Longboard Pharmaceuticals, Inc. (Nasdaq: LBPH), a clinical-stage biopharmaceutical company specializing in innovative treatments for neurological diseases, has announced the grant of inducement awards to two new employees. The Compensation Committee of Longboard’s Board of Directors approved non-qualified stock options to purchase a total of 29,000 shares of common stock as an inducement for the employees to join the company, in accordance with Nasdaq Listing Rule 5635(c)(4).
The options were granted on July 31, 2024, with an exercise price of $33.24 per share, reflecting the closing price of the stock on the grant date. The options will vest as follows: 25% on the one-year anniversary of the employees’ start date and the remaining 75% in 36 equal monthly installments thereafter, contingent on the employees’ continued employment. The grants are subject to the terms of the respective award agreements.
About Longboard Pharmaceuticals
Longboard Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on developing groundbreaking therapies for neurological conditions. The company is advancing a portfolio of product candidates targeting specific G protein-coupled receptors (GPCRs), leveraging over 20 years of research in this field. Longboard is progressing bexicaserin (LP352), an oral 5-HT2C receptor superagonist, into a global Phase 3 program for seizures associated with Developmental and Epileptic Encephalopathies (DEEs), having received Breakthrough Therapy designation from the FDA. Recent positive topline data from the PACIFIC Study supports its development.
Additionally, Longboard is evaluating LP659, an oral modulator of S1P receptor subtypes 1 and 5, for potential rare neuroinflammatory conditions. The company has recently completed a Phase 1 single-ascending dose clinical trial for LP659.
Both bexicaserin and LP659 are investigational compounds and are not yet approved for marketing by the FDA or any other regulatory authority.
