0001062822-26-000117 | 10-Q | XBRL Viewer | Lexicon Pharmaceuticals INC

Equity Incentive Awards - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Stock compensation expense	$ 3,300	$ 3,200		$ 6,400	$ 6,200
Issuance of common stock under Equity Incentive Plans	$ 232		$ 0

- Definition

Value, after forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).

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+ Details

Other Capital Agreements	6 Months Ended
Other Capital Agreements	Jun. 30, 2026
Equity [Abstract]
Other Capital Agreements	Other Capital Agreements 2026 Common and Series B Preferred Stock Issuance. In February 2026, Lexicon sold 34,089,403 shares of its common stock in an underwritten public offering for $1.30 per share resulting in net proceeds of approximately $40.6 million (after deducting underwriting discounts and commissions and other offering expenses). Concurrent with the underwritten public offering, Lexicon sold to certain affiliates of Invus, L.P. in a concurrent private placement (a) 22,400,000 shares of its common stock for $1.30 per share and (b) 408,434.70 shares of its Series B Convertible Preferred Stock for $65.00 per share, which were convertible into 20,421,735 shares of common stock, resulting in aggregate gross proceeds of approximately $55.6 million. In April 2026, following the approval by the Company’s shareholders of the Seventh Amended and Restated Certificate of Incorporation which increased the total authorized shares of common stock from 450,000,000 to 900,000,000 and the filing and acceptance of the Seventh Amended and Restated Certificate of Incorporation by the Secretary of State of Delaware, each share of preferred stock was converted into 50 shares of common stock at par value, or 20,421,735 shares in the aggregate.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 40,924	$ 34,326
Short-term investments	149,686	61,904
Accounts receivable, net	1,643	2,384
Inventory	1,196	281
Prepaid expenses and other current assets	3,128	3,000
Total current assets	196,577	101,895
Property and equipment, net	1,651	1,863
Goodwill	44,543	44,543
Operating lease right-of-use-assets	6,921	7,318
Restricted cash	0	29,000
Other assets	368	368
Total assets	250,060	184,987
Current liabilities:
Accounts payable	2,343	3,083
Accrued liabilities	12,363	13,189
Current portion of long-term debt	0	4,595
Total current liabilities	14,706	20,867
Long-term debt, net	51,437	49,408
Other long-term liabilities	9,392	7,174
Total liabilities	75,535	77,449
Commitments and contingencies (Note 7)
Stockholders’ Equity:
Series A Convertible Preferred Stock 2,304,147 shares issued and none outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 900,000,000 shares authorized at June 30, 2026; 446,870,629 and 365,848,216 shares issued, respectively	447	366
Additional paid-in capital	2,227,526	2,129,912
Accumulated deficit	(2,050,401)	(2,017,583)
Accumulated other comprehensive (loss) income	(204)	30
Treasury stock, at cost, 1,933,747 and 2,381,939 shares, respectively	(2,843)	(5,187)
Total stockholders’ equity	174,525	107,538
Total liabilities and stockholders’ equity	$ 250,060	$ 184,987

Equity Incentive Awards - Summary of Restricted Stock Units Activity (Details) - RSU’s shares in Thousands	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	15,469
Granted (in shares) \| shares	6,738
Vested (in shares) \| shares	(6,284)
Forfeited (in shares) \| shares	(418)
Outstanding at end of period (in shares) \| shares	15,505
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 0.96
Granted (in dollars per share) \| $ / shares	1.38
Vested (in dollars per share) \| $ / shares	1.10
Forfeited (in dollars per share) \| $ / shares	0.89
Outstanding at end of period (in dollars per share) \| $ / shares	$ 1.09

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Lexicon Pharmaceuticals, Inc. (“Lexicon” or the “Company”) include the accounts of Lexicon and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month period ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ended December 31, 2026. For further information, refer to the financial statements and footnotes thereto included in Lexicon’s annual report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Significant Accounting Policies	Significant Accounting Policies. There have been no significant changes to our summary of significant policies discussed in our annual report on Form 10-K for the year ended December 31, 2025.
Recent Accounting Pronouncements Issued But Not Yet Adopted	Recent Accounting Pronouncements Issued But Not Yet Adopted. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses, which is effective prospectively for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. The Company is evaluating the impact of adopting ASU 2024-03.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements

The following tables provide the fair value measurements of applicable Company assets that are measured at fair value on a recurring basis according to the fair value levels defined above. There were no transfers between Level 1 and Level 2 during the periods presented.


	Assets at Fair Value as of June 30, 2026
	Level 1		Level 2		Level 3		Total
	(in thousands)

Cash and cash equivalents	$	40,924	$	—	$	—	$	40,924
Short-term investments	116,825		32,861		—		149,686

Total cash and cash equivalents and short-term investments	$	157,749	$	32,861	$	—	$	190,610


	Assets at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)

Cash and cash equivalents	$	34,326	$	—	$	—	$	34,326
Short-term investments	39,026		22,878		—		61,904
Restricted cash	29,000		—		—		$	29,000
Total cash and cash equivalents, short-term investments and restricted cash	$	102,352	$	22,878	$	—	$	125,230

Cash and Cash Equivalents, Restricted Cash and Investments - Schedule of Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value
Estimated Fair Value	$ 149,686	$ 61,904
Total cash and cash equivalents and short-term investments
Fair Value
Amortized Cost	190,814	125,201
Gross Unrealized Gains	0	30
Gross Unrealized Losses	(204)	(1)
Estimated Fair Value	190,610	125,230
Cash and Restricted Cash
Fair Value
Amortized Cost		63,326
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		63,326
Cash and cash equivalents
Fair Value
Amortized Cost	40,925	34,326
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	0
Estimated Fair Value	40,924	34,326
Restricted Cash
Fair Value
Amortized Cost		29,000
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		29,000
Total short-term investments
Fair Value
Amortized Cost	149,889	61,875
Gross Unrealized Gains	0	30
Gross Unrealized Losses	(203)	(1)
Estimated Fair Value	149,686	61,904
U.S. treasury securities
Fair Value
Amortized Cost	116,967	39,004
Gross Unrealized Gains	0	22
Gross Unrealized Losses	(142)	0
Estimated Fair Value	116,825	39,026
Corporate debt securities
Fair Value
Amortized Cost	32,922	22,871
Gross Unrealized Gains	0	8
Gross Unrealized Losses	(61)	(1)
Estimated Fair Value	$ 32,861	$ 22,878

Debt Obligations	6 Months Ended
Debt Obligations	Jun. 30, 2026
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Hercules Term Loan. In May 2026, the Company and its subsidiaries entered into a loan and security agreement with Hercules Capital, Inc. and certain of its affiliates (“Hercules”) that provides up to $100 million in borrowing capacity (the “Hercules Term Loan”) available in three tranches, each maturing in May 2030. The first $55 million tranche was funded at closing. The second $20 million tranche is available for draw at the Company’s option by no later than June 15, 2028, subject to the achievement of specified performance milestones and certain additional timing restrictions. The third $25 million tranche is available for draw at the Company’s option, subject to Hercules’s consent, at any time prior to the expiration of the interest-only payment period. A final payment (equal to 6.25% of the amount funded under the Hercules Term Loan), is due upon prepayment or maturity of the loan. Additionally, the Company may prepay the Hercules Term Loan in whole or in part at its option at any time. Any prepayment of the Hercules Term Loan is subject to prepayment fees initially equal to 3.0% of the outstanding principal being repaid, subject to a declining scale depending on when prepayment occurs relative to the applicable closing date. Warrants. In connection with the loan and security agreement, the Company agreed to grant Hercules warrants to purchase a number of shares of its common stock equal to 2% of the aggregate principal amount of the Hercules Term Loan made and funded under the loan and security agreement at an exercise price of $1.59 per share. Concurrent with the funding of the first tranche, the Company granted Hercules warrants to purchase 691,823 shares of its common stock. Upon funding of the second and third tranches, the Company will grant Hercules warrants to purchase an additional 251,572 and 314,465 shares of its common stock, respectively. The warrants are exercisable for a five-year period from the date of issuance. The Company used the Black-Scholes model to calculate the fair value of the warrants which are reflected in other long-term liabilities on the consolidated balance sheet and reduced the initial carrying value of long-term debt. The fair value was recorded using assumptions of stock price volatility, the expected life of the warrants and the fair value of the common stock underlying the warrants, among other assumptions and will be remeasured each reporting period with changes in fair value recorded in the condensed consolidated statement of comprehensive loss within interest and other expense. Interest, Principal Payments, and Carrying Value of Debt. Monthly interest-only payments are due during an initial 18-month period, which may be extended to 24 months or 30 months if specified performance milestones are achieved. The interest-only period will be followed by an amortization period extending through the maturity date. The Hercules Term Loan bears interest at a floating rate equal to the prime rate plus 3.10%, but not less than 9.85%. For the quarter ended June 30, 2026, the interest rate of the Hercules Term Loan was 9.85%. Payments of $3.5 million, $21.3 million, $21.3 million and $12.3 million, including debt principal and the final payment noted above, will be during the fiscal years ended December 31, 2027, December 31, 2028, December 31, 2029 and December 31, 2030, respectively. As of June 30, 2026, the carrying value of the Hercules Term Loan in long-term debt on the condensed consolidated balance sheet was $51.4 million primarily reflecting the unamortized balance of debt issuance costs and discounts totaling $3.7 million, which are being amortized into interest and other expense over the life of the loan. Restrictive Provisions/Covenants. The Company’s obligations under the Hercules Term Loan are secured by a first lien security interest in all of the assets of the Company and its subsidiaries. Financial covenants include (a) a minimum cash covenant beginning on June 1, 2027, which will be extended to January 1, 2028 upon achievement of specified performance milestones and waived at any time the Company meets specified market capitalization requirements and (b) a minimum revenue covenant relating to net sales of its products beginning only at specified times after the Company draws the second or third tranche, which will be waived at any time the Company meets specified minimum cash and/or market capitalization requirements. The Company was in compliance with its debt covenants as of June 30, 2026. Oxford Term Loans. Concurrent with its execution of the loan and security agreement with Hercules in May 2026, the Company repaid the remaining $54.3 million (including pro-rata final payment exit fees equal to 7% of the amount funded) under the Oxford Term Loans. In April 2025, December 2025 and February 2026, the Company repaid $45 million, $3 million and $5 million to Oxford, respectively, including pro-rata final payment exit fees equal to 7% of the amount funded under the Oxford Term Loans. In connection with the repayment of the Oxford term loans in May 2026, the Company recorded a loss on early extinguishment of debt of $4.3 million and is no longer subject to the $29 million minimum restricted cash requirement. For additional information on the Company’s long-term debt obligations, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use-assets	$ 6,921		$ 6,921		$ 7,318
Long-term operating lease liability	6,162		6,162		$ 6,600
Operating Lease, expense	$ 500	$ 400	1,000	$ 800
Operating lease, payments			$ 900	$ 700
Weighted-average remaining lease terms	6 years 6 months		6 years 6 months		7 years
Weighted-average discount rates	10.50%		10.50%		10.50%

Collaboration and Strategic Alliances	6 Months Ended
Collaboration and Strategic Alliances	Jun. 30, 2026
Revenue Recognition and Deferred Revenue [Abstract]
Collaboration and Strategic Alliances	Collaborations and Strategic Alliances Novo Nordisk. In March 2025, the Company entered into an exclusive license agreement with Novo Nordisk A/S (“Novo Nordisk”) for the worldwide development, manufacturing and commercialization of LX9851, the Company’s preclinical drug candidate for obesity and associated cardiometabolic disorders. Under the agreement, the Company received an upfront payment of $45 million in April 2025, achieved the first two development milestones totaling $20 million in the first quarter of 2026 and is eligible to receive (a) up to an aggregate of $465 million upon the achievement of additional specified regulatory and commercial launch milestones and (b) up to an aggregate of $475 million upon the achievement of specified sales milestones. The Company is also entitled to tiered, escalating royalties ranging from single-digit to low-double-digit percentages of annual net sales of LX9851, subject to customary royalty reduction provisions. Viatris. In October 2024, the Company entered into an exclusive license agreement with Viatris Inc. (“Viatris”) for the development and commercialization of sotagliflozin in all markets outside of the United States and Europe (the “Licensed Territory”) pursuant to which the Company received an upfront payment of $25 million. Lexicon also entered into a manufacturing and supply agreement with Viatris pursuant to which Lexicon supplies the development and commercial requirements of sotagliflozin of Viatris, and Viatris pays an agreed upon transfer price for such supply. Lexicon is also eligible to receive (a) up to an aggregate of $12 million upon the achievement of specified regulatory milestones, (b) up to an aggregate of $185 million upon the achievement of specified sales milestones and (c) tiered royalties ranging from low double-digit to upper-teens percentages of annual net sales of sotagliflozin in the Licensed Territory. For additional information, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000,000	5,000,000,000
Preferred stock, issued (in shares)	2,712,582	2,304,147
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	900,000,000
Common stock, issued (in shares)	446,870,629	365,848,216
Common stock, outstanding (in shares)	446,870,629	365,848,216
Treasury stock (in shares)	1,933,747	2,381,939

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Royalties and other revenue	$ 12	$ 0	$ 24	$ 0
Total revenues	692	28,866	21,794	30,128
Operating expenses:
Cost of sales	39	33	147	63
Research and development	17,443	15,747	30,199	31,050
Selling, general and administrative, including stock-based compensation of $1,952, $1,575, $3,661, and $3,044 respectively	9,750	9,350	18,984	20,958
Total operating expenses	27,232	25,130	49,330	52,071
(Loss) income from operations	(26,540)	3,736	(27,536)	(21,943)
Interest and other expense	(2,609)	(2,318)	(4,199)	(4,153)
Interest and other income	1,723	1,834	3,266	4,053
Gain (Loss) on Extinguishment of Debt	(4,349)	0	(4,349)	0
Net loss	$ (31,775)	$ 3,252	$ (32,818)	$ (22,043)
Net loss per common share, basic (usd per share)	$ (0.07)	$ 0.01	$ (0.08)	$ (0.06)
Net loss per common share, diluted (usd per share)	$ (0.07)	$ 0.01	$ (0.08)	$ (0.06)
Weighted average common shares outstanding, basic (in shares)	437,653	363,294	419,050	362,687
Weighted average common shares outstanding, diluted (in shares)	437,653	363,570	419,050	362,687
Other comprehensive (loss) income:
Unrealized loss on investments	$ (74)	$ (39)	$ (234)	$ (133)
Comprehensive (loss) income	(31,849)	3,213	(33,052)	(22,176)
Product
Revenues:
Net product and licensing revenue	680	1,322	1,770	2,584
License
Revenues:
Net product and licensing revenue	$ 0	$ 27,544	$ 20,000	$ 27,544

Collaboration and Strategic Alliances (Details) - License - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2025	Oct. 31, 2024	Mar. 31, 2026	Jun. 30, 2026
Novo Nordisk
Statement [Line Items]
Proceeds from collaborators	$ 45
Variable consideration, regulatory milestones				$ 465
Variable consideration, sales milestones				475
Novo Nordisk \| First and Second Novo Nordisk Development Milestones
Statement [Line Items]
Proceeds from collaborators			$ 20
Viatris Inc.
Statement [Line Items]
Proceeds from collaborators		$ 25
Variable consideration, regulatory milestones				12
Variable consideration, sales milestones				$ 185

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Other Capital Agreements (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Apr. 30, 2026	Feb. 28, 2026	Jun. 30, 2026	Mar. 31, 2026
Class of Stock [Line Items]
Common stock, authorized (in shares)	900,000,000		900,000,000	450,000,000
Number of common stock shares issued for each preferred stock share upon conversion (in shares)	50
Conversion of preferred stock to common stock	20,421,735
Private Placement
Class of Stock [Line Items]
Net proceeds from sale of stock		$ 55.6
Common Stock \| Public Offering
Class of Stock [Line Items]
Shares sold (in shares)		34,089,403
Sale of stock, price per share (in dollars per share)		$ 1.30
Net proceeds from sale of stock		$ 40.6
Common Stock \| Private Placement
Class of Stock [Line Items]
Shares sold (in shares)		22,400,000
Sale of stock, price per share (in dollars per share)		$ 1.30
Series B Preferred Stock \| Private Placement
Class of Stock [Line Items]
Shares sold (in shares)		408,434.7
Sale of stock, price per share (in dollars per share)		$ 65.00
Convertible preferred stock, aggregate shares issued upon conversion (in shares)		20,421,735

Equity Incentive Awards - Summary of Stock Option Activity (Details) - Stock Options shares in Thousands	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares) \| shares	20,738
Granted (in shares) \| shares	5,455
Exercised (in shares) \| shares	(209)
Expired (in shares) \| shares	(198)
Forfeited (in shares) \| shares	(305)
Outstanding at end of period (in shares) \| shares	25,481
Exercisable (in shares) \| shares	11,379
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 1.96
Granted (in dollars per share) \| $ / shares	1.41
Exercised (in dollars per share) \| $ / shares	1.41
Expired (in dollars per share) \| $ / shares	8.66
Forfeited (in dollars per share) \| $ / shares	1.63
Outstanding at end of period (in dollars per share) \| $ / shares	1.80
Exercisable (in dollars per share) \| $ / shares	$ 2.59

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Operating Lease Obligations. Operating lease right-of-use assets and associated lease liabilities are recorded in the condensed consolidated balance sheet at the lease commencement date based on the present value of future lease payments to be made over the expected lease term. As the implicit rate is not determinable in its leases, Lexicon uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. Lexicon does not apply this accounting to those leases with terms of twelve months or less.

Lexicon’s operating leases include leases of office space in The Woodlands, Texas and Bridgewater, New Jersey that will expire in January 2031 and January 2034, respectively. As of June 30, 2026 and December 31, 2025, the right-of-use assets for the office space leases of $6.9 million and $7.3 million, respectively, are separately included in operating lease right-of-use-assets in the condensed consolidated balance sheet. Current liabilities relating to the leases are included in accrued liabilities in the condensed consolidated balance sheet (as further described in Note 4) and long-term operating lease liabilities of

$6.2 million and $6.6 million, respectively, as of June 30, 2026 and December 31, 2025 are included in other long-term liabilities in the condensed consolidated balance sheet.

During the three months ended June 30, 2026 and 2025, the Company incurred lease expense of $0.5 million and $0.4 million, respectively. During the six months ended June 30, 2026 and 2025, the Company incurred lease expense of $1.0 million and $0.8 million, respectively. During the six months ended June 30, 2026 and 2025, the Company made cash payments for lease liabilities of $0.9 million and $0.7 million, respectively. As of June 30, 2026 and December 31, 2025, the weighted-average remaining lease terms were 6.5 years and 7.0 years, respectively, with weighted-average discount rates of 10.5% for each year.

The following table reconciles the undiscounted cash flows of the operating lease liability to the recorded lease liability at June 30, 2026:



	(in thousands)
2026	$	795
2027	1,683
2028	1,718
2029	1,753
2030	1,863
Thereafter	2,979
Total undiscounted operating lease liability	10,791
Less: amount of lease payments representing interest	(2,987)
Present value of future lease payments	7,804
Less: short-term operating lease liability	(1,642)
Long-term operating lease liability	$	6,162

Legal Proceedings. Lexicon is from time to time party to claims and legal proceedings that arise in the normal course of its business and that it believes will not have, individually or in the aggregate, a material adverse effect on its results of operations, financial condition or liquidity.

Supplemental Financial Information (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total property and equipment	$ 4,570	$ 4,570
Less: Accumulated depreciation and amortization	(2,919)	(2,707)
Net property and equipment	1,651	1,863
Accrued Liabilities [Abstract]
Accrued research and development services current	4,149	2,932
Employee-related Liabilities, Current	3,896	6,415
Operating Lease, Liability, Current	1,642	1,642
Other Accrued Liabilities, Current	2,676	2,200
Accrued Liabilities, Total	12,363	13,189
Computers and software
Property, Plant, and Equipment [Line Items]
Total property and equipment	$ 2,003	2,003
Computers and software \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Lives	3 years
Computers and software \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Lives	5 years
Furniture and fixtures
Property, Plant, and Equipment [Line Items]
Total property and equipment	$ 389	389
Furniture and fixtures \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Lives	5 years
Furniture and fixtures \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Lives	7 years
Leasehold improvements
Property, Plant, and Equipment [Line Items]
Total property and equipment	$ 2,178	$ 2,178
Leasehold improvements \| Minimum
Property, Plant, and Equipment [Line Items]
Estimated Useful Lives	3 years
Leasehold improvements \| Maximum
Property, Plant, and Equipment [Line Items]
Estimated Useful Lives	7 years

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (32,818)	$ (22,043)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	212	352
Stock-based compensation	6,414	6,238
Amortization of debt-related costs	1,213	803
Loss on early extinguishment of debt	4,349	0
Accretion of marketable securities purchased at a discount	(1,292)	(2,540)
Other non-cash adjustments	(99)	(1,561)
Changes in operating assets and liabilities:
Decrease in accounts receivable, net	741	1,290
(Increase) decrease in inventories	(915)	63
(Increase) decrease in prepaid expenses and other current assets	(128)	806
Decrease in other long-term assets	397	376
Decrease in accounts payable and other liabilities	(1,996)	(10,569)
Net cash used in operating activities	(23,922)	(26,785)
Cash flows from investing activities:
Purchases of investments	(163,221)	(90,943)
Maturities of investments	76,497	147,008
Net cash (used in) provided by investing activities	(86,724)	56,065
Cash flows from financing activities:
Proceeds from issuance of common stock, net of fees	70,777	0
Proceeds from issuance of preferred stock, net of fees	26,548	0
Proceeds from issuance of common stock for equity incentive plans	297	0
Payments for tax withholding on share-based compensation vesting	(2,843)	(572)
Proceeds from debt borrowings	55,000	0
Repayment of debt borrowings	(59,261)	(45,000)
Payment of financing fees	(2,274)	0
Net cash provided by (used in) financing activities	88,244	(45,572)
Net decrease in cash, cash equivalents and restricted cash	(22,402)	(16,292)
Cash, cash equivalents, and restricted cash at beginning of period	63,326	66,656
Cash, cash equivalents, and restricted cash at end of period	40,924	50,364
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 2,606	$ 4,888

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Lexicon Pharmaceuticals, Inc. (“Lexicon” or the “Company”) include the accounts of Lexicon and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. These unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six month period ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ended December 31, 2026. For further information, refer to the financial statements and footnotes thereto included in Lexicon’s annual report on Form 10-K for the year ended December 31, 2025, as filed with the SEC. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant Accounting Policies. There have been no significant changes to our summary of significant policies discussed in our annual report on Form 10-K for the year ended December 31, 2025. Recent Accounting Pronouncements Issued But Not Yet Adopted. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disclosures (Subtopic 220-40) – Disaggregation of Income Statement Expenses, which is effective prospectively for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. The Company is evaluating the impact of adopting ASU 2024-03.

Cash and Cash Equivalents, Restricted Cash and Investments (Tables)

6 Months Ended

Jun. 30, 2026

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Schedule of Cash, Cash Equivalents and Short-term Investments

The fair value of cash and cash equivalents, restricted cash and investments held are as follows:


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	40,925	$	—	$	(1)	$	40,924


Securities maturing within one year:
U.S. treasury securities	116,967		—		(142)		116,825
Corporate debt securities	32,922		—		(61)		32,861
Total short-term investments	$	149,889	$	—	$	(203)	$	149,686
Total cash and cash equivalents and short-term investments	$	190,814	$	—	$	(204)	$	190,610

	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
			(in thousands)
Cash and cash equivalents	$	34,326	$	—	$	—	$	34,326
Restricted cash	29,000		—		—		29,000
Total cash and cash equivalents and restricted cash	$	63,326	$	—	$	—	$	63,326
Securities maturing within one year:
U.S. treasury securities	39,004		22		—		39,026
Corporate debt securities	22,871		8		(1)		22,878
Total short-term investments	$	61,875	$	30	$	(1)	$	61,904
Total cash and cash equivalents, restricted cash and short-term investments	$	125,201	$	30	$	(1)	$	125,230

Segment Information

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Information

Lexicon operates as a single reportable segment, primarily focusing on the discovery, development and commercialization of pharmaceutical products for the treatment of human disease. Substantially all of the Company’s revenues have been derived from drug discovery alliances, target validation collaborations for the development and, in some cases, analysis of the physiological effects of genes altered in knockout mice, technology licenses, subscriptions to its databases, product sales, government grants and contracts and compound library sales, as well as from commercial sales of its approved drug product.

The chief operating decision maker (“CODM”) is the Company’s chief executive officer (“CEO”). The CEO manages and allocates resources on a total company basis by assessing the overall level of resources available and how to best deploy these resources across research and development projects in line with the Company’s long-term company-wide strategic goals.

The CEO evaluates single-segment consolidated financial information against budget for purposes of making operating decisions, planning and forecasting for future periods, and deciding the level of investment in the Company’s various operating activities and other capital allocation activities. The CODM assesses financial performance based on consolidated net loss (as reported on the consolidated statement of comprehensive loss). The CEO also uses consolidated cash and cash equivalents and short-term investments (which can be found on our Consolidated Balance Sheets) as a measure of segment assets for allocating resources.

Summary of segment net (loss) income, including segment expenses were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Revenues:
Net product revenue	$	680	$	1,322	$	1,770	$	2,584
Licensing and milestone revenue	—		27,544		20,000		27,544
Royalties and other revenue	12		—		24		—
Total revenues	692		28,866		21,794		30,128
Operating expenses:
Cost of sales	39		33		147		63
Research and development	16,059		14,127		27,446		27,736
Sales and marketing	834		1,233		1,915		3,908
General and administrative	6,964		6,466		13,408		14,292
Other segment expense (1)	3,336		3,271		6,414		6,072
Total operating expenses	27,232		25,130		49,330		52,071
(Loss) income from operations	(26,540)		3,736		(27,536)		(21,943)
Interest and other expense	(2,609)		(2,318)		(4,199)		(4,153)
Interest and other income	1,723		1,834		3,266		4,053
Loss on early extinguishment of debt	(4,349)		—		(4,349)		—
Net (loss) income	$	(31,775)	$	3,252	$	(32,818)	$	(22,043)

(1) For the three and six months ended June 30, 2026, other segment expense includes stock compensation of (i) $1.4 million and $2.8 million, respectively, related to research and development personnel and (ii) $2.0 million and $3.7 million, respectively, related to general and administrative personnel. For the three and six months ended June 30, 2025, other segment expense primarily includes, among other items, stock compensation of (i) $1.6 million and $3.2 million, respectively, related to research and development personnel, (ii) $0.01 million and $0.05 million, respectively, related to sales and marketing personnel and (iii) $1.6 million and $3.0 million, respectively, related to general and administrative personnel.

- Definition

The entire disclosure for segment reporting.

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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 03, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	000-30111
Entity Registrant Name	Lexicon Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0474169
Entity Address, Address Line One	2445 Technology Forest Blvd.
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	281
Local Phone Number	863-3000
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	LXRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		444,955,934
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001062822

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement [Line Items]
Stock-based compensation			$ 6,414	$ 6,238
541714 Research and Development in Biotechnology (except Nanobiotechnology)
Statement [Line Items]
Stock-based compensation	$ 1,384	$ 1,620	2,753	3,194
Selling, General and Administrative Expenses
Statement [Line Items]
Stock-based compensation	$ 1,952	$ 1,575	$ 3,661	$ 3,044

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting [Abstract]
Number of Reportable Segments	1

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Common Stock	Common Stock Common Stock	Preferred Stock	Preferred Stock Preferred Stock	Additional Paid-In Capital	Additional Paid-In Capital Preferred Stock	Additional Paid-In Capital Common Stock	Additional Paid-In Capital Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)	Treasury Stock	Treasury Stock Treasury Stock
Common stock beginning balance (in shares) at Dec. 31, 2024					363,020,000
Beginning balance at Dec. 31, 2024	$ 145,950				$ 363		$ 0		$ 2,117,325				$ (1,967,242)	$ 119	$ (4,615)
Preferred stock beginning balance (in shares) at Dec. 31, 2024							0
Statement [Line Items]
Stock-based compensation expense	3,043								3,043
Issuance of common stock under Equity Incentive Plans (in shares)					2,540,000
Issuance of common stock under Equity Incentive Plans	0				$ 3				(3)
Payments for tax withholding on share-based compensation vesting	(572)														(572)
Net income (loss)	(25,295)												(25,295)
Unrealized loss on investments	(94)													(94)
Common stock ending balance (in shares) at Mar. 31, 2025					365,560,000
Ending balance at Mar. 31, 2025	123,032				$ 366		$ 0		2,120,365				(1,992,537)	25	(5,187)
Preferred stock ending balance (in shares) at Mar. 31, 2025							0
Common stock beginning balance (in shares) at Dec. 31, 2024					363,020,000
Beginning balance at Dec. 31, 2024	145,950				$ 363		$ 0		2,117,325				(1,967,242)	119	(4,615)
Preferred stock beginning balance (in shares) at Dec. 31, 2024							0
Statement [Line Items]
Net income (loss)	(22,043)
Unrealized loss on investments	(133)
Common stock ending balance (in shares) at Jun. 30, 2025					365,781,000
Ending balance at Jun. 30, 2025	129,440				$ 366		$ 0		2,123,560				(1,989,285)	(14)	(5,187)
Preferred stock ending balance (in shares) at Jun. 30, 2025							0
Common stock beginning balance (in shares) at Mar. 31, 2025					365,560,000
Beginning balance at Mar. 31, 2025	123,032				$ 366		$ 0		2,120,365				(1,992,537)	25	(5,187)
Preferred stock beginning balance (in shares) at Mar. 31, 2025							0
Statement [Line Items]
Stock-based compensation expense	3,195								3,195
Issuance of common stock under Equity Incentive Plans (in shares)					221,000
Net income (loss)	3,252												3,252
Unrealized loss on investments	(39)													(39)
Common stock ending balance (in shares) at Jun. 30, 2025					365,781,000
Ending balance at Jun. 30, 2025	$ 129,440				$ 366		$ 0		2,123,560				(1,989,285)	(14)	(5,187)
Preferred stock ending balance (in shares) at Jun. 30, 2025							0
Common stock beginning balance (in shares) at Dec. 31, 2025	365,848,216				365,848,000
Beginning balance at Dec. 31, 2025	$ 107,538				$ 366		$ 0		2,129,912				(2,017,583)	30	(5,187)
Preferred stock beginning balance (in shares) at Dec. 31, 2025	2,304,147						0
Statement [Line Items]
Stock-based compensation expense	$ 3,078								3,078
Issuance of preferred stock, net of fees (in shares)						56,489,000		408,000
Issuance of preferred stock, net of fees		$ 26,548	$ 69,673			$ 57		$ 4		$ 26,544	$ 69,616
Issuance of common stock under Equity Incentive Plans (in shares)						3,371,000
Issuance of common stock under Equity Incentive Plans			$ 65	$ 0		$ 3					62	$ (5,187)				$ 5,187
Payments for tax withholding on share-based compensation vesting	(2,843)														(2,843)
Net income (loss)	(1,043)												(1,043)
Unrealized loss on investments	(160)													(160)
Common stock ending balance (in shares) at Mar. 31, 2026					425,708,000
Ending balance at Mar. 31, 2026	$ 202,856				$ 426		$ 4		2,224,025				(2,018,626)	(130)	(2,843)
Preferred stock ending balance (in shares) at Mar. 31, 2026							408,000
Common stock beginning balance (in shares) at Dec. 31, 2025	365,848,216				365,848,000
Beginning balance at Dec. 31, 2025	$ 107,538				$ 366		$ 0		2,129,912				(2,017,583)	30	(5,187)
Preferred stock beginning balance (in shares) at Dec. 31, 2025	2,304,147						0
Statement [Line Items]
Issuance of common stock under Equity Incentive Plans																$ 5,200
Net income (loss)	$ (32,818)
Unrealized loss on investments	$ (234)
Common stock ending balance (in shares) at Jun. 30, 2026	446,870,629				446,871,000
Ending balance at Jun. 30, 2026	$ 174,525				$ 447		$ 0		2,227,526				(2,050,401)	(204)	(2,843)
Preferred stock ending balance (in shares) at Jun. 30, 2026	2,712,582						0
Common stock beginning balance (in shares) at Mar. 31, 2026					425,708,000
Beginning balance at Mar. 31, 2026	$ 202,856				$ 426		$ 4		2,224,025				(2,018,626)	(130)	(2,843)
Preferred stock beginning balance (in shares) at Mar. 31, 2026							408,000
Statement [Line Items]
Stock-based compensation expense	3,336								3,336
Issuance of preferred stock, net of fees	(50)										$ (50)
Issuance of common stock under Equity Incentive Plans (in shares)					741,000
Issuance of common stock under Equity Incentive Plans	232				$ 1				231
Net income (loss)	(31,775)												(31,775)
Unrealized loss on investments	$ (74)													(74)
Common stock ending balance (in shares) at Jun. 30, 2026	446,870,629				446,871,000
Ending balance at Jun. 30, 2026	$ 174,525				$ 447		$ 0		2,227,526				$ (2,050,401)	$ (204)	$ (2,843)
Preferred stock ending balance (in shares) at Jun. 30, 2026	2,712,582						0
Statement [Line Items]
Conversion of preferred stock to common stock					20,422,000		(408,000)
Conversion of preferred stock to common stock	$ 0				$ 20		$ (4)		$ (16)

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Lessee, Operating Lease, Liability, to be Paid, Maturity

The following table reconciles the undiscounted cash flows of the operating lease liability to the recorded lease liability at June 30, 2026:



	(in thousands)
2026	$	795
2027	1,683
2028	1,718
2029	1,753
2030	1,863
Thereafter	2,979
Total undiscounted operating lease liability	10,791
Less: amount of lease payments representing interest	(2,987)
Present value of future lease payments	7,804
Less: short-term operating lease liability	(1,642)
Long-term operating lease liability	$	6,162

Supplemental Financial Information - Narrative (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
Accrued Liabilities [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	10.6	9.8	0.1

Supplemental Financial Information

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Supplemental Financial Information

Property and Equipment.


	Estimated Useful Lives	As of June 30,		As of December 31,
	In Years	2026		2025
		(in thousands)

Computers and software	3-5	$	2,003	$	2,003
Furniture and fixtures	5-7	389		389
Leasehold improvements	3-7	2,178		2,178
Total property and equipment		4,570		4,570
Less: Accumulated depreciation and amortization		(2,919)		(2,707)
Net property and equipment		$	1,651	$	1,863

Accrued Liabilities.


	As of June 30,		As of December 31,
	2026		2025
	(in thousands)

Accrued research and development services	$	4,149	$	2,932
Accrued compensation and benefits	3,896		6,415
Short-term lease liability	1,642		1,642
Other	2,676		2,200
Total accrued liabilities	$	12,363	$	13,189

Net Income (Loss) Per Share. Net income (loss) per common share is computed using the weighted average number of shares of common stock outstanding. Potentially dilutive shares associated with warrants, stock options and restricted stock units totaling 10.6 million and 9.8 million for the three and six months ended June 30, 2026, and totaling 0.1 million for the six months ended June 30, 2025, and our convertible preferred shares further described in Note 9 were not included in the computation of diluted earnings per share because they are antidilutive due to the Company’s net loss in the periods presented.

Equity Incentive Awards (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following weighted-average assumptions were used for stock options granted in the six months ended June 30, 2026 and 2025:


	Expected Volatility		Risk-free Interest Rate		Expected Term	Dividend Rate
Six Months Ended June 30, 2026
Employees	106	%	4.0	%	4	—	%
Officers and non-employee directors	104	%	3.8	%	6	—	%
Six Months Ended June 30, 2025
Employees	105	%	3.9	%	4	—	%
Officers and non-employee directors	115	%	4.3	%	6	—	%

Share-based Payment Arrangement, Option, Activity

The following is a summary of stock option activity under Lexicon’s stock-based compensation plans:


	Stock Options	Weighted Average Exercise Price
	(in thousands)
Outstanding at December 31, 2025	20,738	$	1.96
Granted	5,455	1.41
Exercised	(209)	1.41
Expired	(198)	8.66
Forfeited	(305)	1.63
Outstanding at June 30, 2026	25,481	1.80
Exercisable at June 30, 2026	11,379	$	2.59

Schedule of Nonvested Restricted Stock Units Activity

The following is a summary of restricted stock unit activity under Lexicon’s stock-based compensation plans:


	RSU’s	Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2025	15,469	$	0.96
Granted	6,738	1.38
Vested	(6,284)	1.10
Forfeited	(418)	0.89
Outstanding at June 30, 2026	15,505	$	1.09

Equity Incentive Awards - Summary of Weighted-Average Stock Options Assumptions (Details) - Stock Options	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility	106.00%	105.00%
Risk-free Interest Rate	4.00%	3.90%
Expected Term	4 years	4 years
Dividend Rate	0.00%	0.00%
Officers and non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility	104.00%	115.00%
Risk-free Interest Rate	3.80%	4.30%
Expected Term	6 years	6 years
Dividend Rate	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Cash and Cash Equivalents, Restricted Cash and Investments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Investments in an unrealized loss position, fair value	$ 153.7		$ 2.5
Realized gains (losses)	$ 0.1	$ 0.0

Cash and Cash Equivalents, Restricted Cash and Investments

6 Months Ended

Jun. 30, 2026

Cash, Cash Equivalents, and Short-Term Investments [Abstract]

Cash and Cash Equivalents, Restricted Cash and Investments

The fair value of cash and cash equivalents, restricted cash and investments held are as follows:


	As of June 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	40,925	$	—	$	(1)	$	40,924


Securities maturing within one year:
U.S. treasury securities	116,967		—		(142)		116,825
Corporate debt securities	32,922		—		(61)		32,861
Total short-term investments	$	149,889	$	—	$	(203)	$	149,686
Total cash and cash equivalents and short-term investments	$	190,814	$	—	$	(204)	$	190,610

	As of December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
			(in thousands)
Cash and cash equivalents	$	34,326	$	—	$	—	$	34,326
Restricted cash	29,000		—		—		29,000
Total cash and cash equivalents and restricted cash	$	63,326	$	—	$	—	$	63,326
Securities maturing within one year:
U.S. treasury securities	39,004		22		—		39,026
Corporate debt securities	22,871		8		(1)		22,878
Total short-term investments	$	61,875	$	30	$	(1)	$	61,904
Total cash and cash equivalents, restricted cash and short-term investments	$	125,201	$	30	$	(1)	$	125,230

As of June 30, 2026 and December 31, 2025, Lexicon’s investments in an unrealized loss position had an estimated fair value of $153.7 million and $2.5 million, respectively. During the six month period ended June 30, 2026, there were less than $0.1 million in realized gains and no realized losses. There were no realized gains or losses during the six month period ended June 30, 2025.

Commitments and Contingencies - Table (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
2026	$ 795
2027	1,683
2028	1,718
2029	1,753
2030	1,863
Thereafter	2,979
Total undiscounted operating lease liability	10,791
Less: amount of lease payments representing interest	(2,987)
Present value of future lease payments	7,804
Less: short-term operating lease liability	(1,642)	$ (1,642)
Long-term operating lease liability	$ 6,162	$ 6,600

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. The following levels are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities:

•Level 1 - quoted prices in active markets for identical assets, which include U.S. treasury securities

•Level 2 - other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.), which includes corporate debt securities

•Level 3 - significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the credit risk associated with investing in those securities. The following tables provide the fair value measurements of applicable Company assets that are measured at fair value on a recurring basis according to the fair value levels defined above. There were no transfers between Level 1 and Level 2 during the periods presented.


	Assets at Fair Value as of June 30, 2026
	Level 1		Level 2		Level 3		Total
	(in thousands)

Cash and cash equivalents	$	40,924	$	—	$	—	$	40,924
Short-term investments	116,825		32,861		—		149,686

Total cash and cash equivalents and short-term investments	$	157,749	$	32,861	$	—	$	190,610


	Assets at Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)

Cash and cash equivalents	$	34,326	$	—	$	—	$	34,326
Short-term investments	39,026		22,878		—		61,904
Restricted cash	29,000		—		—		$	29,000
Total cash and cash equivalents, short-term investments and restricted cash	$	102,352	$	22,878	$	—	$	125,230

The carrying amount of prepaid expenses and other assets, accounts payable, and accrued expenses are generally considered to be representative of their respective fair values because of the short-term nature of those instruments. The fair value of the Hercules Term Loan is determined under Level 2 in the fair value hierarchy and approximates carrying value as the loan bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics. See Note 6, Debt Obligations for a further discussion of our debt and related instruments.

Debt Obligations (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2026	Feb. 28, 2026	Dec. 31, 2025	Apr. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2030	Dec. 31, 2029	Dec. 31, 2028	Dec. 31, 2027
Line of Credit Facility [Line Items]
Class of warrant or right, threshold percentage of common stock shares							2.00%
Exercise price of warrants (in dollars per share)					$ 1.59		$ 1.59
Warrants exercisable term					5 years		5 years
Repayment of debt borrowings							$ 59,261	$ 45,000
Long-term debt, net			$ 49,408		$ 51,437		51,437
Gain (Loss) on Extinguishment of Debt					$ (4,349)	$ 0	$ (4,349)	$ 0
Debt, Tranche One
Line of Credit Facility [Line Items]
Number of shares of common stock called by warrants	691,823
Debt, Tranche Two
Line of Credit Facility [Line Items]
Number of shares of common stock called by warrants					251,572		251,572
Debt, Tranche Three
Line of Credit Facility [Line Items]
Number of shares of common stock called by warrants					314,465		314,465
Term Loan \| Hercules Capital, Inc. Term Loans \| Line of Credit
Line of Credit Facility [Line Items]
Term loan borrowing capacity	$ 100,000
Exit fee percentage							6.25%
Prepayment fee percentage							3.00%
Interest rate-only period							18 months
Interest rate-only period, renewal term one							24 months
Interest rate-only period, renewal term two							30 months
Basis spread on variable rate							3.10%
Variable interest rate, floor					9.85%		9.85%
Subordinated Borrowing, Interest Rate							9.85%
Long-term debt, net					$ 51,400		$ 51,400
Unamortized discount on debt					3,700		3,700
Term Loan \| Hercules Capital, Inc. Term Loans \| Line of Credit \| Forecast
Line of Credit Facility [Line Items]
Repayment of debt borrowings									$ 12,300	$ 21,300	$ 21,300	$ 3,500
Term Loan \| Hercules Capital, Inc. Term Loans \| Line of Credit \| Debt, Tranche One
Line of Credit Facility [Line Items]
Term loan funded	$ 55,000
Term Loan \| Hercules Capital, Inc. Term Loans \| Line of Credit \| Debt, Tranche Two
Line of Credit Facility [Line Items]
Term loan funded					20,000		20,000
Term Loan \| Hercules Capital, Inc. Term Loans \| Line of Credit \| Debt, Tranche Three
Line of Credit Facility [Line Items]
Term loan funded					$ 25,000		$ 25,000
Term Loan \| Oxford Finance LLC Term Loans \| Line of Credit
Line of Credit Facility [Line Items]
Exit fee percentage	7.00%
Repayment of debt borrowings	$ 54,300	$ 5,000	$ 3,000	$ 45,000
Minimum required cash and investments balance	$ 29,000

Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

Summary of segment net (loss) income, including segment expenses were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)				(in thousands)
Revenues:
Net product revenue	$	680	$	1,322	$	1,770	$	2,584
Licensing and milestone revenue	—		27,544		20,000		27,544
Royalties and other revenue	12		—		24		—
Total revenues	692		28,866		21,794		30,128
Operating expenses:
Cost of sales	39		33		147		63
Research and development	16,059		14,127		27,446		27,736
Sales and marketing	834		1,233		1,915		3,908
General and administrative	6,964		6,466		13,408		14,292
Other segment expense (1)	3,336		3,271		6,414		6,072
Total operating expenses	27,232		25,130		49,330		52,071
(Loss) income from operations	(26,540)		3,736		(27,536)		(21,943)
Interest and other expense	(2,609)		(2,318)		(4,199)		(4,153)
Interest and other income	1,723		1,834		3,266		4,053
Loss on early extinguishment of debt	(4,349)		—		(4,349)		—
Net (loss) income	$	(31,775)	$	3,252	$	(32,818)	$	(22,043)

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Segment Information - Table (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Royalties and other revenue	$ 12		$ 0		$ 24	$ 0
Total revenues	692		28,866		21,794	30,128
Cost of sales	39		33		147	63
Research and development	17,443		15,747		30,199	31,050
Total operating expenses	27,232		25,130		49,330	52,071
(Loss) income from operations	(26,540)		3,736		(27,536)	(21,943)
Interest and other expense	(2,609)		(2,318)		(4,199)	(4,153)
Interest and other income	1,723		1,834		3,266	4,053
Net loss	(31,775)	$ (1,043)	3,252	$ (25,295)	(32,818)	(22,043)
Stock compensation expense	3,300		3,200		6,400	6,200
Gain (Loss) on Extinguishment of Debt	(4,349)		0		(4,349)	0
Product
Segment Reporting [Line Items]
Net product and licensing revenue	680		1,322		1,770	2,584
License
Segment Reporting [Line Items]
Net product and licensing revenue	0		27,544		20,000	27,544
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Segment Reporting [Line Items]
Stock compensation expense	2,000		1,600		3,700	3,000
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Segment Reporting [Line Items]
Stock compensation expense	1,400		1,600		2,800	3,200
Location, Statement of Income, Balance [Axis]: us-gaap:SellingAndMarketingExpense
Segment Reporting [Line Items]
Stock compensation expense			10			50
Reportable Segment [Member]
Segment Reporting [Line Items]
Royalties and other revenue	12		0		24	0
Total revenues	692		28,866		21,794	30,128
Cost of sales	39		33		147	63
Research and development	16,059		14,127		27,446	27,736
Sales and marketing	834		1,233		1,915	3,908
General and administrative	6,964		6,466		13,408	14,292
Other segment expense	3,336		3,271		6,414	6,072
Total operating expenses	27,232		25,130		49,330	52,071
(Loss) income from operations	(26,540)		3,736		(27,536)	(21,943)
Interest and other expense	(2,609)		(2,318)		(4,199)	(4,153)
Interest and other income	1,723		1,834		3,266	4,053
Net loss	(31,775)		3,252		(32,818)	(22,043)
Gain (Loss) on Extinguishment of Debt	(4,349)		0		(4,349)	0
Reportable Segment [Member] \| Product
Segment Reporting [Line Items]
Net product and licensing revenue	680		1,322		1,770	2,584
Reportable Segment [Member] \| License
Segment Reporting [Line Items]
Net product and licensing revenue	$ 0		$ 27,544		$ 20,000	$ 27,544

Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Property, Plant, and Equipment

Property and Equipment.


	Estimated Useful Lives	As of June 30,		As of December 31,
	In Years	2026		2025
		(in thousands)

Computers and software	3-5	$	2,003	$	2,003
Furniture and fixtures	5-7	389		389
Leasehold improvements	3-7	2,178		2,178
Total property and equipment		4,570		4,570
Less: Accumulated depreciation and amortization		(2,919)		(2,707)
Net property and equipment		$	1,651	$	1,863

Schedule of Accrued Liabilities

Accrued Liabilities.


	As of June 30,		As of December 31,
	2026		2025
	(in thousands)

Accrued research and development services	$	4,149	$	2,932
Accrued compensation and benefits	3,896		6,415
Short-term lease liability	1,642		1,642
Other	2,676		2,200
Total accrued liabilities	$	12,363	$	13,189

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value
Cash and cash equivalents	$ 40,924	$ 34,326
Short-term investments	149,686	61,904
Restricted cash		29,000
Total cash and cash equivalents and short-term investments	190,610	125,230
Level 1
Fair Value
Cash and cash equivalents	40,924	34,326
Short-term investments	116,825	39,026
Restricted cash		29,000
Total cash and cash equivalents and short-term investments	157,749	102,352
Level 2
Fair Value
Cash and cash equivalents	0	0
Short-term investments	32,861	22,878
Restricted cash		0
Total cash and cash equivalents and short-term investments	32,861	22,878
Level 3
Fair Value
Cash and cash equivalents	0	0
Short-term investments	0	0
Restricted cash		0
Total cash and cash equivalents and short-term investments	$ 0	$ 0

Equity Incentive Awards

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Equity Incentive Awards

Stock-Based Compensation. The Company has stockholder-approved equity incentive plans that permit the grant of stock options, restricted stock units, and other stock-based awards to employees, directors, and consultants of the Company. Compensation expense related to stock options and restricted stock units (“RSUs”) is determined based on the fair value of the award on the date of the grant and is recognized on a straight-line basis over the vesting period in which an employee is required to provide service. Compensation expense for the three months ended June 30, 2026 and 2025 of $3.3 million and $3.2 million, respectively, and for the six months ended June 30, 2026 and 2025 of $6.4 million and $6.2 million, respectively, is recorded separately in research and development expense and selling, general, and administrative expense as noted on the Company’s condensed consolidated statements of comprehensive loss.

The fair value of stock options is estimated at the date of grant using the Black-Scholes method requiring the input of subjective assumptions. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. For purposes of determining the fair value of stock options, the Company segregates its options into two homogeneous groups, based on exercise and post-vesting employment termination behaviors, resulting in different assumptions used for expected option lives. Historical data is used to estimate the expected option life for each group. Expected volatility is based on the historical volatility in the Company’s stock price. The following weighted-average assumptions were used for stock options granted in the six months ended June 30, 2026 and 2025:


	Expected Volatility		Risk-free Interest Rate		Expected Term	Dividend Rate
Six Months Ended June 30, 2026
Employees	106	%	4.0	%	4	—	%
Officers and non-employee directors	104	%	3.8	%	6	—	%
Six Months Ended June 30, 2025
Employees	105	%	3.9	%	4	—	%
Officers and non-employee directors	115	%	4.3	%	6	—	%

The following is a summary of stock option activity under Lexicon’s stock-based compensation plans:


	Stock Options	Weighted Average Exercise Price
	(in thousands)
Outstanding at December 31, 2025	20,738	$	1.96
Granted	5,455	1.41
Exercised	(209)	1.41
Expired	(198)	8.66
Forfeited	(305)	1.63
Outstanding at June 30, 2026	25,481	1.80
Exercisable at June 30, 2026	11,379	$	2.59

The following is a summary of restricted stock unit activity under Lexicon’s stock-based compensation plans:


	RSU’s	Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2025	15,469	$	0.96
Granted	6,738	1.38
Vested	(6,284)	1.10
Forfeited	(418)	0.89
Outstanding at June 30, 2026	15,505	$	1.09

During the six months ended June 30, 2026, the Company issued treasury shares totaling $5.2 million in lieu of issuing additional authorized common shares in order to satisfy the annual vesting of restricted stock units for its employees and officers.