LB Pharmaceuticals successfully raised $285 million in its Nasdaq initial public offering, the largest biotech IPO so far this year. The capital will fund Phase 3 trials of LB-102, a modified derivative of Sanofi’s amisulpride designed to improve dosing frequency and side effect profiles for schizophrenia and bipolar depression. Positive Phase 2 data showed symptom improvement compared to placebo, strengthening prospects for regulatory approval. LB aims to start these pivotal trials in early 2026, providing potential new options in psychiatric care amid limited recent biotech IPO activity.