8-K
false000183216800018321682022-05-052022-05-05

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2022

 

Longboard Pharmaceuticals, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

1-40192

84-5009619

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

4275 Executive Square, Suite 950

La Jolla, CA

 

92037

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (619) 592-9775

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common stock, par value $0.0001 per share

 

LBPH

 

The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02 Results of Operations and Financial Condition.

 

On May 5, 2022, Longboard Pharmaceuticals, Inc. ("Longboard") issued a press release announcing its financial results for the quarter ended March 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1.

 

The information contained under this Item 2.02, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in any such filing, unless Longboard expressly sets forth in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.

Description

99.1

Press release dated May 5, 2022

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

Longboard Pharmaceuticals, Inc.

 

 

 

 

Date: May 5, 2022

 

By:

/s/ Kevin R. Lind

 

 

 

Kevin R. Lind

 

 

 

President and Chief Executive Officer

 


EX-99.1

Exhibit 99.1

 

https://cdn.kscope.io/20edb175f015ad93dac9af11be25f76d-img58896055_0.jpg 

 

 

Longboard Pharmaceuticals Provides Corporate Update and

Reports First Quarter 2022 Financial Results

 

Phase 1 data for LP352, a potential treatment for seizures associated with a broad range of severe epilepsies, presented at the American Academy of Neurology (AAN) Annual Meeting
Initiated Phase 1b/2a PACIFIC Study evaluating LP352 for participants with developmental and epileptic encephalopathies (DEEs)
LP659 IND submission remains on track for fourth quarter 2022
Cash position expected to support operations into 2024

SAN DIEGO, Calif., May 5, 2022 – 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 first quarter ended March 31, 2022.

 

"In 2022, we are continuing to deliver on key milestones, including advancing the PACIFIC study and presenting an extremely robust data set for LP352 at the AAN Annual Meeting in April. We plan on sharing additional data to illustrate the intrinsic properties of LP352 and LP659 that we believe will demonstrate their potentially best-in-class characteristics," stated Kevin R. Lind, Longboard’s President and Chief Executive Officer.

 

Program Overview:

 

LP352, an oral, highly selective, centrally acting 5-hydroxytryptamine 2c receptor subtype (5-HT2c) superagonist:
o
The Phase 1b/2a PACIFIC Study evaluating approximately 50 participants with DEEs, such as Dravet syndrome, Lennox-Gastaut syndrome, tuberous sclerosis complex, CDKL5 deficiency disorder, among others, is ongoing with expected completion in the second half of 2023.
o
Phase 1 data were presented at the AAN Annual Meeting in April.

 

 


LP659, an oral, selective, centrally acting S1P receptor modulator targeting multiple neurological diseases, is currently in IND-enabling studies with IND application submission to the FDA expected in the fourth quarter of 2022.

 

Corporate Update:

 

In March 2022, Dr. Randall Kaye joined the Company as Chief Medical Officer. Dr. Kaye has over 30 years of experience in the medical field, most recently as Chief Medical Officer of Neurana Pharmaceuticals, a biotechnology company focused on the treatment of neuromuscular conditions.

 

First Quarter 2022 Financial Results:

 

Balance Sheet Highlights

 

At March 31, 2022, Longboard’s cash, cash equivalents and short-term investments were approximately $96.1 million. Our cash position is expected to support operations into 2024 based on our current business plan.

 

Operating Results

 

Research and development (R&D) expenses were $7.1 million for the three months ended March 31, 2022, an increase of $2.7 million, or 62%, compared to $4.4 million for the three months ended March 31, 2021. The net increase of $2.7 million is primarily related to an increase of $2.0 million in clinical trial and preclinical expenses related to LP352 and an increase of $1.1 million in personnel-related expenses, offset by a decrease of $0.6 million in preclinical expenses related to LP659 and LP143.

 

General and administrative (G&A) expenses were $2.5 million for the three months ended March 31, 2022, an increase of $1.2 million, or 92%, compared to $1.3 million for the three months ended March 31, 2021. The net increase of $1.2 million is primarily related to an increase of $0.6 million in personnel-related costs, $0.4 million in insurance expense, $0.1 million in professional services and consulting expenses, and $0.1 million in rent expense.

 

Net loss was $9.6 million, or $0.56 per share, for the three months ended March 31, 2022, compared to $5.7 million, or $0.84 per share, for the three months ended March 31, 2021.

 

About Longboard Pharmaceuticals

 

Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. Longboard is working 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 are based on more than 20 years of GPCR research. Longboard is evaluating LP352, an oral, centrally acting 5-hydroxytryptamine 2c (5-HT2c) receptor superagonist, with negligible observed impact on 5-HT2b and 5-HT2a receptor subtypes, in development for the potential treatment of seizures associated with a broad range of developmental and epileptic encephalopathies. Longboard is also evaluating LP659, a centrally acting, sphingosine-1-phosphate (S1P) receptor subtypes 1 and 5 modulator, in development for the potential treatment of


multiple neurological diseases, and LP143, a centrally acting, full cannabinoid type 2 receptor (CB2) agonist, in development for the potential treatment of central nervous system (CNS) diseases and disorders.

 

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” and “focused on”, and include, without limitation, statements about the following: Longboard’s clinical and preclinical product candidates and programs, including potential treatments and indications, clinical trial protocols (for example, number of clinical trial participants), timing of completion of a clinical trial, additional data, regulatory applications and their submission timing, progress, and other plans; our cash position; key milestones; 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 Arena’s acquisition by Pfizer; 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.

 

 


Corporate Contact:

Megan E. Knight
Head of Investor Relations
mknight@longboardpharma.com 

IR@longboardpharma.com

619.592.9775

 

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Financial Tables Follow

 


LONGBOARD PHARMACEUTICALS, INC.

CONDENSED BALANCE SHEETS

(Unaudited)

 

 

 

March 31,

 

 

December 31,

 

(in thousands, except share and per share data)

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

35,037

 

 

$

66,346

 

Short-term investments

 

 

61,087

 

 

 

40,379

 

Prepaid expenses and other current assets

 

 

4,035

 

 

 

1,659

 

Total current assets

 

 

100,159

 

 

 

108,384

 

Right-of-use assets

 

 

438

 

 

 

521

 

Property and equipment

 

 

13

 

 

 

14

 

Other long-term assets

 

 

33

 

 

 

33

 

Total assets

 

$

100,643

 

 

$

108,952

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

1,357

 

 

$

1,028

 

Accrued research and development expenses

 

 

2,998

 

 

 

2,245

 

Accrued compensation and related expenses

 

 

443

 

 

 

1,480

 

Accrued other expenses

 

 

1,536

 

 

 

352

 

Right-of-use liabilities, current portion

 

 

350

 

 

 

339

 

Total current liabilities

 

 

6,684

 

 

 

5,444

 

Right-of-use liabilities, net of current portion

 

 

94

 

 

 

185

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value; authorized shares - 10,000,000 at March 31, 2022 and December 31, 2021; issued and outstanding shares - none at March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Voting common stock, $0.0001 par value; authorized shares - 300,000,000 at March 31, 2022 and December 31, 2021; issued and outstanding shares - 13,484,315 and 13,440,761 at March 31, 2022 and December 31, 2021, respectively, excluding 101,635 and 145,189, respectively, subject to repurchase

 

 

1

 

 

 

1

 

Non-voting common stock, $0.0001 par value; authorized shares - 10,000,000 at March 31, 2022 and December 31, 2021; issued and outstanding shares - 3,629,400 at March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Additional paid-in capital

 

 

146,254

 

 

 

145,683

 

Accumulated other comprehensive loss

 

 

(596

)

 

 

(164

)

Accumulated deficit

 

 

(51,794

)

 

 

(42,197

)

Total stockholders' equity

 

 

93,865

 

 

 

103,323

 

Total liabilities and stockholders' equity

 

$

100,643

 

 

$

108,952

 

 

 

 

 

 

 

 

 

 

 

 


LONGBOARD PHARMACEUTICALS, INC.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

 

 

Three Months Ended March 31,

 

(in thousands, except share and per share data)

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

Research and development

$

7,121

 

 

$

4,398

 

General and administrative

 

2,499

 

 

 

1,305

 

Total operating expenses

 

9,620

 

 

 

5,703

 

Loss from operations

 

(9,620

)

 

 

(5,703

)

Interest income, net

 

32

 

 

 

4

 

Other expense

 

(9

)

 

 

 

Net loss

$

(9,597

)

 

$

(5,699

)

 

 

 

 

 

 

Net loss per share, basic and diluted

$

(0.56

)

 

$

(0.84

)

 

 

 

 

 

 

Weighted-average shares outstanding, basic and diluted

 

17,086,615

 

 

 

6,810,407

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

Net loss

$

(9,597

)

 

$

(5,699

)

Unrealized loss on short-term investments

 

(432

)

 

 

 

Comprehensive loss

$

(10,029

)

 

$

(5,699

)