- Continued progress with the multiple ascending dose 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, 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.