Longboard Pharmaceuticals Announces Inducement Grants Under Nasdaq Rule 5635(C)(4)

Longboard Pharmaceuticals, Inc. (Nasdaq: LBPH), a company specializing in the development of groundbreaking treatments for neurological disorders, has announced the issuance of stock options as inducement awards to four newly hired employees. These awards were approved by the Compensation Committee of the Board of Directors in alignment with Nasdaq Listing Rule 5635(c)(4). The approved grants consist of non-qualified stock options for the purchase of a total of 92,000 shares of Longboard’s common stock.

The grants were issued on May 31, 2024, with an exercise price of $18.87 per share, matching the closing price on the grant date. Vesting and exercisability of these stock options are structured such that 25% of the underlying shares will vest on the first anniversary of the employee's start date, with the remaining 75% vesting in 36 equal monthly installments thereafter, contingent on ongoing employment with Longboard.

Longboard Pharmaceuticals is a clinical-stage biopharmaceutical enterprise that focuses on creating transformative medicines for neurological diseases. The company's research is directed towards developing a portfolio of centrally acting product candidates aimed at specific G protein-coupled receptors (GPCRs). These efforts are built upon over two decades of GPCR research.

Among its promising candidates is bexicaserin (LP352), an oral agent targeting the 5-hydroxytryptamine 2C (5-HT2C) receptor, designed to avoid impact on 5-HT2B and 5-HT2A receptor subtypes. Bexicaserin is set to enter a global Phase 3 clinical program following encouraging topline results from the PACIFIC Study, a Phase 1b/2a trial. This study evaluated bexicaserin in participants aged 12 to 65 with Developmental and Epileptic Encephalopathies (DEEs), including conditions such as Lennox-Gastaut syndrome and Dravet syndrome.

Additionally, Longboard is progressing with LP659, an oral modulator of sphingosine-1-phosphate (S1P) receptor subtypes 1 and 5, which is under investigation for treating rare neuroinflammatory conditions. A Phase 1 single-ascending dose (SAD) clinical trial for LP659 is currently underway in healthy volunteers, with topline data anticipated in the second quarter of 2024.

Longboard Pharmaceuticals’ mission is to deliver innovative treatments for neurological disorders, leveraging its deep expertise in GPCR research and commitment to advancing its clinical pipeline.