buy)$0.0001 (1)(2) (1)(2)Common Stock93,92593,925IBy 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 TOWNCAYMAN ISLANDSKY1-9001
(City)(State)(Zip)
CAYMAN ISLANDS
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% 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 CONNECTICUT 06830
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% 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 CONNECTICUT 06830
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% 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, Director08/03/2026
Deep Track Capital, LP /s/ David Kroin, Managing Member of the General Partner of the Investment Adviser08/03/2026
/s/ David Kroin08/03/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR