Lexicon Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Lexicon Pharmaceuticals, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and operational updates.</b>

AI Summary

LEXICON PHARMACEUTICALS, INC. (LXRX) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Lexicon Pharmaceuticals, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located at 2445 Technology Forest Blvd., Suite 1100, The Woodlands, TX 77381. The company was incorporated in Delaware. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking LEXICON PHARMACEUTICALS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management's discussion of results for the first quarter of 2024, crucial for understanding the company's current financial health and strategic direction. The detailed financial data, including comparisons to prior periods, allows stakeholders to assess trends in revenue, expenses, and overall profitability, informing investment decisions.

Risk Assessment

Risk Level: low — LEXICON PHARMACEUTICALS, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report, indicating no immediate or unusual risks are highlighted within the header information.

Analyst Insight

Review the detailed financial statements and management's discussion within the 10-Q to understand Lexicon Pharmaceuticals' performance in Q1 2024 and its implications for future growth.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-01-01 — Quarter Start Date (First quarter of 2024)
• 2023-03-31 — Prior Year Quarter End Date (Comparison period)
• 1231 — Fiscal Year End (Annual fiscal year end)

Key Players & Entities

• LEXICON PHARMACEUTICALS, INC. (company) — Filer name
• LXRX (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filed as of date
• 2445 TECHNOLOGY FOREST BLVD. SUITE 1100 (address) — Business address
• The Woodlands, TX (location) — Business address city and state
• 2818633000 (phone) — Business phone
• DE (location) — State of incorporation

FAQ

Industry Context

Lexicon Pharmaceuticals operates in the pharmaceutical industry, focusing on the discovery and development of innovative medicines.

Regulatory Implications

The filing is a 10-Q, a standard quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the revenue and expense details for Q1 2024 compared to Q1 2023.
2. Examine any disclosed research and development or selling, general, and administrative expenses.
3. Review the balance sheet information as of March 31, 2024, and compare it to prior periods.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first set of quarterly financial data for the year.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 LXRX The Nasdaq Global Select Market

Filing Documents

• lxrx-20240331.htm (10-Q) — 636KB
• exh311certificationofprinc.htm (EX-31.1) — 9KB
• exh312certificationofprinc.htm (EX-31.2) — 9KB
• exh321certificationofprinc.htm (EX-32.1) — 6KB
• 0001062822-24-000024.txt (&nbsp;) — 3897KB
• lxrx-20240331.xsd (EX-101.SCH) — 21KB
• lxrx-20240331_cal.xml (EX-101.CAL) — 51KB
• lxrx-20240331_def.xml (EX-101.DEF) — 109KB
• lxrx-20240331_lab.xml (EX-101.LAB) — 424KB
• lxrx-20240331_pre.xml (EX-101.PRE) — 274KB
• lxrx-20240331_htm.xml (XML) — 432KB

– Financial Information

Part I – Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets - March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Loss (unaudited) - Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) - Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) - Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 18

Controls and Procedures

Item 4. Controls and Procedures 18

– Other Information

Part II – Other Information 20

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24

Signatures

Signatures 25 The Lexicon name and logo and INPEFA are registered trademarks of Lexicon Pharmaceuticals, Inc. —————— Factors Affecting Forward Looking Statements This quarterly report on Form 10-Q contains forward-looking statements. These statements relate to future events or our future financial performance. We have attempted to identify forward-looking statements by terminology including "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks outlined under "Part II, Item 1A. - Risk Factors" and in our annual report on Form 10-K for the year ended December 31, 2023, that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels or activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, future results, levels of activity, performance or achievements may vary materially from our expectations. We are not undertaking any duty to update any of the forward-looking statements after the date of this quarterly report on Form 10-Q to conform these statements to actual results, unless required by law. 2

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements Lexicon Pharmaceuticals, Inc. Condensed Consolidated Balance Sheets (In thousands, except par value and share amounts) As of March 31, As of December 31, 2024 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 96,494 $ 22,465 Short-term investments 259,104 147,561 Accounts receivable, net 1,526 1,010 Inventory 514 381 Prepaid expenses and other current assets 7,009 5,130 Total current assets 364,647 176,547 Property and equipment, net of accumulated depreciation and amortization of $ 4,682 and $ 4,538 , respectively 1,843 1,987 Goodwill 44,543 44,543 Operating lease right-of-use-assets 5,358 5,524 Other assets 828 828 Total assets $ 417,219 $ 229,429 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,067 $ 14,389 Accrued liabilities 15,332 17,157 Total current liabilities 23,399 31,546 Long-term debt, net 99,874 99,508 Long-term operating lease liabilities 5,079 5,265 Total liabilities 128,352 136,319 Commitments and contingencies (Note 6) Stockholders' Equity: Preferred stock, $ 0.01 par value; 5,000,000 shares authorized Series A Convertible preferred stock, 2,304,147 and no shares issued, respectively 23 — Common stock, $ 0.001 par value; 300,000,000 shares authorized; 247,764,761 and 245,792,668 shares issued, respectively 248 245 Additional paid-in capital 2,108,497 1,862,558 Accumulated deficit ( 1,815,236 ) ( 1,766,839 ) Accumulated other comprehensive income/(loss) ( 50 ) 31 Treasury stock, at cost, 1,528,008 and 867,973 shares, respectively ( 4,615 ) ( 2,885 ) Total stockholders' equity 288,867 93,110 Total liabilities and stockholders' equity $ 417,219 $ 229,429 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Lexicon Pharmaceuticals, Inc. Condensed Consolidated Statements of Comprehensive Loss (In thousands, except per share amounts) (Unaudited) Three Months Ended March 31, 2