LB Pharmaceuticals successfully completed an upsized initial public offering raising $285 million, marking the largest biotech IPO of 2025 and breaking a seven-month dry spell in biotech equity offerings. The proceeds will support Phase 3 clinical trials for an oral drug candidate, LB-102, designed to treat schizophrenia and bipolar depression. LB-102 is a derivative of an existing antipsychotic, aiming to improve safety and efficacy. Post-IPO, LB’s shares rose significantly, reflecting investor enthusiasm for neuropsychiatric drug development amid a cautious funding environment.