Page 1

LONGBOARD PHARMACEUTICALS Longboard Pharmaceuticals Provides Corporate Update and Reports Third Quarter 2021 Financial Results November 4 , 2021 • Successfully completed multiple ascending dose ( MAD ) portion of a Phase 1 clinical trial for LP352 , a potential treatment for seizures associated with a broad range of severe epilepsies • Initiating a Phase 1b / 2a clinical trial evaluating LP352 in approximately 50 participants with developmental and epileptic encephalopathies ( DEEs ) in Q1 2022 • IND - enabling preclinical studies for LP143 and LP659 ongoing • Continuing to strengthen key expertise and leadership SAN DIEGO , Nov. 04 , 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 third quarter ended September 30 , 2021 . " This quarter we successfully completed the MAD portion of our Phase 1 clinical trial for our lead asset , LP352 , and we look forward to initiating our first clinical trial in patients with severe and refractory epilepsies next quarter . We are collaborating with a world - class CRO and have commenced key activities for trial readiness and site activation . We continue to engage with thought leaders , advocacy groups and caregivers in order to prioritize enrollment optimization , and most importantly , the best outcome for patients living with these devastating diseases , " stated Kevin R. Lind , Longboard's President and Chief Executive Officer . " For LP143 and LP659 we look forward to sharing additional preclinical data that support the scientific rationale for our initial areas of focus as we approach IND submissions for each program in 2022. " Program Overview : • LP352 , an oral , highly selective , centrally acting 5 - hydroxytryptamine 2c receptor subtype ( 5 - HT2c ) superagonist , has successfully completed the SAD / MAD portions of a Phase 1 clinical trial , informing the optimal expected dose range for the next phase of development . We plan to initiate a Phase 1b / 2a clinical trial in participants with DEES , such as Dravet syndrome , Lennox - Gastaut syndrome , tuberous sclerosis complex , CDKL5 deficiency disorder , among others , 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 . Leadership Update : • In October 2021 , Steven W. Spector , J.D. , joined the Company as general counsel . Most recently , Mr. Spector served as part - time general counsel for several public companies , including Longboard , Dynavax Technologies and Galecto , Inc. Prior to this , he served as general counsel of Arena Pharmaceuticals , Inc. for nearly twenty years , from October 2001 to March 2020 . Third Quarter 2021 Financial Results : Balance Sheet Highlights At September 30 , 2021 , Longboard's cash , cash equivalents and short - term investments were approximately $ 112.6 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 were $ 4.1 million for the three months ended September 30 , 2021 compared to $ 1.6 million for the three months ended September 30 , 2020. R & D expenses for the three months ended September 30 , 2021 included $ 1.3 million in preclinical and clinical trial expenses related to LP352 , $ 1.3 million in preclinical expenses related to advancing LP143 and LP659 and $ 1.3 million in personnel - related