---
schema_version: "secwatch.filing_event.v1"
accession: "0001062822-23-000028"
form_type: "8-K"
ticker: "LXRX"
cik: "0001062822"
company_name: "LEXICON PHARMACEUTICALS, INC."
filed_at: "2023-06-28T23:59:59+00:00"
generated_at: "2026-06-13T15:19:00.869939+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Lexicon amends Oxford loan, draws $50M; $25M tranche available Dec 2023 with better terms

## Summary
- Amended Oxford loan: $75M draw split; $50M drawn June 28, $25M available Dec 2023.
- Interest rate index switches from 30-day LIBOR to 1-month CME Term SOFR; spread cut from 7.90% to 7.00% for third/fourth tranches.
- On $50M draw, Lexicon issued Oxford a warrant for 183,824 shares at $2.38/share (5-year term).
- Fourth tranche ($25M) available for draw Dec 1-31, 2023; requires FDA approval of sotagliflozin (already acknowledged).
- Minimum cash covenant and unused fee only apply if fourth tranche is drawn or not fully drawn, respectively.

## SEC filing metadata
- accession: 0001062822-23-000028
- form_type: 8-K
- ticker: LXRX
- cik: 0001062822
- company_name: LEXICON PHARMACEUTICALS, INC.
- filed_at: 2023-06-28T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1062822/000106282223000028/0001062822-23-000028-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1062822/000106282223000028/lxrx-20230623.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001062822-23-000028
- JSON: https://secwatch.observer/filing/0001062822-23-000028.json
- Plain text: https://secwatch.observer/filing/0001062822-23-000028.txt

## Key facts
- Debt Financings
  LEXICON PHARMACEUTICALS, INC. incurred credit facility of $50 million with Oxford Finance LLC.
  - Instrument: credit facility
  - Principal: $50 million
  - Counterparty: Oxford Finance LLC
  - Event: incurrence
  source text: On June 28, 2023, Lexicon exercised its option to draw the third $50 million tranche under the Loan Agreement and the third tranche was funded on such date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1062822/000106282223000028/0001062822-23-000028-index.htm
- Material Agreements
  LEXICON PHARMACEUTICALS, INC. amended Third Amendment to Loan and Security Agreement with Oxford Finance LLC valued at $50 million remains available for draw prior to June 30, 2023 and $25 million available between Dece (effective 2023-06-23).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Oxford Finance LLC
  - Value: $50 million remains available for draw prior to June 30, 2023 and $25 million available between Dece
  - Effective: 2023-06-23
  source text: On June 23, 2023, Lexicon and one of its subsidiaries entered into a third amendment (the “ Third Amendment ”) to its loan and security agreement (the “ Loan Agreement ”) with Oxford Finance LLC (“ Oxford ”) bifurcating the third tranche under which $75 million was previously available for draw at Lexicon’s option prior to June 30, 2023. Under the terms of the Third Amendment, $50 million remains available for draw at Lexicon’s option prior to June 30, 2023 under the third tranche and $25 million will be available for draw at Lexicon’s option between December 1 and December 31, 2023 under a new fourth tranche.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1062822/000106282223000028/0001062822-23-000028-index.htm

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