LB Pharmaceuticals raised $285 million in a Nasdaq IPO, the largest biotech offering in over half a year, exceeding initial projections. The company is developing LB-102, an oral derivative of amisulpride for schizophrenia with a differentiated therapeutic profile. Phase 2 data showed patient improvement versus placebo. LB plans to start Phase 3 trials in early 2026 and is also developing an injectable version to improve patient compliance. Prior private financing exceeded $120 million.