Longboard Pharmaceuticals Q1 2024 Financial Results and Corporate Updates

Longboard Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company headquartered in La Jolla, California, recently disclosed its corporate update and financial results for the first quarter of 2024. The firm, listed on Nasdaq as LBPH, focuses on pioneering transformative treatments for neurological diseases. This report highlights significant advancements in their research and financial health.

Prominent among the updates is the encouraging data from the PACIFIC Study related to bexicaserin (LP352), an oral, centrally acting 5-HT2C superagonist aimed at treating seizures associated with Developmental and Epileptic Encephalopathies (DEEs). In April 2024, late-breaking data was presented at the American Academy of Neurology (AAN) Annual Meeting. The company is preparing for an End of Phase 2 meeting with the U.S. Food and Drug Administration (FDA) and coordinating with other regulatory bodies. Bexicaserin's global Phase 3 program is anticipated to commence by the end of 2024. Open-label extension data from the PACIFIC Study is expected in the latter half of 2024.

Additionally, Longboard is progressing with LP659, an oral, centrally acting S1P receptor modulator targeting rare neuroinflammatory conditions. Topline data from its first-in-human Phase 1 single-ascending dose (SAD) study is expected in the second quarter of 2024.

Financially, Longboard ended the first quarter of 2024 with a robust $321.0 million in cash, cash equivalents, and short-term investments, projecting a cash runway to support planned operations into 2027. This financial stability is partly due to significant capital raised earlier in the year. In January 2024, the company generated $241.5 million through a follow-on public offering, issuing 11,500,000 shares of common stock at $21.00 per share. Subsequently, a private placement in March 2024 with an investment fund affiliated with Farallon Capital Management, L.L.C., added $59.9 million in gross proceeds by selling 2,850,000 shares of non-voting common stock at the same price per share.

The company's operating results for the first three months of 2024 show an increase in research and development expenses, which totaled $13.2 million, a rise of $4.6 million compared to the same period in the previous year. This increase primarily reflects heightened clinical trial and preclinical expenses for bexicaserin and LP659, as well as personnel-related costs. General and administrative expenses also saw an uptick, reaching $4.9 million, which is $1.5 million higher than the previous year, largely due to increased personnel expenses and consulting fees.

Longboard Pharmaceuticals continues to leverage over two decades of research on G protein-coupled receptors (GPCRs) to develop highly specific small molecule candidates aimed at neurological conditions. Their leading candidate, bexicaserin, has shown promise in treating a range of DEEs by acting as a superagonist for the 5-HT2C receptor without impacting related receptor subtypes. Concurrently, LP659 is being developed for rare neuroinflammatory diseases, with ongoing clinical trials to validate its efficacy and safety.

In summary, Longboard Pharmaceuticals is making substantial strides in advancing its clinical programs and bolstering its financial foundation. The upcoming milestones, particularly the Phase 3 initiation for bexicaserin and the Phase 1 data for LP659, are pivotal for the company's future trajectory in developing groundbreaking treatments for neurological disorders.