v3.26.1

Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 250,173	$ 22,978
Marketable securities	45,040	5,021
Prepaid expenses and other current assets	13,219	880
Total current assets	308,432	28,879
Operating lease right-of-use assets, net	2,151	2,298
Property and equipment, net	1,581	1,859
Restricted cash	770	498
Total assets	312,934	33,534
Current liabilities
Accounts payable	2,127	2,320
Accrued expenses	4,585	5,302
Operating lease liability, current	730	487
Total current liabilities	7,442	8,109
Derivative liability - warrants	1,343	2,504
Operating lease liability, noncurrent	2,839	3,216
Total liabilities	11,624	13,829
Commitments and contingencies (Note 13)
Stockholders' equity (deficit)
Common stock, $0.0001 par value, 500,000,000 and 105,000,000 shares authorized, 25,299,372 and 251,655 shares issued and outstanding as of December 31, 2025 and 2024, respectively.	3	1
Additional paid-in capital	430,667	9,657
Accumulated deficit	(129,528)	(104,323)
Accumulated other comprehensive income	168	111
Total stockholders' equity (deficit)	301,310	(94,554)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	312,934	33,534
Series Seed Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock , Value	0	435
Series A Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock , Value	0	6,179
Series B Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock , Value	0	580
Series C Preferred Stock [Member]
Redeemable convertible preferred stock
Preferred stock , Value	$ 0	$ 107,065

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

LB PHARMACEUTICALS INC 10-K