---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-064310"
form_type: "8-K"
ticker: "LXRX"
cik: "0001062822"
company_name: "LEXICON PHARMACEUTICALS, INC."
filed_at: "2024-03-11T23:59:59+00:00"
generated_at: "2026-06-04T23:40:00.680150+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-064310
- form_type: 8-K
- ticker: LXRX
- cik: 0001062822
- company_name: LEXICON PHARMACEUTICALS, INC.
- filed_at: 2024-03-11T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 3.02, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1062822/000119312524064310/0001193125-24-064310-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1062822/000119312524064310/d766707d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-064310
- JSON: https://secwatch.observer/filing/0001193125-24-064310.json
- Plain text: https://secwatch.observer/filing/0001193125-24-064310.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1062822/000119312524064310/0001193125-24-064310-index.htm
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1062822/000119312524064310/0001193125-24-064310-index.htm
- Material Agreements
  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
  source text: 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).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1062822/000119312524064310/0001193125-24-064310-index.htm

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