LXRX
LEXICON PHARMACEUTICALS, INC.
Next earnings Aug 4, 2026 · consensus $-0.05 EPS, $4.08M rev
Last earnings +5.0% on 2026-05-07
$2.32
▼ -12.12%$2.32▲ +144.21%
over 1Y
L $0.87H $2.64
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-12.1%
1W+1.3%
1M+22.8%
3M+45.9%
YTD+103.5%
1Y+144.2%
Avoid
Conviction
Horizon
Medium (3–12mo)
Street · 11 analysts
Buy
Cash-burning single-asset biotech with FDA rejection history, $34M cash against $68M annual burn, and a Phase 3 binary still pending.
Revenue $49.8M · FY2025
Lexicon is effectively a one-drug story riding on sotagliflozin, and the filing language makes the fragility unmistakable. INPEFA generated only $49.8M in FY2025 revenue against $61.1M of R&D and a $67.9M operating cash burn — the commercial launch is not remotely self-funding. The 10-K confirms the company is plowing resources into the SONATA-HCM Phase 3 trial in hypertrophic cardiomyopathy while simultaneously fighting the FDA over ZYNQUISTA in type 1 diabetes, where the agency issued complete response letters in BOTH March 2019 AND December 2024 and a Notice of Opportunity for Hearing is now ongoing. Two CRLs on the same indication is a deeply unfavorable regulatory signal.
The balance sheet is the binding constraint. Cash fell 48.5% to just $34.3M while long-term debt still sits at $49.4M (plus $4.6M current) — net cash is negative. At the FY2025 burn rate, the company has well under a year of runway without dilution, and shares outstanding already grew 17.2% YoY to 424M. The $2.02B accumulated deficit and the company's own performance graph (an investment of $100 at end-2020 is worth $34 at end-2025, vs $120 for the Nasdaq Biotech Index) tell you the market has been right to discount this story for years.
Is LXRX a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~60d expiry
- Long put 2.5 @ ~0.37 est
- Short put 2 @ ~0.12 est
debit $25max +$25max −$25BE 2.25
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $298K | $139K | $1.20M | $31.1M | $49.8M |
| Gross profit | — | — | — | — | — |
| Operating income | -$87.1M | -$101M | -$172M | -$197M | -$48.9M |
| Net income | -$87.8M | -$102M | -$177M | -$200M | -$50.3M |
| Diluted EPS | -$0.60 | -$0.62 | -$0.80 | -$0.63 | -$0.14 |
| Net margin | -29449.0% | -73341.0% | -14710.9% | -644.8% | -101.1% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$1.05B
EV / EBITDA—
EV / Sales21.1
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-4.9%
FCF yield-6.6%
Quality & risk
ROIC (est.)-23.9%
Free cash flow-$67.9M
Total debt$54.0M
Net cash-$19.7M
Altman Z-Score-7.36 distress
Piotroski F-Score3/8
Capital returns
Buyback yield0.2%
Dividend yield (est.)—
Shareholder yield0.2%
Shares Δ YoY+17.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Earnings results2026-05-07
Q1 2026 10-Q; tracks cash runway against SONATA-HCM trial spend.
- 10-Q Quarterly report2026-05-07
Q1 2026 10-Q; tracks cash runway against SONATA-HCM trial spend.
- 8-K Material agreement2026-05-06
New debt + equity issuance under material agreement — dilutive financing to extend runway.
- 8-K Material agreement2026-04-30
Annual meeting votes plus bylaw amendment and small equity issuance disclosed.
- DEF 14A Proxy statement2026-03-16
2026 proxy: director slate, exec comp and auditor ratification.
- 8-K Earnings results2026-03-05
FY25 10-K: INPEFA ramp, SONATA-HCM Phase 3 ongoing, ZYNQUISTA NOOH pending; cash $34M.
- 10-K Annual report2026-03-05
FY25 10-K: INPEFA ramp, SONATA-HCM Phase 3 ongoing, ZYNQUISTA NOOH pending; cash $34M.
- 8-K Material agreement2026-02-02
Preferred-style raise: new pact, equity sale, rights/bylaw changes — heavy dilution risk.
- 8-K Earnings results2026-01-29
Preliminary update / JPM-window business briefing on pipeline and Q4.
Recent filings
all on EDGAR ↗4Period ending 2026-06-032026-06-04open ↗4Period ending 2026-06-032026-06-04open ↗4Period ending 2026-06-032026-06-04open ↗4Period ending 2026-06-032026-06-04open ↗4Period ending 2026-06-032026-06-04open ↗4Period ending 2026-06-032026-06-04open ↗4Period ending 2026-06-032026-06-04open ↗4Period ending 2026-04-302026-05-08open ↗SCHEDULE 13D/AFiling2026-05-08open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-072026-05-07open ↗8-KPeriod ending 2026-05-042026-05-06open ↗
Frequently asked
- Is LEXICON PHARMACEUTICALS, INC. (LXRX) a buy?
- LXRX currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Cash-burning single-asset biotech with FDA rejection history, $34M cash against $68M annual burn, and a Phase 3 binary still pending.
- What is LEXICON PHARMACEUTICALS, INC.'s quality score?
- LXRX scores 50.53029016823584/100 (grade C-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001062822, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/25/2026, 2:26:33 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:26 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.