---
schema_version: "secwatch.filing_event.v1"
accession: "0001062822-23-000019"
form_type: "8-K"
ticker: "LXRX"
cik: "0001062822"
company_name: "LEXICON PHARMACEUTICALS, INC."
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T02:34:06.244860+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Lexicon amends Oxford loan: third tranche raised to $75M, adds minimum cash covenant

## Summary
- Third tranche increased from $50M to $75M; fourth tranche reduced to $25M (subject to Oxford's consent).
- New minimum cash covenant effective after third tranche funding; unused fee if full tranche not drawn.
- Revenue covenant tied to sotagliflozin net product revenue milestones after FDA approval.
- Minimum cash test dates deferred based on achieving net-proceeds milestones from partnering or financing.

## SEC filing metadata
- accession: 0001062822-23-000019
- form_type: 8-K
- ticker: LXRX
- cik: 0001062822
- company_name: LEXICON PHARMACEUTICALS, INC.
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1062822/000106282223000019/0001062822-23-000019-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1062822/000106282223000019/lxrx-20230501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001062822-23-000019
- JSON: https://secwatch.observer/filing/0001062822-23-000019.json
- Plain text: https://secwatch.observer/filing/0001062822-23-000019.txt

## Key facts
- Material Agreements
  LEXICON PHARMACEUTICALS, INC. amended Second Amendment to Loan and Security Agreement with Oxford Finance LLC valued at Third tranche increased from $50M to $75M; fourth tranche decreased from $50M to $25M; minimum cash (effective 2023-05-01).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Oxford Finance LLC
  - Value: Third tranche increased from $50M to $75M; fourth tranche decreased from $50M to $25M; minimum cash
  - Effective: 2023-05-01
  source text: On May 1, 2023, Lexicon and one of its subsidiaries entered into a second amendment to its loan and security agreement with Oxford Finance LLC (the “ Second Amendment ”) increasing the amount available for draw at Lexicon’s option under the third tranche from $50 million to $75 million and decreasing the amount available for draw at Lexicon’s option, subject to Oxford’s consent, under the fourth tranche from $50 million to $25 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1062822/000106282223000019/0001062822-23-000019-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.