LBPH Longboard Pharmaceuticals Inc.

9.28
-0.11  -1%
Previous Close 9.39
Open 9.31
52 Week Low 7.39
52 Week High 18.95
Market Cap $159,758,448
Shares 17,215,350
Float 7,254,510
Enterprise Value $41,089,601
Volume 26,901
Av. Daily Volume 64,014
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Drug Pipeline

Drug Stage Notes
LP352
Developmental and epileptic encephalopathies (DEEs)
Phase 1/2
Phase 1/2
Phase 1 data released September 8, 2021, demonstrating a majority of adverse effects of the drug to be mild to moderate. Phase 1b/2a trial to be initiated 1Q 2022.

Latest News

  1. SAN DIEGO, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today announced that members of its senior leadership team will present in a fireside chat format at the Cantor Virtual Global Healthcare Conference on September 28, 2021.

    Presentation Details:
    Cantor Global Healthcare Conference: Tuesday, September 28, 2021, at 11:20 AM ET (Track 4)

    To access a live webcast of Longboard's presentation, please visit the "Events & Presentations" page within the Investors Relations section of Longboard's website at https://ir.longboardpharma.com/. A replay of the webcast will be available shortly…

    SAN DIEGO, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today announced that members of its senior leadership team will present in a fireside chat format at the Cantor Virtual Global Healthcare Conference on September 28, 2021.

    Presentation Details:

    Cantor Global Healthcare Conference: Tuesday, September 28, 2021, at 11:20 AM ET (Track 4)

    To access a live webcast of Longboard's presentation, please visit the "Events & Presentations" page within the Investors Relations section of Longboard's website at https://ir.longboardpharma.com/. A replay of the webcast will be available shortly after the completion of the event and archived on the website for at least 30 days.

    About Longboard Pharmaceuticals

    Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. (Arena) to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs). Longboard's small molecule product candidates were discovered out of the same platform at Arena that represents a culmination of more than 20 years of GPCR research. Longboard is evaluating LP352, an oral, centrally acting, next-generation 5-hydroxytryptamine 2c receptor superagonist, with negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes, in development for the potential treatment of seizures associated with developmental and epileptic encephalopathies. Longboard is also evaluating LP143, a centrally acting, full cannabinoid type 2 receptor agonist, in development for the potential treatment of neurodegenerative diseases associated with neuroinflammation caused by microglial activation, and LP659, a centrally acting, sphingosine-1-phosphate receptor subtypes 1 and 5 modulator, in development for the potential treatment of central nervous system neuroinflammatory diseases.

    Forward-Looking Statements

    Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Longboard's participation in the upcoming conference, clinical and preclinical programs, ability to develop medicines, and focus. For such statements, Longboard claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Longboard's expectations. Factors that could cause actual results to differ materially from those stated or implied by Longboard's forward-looking statements are disclosed in Longboard's filings with the Securities and Exchange Commission (SEC). These forward-looking statements represent Longboard's judgment as of the time of this release. Longboard disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.



    Corporate Contact:
    Megan E. Knight
    Head of Investor Relations 
    mknight@longboardpharma.com
    IR@longboardpharma.com
    619.592.9775

    Primary Logo

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    • Favorable safety, tolerability, pharmacokinetics and pharmacodynamics were observed
    • Central 5-HT2c receptor engagement demonstrated by dose- and exposure-dependent increases of prolactin
    • Company plans to initiate a Phase 1b/2a clinical trial in adult participants with developmental and epileptic encephalopathies (DEEs) in Q1 2022

    SAN DIEGO, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, announced today that the Company successfully completed the multiple ascending dose (MAD) portion of a Phase 1 clinical trial to assess the safety, tolerability, pharmacokinetics (PK) and pharmacodynamics…

    • Favorable safety, tolerability, pharmacokinetics and pharmacodynamics were observed

    • Central 5-HT2c receptor engagement demonstrated by dose- and exposure-dependent increases of prolactin

    • Company plans to initiate a Phase 1b/2a clinical trial in adult participants with developmental and epileptic encephalopathies (DEEs) in Q1 2022

    SAN DIEGO, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, announced today that the Company successfully completed the multiple ascending dose (MAD) portion of a Phase 1 clinical trial to assess the safety, tolerability, pharmacokinetics (PK) and pharmacodynamics (PD) of escalating doses of LP352, an oral, centrally acting, next-generation 5-HT2c receptor superagonist, in healthy volunteers. Longboard plans to advance LP352 into a Phase 1b/2a efficacy trial in adult participants with DEEs in the first quarter of 2022 in study sites across the United States.

    "We are very pleased that we achieved the goals of this trial, which were to explore the safety, tolerability, PK and PD of LP352 at several dose levels and determine the optimal expected dose range for our upcoming efficacy trial. We are encouraged by the initial safety and tolerability characteristics of LP352 observed in the trial and that it appears to have a potent effect on the 5-HT2c pathway," stated Dr. Phil Perera, Longboard's Chief Medical Officer. "We believe LP352 has the potential to reduce seizures in a broad range of severe and devastating, treatment-resistant epilepsies, and we look forward to advancing the program in patients living with these debilitating disorders."

    Phase 1 Trial:

    The LP352 Phase 1 trial (N=83) was a first-in-human, randomized, placebo-controlled, double-blind, four-part trial including single ascending dose (SAD) and MAD assessments in healthy volunteers. The primary objectives of the trial were to evaluate safety, tolerability, PK & PD of LP352.

    In the MAD portion (N=43) of the trial, five doses including the maximum planned dose were evaluated. The majority of adverse events (AEs) were mild to moderate, with the most common being headache. A single serious adverse event (SAE) of anxiety was reported at the maximum planned dose two days after the last dose of study drug and subsequently resolved. AEs were generally consistent with central nervous system (CNS) effects and expected effects of serotonergic drugs.

    LP352 demonstrated dose- and exposure-dependent increases of prolactin, suggesting proof of central 5-HT2c receptor engagement, as well as dose-dependent increases in exposure (Cmax and AUCtau).

    About LP352

    LP352 is an oral, centrally acting, next-generation 5-HT2c receptor superagonist in development for the potential treatment of seizures associated with DEEs such as Dravet syndrome, Lennox-Gastaut syndrome (LGS), tuberous sclerosis complex (TSC), CDKL5 deficiency disorder, and other epileptic disorders. LP352 is designed to modulate GABA inhibition and, as a result, suppress the central hyperexcitability that is characteristic of seizures. LP352 has demonstrated negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes in the Company's preclinical studies to date. 5-HT2b and 5-HT2a receptor agonism have been associated with significant adverse effects. LP352 has novel chemistry and attributes, and was designed to be more specific and selective for the 5-HT2c receptor subtype, giving it the potential to reduce seizures in DEE patients while overcoming the known or perceived safety limitations of available drugs in the 5-HT2 class.

    About Developmental and Epileptic Encephalopathies

    DEEs refer to a group of severe epilepsies that are characterized both by seizures, which are often drug-resistant, as well as encephalopathy, which is a term used to describe significant developmental delay or even loss of developmental skills. In the DEEs, there are two factors that contribute to the developmental delay:

    • Developmental encephalopathy implies that developmental delays are the direct result of the underlying cause of their epilepsy.

    • In addition, some children with DEEs also have an epileptic encephalopathy due to very frequent seizures and markedly abnormal EEGs, which may substantially worsen developmental problems.

    Importantly, if seizure control can be improved, the epileptic encephalopathy component of the delay may improve.

    Most DEEs begin early in life, often starting in infancy. Children can have very frequent and severe seizures which may be of multiple types. Epileptic spasms, tonic or atonic seizures and myoclonic seizures, among other seizure types, can be seen. In many cases, seizures are life long, although in some instances they can abate with time with certain syndromes or specific causes.

    About Longboard Pharmaceuticals

    Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. (Arena) to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs). Longboard's small molecule product candidates were discovered out of the same platform at Arena that represents a culmination of more than 20 years of GPCR research. Longboard is evaluating LP352, an oral, centrally acting, next-generation 5-hydroxytryptamine 2c receptor superagonist, with negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes, in development for the potential treatment of seizures associated with developmental and epileptic encephalopathies. Longboard is also evaluating LP143, a centrally acting, full cannabinoid type 2 receptor agonist, in development for the potential treatment of neurodegenerative diseases associated with neuroinflammation caused by microglial activation, and LP659, a centrally acting, sphingosine-1-phosphate receptor subtypes 1 and 5 modulator, in development for the potential treatment of central nervous system neuroinflammatory diseases.

    Forward-Looking Statements

    Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. In some cases, you can identify forward-looking statements by words such as "expected," "potential," "plan," "anticipate," "focused on," and "look forward" and include, without limitation, statements about the following: Longboard's clinical and preclinical programs, including plans to advance LP352 in a Phase 1b/2a clinical trial; LP352's safety, tolerability, PK and PD profile and effect on the 5-HT2c pathway; LP352's potential to reduce seizures; the potential disease treatments of LP143 and LP659; and our focus. For such statements, Longboard claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Longboard's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: Risks related to Longboard's limited operating history, financial position and need for additional capital; Longboard will need additional managerial and financial resources to advance all of its programs, and you and others may not agree with the manner Longboard allocates its resources; risks related to the development and commercialization of Longboard's product candidates; Longboard's product candidates are in the early phase of a lengthy research and development process, the timing, manner and outcome of research, development and regulatory review is uncertain, and Longboard's product candidates may not advance in research or development or be approved for marketing; continued clinical development of LP352 is dependent on the acceptance and approval of our investigational new drug application by the U.S. Food and Drug Administration's (FDA) Division of Neurology; enrolling participants in clinical trials is competitive and challenging; the duration and severity of the coronavirus disease (COVID-19) outbreak, including but not limited to the impact on Longboard's clinical trials and operations, the operations of Longboard's suppliers, partners, collaborators, and licensees, and capital markets, which in each case remains uncertain; risks related to unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Longboard or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; topline data may not accurately reflect the complete results of a particular study or trial; risks related to relying on licenses or collaborative arrangements, including lack of control and potential disputes; the entry into or modification or termination of licenses or collaborative arrangements; other risks related to Longboard's dependence on third parties; competition; product liability or other litigation or disagreements with others; government and third-party payor actions, including relating to reimbursement and pricing; risks related to regulatory compliance; and risks related to Longboard's and third parties' intellectual property rights. Additional factors that could cause actual results to differ materially from those stated or implied by Longboard's forward-looking statements are disclosed in Longboard's filings with the Securities and Exchange Commission (SEC). These forward-looking statements represent Longboard's judgment as of the time of this release. Longboard disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.



    Corporate Contact:
    Megan E. Knight
    Head of Investor Relations 
    mknight@longboardpharma.com
    IR@longboardpharma.com
    619.592.9775

    Primary Logo

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  2. SAN DIEGO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today announced that Kevin R. Lind, Longboard's President & Chief Executive Officer, will present virtually in a fireside chat format at two upcoming investor conferences: Citi's 16th Annual BioPharma Virtual Conference and H.C. Wainwright's 23rd Annual Global Investment Conference.

    • Citi's BioPharma Conference: Wednesday, September 8, 2021, at 3:15 PM ET
    • H.C. Wainwright's Global Investment Conference: Webcast available beginning Monday, September 13, 2021, at 7:00 AM ET

    To access live webcasts of Longboard's presentations, please…

    SAN DIEGO, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today announced that Kevin R. Lind, Longboard's President & Chief Executive Officer, will present virtually in a fireside chat format at two upcoming investor conferences: Citi's 16th Annual BioPharma Virtual Conference and H.C. Wainwright's 23rd Annual Global Investment Conference.

    • Citi's BioPharma Conference: Wednesday, September 8, 2021, at 3:15 PM ET
    • H.C. Wainwright's Global Investment Conference: Webcast available beginning Monday, September 13, 2021, at 7:00 AM ET

    To access live webcasts of Longboard's presentations, please visit the "Events & Presentations" page within the Investors Relations section of Longboard's website at https://ir.longboardpharma.com/. Replays of the webcasts will be available shortly after the completion of the events and archived on the website for at least 30 days.

    About Longboard Pharmaceuticals

    Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. (Arena) to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs). Longboard's small molecule product candidates were discovered out of the same platform at Arena that represents a culmination of more than 20 years of GPCR research. Longboard is evaluating LP352, an oral, centrally acting, 5-hydroxytryptamine 2c receptor subtype superagonist, with negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes, in development for the potential treatment of developmental and epileptic encephalopathies. Longboard is also evaluating LP143, a centrally acting, full cannabinoid type 2 receptor agonist, in development for the potential treatment of neurodegenerative diseases associated with neuroinflammation caused by microglial activation, and LP659, a centrally acting, sphingosine-1-phosphate receptor subtypes 1 and 5 modulator, in development for the potential treatment of central nervous system neuroinflammatory diseases.

    Forward-Looking Statements

    Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements about Longboard's participation in the upcoming conferences, clinical and preclinical programs, ability to develop medicines, and focus. For such statements, Longboard claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Longboard's expectations. Factors that could cause actual results to differ materially from those stated or implied by Longboard's forward-looking statements are disclosed in Longboard's filings with the Securities and Exchange Commission (SEC). These forward-looking statements represent Longboard's judgment as of the time of this release. Longboard disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.



    Corporate Contact:
    Megan E. Knight
    Head of Investor Relations 
    mknight@longboardpharma.com
    IR@longboardpharma.com
    619.592.9775

    Primary Logo

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    • Continued progress with the multiple ascending dose (MAD) portion of the Phase 1 clinical trial for LP352, a potential treatment for severe epileptic indications, with topline results expected in 2021
    • Initiated a number of IND-enabling preclinical studies for LP143 and LP659
    • Established corporate office in one of the largest life sciences hubs, San Diego, California, while continuing to expand capabilities internationally as we build out a world-class neurology team

    SAN DIEGO, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today provided a corporate update and reported financial results…

    • Continued progress with the multiple ascending dose (MAD) portion of the Phase 1 clinical trial for LP352, a potential treatment for severe epileptic indications, with topline results expected in 2021
    • Initiated a number of IND-enabling preclinical studies for LP143 and LP659

    • Established corporate office in one of the largest life sciences hubs, San Diego, California, while continuing to expand capabilities internationally as we build out a world-class neurology team

    SAN DIEGO, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH), a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today provided a corporate update and reported financial results for the second quarter ended June 30, 2021.

    "This quarter we were highly focused on advancing our lead asset, LP352, and we look forward to sharing data from the MAD portion of the Phase 1 clinical trial in the coming months. We are encouraged by the feedback we are receiving from thought leaders, advocacy groups, and caregivers as we work to finalize the protocol for our Phase 1b/2a clinical trial which we plan to initiate in participants with rare and severe epilepsies starting in the first quarter of 2022," stated Kevin R. Lind, Longboard's President and Chief Executive Officer. "We also continue to make progress on key IND-enabling activities for LP143 and LP659 as we assess areas of differentiation from currently available therapies."

    Program Overview:

    • LP352, an oral, highly selective, centrally acting 5-hydroxytryptamine 2c receptor subtype (5-HT2c) superagonist, is in the MAD portion of a Phase 1 clinical trial with topline data expected in 2021. We plan to initiate a Phase 1b/2a clinical trial for the treatment of developmental and epileptic encephalopathies (DEEs) in the first quarter of 2022.



    • LP143, an oral, centrally acting full agonist to the cannabinoid type 2 (CB2) receptor targeting a broad range of neurodegenerative diseases, with an initial focus in amyotrophic lateral sclerosis (ALS), is currently in Investigational New Drug (IND)-enabling studies and we anticipate submitting an IND application to the United States Food and Drug Administration (FDA) in the first quarter of 2022.



    • LP659, an oral, selective, centrally acting sphingosine-1-phosphate (S1P) receptor modulator targeting a range of central nervous system neuroinflammatory diseases, is currently in IND-enabling studies and we anticipate submitting an IND application to the FDA in the second half of 2022.

    Second Quarter 2021 Financial Results:

    Balance Sheet Highlights

    At June 30, 2021, Longboard's cash, cash equivalents and short-term investments were approximately $118.8 million and approximately 17.2 million shares of Longboard voting and non-voting common stock were outstanding.

    Operating Results

    Research and development (R&D) expenses were $4.9 million for the three months ended June 30, 2021 compared to $0.8 million for the three months ended June 30, 2020. R&D expenses for the three months ended June 30, 2021 included $3.0 million in preclinical and clinical trial expenses related to LP352, $0.8 million in preclinical expenses related to advancing LP143 and LP659 and $1.0 million in personnel-related expenses. R&D expenses for the three months ended June 30, 2020 included $0.5 million in preclinical expenses related to LP143 and LP659 and $0.3 million in personnel-related expenses.

    General and administrative (G&A) expenses were $2.1 million for the three months ended June 30, 2021 compared to $0.8 million for the three months ended June 30, 2020. G&A expenses for the three months ended June 30, 2021 included $0.9 million of personnel-related costs, $0.6 million of professional services and consulting expenses and $0.5 million of insurance expense. G&A expenses for the three months ended June 30, 2020 included $0.6 million of personnel-related costs and $0.1 million in professional services and consulting expenses.

    Net loss was $7.0 million, or $0.41 per share, for the three months ended June 30, 2021 compared to $1.6 million, or $0.41 per share, for the three months ended June 30, 2020.

    About Longboard Pharmaceuticals

    Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. (Arena) to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs). Longboard's small molecule product candidates were discovered out of the same platform at Arena that represents a culmination of more than 20 years of GPCR research. Longboard is evaluating LP352, an oral, centrally acting, 5-hydroxytryptamine 2c receptor subtype superagonist, with negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes, in development for the potential treatment of developmental and epileptic encephalopathies. Longboard is also evaluating LP143, a centrally acting, full cannabinoid type 2 receptor agonist, in development for the potential treatment of neurodegenerative diseases associated with neuroinflammation caused by microglial activation, and LP659, a centrally acting, sphingosine-1-phosphate receptor subtypes 1 and 5 modulator, in development for the potential treatment of central nervous system neuroinflammatory diseases.

    Forward-Looking Statements

    Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. In some cases, you can identify forward-looking statements by words such as "expected", "potential", "plan", "anticipate", "focused on", "look forward" and "build out", and include, without limitation, statements about the following: Longboard's clinical and preclinical programs, including timing of results, initiation of clinical trials, regulatory applications, progress, protocols, milestones, plans, and potential treatments; our positioning; our team; and our focus. For such statements, Longboard claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Longboard's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: Risks related to Longboard's limited operating history, financial position and need for additional capital; Longboard will need additional managerial and financial resources to advance all of its programs, and you and others may not agree with the manner Longboard allocates its resources; risks related to the development and commercialization of Longboard's product candidates; Longboard's product candidates are in the early phase of a lengthy research and development process, the timing, manner and outcome of research, development and regulatory review is uncertain, and Longboard's product candidates may not advance in research or development or be approved for marketing; enrolling participants in Longboard's ongoing and intended clinical trials is competitive and challenging; the duration and severity of the coronavirus disease (COVID-19) outbreak, including but not limited to the impact on Longboard's clinical trials and operations, the operations of Longboard's suppliers, partners, collaborators, and licensees, and capital markets, which in each case remains uncertain; risks related to unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Longboard or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; topline data may not accurately reflect the complete results of a particular study or trial; risks related to relying on licenses or collaborative arrangements; other risks related to Longboard's dependence on third parties; competition; product liability or other litigation or disagreements with others; government and third-party payor actions, including relating to reimbursement and pricing; risks related to regulatory compliance; and risks relate to Longboard's and third parties' intellectual property rights. Additional factors that could cause actual results to differ materially from those stated or implied by Longboard's forward-looking statements are disclosed in Longboard's filings with the Securities and Exchange Commission (SEC). These forward-looking statements represent Longboard's judgment as of the time of this release. Longboard disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.





    Financial Tables Follow



    LONGBOARD PHARMACEUTICALS, INC.

    CONDENSED BALANCE SHEETS

    (Unaudited)

     (in thousands, except share and per share data) June 30, 2021  December 31, 2020 
    ASSETS      
    Current assets:        
    Cash and cash equivalents $90,861 $55,316 
    Short-term investments  27,980   
    Prepaid expenses and other current assets  1,848   46 
    Total current assets  120,689  55,362 
    Other long-term assets  33   
    Deferred financing costs     876 
    Total assets $120,722  $56,238 
    LIABILITIES AND EQUITY       
    Current liabilities:        
    Accounts payable $915  $1,213 
    Accrued research and development expenses  1,584   916 
    Accrued other expenses  162   845 
    Accrued compensation and related expenses  612   161 
    Total current liabilities  3,273   3,135 
    Commitments and contingencies        
    Convertible preferred stock:        
    Series A convertible preferred stock $0.0001 par value; authorized shares – none and 5,600,000 at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – none and 5,600,000 at June 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference – none and $56,000 at June 30, 2021 and December 31, 2020, respectively     55,795 
    Stockholders' equity (deficit):        
    Preferred stock, $0.0001 par value; authorized shares – 10,000,000 and none at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – none at June 30, 2021 and December 31, 2020      
    Voting common stock, $0.0001 par value; authorized shares – 300,000,000 and 10,500,000 at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – 13,237,500 and 3,840,540 at June 30, 2021 and December 31, 2020, respectively, both excluding 348,450 shares subject to repurchase  1    
    Non-voting common stock, $0.0001 par value; authorized shares – 10,000,000 and none at June 30, 2021 and December 31, 2020, respectively; issued and outstanding shares – 3,629,400 and none at June 30, 2021 and December 31, 2020, respectively      
    Additional paid-in capital  144,561   11,708 
    Accumulated other comprehensive loss  (34)   
    Accumulated deficit  (27,079)  (14,400)
    Total stockholders' equity (deficit)  117,449   (2,692)
    Total liabilities, convertible preferred stock and stockholders' equity (deficit) $120,722  $56,238 



    LONGBOARD PHARMACEUTICALS, INC.

    CONDENSED STATEMENTS OF OPERATIONS

    (Unaudited)

    (in thousands, except share and per share data)

    Three Months Ended

    June 30,
     Six Months Ended

     Period from

    January 3, 2020

    (Inception)

    through
    2021

     2020

     June 30, 2021

     June 30, 2020

    Operating expenses:           
    Research and development$4,915  $800  $9,313  $859 
    General and administrative 2,072   767  3,377  882 
    Total operating expenses 6,987   1,567  12,690  1,741 
    Loss from operations (6,987)  (1,567) (12,690) (1,741)
    Interest income, net 13     17   
    Other expense (6)    (6)  
    Net loss$(6,980) $(1,567) $(12,679) $(1,741)
                
    Net loss per share, basic and diluted$(0.41) $(0.41) $(1.07)  (0.46)
                
    Weighted-average shares outstanding, basic and diluted16,827,556  3,840,540  11,846,653 3,776,531 
              
    Comprehensive loss:           
    Net loss$(6,980) $(1,567) $(12,679) $(1,741)
    Unrealized loss on short-term investments, net (34)     (34)   
    Comprehensive loss$(7,014) $(1,567) $(12,713) $(1,741)


    Corporate Contact:
    
    Megan E. Knight
    Head of Investor Relations 
    mknight@longboardpharma.com
    IR@longboardpharma.com
    619.592.9775

    Primary Logo

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    • Commenced multiple ascending dose (MAD) portion of the Phase 1 study for LP352, a potential treatment for severe epileptic indications; topline results expected in the second half of 2021
    • Successfully completed an upsized initial public offering (IPO) raising approximately $84.8 million in total gross proceeds (before deducting underwriter and issuance costs)
    • Strengthened leadership team with the addition of team members with significant life sciences experience, including Brandi Roberts as Chief Financial Officer, and leads across multiple R&D functions including clinical pharmacology, preclinical development, quality assurance, regulatory affairs, and translational science
    • Enhanced the Board of Directors with the appointments of veteran biotech
    • Commenced multiple ascending dose (MAD) portion of the Phase 1 study for LP352, a potential treatment for severe epileptic indications; topline results expected in the second half of 2021
    • Successfully completed an upsized initial public offering (IPO) raising approximately $84.8 million in total gross proceeds (before deducting underwriter and issuance costs)

    • Strengthened leadership team with the addition of team members with significant life sciences experience, including Brandi Roberts as Chief Financial Officer, and leads across multiple R&D functions including clinical pharmacology, preclinical development, quality assurance, regulatory affairs, and translational science

    • Enhanced the Board of Directors with the appointments of veteran biotech and pharmaceutical leaders Dr. Corinne Le Goff and Casey Lynch

    SAN DIEGO, May 10, 2021 (GLOBE NEWSWIRE) -- Longboard Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases, today provided a corporate update and reported financial results for the first quarter ended March 31, 2021.

    "Over the quarter we made significant corporate, clinical and financial progress. Our key priorities were three-fold: first, strategically assemble an outstanding leadership team and Board with a wealth of pharmaceutical experience that spans across all phases of research and clinical development and commercialization; second, advance our clinical and preclinical pipeline; and finally, secure a strong financial position by completing our IPO," stated Kevin R. Lind, Longboard's President and Chief Executive Officer. "With the accomplishment of these important foundational steps, we believe that we are well positioned to build a world-class neuroscience drug development company and we look forward to providing updates on our progress as we execute on key milestones ahead."

    Program Overview:

    • LP352, an oral, highly selective, centrally acting 5-hydroxytryptamine 2c receptor subtype (5-HT2c) superagonist, is in the MAD portion of a Phase 1 study with topline data expected in second half of this year. We plan to initiate a Phase 1b/2a clinical trial for the treatment of developmental and epileptic encephalopathies (DEEs) in the first quarter of 2022.



    • LP143, an oral, centrally acting full agonist to the cannabinoid type 2 (CB2) receptor targeting a broad range of neurodegenerative diseases, with an initial focus in amyotrophic lateral sclerosis (ALS), is currently in Investigational New Drug (IND)-enabling studies and we anticipate submitting an IND application to the United States Food and Drug Administration (FDA) in the first quarter of 2022.



    • LP659, an oral, selective, centrally acting sphingosine-1-phosphate (S1P) receptor modulator targeting a range of central nervous system neuroinflammatory diseases, is currently in IND-enabling studies and we anticipate submitting an IND application to the FDA in the second half of 2022.

    First Quarter 2021 Financial Results:

    Balance Sheet Highlights

    At March 31, 2021, Longboard's cash and cash equivalents balance was approximately $120.9 million and approximately 16.9 million shares of Longboard voting and non-voting common stock were outstanding.

    Operating Results

    Research and development (R&D) expenses: R&D expenses were $4.4 million for the three months ended March 31, 2021 compared to $0.1 million for the period from January 3, 2020 (inception) through March 31, 2020. R&D expenses for the three months ended March 31, 2021 included $2.1 million in preclinical expenses related to advancing LP143 and LP659, $1.5 million in clinical trial expenses related to LP352 and $0.6 million in personnel-related expenses.



    General and administrative (G&A) expenses: G&A expenses were $1.3 million for the three months ended March 31, 2021 compared to $0.1 million for the period from January 3, 2020 through March 31, 2020. G&A expenses for the three months ended March 31, 2021 included $0.8 million of personnel-related costs and $0.4 million of professional services and legal related fees.

    Net loss: Net loss was $5.7 million, or $0.84 per share, for the three months ended March 31, 2021 compared to $0.2 million, or $0.05 per share, for the period from January 3, 2020 through March 31, 2020.

    About Longboard Pharmaceuticals

    Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Longboard was formed in January 2020 by Arena Pharmaceuticals, Inc. (Arena) to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs). Longboard's small molecule product candidates were discovered out of the same platform at Arena that represents a culmination of more than 20 years of GPCR research. Longboard is evaluating LP352, an oral, centrally acting, 5-hydroxytryptamine 2c receptor subtype superagonist, with negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes, in development for the potential treatment of developmental and epileptic encephalopathies. Longboard is also evaluating LP143, a centrally acting, full cannabinoid type 2 receptor agonist, in development for the potential treatment of neurodegenerative diseases associated with neuroinflammation caused by microglial activation, and LP659, a centrally acting, sphingosine-1-phosphate receptor subtypes 1 and 5 modulator, in development for the potential treatment of central nervous system neuroinflammatory diseases.

    Forward-Looking Statements

    Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. In some cases, you can identify forward-looking statements by words such as "expected," "potential," "plan", "anticipate" "focused on", and "look forward" and include, without limitation, statements about the following: Longboard's clinical and preclinical programs, including timing of results, initiation of clinical trials, regulatory applications, progress, milestones, plans, and potential treatments; our positioning; and our focus. For such statements, Longboard claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from Longboard's expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the following: Risks related to Longboard's limited operating history, financial position and need for additional capital; Longboard will need additional managerial and financial resources to advance all of its programs, and you and others may not agree with the manner Longboard allocates its resources; risks related to the development and commercialization of Longboard's product candidates; Longboard's product candidates are in the early phase of a lengthy research and development process, the timing, manner and outcome of research, development and regulatory review is uncertain, and Longboard's product candidates may not advance in research or development or be approved for marketing; enrolling participants in Longboard's ongoing and intended clinical trials is competitive and challenging; the duration and severity of the coronavirus disease (COVID-19) outbreak, including but not limited to the impact on Longboard's clinical trials and operations, the operations of Longboard's suppliers, partners, collaborators, and licensees, and capital markets, which in each case remains uncertain; risks related to unexpected or unfavorable new data; nonclinical and clinical data is voluminous and detailed, and regulatory agencies may interpret or weigh the importance of data differently and reach different conclusions than Longboard or others, request additional information, have additional recommendations or change their guidance or requirements before or after approval; results of clinical trials and other studies are subject to different interpretations and may not be predictive of future results; topline data may not accurately reflect the complete results of a particular study or trial; risks related to relying on licenses or collaborative arrangements, including lack of control and potential disputes; the entry into or modification or termination of licenses or collaborative arrangements; other risks related to Longboard's dependence on third parties; competition; Longboard's financial results are based in part on estimates, judgment and accounting policies, and incorrect estimates or disagreement regarding estimates or accounting policies may result in changes to Longboard's guidance or previously reported results; product liability or other litigation or disagreements with others; government and third-party payor actions, including relating to reimbursement and pricing; risks related to regulatory compliance; and risks relate to Longboard's and third parties' intellectual property rights. Additional factors that could cause actual results to differ materially from those stated or implied by Longboard's forward-looking statements are disclosed in Longboard's filings with the Securities and Exchange Commission (SEC). These forward-looking statements represent Longboard's judgment as of the time of this release. Longboard disclaims any intent or obligation to update these forward-looking statements, other than as may be required under applicable law.

    Financial Tables Follow

    LONGBOARD PHARMACEUTICALS, INC.

    CONDENSED BALANCE SHEETS

    (Unaudited)

     (in thousands, except share and per share data) March 31, 2021  December 31, 2020 
    ASSETS      
    Current assets:        
    Cash and cash equivalents $120,851  $55,316 
    Prepaid expenses and other current assets  2,779   46 
    Total current assets  123,630   55,362 
    Deferred financing costs     876 
    Total assets $123,630  $56,238 
    LIABILITIES AND EQUITY        
    Current liabilities:        
    Accounts payable $2,019  $1,213 
    Accrued research and development expenses  1,051   916 
    Accrued other expenses  699   845 
    Accrued compensation and related expenses  275   161 
    Total current liabilities  4,044   3,135 
    Commitments and contingencies        
    Convertible preferred stock:        
    Series A convertible preferred stock $0.0001 par value; authorized shares - none and 5,600,000 at March 31, 2021 and December 31, 2020, respectively; issued and outstanding shares - none and 5,600,000 at March 31, 2021 and December 31, 2020, respectively; aggregate liquidation preference – none and $56,000 at March 31, 2021 and December 31, 2020, respectively     55,795 
    Stockholders' equity (deficit):        
    Preferred stock, $0.0001 par value; authorized shares - 10,000,000 and none at March 31, 2021 and December 31, 2020, respectively; issued and outstanding shares - none at March 31, 2021 and December 31, 2020      
    Voting common stock, $0.0001 par value; authorized shares - 300,000,000 and 10,500,000 at March 31, 2021 and December 31, 2020, respectively; issued and outstanding shares - 12,939,140 and 3,840,540 at March 31, 2021 and December 31, 2020, respectively, both excluding 348,450 shares subject to repurchase  1    
    Non-voting common stock, $0.0001 par value; authorized shares - 10,000,000 and none at March 31, 2021 and December 31, 2020, respectively; issued and outstanding shares - 3,629,400 and none at March 31, 2021 and December 31, 2020, respectively      
    Additional paid-in capital  139,684   11,708 
    Accumulated deficit  (20,099)  (14,400)
    Total stockholders' equity (deficit)  119,586   (2,692
    Total liabilities, convertible preferred stock and stockholders' equity (deficit) $123,630  $56,238 

    LONGBOARD PHARMACEUTICALS, INC.

    CONDENSED STATEMENTS OF OPERATIONS

    (Unaudited)

     (in thousands, except share and per share data) Three Months

    Ended


    March 31, 2021
      Period from

    January 3, 2020

    (Inception)

    through


    March 31, 2020
     
    Operating expenses:        
    Research and development  4,398   59 
    General and administrative  1,305   115 
    Total operating expenses  5,703   174 
    Loss from operations  (5,703)  (174)
    Interest income  4    
    Net loss and comprehensive loss $(5,699) $(174)
             
    Net loss per share, basic and diluted $(0.84) $(0.05)
             
    Weighted-average shares outstanding, basic and diluted  6,810,407   3,711,084 


    Corporate Contact:
    Megan E. Knight
    Head of Investor Relations 
    mknight@longboardpharma.com
    IR@longboardpharma.com
    619.592.9775

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