Lexicon Pharmaceuticals, INC. 10-Q Filing

Ticker: LXRX · Form: 10-Q · Filed: Aug 2, 2024

Sentiment: neutral

Filing Stats: 4,868 words · 19 min read · ~16 pages · Grade level 14.5 · Accepted 2024-08-02 07:06:49

Key Financial Figures

Filing Documents

– Financial Information

Part I – Financial Information 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets - June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Loss (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) - Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) - Six Months Ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8

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 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 20

Controls and Procedures

Item 4. Controls and Procedures 20

– Other Information

Part II – Other Information 21

Legal Proceedings

Item 1. Legal Proceedings 21

Risk Factors

Item 1A. Risk Factors 21

Unregistered Sales of Equity Securities and Use of Proceeds

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

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 June 30, As of December 31, 2024 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 35,617 $ 22,465 Short-term investments 274,347 147,561 Accounts receivable, net 2,620 1,010 Inventory 585 381 Prepaid expenses and other current assets 7,675 5,130 Total current assets 320,844 176,547 Property and equipment, net of accumulated depreciation and amortization of $ 1,835 and $ 4,538 , respectively 1,954 1,987 Goodwill 44,543 44,543 Operating lease right-of-use-assets 5,187 5,524 Other assets 828 828 Total assets $ 373,356 $ 229,429 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 12,220 $ 14,389 Accrued liabilities 15,656 17,157 Total current liabilities 27,876 31,546 Long-term debt, net 99,499 99,508 Other long-term liabilities 6,001 5,265 Total liabilities 133,376 136,319 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 shares issued and none outstanding at June 30, 2024; no shares issued or outstanding at December 31, 2023 — — Common stock, $ 0.001 par value; 450,000,000 shares authorized; 363,020,303 and 245,792,668 shares issued, respectively 363 245 Additional paid-in capital 2,113,090 1,862,558 Accumulated deficit ( 1,868,665 ) ( 1,766,839 ) Accumulated other comprehensive (loss) income ( 193 ) 31 Treasury stock, at cost, 1,528,008 and 867,973 shares, respectively ( 4,615 ) ( 2,885 ) Total stockholders' equity 239,980 93,110 Total liabilities and stockholders' equity $ 373,356 $ 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

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