Takeaways From Our Well-Attended NYC Afghan Lunch

Research evidence excerpt

Takeaways From Our Well-Attended NYC Afghan Lunch

d 6-week Ph3 Dominic Lorenzi

NOVA-2 (NCT07363577) in n=~460 acute schizophrenia patients with primary endpoint Research Analyst, Piper Sandler & Co.

of change from baseline in PANSS is progressing well with topline 2H27. With this, mgmt 646 951-0692, dominic.lorenzi@psc.com

noted Ph3 NOVA-2 does not have an interim analysis where topline 2H27 will serve as the Changes Previous Current

next clinical data catalyst for LB-102 while mgmt also has ongoing mechanistic studies. Rating — Overweight

See pgs. 3-4 Price Tgt — US$78.00

2. Accordingly, Ph3 NOVA-2 is ~85% powered to show a placebo-adjusted 6-point delta in FY26E EPS US$(3.76) US$(3.70)

PANSS at Week 6 where LBRX has not disclosed standard deviation assumptions though FY27E EPS US$(4.33) US$(4.28)

they are in-line with other trials. Further, mgmt detailed Ph3 NOVA-2 is not powered on FY26E Rev (mil) — US$0.0

negative symptoms and cognition, though they are both being measured as secondary FY27E Rev (mil) — US$0.0

endpoints where the data can be published to serve as a strong reference point (in tandem 52-Week High / Low US$33.47 / US$13.36

with potential approval in acute schizophrenia). See pg. 4 Shares Out (mil) 28.7

3. When asked about dose selection, mgmt expressed they chose 50 mg (vs 75 mg) LB-102 Market Cap. (mil) US$937.6

because there was not much difference observed across efficacy/safety in Ph2 NOVA-1. Avg Daily Vol (000) 249

Div Yield 0.00%Additionally, the FDA tends to like a lower dose where a high- and low-dose can also be

Fiscal Year End Dec

useful from a commercial perspective to provide physicians/patients with optionality. See

pg. 4

4. Further, mgmt reminded us LB-102 is a methylated derivative of amisulpride which