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LONGBOARD PHARMACEUTICALS Longboard Pharmaceuticals Provides Corporate Update and Reports Second Quarter 2021 Financial Results August 9 , 2021 • Continued progress with the multiple ascending dose ( MAD ) portion of the Phase 1 clinical trial for LP352 , a potential treatment for severe epileptic indications , with topline results expected in 2021 • Initiated a number of IND - enabling preclinical studies for LP143 and LP659 • Established corporate office in one of the largest life sciences hubs , San Diego , California , while continuing to expand capabilities internationally as we build out a world - class neurology team SAN DIEGO , Aug. 09 , 2021 ( GLOBE NEWSWIRE ) -- 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 second quarter ended June 30 , 2021 . " This quarter we were highly focused on advancing our lead asset , LP352 , and we look forward to sharing data from the MAD portion of the Phase 1 clinical trial in the coming months . We are encouraged by the feedback we are receiving from thought leaders , advocacy groups , and caregivers as we work to finalize the protocol for our Phase 1b / 2a clinical trial which we plan to initiate in participants with rare and severe epilepsies starting in the first quarter of 2022 , " stated Kevin R. Lind , Longboard's President and Chief Executive Officer . " We also continue to make progress on key IND - enabling activities for LP143 and LP659 as we assess areas of differentiation from currently available therapies . " 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 clinical trial with topline data expected in 2021. 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 . Second Quarter 2021 Financial Results : Balance Sheet Highlights At June 30 , 2021 , Longboard's cash , cash equivalents and short - term investments were approximately $ 118.8 million and approximately 17.2 million shares of Longboard voting and non - voting common stock were outstanding . Operating Results Research and development ( R & D ) expenses were $ 4.9 million for the three months ended June 30 , 2021 compared to $ 0.8 million for the three months ended June 30 , 2020. R & D expenses for the three months ended June 30 , 2021 included $ 3.0 million in preclinical and clinical trial expenses related to LP352 , $ 0.8 million in preclinical expenses related to advancing LP143 and LP659 and $ 1.0 million in personnel - related expenses . R & D expenses for the three months ended June 30 , 2020 included $ 0.5 million in preclinical expenses related to LP143 and LP659 and $ 0.3 million in personnel - related expenses . General and administrative ( G & A ) expenses were $ 2.1 million for the three months ended June 30 , 2021 compared to $ 0.8 million for the three months ended June 30 , 2020. G & A expenses for the three months ended June 30 , 2021 included $ 0.9 million of personnel - related costs , $ 0.6 million of professional services and consulting expenses and $ 0.5 million of insurance expense . G & A expenses for the three months ended June 30 , 2020 included $ 0.6 million of personnel - related costs and $ 0.1 million in professional services and consulting expenses . Net loss was $ 7.0 million , or $ 0.41 per share , for the three months ended June 30 , 2021 compared to $ 1.6 million , or $ 0.41 per share , for the three months ended June 30 , 2020 . About Longboard Pharmaceuticals Longboard Pharmaceuticals , Inc. is a clinical - stage biopharmaceutical company focused on developing novel , transformative medicines for