LB Pharmaceuticals Inc. Amendment No. 1 to a Schedule 13G/A reports that TCG Crossover Fund II, L.P., TCG Crossover GP II, LLC and Chen Yu collectively disclose beneficial ownership of 1,839,489 shares of Common Stock, representing 6.4% of the class based on 28,674,827 shares outstanding as of March 23, 2026.
The filing states these shares are held of record by TCG Crossover II; voting and dispositive power is shared through the general partner and Chen Yu as sole managing member. This Amendment supplements an Original Schedule 13G filed September 18, 2025.
Positive
None.
Negative
None.
Insights
Disclosure clarifies ownership and voting relationships for a >5% holder.
The Amendment identifies 1,839,489 shares (6.4%) held of record by TCG Crossover II and attributes shared voting and dispositive power to TCG Crossover GP II and Chen Yu. The filing uses the issuer's reported 28,674,827 shares outstanding as of March 23, 2026.
Ownership is described through partnership and GP relationships; investors should note the filing's attribution language and the Reporting Persons' disclaimer of group status. Timing and cash‑flow treatment are not detailed in the excerpt.
Amendment serves administrative transparency rather than operational change.
The schedule amends the Original 13G and restates that the securities are held of record by an entity (TCG Crossover II) with shared voting/dispositive power via a GP and managing member. The percentage ownership cited is 6.4% based on the issuer's March 23, 2026 outstanding share count.
No purchases, sales, or changes in the method of holding are disclosed here; the filing documents beneficial‑ownership structure and updates prior reporting.
Key Figures
Beneficial ownership:1,839,489 sharesPercent of class:6.4%Shares outstanding (issuer):28,674,827 shares
3 metrics
Beneficial ownership1,839,489 sharesreported by TCG Crossover II in Amendment No.1
Percent of class6.4%based on 28,674,827 shares outstanding as of March 23, 2026
Shares outstanding (issuer)28,674,827 sharesas of March 23, 2026, per the issuer's Form 10-K
"These securities are held of record by TCG Crossover II; ... may be deemed to have voting, investment, and dispositive power"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 1,839,489.00"
Schedule 13G/Aregulatory
"This Amendment No. 1 amends and supplements the initially filed Schedule 13G on September 18, 2025"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
LB Pharmaceuticals Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
50180M108
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
50180M108
1
Names of Reporting Persons
TCG Crossover GP II, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,839,489.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,839,489.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,839,489.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
These securities are held of record by TCG Crossover II (as defined in Item 2(a) below). TCG Crossover GP II (as defined in Item 2(a) below) is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities.
Based on 28,674,827 shares of Common Stock outstanding as of March 23, 2026, as reported by the Issuer (as defined in Item 1(a) below) in its annual report on Form 10-K filed with the Securities and Exchange Commission (the "Commission") on March 26, 2026 (the "Form 10-K").
SCHEDULE 13G
CUSIP Number(s):
50180M108
1
Names of Reporting Persons
TCG Crossover Fund II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,839,489.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,839,489.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,839,489.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person:
These securities are held of record by TCG Crossover II. TCG Crossover GP II is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities.
Based on 28,674,827 shares of Common Stock outstanding as of March 23, 2026, as reported by the Issuer in the Form 10-K.
SCHEDULE 13G
CUSIP Number(s):
50180M108
1
Names of Reporting Persons
Chen Yu
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,839,489.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,839,489.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,839,489.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.4 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person:
These securities are held of record by TCG Crossover II. TCG Crossover GP II is the general partner of TCG Crossover II and may be deemed to have voting, investment, and dispositive power with respect to these securities. Chen Yu is the sole managing member of TCG Crossover GP II and may be deemed to share voting, investment and dispositive power with respect to these securities.
Based on 28,674,827 shares of Common Stock outstanding as of March 23, 2026, as reported by the Issuer in the Form 10-K.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
LB Pharmaceuticals Inc.
(b)
Address of issuer's principal executive offices:
One Pennsylvania Plaza, Suite 1025, New York, NY 10119
Item 2.
(a)
Name of person filing:
This Amendment No. 1 (Amendment No. 1) amends and supplements the Schedule 13G initially filed with the Commission on September 18, 2025 (the Original Schedule 13G) and is being filed by TCG Crossover Fund II, L.P. (TCG Crossover II), TCG Crossover GP II, LLC (TCG Crossover GP II, and together with TCG Crossover II, the Reporting Entities) and Chen Yu (the Reporting Individual). The Reporting Entities and the Reporting Individual are collectively referred to as the Reporting Persons. The Reporting Persons expressly disclaim status as a group for purposes of this Schedule 13G. The agreement among the Reporting Persons to file jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act is attached as Exhibit 1 to the Original Schedule 13G. Other than those securities reported herein as being held directly by such Reporting Person, each Reporting Person disclaims beneficial ownership of all securities reported in this Statement except to the extent of such Reporting Person's pecuniary interest therein. Capitalized terms not defined in this Amendment No. 1 have the meanings ascribed to them in the Original Schedule 13G.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each Reporting Person is 245 Lytton Ave., Suite 350, Palo Alto, CA 94301.
(c)
Citizenship:
TCG Crossover GP II is a limited liability company organized under the laws of the State of Delaware. TCG Crossover II is a limited partnership organized under the laws of the State of Delaware. The Reporting Individual is a citizen of the United States of America.
(d)
Title of class of securities:
Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
50180M108
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
See Row 9 of the cover page for each Reporting Person and the corresponding comments.
(b)
Percent of class:
See Row 11 of the cover page for each Reporting Person and the corresponding comments.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See Row 5 of the cover page for each Reporting Person and the corresponding comments.
(ii) Shared power to vote or to direct the vote:
See Row 6 of the cover page for each Reporting Person and the corresponding comments.
(iii) Sole power to dispose or to direct the disposition of:
See Row 7 of the cover page for each Reporting Person and the corresponding comments.
(iv) Shared power to dispose or to direct the disposition of:
See Row 8 of the cover page for each Reporting Person and the corresponding comments.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Under certain circumstances set forth in the limited partnership agreements of TCG Crossover II and the limited liability company agreement of TCG Crossover GP II, the general and limited partners or members, as the case may be, of each of such entities may be deemed to have the right to receive dividends from, or the proceeds from, the sale of securities of the Issuer owned by each such entity of which they are a partner or member, as the case may be.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What ownership stake does TCG Crossover II report in LBRX?
The filing reports 1,839,489 shares, equal to 6.4% of common stock. This percentage uses the issuer's stated 28,674,827 shares outstanding as of March 23, 2026, as cited in the amendment.
Who holds voting and dispositive power for the reported shares?
The amendment states the shares are held of record by TCG Crossover II; voting and dispositive power is shared by TCG Crossover GP II as general partner and Chen Yu as sole managing member, per the filing's comments.
Does the Schedule 13G/A show buys or sells by the reporting persons?
No transactional activity is disclosed in this amendment. It amends and supplements an earlier Schedule 13G and describes beneficial ownership and power attribution, without reporting any purchases, sales, or transfers in the provided excerpt.
What is the reporting period or reference date for the outstanding share count?
The amendment uses the issuer's reported outstanding share count of 28,674,827 shares as of March 23, 2026, cited from the company's annual report on Form 10-K filed March 26, 2026, per the filing text.
