New York-based biopharma LB Pharmaceuticals raised $285 million in an initial public offering to support a Phase III trial of LB-102, an oral benzamide antipsychotic candidate designed for schizophrenia treatment. The drug is a chemically modified version of amisulpride, aiming to reduce side effects and improve dosing convenience. LB Pharma commenced its public trading amid a challenging biotech funding environment and plans to begin its pivotal trial in early 2026.