Longboard Pharmaceuticals, a clinical-stage biopharmaceutical company dedicated to pioneering transformative medicines for neurological diseases, has officially granted inducement awards to five new employees. The Compensation Committee of the Board of Directors at Longboard has approved non-qualified stock options, totaling 145,475 shares of common stock (referred to as “Common Stock”), as inducements crucial to the employment agreements with the new staff. This aligns with Nasdaq Listing Rule 5635(c)(4).
The stock options were officially granted on January 31, 2024 (the “Grant Date”) and bear an exercise price of $21.24 per share, mirroring the closing price of the Common Stock on the Grant Date. Vesting for all stock options is structured to occur in stages: 25% of the underlying Common Stock shares will vest and become exercisable on the one-year anniversary of the respective employee’s start date, followed by the remaining 75% vesting in 36 equal monthly installments on each monthly anniversary. This is contingent upon the continued employment of the individuals with Longboard on each designated vesting date. The inducement stock options were granted in accordance with Nasdaq Listing Rule 5635(c)(4) and are subject to the terms and conditions outlined in the applicable award agreement.
About Longboard Pharmaceuticals: Longboard Pharmaceuticals, Inc. is at the forefront of clinical-stage biopharmaceutical companies, focusing on groundbreaking medicines for neurological diseases. The company is actively advancing a portfolio of product candidates with a central focus on highly selective G protein-coupled receptors (GPCRs). Among its leading initiatives is bexicaserin (LP352), an oral, centrally acting 5-hydroxytryptamine 2C (5-HT2C) receptor superagonist, currently progressing towards a global Phase 3 program. Positive topline data from the Phase 1b/2a clinical trial (PACIFIC Study) evaluating bexicaserin for Developmental and Epileptic Encephalopathies (DEEs) were reported in January 2024.
Longboard is also exploring LP659, an oral, centrally acting sphingosine-1-phosphate (S1P) receptor subtypes 1 and 5 modulator, with potential applications in the treatment of rare neuroinflammatory conditions. The Phase 1 single-ascending dose (SAD) clinical trial for LP659 in healthy volunteers is underway, with topline data anticipated in the first half of 2024.
