Lexicon Pharmaceuticals Reports $200.4 Million Net Loss and $31.1 Million Revenue for Fiscal Year 2024

Lexicon Pharmaceuticals, Inc. reported a net loss of $200.4 million for the fiscal year ending December 31, 2024, compared to a net loss of $177.1 million in 2023. The company's revenues for the year were approximately $31.1 million, primarily driven by a $25 million upfront payment from a licensing agreement with Viatris and $6 million in product sales from its approved drug, INPEFA (sotagliflozin). This marks a significant increase in revenue from the previous year, where the company generated $6 million in product sales but did not report any licensing revenue. The increase in net loss is attributed to higher research and development expenses, which rose 43% to $84.5 million, and selling, general, and administrative expenses, which increased 26% to $143.1 million.

In terms of strategic developments, Lexicon has made notable progress in its drug development pipeline. The company is advancing pilavapadin (LX9211) for neuropathic pain, having completed three Phase 2 clinical trials, and has received Fast Track designation from the FDA for this indication. Additionally, Lexicon is developing LX9851 for obesity and cardiometabolic disorders and is conducting preclinical studies in preparation for an investigational new drug application. The company is also pursuing regulatory approval for ZYNQUISTA (sotagliflozin) as a treatment for type 1 diabetes, although it has faced setbacks, including a complete response letter from the FDA in December 2024.

Operationally, Lexicon's workforce consisted of 103 employees as of February 28, 2025, with a significant portion holding advanced degrees. The company has focused on maintaining a diverse and inclusive work environment, which it considers vital for fostering innovation. The restructuring of its commercial operations for INPEFA in November 2024 has led to a reduction in its commercial field force, which contributed to a severance expense of $11.2 million in late 2024. Despite these changes, Lexicon continues to manufacture and supply INPEFA to patients and healthcare providers.

Looking ahead, Lexicon anticipates that its existing cash and cash equivalents, totaling $238 million as of December 31, 2024, will be sufficient to fund its operations for at least the next 12 months. However, the company acknowledges the need for additional capital to support ongoing research and development efforts, particularly for the Phase 3 development of pilavapadin. Lexicon's future capital requirements will depend on various factors, including the success of its drug candidates, the establishment of new collaborations, and the overall market conditions affecting the biopharmaceutical industry. The company remains focused on advancing its drug development programs while navigating the complexities of regulatory approvals and market competition.