(Reuters) -Cash-strapped drug developer LB Pharmaceuticals said on Monday it was aiming for a valuation of up to $321.6 million in its New York initial public offering, potentially setting up the first sizable U.S. biotech flotation in months.

WHY IT’S IMPORTANT

Biotech listings — historically a key driver of U.S. healthcare listings — have slumped this year amid regulatory uncertainty, sidelining many would-be issuers.

Weight-loss drug developer Aardvark Therapeutics was the last notable biotech to raise more than $50 million in 2025; its shares have nearly halved since their February debut.

Aurion Biotech and Odyssey Therapeutics have both scrapped planned New York listings earlier this year.

CONTEXT

Founded in 2015, LB Pharmaceuticals is developing therapies that target schizophre

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