Lexicon Pharmaceuticals Inc

LXRX

Healthcare|Biotechnology|USA

$2.23

-0.03 (-1.33%)

Tangible Book

$0.37

Financials

Financial Snapshot

Market Cap

$990.6M

Enterprise Value

$112.9M

Revenue (TTM)

$69.6M

Net Income (TTM)

$-26.1M

Cash & Equivalents

—

Net Cash/Share

$0.25

Free Cash Flow (TTM)

$-38.8M

Operating CF (TTM)

$-38.8M

Debt/Equity

0.28

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$9.7M

Monthly Burn

$3.2M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$346.5M	$310.8M	$160.1M	$271.7M	$152.3M	$86.7M	$138.4M	$170.0M	$238.0M	$96.2M	$170.7M
Operating Cash Flow	$-175.6M	$-185.4M	$-148.6M	$113.8M	$-143.0M	$-87.0M	$-88.9M	$-161.9M	$-178.8M	$-67.9M	$-38.8M
Free Cash Flow	$-175.9M	$-185.6M	$-148.7M	$113.7M	$-143.1M	$-88.2M	$-90.2M	$-162.4M	$-179.8M	$-67.9M	$-38.8M
Capital Expenditure	$-231.0K	$-228.0K	$-95.0K	$-70.0K	$-87.0K	$-1.2M	$-1.3M	$-470.0K	$-1.0M	$0.00	$0.00
Financing Cash Flow	$987.0K	$149.9M	$-2.2M	$-2.2M	$-147.6M	$22.7M	$142.2M	$188.0M	$238.3M	$-48.5M	$40.8M

R&D Spending

R&D (TTM)

$58.6M

R&D Intensity

84.1%

R&D Growth YoY

-4.2%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$79.3M	$91.7M	$63.2M	$322.1M	$24.0M	$298.0K	$139.0K	$1.2M	$31.1M	$49.8M	$69.6M
R&D Expense	$164.0M	$152.2M	$100.2M	$91.9M	$153.6M	$55.0M	$52.8M	$58.9M	$84.5M	$61.1M	$58.6M
R&D % of Revenue	206.9%	166.0%	158.6%	28.5%	640.2%	18471.8%	37997.1%	4890.9%	271.8%	122.7%	84.1%
SG&A	$43.2M	$66.1M	$63.8M	$56.8M	$47.2M	$32.3M	$48.1M	$114.0M	$143.1M	$37.3M	$34.9M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$79.3M	$91.7M	$63.2M	$322.1M	$24.0M	$298.0K	$139.0K	$1.2M	$31.1M	$49.8M	$69.6M
Cost of Goods Sold	$0.00	$1.9M	$2.5M	$3.2M	$1.9M	$0.00	$0.00	$85.0K	$616.0K	$274.0K	$352.0K
Gross Profit	$79.3M	$89.8M	$60.7M	$318.8M	$22.1M	$298.0K	$139.0K	$1.1M	$30.5M	$49.5M	$69.3M
R&D	$164.0M	$152.2M	$100.2M	$91.9M	$153.6M	$55.0M	$52.8M	$58.9M	$84.5M	$61.1M	$58.6M
SG&A	$43.2M	$66.1M	$63.8M	$56.8M	$47.2M	$32.3M	$48.1M	$114.0M	$143.1M	$37.3M	$34.9M
Operating Income	$-127.9M	$-128.5M	$-103.3M	$170.1M	$-178.8M	$-87.1M	$-100.8M	$-171.8M	$-197.1M	$-48.9M	$-24.2M
Interest Expense	$-6.6M	$-7.0M	$-20.8M	$-20.7M	$-14.5M	$-802.0K	$-2.8M	$-13.1M	$-15.6M	$-8.3M	$-8.1M
Pretax Income	$-131.4M	$-135.7M	$-120.5M	$124.1M	$-58.6M	$-87.8M	$-101.9M	$-177.1M	$-200.4M	$-50.3M	$-26.1M
Net Income	$-131.4M	$-123.0M	$-120.5M	$130.1M	$-58.6M	$-87.8M	$-101.9M	$-177.1M	$-200.4M	$-50.3M	$-26.1M
EPS (Diluted)	-1.27	-1.17	-1.14	1.16	-0.53	-0.60	-0.62	-0.80	-0.63	-0.14	-0.07
EBITDA	$-122.8M	$-125.3M	$-96.1M	$148.4M	$-41.1M	$-86.7M	$-98.7M	$-163.5M	$-184.3M	$-41.4M	$-17.4M
Shares Out. (M)	103.86	105.24	105.83	116.75	110.84	145.65	165.73	221.13	320.03	363.05	400.24

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$46.6M	$61.7M	$80.4M	$36.1M	$126.3M	$64.1M	$46.3M	$22.5M	$66.7M	$34.3M	$38.1M
Marketable Securities	$299.9M	$249.1M	$79.7M	$235.5M	$26.0M	$22.7M	$92.0M	$147.6M	$171.3M	$61.9M	$132.6M
Total Current Assets	$357.9M	$322.0M	$173.3M	$337.8M	$157.7M	$88.9M	$140.9M	$176.5M	$246.2M	$101.9M	$186.0M
Total Assets	$475.6M	$436.5M	$284.1M	$417.7M	$203.8M	$136.9M	$194.3M	$229.4M	$298.4M	$185.0M	$268.8M
Total Current Liabilities	$164.6M	$105.5M	$36.8M	$65.3M	$46.8M	$22.1M	$23.2M	$31.5M	$45.2M	$20.9M	$9.9M
Long-Term Debt	$85.2M	$231.6M	$243.9M	$234.2M	$0.00	$0.00	$48.6M	$99.5M	$100.3M	$49.4M	$49.7M
Total Liabilities	$318.2M	$368.3M	$310.5M	$300.6M	$47.4M	$23.3M	$77.2M	$136.3M	$152.5M	$77.4M	$66.0M
Stockholders' Equity	$157.4M	$68.3M	$-26.4M	$117.1M	$156.4M	$113.6M	$117.1M	$93.1M	$145.9M	$107.5M	$202.9M
Retained Earnings	$-1.25B	$-1.37B	$-1.47B	$-1.34B	$-1.40B	$-1.49B	$-1.59B	$-1.77B	$-1.97B	$-2.02B	$-2.02B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-175.6M	$-185.4M	$-148.6M	$113.8M	$-143.0M	$-87.0M	$-88.9M	$-161.9M	$-178.8M	$-67.9M	$-38.8M
Capital Expenditure	$-231.0K	$-228.0K	$-95.0K	$-70.0K	$-87.0K	$-1.2M	$-1.3M	$-470.0K	$-1.0M	$0.00	$0.00
Free Cash Flow	$-175.9M	$-185.6M	$-148.7M	$113.7M	$-143.1M	$-88.2M	$-90.2M	$-162.4M	$-179.8M	$-67.9M	$-38.8M
Investing Cash Flow	$18.3M	$50.5M	$169.6M	$-155.9M	$380.8M	$2.1M	$-71.1M	$-49.9M	$-15.4M	$113.0M	$2.2M
Financing Cash Flow	$987.0K	$149.9M	$-2.2M	$-2.2M	$-147.6M	$22.7M	$142.2M	$188.0M	$238.3M	$-48.5M	$40.8M
Issuance of Stock	$3.6M	$8.0M	$732.0K	$0.00	$70.0M	$37.1M	$94.2M	$138.8M	$0.00	$0.00	$70.1M
Repurchase of Stock	$-621.0K	$-1.7M	$-972.0K	$-941.0K	$-1.0M	$-2.7M	$-864.0K	$-824.0K	$-1.7M	$-572.0K	$-572.0K
Issuance of Debt	$0.00	$145.9M	$12.5M	$0.00	$0.00	$0.00	$48.9M	$50.0M	$0.00	$0.00	$0.00
Payments of Debt	$-2.0M	$-2.3M	$-14.5M	$-1.3M	$-216.6M	$-11.7M	$0.00	$0.00	$0.00	$-48.0M	$-53.0M
Stock Based Comp.	$7.5M	$9.5M	$11.7M	$14.2M	$13.3M	$10.6M	$11.5M	$14.3M	$13.5M	$12.5M	$12.6M
Net Change in Cash	$-156.4M	$15.1M	$18.7M	$-44.3M	$90.2M	$-62.2M	$-17.7M	$-23.9M	$44.2M	$-3.3M	$4.2M

Dilution Tracker

Shares outstanding grew 174.8% over 5 years — significant dilution

Shares Outstanding

400M

5-Year Share Growth

+174.8%

Stock Issuance (TTM)

$70.1M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	103.86	105.24	105.83	116.75	110.84	145.65	165.73	221.13	320.03	363.05	400.24
YoY Change %	—	1.3%	0.6%	10.3%	-5.1%	31.4%	13.8%	33.4%	44.7%	13.4%	10.2%
Stock Issuance	$3.6M	$8.0M	$732.0K	$0.00	$70.0M	$37.1M	$94.2M	$138.8M	$0.00	$0.00	$70.1M
Stock Repurchase	$-621.0K	$-1.7M	$-972.0K	$-941.0K	$-1.0M	$-2.7M	$-864.0K	$-824.0K	$-1.7M	$-572.0K	$-572.0K
Stock Based Comp.	$7.5M	$9.5M	$11.7M	$14.2M	$13.3M	$10.6M	$11.5M	$14.3M	$13.5M	$12.5M	$12.6M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	97.9%	96.1%	99.0%	92.0%	0.0%	0.0%	92.9%	98.0%	99.5%	99.5%
Operating Margin %	-161.3%	-140.2%	-163.4%	52.8%	-745.1%	-29224.8%	-72489.2%	-14265.0%	-634.2%	-98.2%	-34.8%
Net Margin %	-165.8%	-134.1%	-190.7%	40.4%	-244.1%	-29449.0%	-73341.0%	-14710.9%	-644.8%	-101.1%	-37.5%
EBITDA Margin %	-155.0%	-136.6%	-152.0%	46.1%	-171.3%	-29081.9%	-71033.8%	-13576.7%	-592.9%	-83.1%	-25.0%
FCF Margin %	-221.9%	-202.4%	-235.3%	35.3%	-596.2%	-29610.1%	-64875.5%	-13485.6%	-578.5%	-136.2%	-55.7%
ROE %	-59.3%	-109.0%	-576.0%	287.0%	-42.8%	-65.0%	-88.4%	-168.5%	-167.7%	-39.7%	-19.1%
ROA %	-23.3%	-27.0%	-33.5%	37.1%	-18.8%	-51.5%	-61.6%	-83.6%	-75.9%	-20.8%	-11.0%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / 3.27 / 12.74

Industry Med.27.51

P/S11.99

Historical0.55 / 14.05 / 1970.00

Industry Med.9.49

P/B4.66

Historical0.90 / 3.93 / 54.76

Industry Med.2.93

EV/EBITDA-50.32

Historical-558.75 / -4.20 / 13.94

Industry Med.13.02

EV/Revenue12.60

Historical0.06 / 15.04 / 1685.69

Industry Med.8.59

P/FCF—

Historical1.82 / 3.91 / 14.12

Industry Med.27.13

Intrinsic Value Models

Tangible Book

$0.37

Net Current Assets

$0.280

Net-Net Working Capital

$0.27

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	At Loss	At Loss	3.58	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss
PS Ratio	18.13	11.34	11.12	1.50	15.83	1970.00	1910.00	306.00	7.61	8.39	11.99
PB Ratio	9.17	15.27	0.00	3.77	3.10	5.16	3.08	4.03	1.83	3.89	4.66
EV/EBITDA	-9.75	-7.81	-8.20	2.80	-8.38	-5.80	-2.81	-1.90	-0.75	-9.29	-50.32
EV/Revenue	15.10	10.67	12.47	1.29	14.36	1685.47	1995.71	258.12	4.42	7.72	12.60

Analyst Estimates & Quality

Altman Z-Score

-0.68

Distress

Piotroski F-Score

Moderate

Beneish M-Score

-1.29

Possible Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$38.17M	$20.15M	$76.16M
Net Income	$-67.39M	$-94.96M	$-52.62M
EPS	-0.16	-0.19	-0.10
Book Value per Share	0.00	0.00	0.00
Operating Cash Flow per Share	0.00	0.00	0.00
Operating CF	$0.00M	$0.00M	$0.00M

Dividends

Revenue Segments

By Business

Segment	2025
Discovery, development and commercialization of pharmaceutical products for the treatment of human	$49.8M

By Geography

Segment	2025
United States	$49.8M