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 EndedJune 30, |
|
Six Months Ended |
|
Period fromJanuary 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 diluted |
16,827,556 |
|
|
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
Longboard Pharmaceuticals (NASDAQ:LBPH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Longboard Pharmaceuticals (NASDAQ:LBPH)
Historical Stock Chart
From Jul 2023 to Jul 2024