Longboard Pharmaceuticals Inc (LBPH, Financial), a clinical-stage biopharmaceutical company, released its financial results for the third quarter ended September 30, 2023, on November 2, 2023. The company is focused on developing novel, transformative medicines for neurological diseases.
Corporate and Clinical Updates
The company completed the enrollment for the LP352 Phase 1b/2a PACIFIC Study in August 2023, with topline data expected in January 2024. The study is evaluating LP352 in people living with Developmental and Epileptic Encephalopathies (DEEs). The company is also planning to initiate the LP659 first-in-human Phase 1 single-ascending dose (SAD) study in Q4 2023, with topline data expected in the first half of 2024.
Financial Highlights
As of September 30, 2023, Longboard’s cash, cash equivalents and short-term investments were approximately $56.0 million. This includes net proceeds of $5.8 million from a total of 822,250 shares sold through the Company’s at-the-market (ATM) facility. The company's cash runway is expected to support operations into the fourth quarter of 2024.
Research and development expenses for the three months ended September 30, 2023, were $10.5 million, an increase of $1.1 million, or 12%, compared to $9.4 million for the same period in 2022. The net increase is primarily related to increases of $0.6 million in clinical trial and preclinical expenses related to LP352 and $0.5 million in personnel-related expenses.
General and administrative expenses for the same period were $3.1 million, an increase of $0.6 million, or 25%, compared to $2.5 million for the three months ended September 30, 2022. The net increase is primarily related to increases of $0.4 million in personnel-related expenses, $0.3 million in consulting and professional fees and $0.1 million of miscellaneous expenses, offset by a decrease of $0.2 million in insurance expenses.
About Longboard Pharmaceuticals
Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, transformative medicines for neurological diseases. The company is working to advance a portfolio of centrally acting product candidates designed to be highly selective for specific G protein-coupled receptors (GPCRs).
Explore the complete 8-K earnings release (here) from Longboard Pharmaceuticals Inc for further details.
