Longboard Pharmaceuticals (LBPH) investor relations material

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.