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TCG Crossover Fund II, L.P., TCG Crossover GP II, LLC and Chen Yu report beneficial ownership of LB Pharmaceuticals Inc. common stock on an amended Schedule 13G. The reporting group is associated with 1,447,310 shares of common stock, representing 5.0% of the class.
The ownership percentage is based on 28,676,652 shares outstanding as of May 7, 2026, as reported by LB Pharmaceuticals Inc. Each reporting person states that they may be deemed to share voting and dispositive power over these shares through TCG Crossover Fund II and its general partner, and each disclaims beneficial ownership except to the extent of any pecuniary interest.
Key Figures
Shares beneficially owned:1,447,310 sharesPercent of class:5.0%Shares outstanding:28,676,652 shares+2 more
5 metrics
Shares beneficially owned1,447,310 sharesCommon stock of LB Pharmaceuticals Inc. reported by each reporting person
Percent of class5.0%Portion of LB Pharmaceuticals common stock represented by 1,447,310 shares
Shares outstanding28,676,652 sharesLB Pharmaceuticals common stock outstanding as of May 7, 2026 per Form 10-Q
Shared voting power1,447,310 sharesReported by each of TCG Crossover GP II, TCG Crossover Fund II, and Chen Yu
Shared dispositive power1,447,310 sharesReported by each of the three reporting persons over LB Pharmaceuticals stock
"Each of the Reporting Persons disclaims beneficial ownership as to such securities"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerfinancial
"Shared Voting Power 1,447,310.00 7 | Sole Dispositive Power 0.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 1,447,310.00 9 1,447,310.00"
pecuniary interestfinancial
"except to the extent of such Reporting Person's pecuniary interest therein"
Schedule 13Gregulatory
"for purposes of this . The agreement among the Reporting Persons to file jointly"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
dispositive powerfinancial
"Sole Dispositive Power 0.00 8 | Shared Dispositive Power 1,447,310.00"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stake in LBRX is reported in this Schedule 13G/A amendment?
The reporting persons are associated with 1,447,310 shares of LB Pharmaceuticals common stock, representing 5.0% of the outstanding class, based on 28,676,652 shares outstanding as of May 7, 2026.
Who are the reporting persons in this LBRX Schedule 13G/A filing?
The filing lists TCG Crossover Fund II, L.P., TCG Crossover GP II, LLC, and Chen Yu as reporting persons, collectively referred to as the Reporting Persons, with TCG Crossover GP II acting as general partner of TCG Crossover II.
How much voting power over LBRX shares do the reporting persons share?
Each reporting person reports 0 sole voting power and 1,447,310 shares of shared voting power, matching their shared dispositive power, all held of record by TCG Crossover Fund II, L.P.
On what share count is the 5.0% LBRX ownership based?
The 5.0% ownership calculation is based on 28,676,652 shares of common stock outstanding as of May 7, 2026, as reported by LB Pharmaceuticals Inc. in its quarterly report on Form 10-Q.
Do the LBRX reporting persons claim full beneficial ownership of the shares?
Each reporting person disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest, despite being able to be deemed to share voting and dispositive power through TCG Crossover Fund II and its general partner.
Who signed the LBRX Schedule 13G/A on behalf of the reporting persons?
The amendment is signed by Craig Skaling as Authorized Signatory for TCG Crossover Fund II, L.P. and TCG Crossover GP II, LLC, and as Attorney-in-Fact for Chen Yu, all dated August 14, 2026.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
LB Pharmaceuticals Inc.
(Name of Issuer)
Common Stock, par value $0.0001 per share
(Title of Class of Securities)
50180M108
(CUSIP Number)
06/30/2026
(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
1,447,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,447,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,447,310.00
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)
5.0 %
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 28,676,652 shares of Common Stock outstanding as of May 7, 2026, as reported by the Issuer (as defined in Item 1(a) below) in its quarterly report filed with the Securities and Exchange Commission (the Commission) on May 12, 2026 (the Form 10-Q).
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
1,447,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,447,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,447,310.00
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)
5.0 %
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 28,676,652 shares of Common Stock outstanding as of May 7, 2026, as reported by the Issuer in the Form 10-Q.
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
1,447,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,447,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,447,310.00
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)
5.0 %
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 28,676,652 shares of Common Stock outstanding as of May 7, 2026, as reported by the Issuer in the Form 10-Q.
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. 2 (Amendment No. 2) amends and supplements the Schedule 13G initially filed with the Commission on September 18, 2025, as amended by Amendment No. 1 filed with the Commission on May 15, 2026 (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. 2 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. Each of the Reporting Persons disclaims beneficial ownership as to such securities, except to the extent of his or its pecuniary interest therein.
(b)
Percent of class:
See Row 11 of the cover page for each Reporting Person and the corresponding comments. Each of the Reporting Persons disclaims beneficial ownership as to such securities, except to the extent of his or its pecuniary interest therein.
(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. Each of the Reporting Persons disclaims beneficial ownership as to such securities, except to the extent of his or its pecuniary interest therein.
(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. Each of the Reporting Persons disclaims beneficial ownership as to such securities, except to the extent of his or its pecuniary interest therein.
(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. Each of the Reporting Persons disclaims beneficial ownership as to such securities, except to the extent of his or its pecuniary interest therein.
(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. Each of the Reporting Persons disclaims beneficial ownership as to such securities, except to the extent of his or its pecuniary interest therein.
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.
