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Longboard Pharmaceuticals (LBPH) investor relations material

Longboard Pharmaceuticals Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary7 Nov, 2024

Executive summary

  • Entered into a definitive merger agreement with H. Lundbeck A/S for a $60/share cash acquisition, pending customary closing conditions and regulatory approvals.

  • Lead candidate bexicaserin (LP352) advanced to global Phase 3 for developmental and epileptic encephalopathies (DEEs) and Dravet syndrome, with FDA Breakthrough Therapy, Rare Pediatric Disease, and Orphan Drug designations.

  • EMA Paediatric Committee issued a positive opinion for bexicaserin's Paediatric Investigation Plan for children as young as 2.

  • LP659 completed Phase 1 SAD trial; proposed MAD study placed on full clinical hold by FDA, with options under evaluation.

  • Net loss increased year-over-year due to higher R&D and G&A expenses, including merger-related costs.

Financial highlights

  • Net loss for Q3 2024 was $24.5 million, up from $12.9 million in Q3 2023; net loss per share was $0.63 for Q3 2024.

  • Research and development expenses rose to $21.5 million in Q3 2024 (up 105% year-over-year).

  • General and administrative expenses increased to $6.7 million in Q3 2024 (up 116% year-over-year), including $0.7 million in merger-related costs.

  • Cash, cash equivalents, and short-term investments totaled $288.4 million as of September 30, 2024.

  • Interest income for Q3 2024 was $3.7 million, up from $0.7 million in Q3 2023.

Outlook and guidance

  • Existing cash, cash equivalents, and short-term investments expected to fund operations for at least the next 12 months.

  • No revenue expected until successful development and regulatory approval of product candidates, which is not anticipated for several years.

  • Ongoing Phase 3 DEEP SEA Study for bexicaserin in Dravet syndrome, with continued focus on advancing clinical programs.

  • During the merger process, capital raising and certain business activities are restricted.

  • Pending acquisition by Lundbeck subject to regulatory approvals and closing conditions.

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Frequently asked questions

Longboard Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company primarily focused on developing innovative therapies for neurological diseases. Leveraging its expertise in G protein-coupled receptor (GPCR) technology, Longboard Pharmaceuticals aims to create transformative treatments for these conditions. The company's product candidates are designed to be highly selective with the potential to offer significant improvements over existing therapies. Notably, the company was founded as a spin-off from Arena Pharmaceuticals in 2020 to further advance these specialized drug candidates. The company is headquartered in La Jolla, California, and its shares are listed on the NASDAQ.

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