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LONGBOARD PHARMACEUTICALS Longboard Pharmaceuticals Provides Corporate Update and Reports First Quarter 2021 Financial Results May 10 , 2021 • Commenced multiple ascending dose ( MAD ) portion of the Phase 1 study for LP352 , a potential treatment for severe epileptic indications ; topline results expected in the second half of 2021 • Successfully completed an upsized initial public offering ( IPO ) raising approximately $ 84.8 million in total gross proceeds ( before deducting underwriter and issuance costs ) • Strengthened leadership team with the addition of team members with significant life sciences experience , including Brandi Roberts as Chief Financial Officer , and leads across multiple R & D functions including clinical pharmacology , preclinical development , quality assurance , regulatory affairs , and translational science • Enhanced the Board of Directors with the appointments of veteran biotech and pharmaceutical leaders Dr. Corinne Le Goff and Casey Lynch SAN DIEGO , May 10 , 2021 ( GLOBE NEWSWIRE ) -- Longboard Pharmaceuticals , Inc. , 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 , 2021 . " Over the quarter we made significant corporate , clinical and financial progress . Our key priorities were three - fold : first , strategically assemble an outstanding leadership team and Board with a wealth of pharmaceutical experience that spans across all phases of research and clinical development and commercialization ; second , advance our clinical and preclinical pipeline ; and finally , secure a strong financial position by completing our IPO , " stated Kevin R. Lind , Longboard's President and Chief Executive Officer . " With the accomplishment of these important foundational steps , we believe that we are well positioned to build a world - class neuroscience drug development company and we look forward to providing updates on our progress as we execute on key milestones ahead . " Program Overview : • LP352 , an oral , highly selective , centrally acting 5 - hydroxytryptamine 2c receptor subtype ( 5 - HT2c ) superagonist , is in the MAD portion of a Phase 1 study with topline data expected in second half of this year . We plan to initiate a Phase 1b / 2a clinical trial for the treatment of developmental and epileptic encephalopathies ( DEEs ) in the first quarter of 2022 . • LP143 , an oral , centrally acting full agonist to the cannabinoid type 2 ( CB2 ) receptor targeting a broad range of neurodegenerative diseases , with an initial focus in amyotrophic lateral sclerosis ( ALS ) , is currently in Investigational New Drug ( IND ) -enabling studies and we anticipate submitting an IND application to the United States Food and Drug Administration ( FDA ) in the first quarter of 2022 . • LP659 , an oral , selective , centrally acting sphingosine - 1 - phosphate ( S1P ) receptor modulator targeting a range of central nervous system neuroinflammatory diseases , is currently in IND - enabling studies and we anticipate submitting an IND application to the FDA in the second half of 2022 . First Quarter 2021 Financial Results : Balance Sheet Highlights At March 31 , 2021 , Longboard's cash and cash equivalents balance was approximately $ 120.9 million and approximately 16.9 million shares of Longboard voting and non - voting common stock were outstanding . Operating Results Research and development ( R & D ) expenses : R & D expenses were $ 4.4 million for the three months ended March 31 , 2021 compared to $ 0.1 million for the period from January 3 , 2020 ( inception ) through March 31 , 2020. R & D expenses for the three months ended March 31 , 2021 included $ 2.1 million in preclinical expenses related to advancing LP143 and LP659 , $ 1.5 million in clinical trial expenses related to LP352 and $ 0.6 million in personnel - related expenses . General and administrative ( G & A ) expenses : G & A expenses were $ 1.3 million for the three months ended March 31 , 2021 compared to $ 0.1 million for the period from January 3 , 2020 through March 31 , 2020. G & A expenses for the three months ended March 31 , 2021 included $ 0.8 million of personnel - related costs and $ 0.4 million of professional services and legal related fees . Net loss : Net loss was $ 5.7 million , or $ 0.84 per share , for the three months ended March 31 , 2021 compared to $ 0.2 million , or $ 0.05 per share , for