LB Pharmaceuticals debuted on Nasdaq with a $285 million IPO, the largest biotech offering since February 2025. The company is advancing LB-102, an oral drug candidate for schizophrenia derived from amisulpride with an improved therapeutic profile. LB-102 completed mid-stage testing with positive Phase 2 data showing symptom improvement. LB plans Phase 3 trials in schizophrenia and mid-stage studies in bipolar depression, plus development of an injectable form to enhance patient compliance.