Mission Statement, Vision, & Core Values (2024) of Longboard Pharmaceuticals, Inc. (LBPH)

An Overview of Longboard Pharmaceuticals, Inc. (LBPH)

General Summary of Longboard Pharmaceuticals, Inc. (LBPH)

Longboard Pharmaceuticals, Inc. was incorporated in January 2020 and focuses on developing innovative therapies for patients with serious neurological and psychiatric disorders. The company has advanced its lead product candidate, bexicaserin (LP352), into a global Phase 3 program known as the DEEp Program, as well as conducted a Phase 1 single-ascending dose (SAD) clinical trial for its second candidate, LP659. As of 2024, Longboard has established a robust intellectual property portfolio and has raised significant capital to support its operations and clinical trials.

The company has not generated any revenue from product sales to date, as it has not yet received regulatory approval for any of its product candidates. Longboard Pharmaceuticals primarily funds its operations through equity offerings and has raised approximately $241.5 million from a follow-on public offering in January 2024.

As of September 30, 2024, Longboard reported cash, cash equivalents, and short-term investments totaling $288.4 million, with a working capital of $274.7 million.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, Longboard Pharmaceuticals reported substantial operating expenses, primarily in research and development, which totaled $55.1 million for the nine months ended September 30, 2024, reflecting an increase of 75% compared to $31.6 million for the same period in 2023.

General and administrative expenses also saw a significant rise, amounting to $16.8 million for the nine months ended September 30, 2024, compared to $9.6 million in the prior year, marking a 75% increase. The total operating expenses for the same period were reported at $71.9 million.

For the nine months ended September 30, 2024, Longboard Pharmaceuticals incurred a net loss of $61.3 million, compared to a net loss of $39.4 million for the same period in 2023. The net loss per share was reported at $1.63.

Longboard's financing activities provided net cash of $287 million during the nine-month period, significantly bolstered by the recent public offering.

Introduction to Longboard Pharmaceuticals as a Leader in the Industry

Longboard Pharmaceuticals is positioned as a leader in the biopharmaceutical industry, focusing on the development of novel therapies for complex neurological disorders. The company's strategic initiatives include advancing clinical trials and expanding its research capabilities, which are supported by a robust financial foundation.

As of September 30, 2024, Longboard's total assets were valued at $297 million, with total stockholders' equity standing at $275.2 million. This financial strength, combined with its innovative product pipeline, positions Longboard Pharmaceuticals as a significant contender in the biopharmaceutical sector.

Readers are encouraged to explore further to understand the factors contributing to Longboard Pharmaceuticals' ongoing success and its potential impact on the industry.

Mission Statement of Longboard Pharmaceuticals, Inc. (LBPH)

Mission Statement Overview

The mission statement of Longboard Pharmaceuticals, Inc. (LBPH) serves as a guiding principle for the company, outlining its purpose and the fundamental reason for its existence. As of 2024, the mission statement emphasizes the commitment to advancing innovative therapies for patients with neurological and psychiatric disorders.

Core Component 1: Innovation

Longboard Pharmaceuticals is dedicated to innovation in the development of therapies. The company focuses on creating novel treatments that address unmet medical needs. In the nine months ended September 30, 2024, the company reported research and development expenses of $55.1 million, a 75% increase compared to $31.6 million for the same period in 2023. This investment underscores the emphasis on innovation as a key component of its mission.

Core Component 2: Patient-Centricity

Patient-centricity is a core value embedded in Longboard's mission. The company aims to prioritize patient needs and outcomes in its research and development processes. As part of this commitment, Longboard has initiated clinical trials for its lead product candidate, bexicaserin (LP352), which is designed to treat conditions like schizophrenia. The total operating expenses for the company in the third quarter of 2024 were $28.1 million, reflecting the significant resources allocated to patient-focused research.

Core Component 3: Collaboration and Partnership

The mission statement also highlights the importance of collaboration. Longboard engages in partnerships to enhance its research capabilities and therapeutic offerings. For example, the company entered into a license agreement with Arena Pharmaceuticals, which allows it to leverage Arena's expertise and resources for the development of LP659, a product candidate targeting neurodegenerative diseases. This strategic collaboration is indicative of Longboard's commitment to foster partnerships that enhance its mission.

As of September 30, 2024, Longboard reported cash, cash equivalents, and short-term investments totaling $288.4 million, indicating a strong financial position to support its mission. This robust financial backing enables the company to pursue its mission of delivering innovative solutions in the pharmaceutical industry.

Vision Statement of Longboard Pharmaceuticals, Inc. (LBPH)

Vision for Innovation in Biopharmaceuticals

Longboard Pharmaceuticals, Inc. (LBPH) aims to lead the industry in innovation, focusing on the development of groundbreaking therapies for neurodegenerative and neurodevelopmental disorders. The company emphasizes a commitment to scientific excellence and the advancement of its research and development pipeline, which includes its lead candidate, bexicaserin (LP352), currently in Phase 3 clinical trials as part of the DEEp Program.

Commitment to Patients

The vision statement highlights a strong dedication to improving patient outcomes. LBPH's mission is to address unmet medical needs through targeted therapies, ensuring that patients suffering from debilitating neurological conditions have access to effective treatments. This is reflected in their clinical strategy and the prioritization of patient safety throughout the drug development process.

Building Strategic Partnerships

Longboard Pharmaceuticals recognizes the importance of collaboration in achieving its vision. The company actively seeks partnerships with academic institutions, research organizations, and industry leaders to enhance its capabilities and accelerate the development of its product candidates. As of September 30, 2024, LBPH had cash, cash equivalents, and short-term investments totaling $288.4 million, providing a strong financial foundation to support these efforts .

Operational Excellence

Operational excellence is a core component of LBPH's vision. The company is focused on streamlining its processes to enhance efficiency in drug development, regulatory submissions, and commercialization strategies. This commitment is evident in their recent financial performance, where they reported a net loss of $61.3 million for the nine months ended September 30, 2024, reflecting substantial investment in R&D .

Financial Overview

The following table summarizes key financial metrics for Longboard Pharmaceuticals as of September 30, 2024:

Future Outlook

Longboard Pharmaceuticals envisions a future where their innovative therapies significantly enhance the quality of life for patients with neurological disorders. The company is committed to sustainability and ethical practices, ensuring that all operations align with its core values and mission. With a robust pipeline and strategic focus, LBPH is well-positioned to make a meaningful impact in the biopharmaceutical sector.

Core Values of Longboard Pharmaceuticals, Inc. (LBPH)

Integrity

Integrity is a fundamental value at Longboard Pharmaceuticals, Inc. (LBPH), guiding the company's operations and interactions with stakeholders. This value emphasizes the importance of honesty and ethical behavior in all aspects of the business.

LBPH demonstrates its commitment to integrity through rigorous compliance with regulatory standards and transparent communications with investors and the public. For example, the company adheres to strict guidelines set by the FDA during clinical trials, ensuring that all data reported is accurate and reflects the true nature of the research conducted. In its most recent reports, LBPH has maintained a clear focus on ethical practices, which is vital for building trust within the biopharmaceutical industry.

Innovation

Innovation is at the heart of Longboard Pharmaceuticals' mission. The company invests heavily in research and development to advance novel therapies for patients with unmet medical needs.

In 2024, LBPH reported research and development expenses of $55.1 million for the nine months ended September 30, an increase of 75% from $31.6 million in the same period the previous year . This significant investment underscores the company's dedication to developing new product candidates, such as Bexicaserin (LP352), which has received Breakthrough Therapy designation from the FDA for treating seizures associated with developmental and epileptic encephalopathies .

Collaboration

Collaboration is essential for Longboard Pharmaceuticals, as it seeks to leverage partnerships to enhance its research capabilities and accelerate the development of its product pipeline.

The company entered into a license agreement with Arena Pharmaceuticals, which is now a subsidiary of Pfizer, allowing LBPH to develop and commercialize key product candidates. This collaboration not only strengthens LBPH's research portfolio but also facilitates access to advanced technologies and expertise in the field .

Accountability

Accountability is a core value that Longboard Pharmaceuticals embraces to ensure responsible management of resources and commitments to stakeholders.

In its financial disclosures, LBPH has consistently reported its cash position, including $288.4 million in cash, cash equivalents, and short-term investments as of September 30, 2024 . This transparency in financial reporting reflects the company's commitment to being accountable to its investors and stakeholders.

Patient-Centricity

Longboard Pharmaceuticals places a strong emphasis on patient-centricity, ensuring that the needs and well-being of patients are at the forefront of its research and development efforts.

For instance, the company announced the initiation of its global Phase 3 program for Bexicaserin (the DEEp Program) in the third quarter of 2024, which aims to address significant challenges faced by patients with specific seizure disorders . This focus on patient outcomes drives LBPH's commitment to developing effective treatments that can improve quality of life.

Updated on 16 Nov 2024

Resources:

1. Longboard Pharmaceuticals, Inc. (LBPH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Longboard Pharmaceuticals, Inc. (LBPH)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Longboard Pharmaceuticals, Inc. (LBPH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.