Longboard Pharmaceuticals Provides Corporate Update and Reports First Quarter 2021 Financial Results
May 10 2021 - 4:05PM
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
StatementsCertain 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)
throughMarch 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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