Lexicon raises $250M via convertible preferred stock; Q4 net loss widens to $48.2M

LEXICON PHARMACEUTICALS, INC.

Gross proceeds of ~$250M from 2.3M Series A Convertible Preferred shares at $108.50 each, convertible into 115.2M common shares upon stockholder approval of charter increase to 450M shares.
Q4 2023 net loss $48.2M ($0.20 loss per share) vs $30.5M loss in Q4 2022; revenue of $0.7M from INPEFA commercialization.
Full-year 2023 net loss $175.6M ($0.79 loss per share) vs $101.9M in 2022; SG&A increased to $114M, driven by INPEFA launch costs.
Cash and investments $170.0M at Dec 31, 2023; private placement expected to close March 13, 2024.
Pipeline: LX9211 Phase 2b PROGRESS study enrolling; Phase 3 prep for sotagliflozin in HCM and NDA resubmission for type 1 diabetes.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

LEXICON PHARMACEUTICALS, INC. reported the three months ended December 31, 2023 results: revenue $0.7 million, net income $48.2 million, EPS $0.20 per share.

Period: the three months ended December 31, 2023
Revenue: $0.7 million
Net income: $48.2 million
EPS: $0.20 per share
Result: reported results

Exact text from the filing

are for the fourth quarter and full year of 2023 compared to the fourth quarter and full year of 2022. Revenues: Revenues for the fourth quarter and full year of 2023 were $0.7 million and $1.2 million, respectively, primarily from the commercialization of INPEFA. Research and Development (R&D) Expenses: Research and development expenses for the fourth quarter

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LEXICON PHARMACEUTICALS, INC. entered into Preferred Stock Purchase Agreement with certain accredited investors valued at approximately $250 million (effective 2024-03-11).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: approximately $250 million
Effective: 2024-03-11

Exact text from the filing

On March 11, 2024, Lexicon Pharmaceuticals, Inc., a Delaware corporation (the “ Company ”), entered into a Preferred Stock Purchase Agreement (the “ Purchase Agreement ”) with certain accredited investors (the “ Purchasers ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LEXICON PHARMACEUTICALS, INC. amended Fifth Amendment with Oxford Finance LLC (effective 2024-03-06).

Action: amendment
Agreement: credit facility
Counterparty: Oxford Finance LLC
Effective: 2024-03-06

Exact text from the filing

On March 6, 2024, the Company and one of its subsidiaries entered into a fifth amendment to its loan and security agreement (the “ Fifth Amendment ”) with Oxford Finance LLC and the lenders listed therein modifying the existing financial covenant relating to net sales of INPEFA ® (sotagliflozin).

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379 earnings releases filed in the last 30 days. Browse all earnings releases →

LEXICON PHARMACEUTICALS, INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-064310

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