Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) has reported its financial results for the fourth quarter of 2023, highlighting a pivotal year for the company. The commercial launch of Inpefa® (sotagliflozin) has shown progress with increasing demand across the cardiology community and improved payer access, with the medication being placed on the formularies of multiple important Medicare and commercial plans during the quarter.
The company's Phase 2b study of LX9211 in diabetic peripheral neuropathic pain is currently enrolling patients, with topline data anticipated in the second quarter of 2025. Furthermore, preparations are underway for a Phase 3 study of sotagliflozin in hypertrophic cardiomyopathy, and the resubmission of a New Drug Application (NDA) for sotagliflozin as an adjunct to insulin therapy in patients with type 1 diabetes and chronic kidney disease following recent feedback from the FDA.
In terms of financials, Lexicon reported revenues of $0.7 million for the fourth quarter of 2023, primarily from the commercialization of Inpefa. Research and development expenses increased to $14.8 million from $14.0 million for the corresponding period in 2022, while selling, general, and administrative expenses increased to $32.6 million from $16.3 million in 2022.
The net loss for the fourth quarter of 2023 was $48.2 million, or $0.20 per share, compared to a net loss of $30.5 million, or $0.16 per share, in the corresponding period in 2022. As of December 31, 2023, Lexicon had $170.0 million in cash and investments, compared to $138.4 million as of December 31, 2022.
Lexicon is preparing to hold an investor day on April 22, 2024, in lieu of a year-end earnings conference call, where they will provide a business and regulatory update. The company also plans to participate in upcoming investor conferences, including the Leerink Partners Global Biopharma Conference on March 12, the Needham 23rd Annual Virtual Healthcare Conference on April 8-11, the Piper Sandler Virtual Cardiovascular Day on April 10, and the Piper Sandler Spring Biopharma Symposium on April 16-17.
Lexicon's Inpefa® (sotagliflozin) is an oral inhibitor of two proteins responsible for glucose regulation and has been studied in multiple patient populations encompassing heart failure, diabetes, and chronic kidney disease in clinical studies involving approximately 20,000 patients.
Today the company's shares have moved 13.8% to a price of $2.47. For more information, read the company's full 8-K submission here.
