LB Pharmaceuticals closed a $285 million initial public offering, marking the largest biotech IPO in the U.S. for 2025 to date and breaking a seven-month drought in significant public biotech offerings. The raised funds will advance clinical development of LB-102, an oral drug candidate for schizophrenia and bipolar depression. Positive Phase 2 data and the company’s differentiation strategy have driven investor enthusiasm. The IPO underscores renewed capital flow into neuropsychiatric drug development amid broader biotech market stabilization.