Longboard Pharmaceuticals, Inc. (Nasdaq: LBPH), a clinical-stage biopharmaceutical company focused on innovative treatments for neurological diseases, announced the granting of inducement awards to three new employees. The Board’s Compensation Committee approved the issuance of non-qualified stock options to purchase a total of 56,000 shares of common stock and 35,000 restricted stock units (RSUs) as inducements for their employment, in accordance with Nasdaq Listing Rule 5635(c)(4).
The awards were granted on September 30, 2024. The stock options have an exercise price of $33.33 per share, matching the closing price on the Grant Date. These options will vest as follows: 25% on the one-year anniversary of the employee’s start date, with the remaining 75% vesting in 36 equal monthly installments thereafter, contingent on continued employment. The RSUs will vest over four years, with 25% vesting on each of the first four anniversaries of the employee’s start date, also subject to continued employment.
About Longboard Pharmaceuticals
Longboard Pharmaceuticals is dedicated to developing transformative medicines for neurological diseases. The company is advancing a portfolio of product candidates that selectively target specific G protein-coupled receptors (GPCRs). Bexicaserin (LP352), an oral superagonist for the 5-HT2C receptor, is currently in a global Phase 3 clinical program (the DEEp Program) and has received Breakthrough Therapy designation from the FDA for treating seizures in patients aged two years and older. Additionally, Longboard is developing LP659, a modulator for sphingosine-1-phosphate receptors, aimed at rare neuroinflammatory conditions. Longboard recently completed a Phase 1 trial for LP659 in healthy volunteers.
Bexicaserin and LP659 are investigational compounds and have not been approved for marketing by the U.S. Food and Drug Administration (FDA) or any regulatory authority.
