LEXICON PHARMACEUTICALS, INC. LXRX
We are a biopharmaceutical company with a mission of pioneering medicines that transform patients' lives. We are devoting most of our resources to the research and development of our most advanced drug candidates and the commercialization of our approved drug, INPEFA® (sotagliflozin):
•We are developing sotagliflozin, an orally-delivered small molecule drug candidate, as a treatment for hypertrophic cardiomyopathy, or HCM, and are conducting the SONATA-HCM pivotal Phase 3 clinical trial of sotagliflozin in that indication.
•We are separately pursuing regulatory approval of ZYNQUISTA® (sotagliflozin) as a treatment for type 1 diabetes. The U.S. Food and Drug Administration, or FDA, issued complete response letters regarding our New Drug Application, or NDA, for ZYNQUISTA in type 1 diabetes in March 2019 and December 2024. At our request, the FDA has issued a public Notice of Opportunity for Hearing, or NOOH, on whether there are grounds for denying approval of our NDA and those proceedings are ongoing.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49.8M | $31.1M | $1.2M | $0 | $0 | $23.4M | $32.3M | $26.6M | $15.9M | $0 |
| Cost of revenue | $274.0K | $616.0K | $85.0K | $0 | $0 | $1.9M | $3.2M | $2.5M | $1.9M | $0 |
| Gross profit | $49.5M | $30.5M | $1.1M | $0 | $0 | $21.5M | $29.1M | $24.1M | $14.0M | $0 |
| R&D | $61.1M | $84.5M | $58.9M | $52.8M | $55.0M | $153.6M | $91.9M | $100.2M | $152.2M | $164.0M |
| SG&A | $37.3M | $143.1M | $114.0M | $48.1M | $32.3M | $47.2M | $56.8M | $63.8M | $66.1M | $43.2M |
| Total operating expenses | $98.7M | $228.2M | $173.0M | $100.9M | $87.4M | $204.4M | $180.6M | $166.5M | $222.3M | $206.4M |
| Operating income | -$48.9M | -$197.1M | -$171.8M | -$100.8M | -$87.1M | -$47.8M | $141.4M | -$103.3M | -$130.6M | -$127.2M |
| Interest expense | — | — | — | $2.8M | $802.0K | $14.5M | $20.7M | $20.8M | $7.0M | $6.6M |
| Pre-tax income | — | -$200.4M | -$177.1M | -$101.9M | -$87.8M | -$58.6M | $124.1M | -$120.5M | -$135.7M | -$131.4M |
| Income tax | — | $0 | $0 | $0 | $0 | — | — | — | — | $0 |
| Net income | -$50.3M | -$200.4M | -$177.1M | -$101.9M | -$87.8M | -$58.6M | $130.1M | -$120.5M | -$123.0M | -$131.4M |
| EPS, basic | -0.14 | -0.63 | -0.80 | -0.62 | -0.60 | -0.53 | 1.23 | -1.14 | -1.17 | — |
| EPS, diluted | -0.14 | -0.63 | -0.80 | -0.62 | -0.60 | -0.53 | 1.16 | -1.14 | -1.17 | -1.27 |
| Shares, diluted (wtd. avg.) | $363.1M | $320.0M | $221.1M | $165.7M | $145.7M | $110.8M | $116.7M | $105.8M | $105.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $34.3M | $66.7M | $22.5M | $46.3M | $64.1M | $126.3M | $36.1M | $80.4M | $61.7M | $46.6M |
| Short-term investments | $61.9M | $171.3M | $147.6M | $92.0M | $22.7M | $26.0M | $235.5M | $79.7M | $249.1M | $299.9M |
| Receivables | $2.4M | $3.5M | $1.0M | $28.0K | $14.0K | $395.0K | $56.5M | $5.9M | $4.8M | $7.5M |
| Inventory | $281.0K | $231.0K | $381.0K | $0 | — | $0 | $4.2M | $4.7M | $1.9M | $0 |
| Total current assets | $101.9M | $246.2M | $176.5M | $140.9M | $88.9M | $157.7M | $337.8M | $173.3M | $322.0M | $357.9M |
| Property, plant and equipment | $1.9M | $2.5M | $2.0M | $2.1M | $1.2M | $295.0K | $14.0M | $15.9M | $17.7M | $19.4M |
| Goodwill | $44.5M | $44.5M | $44.5M | $44.5M | $44.5M | $44.5M | $44.5M | $44.5M | $44.5M | $44.5M |
| Other intangibles | — | — | — | — | — | — | $19.7M | $21.5M | $23.2M | — |
| Total assets | $185.0M | $298.4M | $229.4M | $194.3M | $136.9M | $203.8M | $417.7M | $284.1M | $436.5M | $475.6M |
| Accounts payable | $3.1M | $14.8M | $14.4M | $10.4M | $9.2M | $5.5M | $12.2M | $12.1M | $38.8M | $52.9M |
| Short-term debt | $4.6M | $0 | — | — | $0 | $11.6M | $11.0M | $1.1M | $14.1M | $16.3M |
| Total current liabilities | $20.9M | $45.2M | $31.5M | $23.2M | $22.1M | $46.8M | $65.3M | $36.8M | $105.5M | $164.6M |
| Long-term debt | $49.4M | $100.3M | $99.5M | $48.6M | $0 | $0 | $234.2M | $243.9M | $231.6M | $85.2M |
| Total liabilities | $77.4M | $152.5M | $136.3M | $77.2M | $23.3M | $47.4M | $300.6M | $310.5M | $368.3M | $318.2M |
| Retained earnings | -$2.02B | -$1.97B | -$1.77B | -$1.59B | -$1.49B | -$1.40B | -$1.34B | -$1.47B | -$1.37B | -$1.25B |
| Total equity | $107.5M | $145.9M | $93.1M | $117.1M | $113.6M | $156.4M | $117.1M | -$26.4M | $68.3M | $167.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$67.9M | -$178.8M | -$161.9M | -$88.9M | -$87.0M | -$143.0M | $113.8M | -$148.6M | -$185.4M | -$175.6M |
| Depreciation and amortisation | $621.0K | $534.0K | $554.0K | $427.0K | $292.0K | $2.9M | $3.7M | $3.7M | $3.4M | $2.1M |
| Stock-based compensation | $12.5M | $13.5M | $14.3M | $11.5M | $10.6M | $13.3M | $14.2M | $11.7M | $9.5M | $7.5M |
| Capital expenditure | $0 | $1.0M | $470.0K | $1.3M | $1.2M | $87.0K | $70.0K | $95.0K | $228.0K | $231.0K |
| Investing cash flow | $113.0M | -$15.4M | -$49.9M | -$71.1M | $2.1M | $380.8M | -$155.9M | $169.6M | $50.5M | $18.3M |
| Financing cash flow | -$48.5M | $238.3M | $188.0M | $142.2M | $22.7M | -$147.6M | -$2.2M | -$2.2M | $149.9M | $987.0K |
| Buybacks | — | $1.7M | $824.0K | $864.0K | $2.7M | $1.0M | $941.0K | $972.0K | $1.7M | $621.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001062822-26-000050.
Others in SIC 2834
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| AKTX | Akari Therapeutics Plc | $1.79T | — | — |
| LLY | ELI LILLY & Co | $1.08T | 50.1x | 44.7% |
| JNJ | JOHNSON & JOHNSON | $663.28B | 25.0x | 6.0% |
| ONC | BeOne Medicines Ltd. | $529.55B | 1,885.6x | 40.2% |
| ABBV | AbbVie Inc. | $453.19B | 108.7x | 8.6% |
| MRK | Merck & Co., Inc. | $370.89B | 20.6x | 1.3% |
| ABT | ABBOTT LABORATORIES | $188.69B | 29.1x | 5.7% |
| PFE | PFIZER INC | $162.16B | 20.9x | -1.6% |