Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX) has reported its financial results for the fourth quarter of 2025 and provided an update on key corporate milestones and accomplishments.
In terms of revenues, the total revenues for the quarter were $5.5 million, including $4.3 million of licensing revenue from the Novo Nordisk agreement and net sales of inpefa of $1.1 million. For the year ended December 31, 2025, total revenues were $49.8 million, which includes $45 million of licensing revenue from the Novo Nordisk agreement and $4.6 million of net sales of inpefa. This represents a significant increase from the previous year, where the total revenues were $25.6 million.
Research and development (R&D) expenses for the fourth quarter of 2025 decreased to $11.3 million from $26.7 million in 2024, and full-year 2025 R&D expenses decreased to $61.1 million from $84.5 million in 2024. Selling, general and administrative (SG&A) expenses also saw a significant decrease, with SG&A expenses for the fourth quarter of 2025 decreasing to $8.8 million from $32.3 million in 2024, and full-year 2025 SG&A expenses decreasing to $37.3 million from $143.1 million in 2024.
The net loss for the fourth quarter of 2025 was $15.5 million, or $0.04 per share, compared to a net loss of $33.8 million, or $0.09 per share, in the corresponding period in 2024. For the full year 2025, the net loss was $50.3 million, or $0.14 per share, compared to a net loss of $200.4 million, or $0.63 per share, in the corresponding period in 2024. This represents a significant improvement in the company's financial performance compared to the previous year.
As of December 31, 2025, Lexicon had $125.2 million in cash, investments, and restricted cash, compared to $238.0 million in cash and investments as of December 31, 2024. In February 2026, the company received approximately $96.7 million of net proceeds from the sale of common and preferred stock and also received a $10 million milestone payment from Novo Nordisk.
In terms of key pipeline highlights, enrollment continues in Sonata-HCM, a pivotal Phase 3 placebo-controlled study with a targeted enrollment of 500 patients with obstructive or nonobstructive hypertrophic cardiomyopathy (HCM). The study has surpassed 50 percent enrollment, and Lexicon continues to expect enrollment completion in mid-2026, with topline results in the first quarter of 2027.
For Type 1 Diabetes (T1D), Lexicon remains focused on bringing Zynquista to market for glycemic control in adults with T1D. Based on U.S. Food and Drug Administration (FDA) feedback, Lexicon remains on track for potential new drug application (NDA) resubmission and regulatory approval in 2026.
Additionally, the company received a $10 million milestone payment from Novo Nordisk for LX9851, a first-in-class, non-incretin, oral, small molecule inhibitor of acyl-coa synthetase 5 (ACSL5) in development for obesity and weight management.
Lexicon also provided an update on Pilavapadin (LX9211) for diabetic peripheral neuropathic pain (DPNP), with the FDA raising no objections to the advancement of Pilavapadin into Phase 3 development.
As a result of these announcements, the company's shares have moved 7.03% on the market, and are now trading at a price of $1.37. If you want to know more, read the company's complete 8-K report here.
