Lexicon Pharmaceuticals Delivers Strong Q4 2025 Results
Lexicon Pharmaceuticals announced its fourth quarter and full-year 2025 financial results, highlighting revenue growth, reduced losses, and significant clinical progress.3940
Total revenues reached $5.5 million for Q4 2025, including $4.3 million from the Novo Nordisk licensing agreement and $1.1 million in net sales of INPEFA. Full-year revenues totaled $49.8 million.39 The company reported a net loss of $15.5 million, or $0.04 per share, for the quarter, surpassing analyst expectations of -$0.07 per share. Full-year net loss narrowed to $50.3 million, or $0.14 per share.40
Cost Controls Strengthen Balance Sheet
Research and development expenses dropped to $11.3 million in Q4 from $26.7 million the prior year, while selling, general, and administrative costs fell to $8.8 million from $32.3 million. Overall operating expenses declined by $39 million in the quarter and $129.5 million for the year.40 Lexicon ended 2025 with $125.2 million in cash, investments, and restricted cash. Additional inflows in February 2026, including $96.7 million from stock sales and a $10 million milestone from Novo Nordisk, boosted liquidity by over $100 million.39
Pipeline Milestones Drive Momentum
CEO Mike Exton stated, “The fourth quarter of 2025 marked the completion of an incredible year for Lexicon… we have begun 2026 with tremendous momentum and are well-positioned to successfully execute on multiple important catalysts ahead.”39
Sotagliflozin Advances in HCM and T1D
Enrollment in the SONATA-HCM Phase 3 trial for sotagliflozin in hypertrophic cardiomyopathy exceeded 50%, with completion targeted for mid-2026 and topline data in Q1 2027. Chief Medical Officer Craig Granowitz noted the trial’s unique design covering both obstructive and nonobstructive forms.40
For ZYNQUISTA in type 1 diabetes, Lexicon plans NDA resubmission in 2026, supported by STENO-1 study data, pending confirmation of safety metrics like a diabetic ketoacidosis rate of 3.5 cases per 100 patient-years.40
LX9851 and Pilavapadin Progress
LX9851, licensed to Novo Nordisk for obesity, completed IND-enabling studies, triggering a $10 million milestone with potential for $20 million more in 2026. Pilavapadin (LX9211) for diabetic peripheral neuropathic pain received FDA clearance for Phase 3 after a successful End-of-Phase 2 meeting, planning two 12-week trials at 10 mg dose.39
CFO Scott Coiante commented, “Our recent capital raise and milestone payment received from Novo Nordisk resulted in more than $100 million in additional cash in February 2026, which together with our rigorous expense discipline in 2025, provides the financial footing needed to support our pipeline programs.”39
2026 Outlook
Lexicon provided guidance for operating expenses of $100-$110 million, with R&D at $63-$68 million (excluding pilavapadin Phase 3 costs pending partnership) and SG&A at $37-$42 million. Key catalysts include SONATA-HCM enrollment completion, ZYNQUISTA resubmission, and LX9851 milestones.40
The company presented its Q4 2025 results during an earnings conference call on March 5, 2026, accompanied by a detailed slide deck.38
