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Lexicon Pharmaceuticals Inc. (LXRX-1.24%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $31.1 million, primarily from an upfront payment of $25 million under a license agreement with Viatris and $6 million from net product sales of INPEFA.
Research and development expenses increased to $84.5 million from $58.9 million in the previous year, reflecting higher clinical external research expenses and consulting fees.
Selling, general, and administrative expenses rose to $143.1 million from $114 million, due to higher marketing expenses and severance costs related to a reduction in the commercial field force.
The company reported a net loss of $200.4 million for the year, compared to a net loss of $177.1 million in the previous year.
Lexicon's cash, cash equivalents, and short-term investments totaled $238 million as of December 31, 2024, up from $170 million at the end of 2023.
The company entered into an exclusive license agreement with Viatris for the development and commercialization of sotagliflozin outside the United States and Europe, receiving a $25 million upfront payment.
Lexicon continues to focus on the development of its drug candidates, including pilavapadin for neuropathic pain and LX9851 for obesity, while commercializing INPEFA in the United States.
The company is subject to various risks, including the need for additional capital, competition from other pharmaceutical companies, and regulatory challenges.
Lexicon's management assessed the effectiveness of its internal control over financial reporting as of December 31, 2024, concluding that it was effective.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lexicon Pharmaceuticals Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.