Lexicon Pharmaceuticals (LXRX)


Market Price (9/21/2026): $2.045 | Market Cap: $895.0 MilSector: Health Care | Industry: Biotechnology

Lexicon Pharmaceuticals (LXRX)


Market Price (9/21/2026): $2.045
Market Cap: $895.0 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -26%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.28

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -55 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -131%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -29%, Rev Chg QQuarterly Revenue Change % is -98%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 31%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -157%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -157%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 141%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%

Key risks
LXRX key risks include [1] significant cash burn and high bankruptcy risk raising solvency concerns, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -15%, 3Y Excs Rtn is -26%
3 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.28
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -55 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -131%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -29%, Rev Chg QQuarterly Revenue Change % is -98%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 31%
7 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -157%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -157%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 141%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -11%
10 Key risks
LXRX key risks include [1] significant cash burn and high bankruptcy risk raising solvency concerns, Show more.

LXRX in ETFs

Weight = LXRX's share of each fund

VTI0.00%
IWM0.02%
IWO0.03%
VTWO0.02%
SCHA0.01%
VHT0.01%
IWV0.00%
SCHB0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/10/2026

Lexicon Pharmaceuticals (LXRX) stock has lost about 5% since 5/31/2026 because of the following key factors:

1. Lexicon Pharmaceuticals' stock experienced a decline following disappointing financial results for fiscal Q2 2026, reported on August 5, 2026. The company reported an earnings per share (EPS) of -$0.07, missing analysts' estimates of -$0.05 by 40.00%. Total revenues for the quarter were $0.7 million, substantially below analyst expectations of $3.99 million and a significant drop from $28.9 million in the prior-year fiscal Q2, largely due to the absence of previous Novo Nordisk licensing revenue. This resulted in a net loss of $31.8 million for the quarter, a reversal from a net income of $3.3 million in fiscal Q2 2025. The stock price declined by 3.67% the day after the Q2 2026 earnings report.

2. Broader macroeconomic and sector-specific headwinds contributed to the stock's softening trend. Despite some positive company-specific clinical updates, Lexicon's shares slipped alongside general biotech and healthcare market weakness. Macroeconomic factors such as renewed U.S.-Iran tensions, surging oil prices, rising Treasury yields (with the 10-year near 4.79%), and hawkish commentary from the Federal Reserve pressured equities market-wide during the period.

Show more
Updated on 9/10/2026

Lexicon Pharmaceuticals (LXRX) stock has lost about 5% since 5/31/2026 because of the following key factors:

1. Lexicon Pharmaceuticals' stock experienced a decline following disappointing financial results for fiscal Q2 2026, reported on August 5, 2026. The company reported an earnings per share (EPS) of -$0.07, missing analysts' estimates of -$0.05 by 40.00%. Total revenues for the quarter were $0.7 million, substantially below analyst expectations of $3.99 million and a significant drop from $28.9 million in the prior-year fiscal Q2, largely due to the absence of previous Novo Nordisk licensing revenue. This resulted in a net loss of $31.8 million for the quarter, a reversal from a net income of $3.3 million in fiscal Q2 2025. The stock price declined by 3.67% the day after the Q2 2026 earnings report.

2. Broader macroeconomic and sector-specific headwinds contributed to the stock's softening trend. Despite some positive company-specific clinical updates, Lexicon's shares slipped alongside general biotech and healthcare market weakness. Macroeconomic factors such as renewed U.S.-Iran tensions, surging oil prices, rising Treasury yields (with the 10-year near 4.79%), and hawkish commentary from the Federal Reserve pressured equities market-wide during the period.

3. Lingering clinical and regulatory risks weighed on investor sentiment, particularly highlighted by the company's strategic outlook. On September 10, 2026, Lexicon's shares fell 6.51% to $2.01 after outlining a tighter strategy at a healthcare conference. Investors appeared to be weighing the promise of its pipeline, including the completed enrollment in the Phase 3 SONATA-HCM trial for sotagliflozin (with data expected in fiscal Q1 2027), and the targeted resubmission of the NDA for ZYNQUISTA in type 1 diabetes in fiscal Q4 2026, against the inherent clinical and regulatory uncertainties.

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Stock Movement Drivers

Fundamental Drivers

The -6.0% change in LXRX stock from 5/31/2026 to 9/20/2026 was primarily driven by a -40.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)53120269202026Change
Stock Price ($)2.182.05-6.0%
Change Contribution By: 
Total Revenues ($ Mil)7041-40.5%
P/S Multiple12.521.672.7%
Shares Outstanding (Mil)400438-8.5%
Cumulative Contribution-6.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/20/2026
ReturnCorrelation
LXRX-6.0% 
Market (SPY)0.9%7.8%
Sector (XLV)12.7%41.0%

Fundamental Drivers

The 39.5% change in LXRX stock from 2/28/2026 to 9/20/2026 was primarily driven by a 187.0% change in the company's P/S Multiple.
(LTM values as of)22820269202026Change
Stock Price ($)1.472.0539.5%
Change Contribution By: 
Total Revenues ($ Mil)7141-41.5%
P/S Multiple7.521.6187.0%
Shares Outstanding (Mil)363438-17.0%
Cumulative Contribution39.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/20/2026
ReturnCorrelation
LXRX39.5% 
Market (SPY)11.6%16.8%
Sector (XLV)5.5%24.8%

Fundamental Drivers

The 86.4% change in LXRX stock from 8/31/2025 to 9/20/2026 was primarily driven by a 216.3% change in the company's P/S Multiple.
(LTM values as of)83120259202026Change
Stock Price ($)1.102.0586.4%
Change Contribution By: 
Total Revenues ($ Mil)5841-29.0%
P/S Multiple6.821.6216.3%
Shares Outstanding (Mil)363438-17.0%
Cumulative Contribution86.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/20/2026
ReturnCorrelation
LXRX86.4% 
Market (SPY)19.4%23.2%
Sector (XLV)24.1%20.6%

Fundamental Drivers

The 19.2% change in LXRX stock from 8/31/2023 to 9/20/2026 was primarily driven by a 10064.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239202026Change
Stock Price ($)1.722.0519.2%
Change Contribution By: 
Total Revenues ($ Mil)04110064.0%
P/S Multiple863.321.6-97.5%
Shares Outstanding (Mil)205438-53.2%
Cumulative Contribution19.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/20/2026
ReturnCorrelation
LXRX19.2% 
Market (SPY)75.6%17.4%
Sector (XLV)32.3%13.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
LXRX Return15%-52%-20%-52%56%77%-40%
Peers Return28%16%5%8%20%18%140%
S&P 500 Return27%-19%24%23%16%12%103%

Monthly Win Rates [3]
LXRX Win Rate42%33%50%42%67%67% 
Peers Win Rate55%63%42%50%65%60% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
LXRX Max Drawdown-63%-67%-71%-82%-70%-34% 
Peers Max Drawdown-19%-18%-25%-21%-25%-15% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: LLY, PFE, BMY, JNJ, VRTX. See LXRX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)

How Low Can It Go

EventLXRXS&P 500
2025 US Tariff Shock
  % Loss-60.5%-18.8%
  % Gain to Breakeven153.3%23.1%
  Time to Breakeven95 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-49.2%-9.5%
  % Gain to Breakeven97.0%10.5%
  Time to Breakeven115 days24 days
2020 COVID-19 Crash
  % Loss-40.1%-33.7%
  % Gain to Breakeven66.9%50.9%
  Time to Breakeven245 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-27.9%-12.2%
  % Gain to Breakeven38.7%13.9%
  Time to Breakeven22 days62 days
2014-2016 Oil Price Collapse
  % Loss-44.1%-6.8%
  % Gain to Breakeven78.8%7.3%
  Time to Breakeven234 days15 days
2013 Taper Tantrum
  % Loss-24.4%-0.2%
  % Gain to Breakeven32.2%0.2%
  Time to Breakeven508 days1 days

Compare to LLY, PFE, BMY, JNJ, VRTX

In The Past

Lexicon Pharmaceuticals's stock fell -60.5% during the 2025 US Tariff Shock. Such a loss loss requires a 153.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventLXRXS&P 500
2025 US Tariff Shock
  % Loss-60.5%-18.8%
  % Gain to Breakeven153.3%23.1%
  Time to Breakeven95 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-49.2%-9.5%
  % Gain to Breakeven97.0%10.5%
  Time to Breakeven115 days24 days
2020 COVID-19 Crash
  % Loss-40.1%-33.7%
  % Gain to Breakeven66.9%50.9%
  Time to Breakeven245 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-27.9%-12.2%
  % Gain to Breakeven38.7%13.9%
  Time to Breakeven22 days62 days
2014-2016 Oil Price Collapse
  % Loss-44.1%-6.8%
  % Gain to Breakeven78.8%7.3%
  Time to Breakeven234 days15 days
2013 Taper Tantrum
  % Loss-24.4%-0.2%
  % Gain to Breakeven32.2%0.2%
  Time to Breakeven508 days1 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-52.4%-17.9%
  % Gain to Breakeven110.3%21.8%
  Time to Breakeven134 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-24.1%-15.4%
  % Gain to Breakeven31.7%18.2%
  Time to Breakeven114 days125 days
2008-2009 Global Financial Crisis
  % Loss-72.6%-53.4%
  % Gain to Breakeven264.7%114.4%
  Time to Breakeven1232 days1085 days

Compare to LLY, PFE, BMY, JNJ, VRTX

In The Past

Lexicon Pharmaceuticals's stock fell -60.5% during the 2025 US Tariff Shock. Such a loss loss requires a 153.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Lexicon Pharmaceuticals (LXRX)

Lexicon Pharmaceuticals (LXRX) is a biopharmaceutical company focused on the discovery, development, and commercialization of new pharmaceutical products. The company primarily develops orally-delivered small molecule drug candidates aimed at addressing significant medical conditions.

Lexicon's main product pipeline includes Sotagliflozin, which has completed Phase III clinical trials and is being developed for the treatment of heart failure and type 1 diabetes. Additionally, the company has LX9211, currently in Phase II clinical development, targeting neuropathic pain. Lexicon also leverages strategic collaborations and license agreements with major pharmaceutical companies like Bristol-Myers Squibb Company and Genentech, Inc., to advance its development efforts. These products serve markets with substantial unmet medical needs in chronic diseases and pain management.

AI Analysis | Feedback

A mini-Genentech, focused on discovering and developing new drugs.

Like a Moderna or BioNTech, but developing oral small molecule drugs for conditions like heart failure and chronic pain.

An early-stage Vertex Pharmaceuticals, developing its own innovative drugs for specific therapeutic areas.

AI Analysis | Feedback

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  • Sotagliflozin: An orally-delivered small molecule drug for the treatment of heart failure and type 1 diabetes.
  • LX9211: A drug currently in Phase II clinical development for the treatment of neuropathic pain.
```

AI Analysis | Feedback

Lexicon Pharmaceuticals (LXRX) is a biopharmaceutical company that focuses on the discovery, development, and commercialization of pharmaceutical products. It primarily sells its drug candidates and intellectual property through strategic collaboration and licensing agreements with other pharmaceutical companies.

Based on the provided information, its major customer companies are:

  • Bristol-Myers Squibb Company (NYSE: BMY)
  • Genentech, Inc. (a subsidiary of Roche Holdings AG; OTC: RHHBY)

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Mike Exton, Ph.D. Chief Executive Officer and Director

Mike Exton was appointed Chief Executive Officer of Lexicon Pharmaceuticals in July 2024. He previously spent 14 years at Novartis, where his most recent roles included Cardiometabolism Therapeutic Head and Vice President and Global Head of the Cardiovascular Renal and Metabolism Franchise. Before his tenure at Novartis, Dr. Exton held various positions in research, business development, and commercial operations at Invida Pty Ltd and Eli Lilly Australia. He is recognized for leading the commercialization of a significant heart failure drug, Entresto, and developing a robust cardiometabolic business. Dr. Exton holds a B.Sc. and a Ph.D. in neuroscience from the University of Newcastle, and a Ph.D. in immunology from the University of Essen, Germany.

Scott Coiante Senior Vice President and Chief Financial Officer

Scott Coiante was appointed Senior Vice President and Chief Financial Officer of Lexicon Pharmaceuticals, effective January 2, 2025. He brings over 35 years of experience in finance within the life science and pharmaceutical industries. Prior to joining Lexicon, Mr. Coiante served as Senior Vice President, Chief Financial Officer, and Treasurer of Agile Therapeutics Inc. across two separate tenures, from 2011 to 2019 and from August 2023 to August 2024. He also held the roles of Senior Vice President, Chief Financial Officer, Treasurer, and Secretary at Aprea Therapeutics. Earlier in his career, he held several senior financial positions at Medarex Inc., where he facilitated the company's transition following its acquisition by Bristol-Myers Squibb. Mr. Coiante earned a B.S. in Accounting from Villanova University.

Brian P. Zambrowicz, Ph.D. Executive Vice President and Chief Scientific Officer

Brian P. Zambrowicz is a co-founder of Lexicon Pharmaceuticals Inc. He has served as Executive Vice President and Chief Scientific Officer since 2007. Dr. Zambrowicz has been crucial in establishing the company's scientific direction, including the development of its proprietary gene knockout technology and small molecule drug discovery pipeline. His responsibilities include overseeing scientific operations from target discovery to the selection of clinical candidates for both small molecule and antibody therapeutics. He also managed Lexicon's strategic alliances, including those with Bristol-Myers Squibb Company and Genentech, Inc. Before joining Lexicon, Dr. Zambrowicz was an NIH postdoctoral fellow at The Fred Hutchinson Cancer Center. He earned his B.S. in biochemistry from the University of Wisconsin, Madison, and his Ph.D. in biochemistry from the University of Washington, Seattle.

Alan J. Main, Ph.D. Executive Vice President, Commercial Supply Operations

Alan J. Main joined Lexicon Pharmaceuticals in July 2001 as part of the company's acquisition of Coelacanth Corporation. Prior to the acquisition, he served as President and Chief Executive Officer of Coelacanth Corporation, which specialized in proprietary chemistry technologies for drug development. Earlier in his career, Dr. Main spent 20 years at Novartis Pharmaceuticals Corporation as Senior Vice President, U.S. Research. He holds a B.S. from the University of Aberdeen, Scotland, a Ph.D. in organic chemistry from the University of Liverpool, England, and completed postdoctoral studies at the Woodward Research Institute.

Craig Granowitz, MD, PhD Senior Vice President and Chief Medical Officer

Craig Granowitz joined Lexicon as Senior Vice President and Chief Medical Officer, effective August 2, 2021. Before his role at Lexicon, he served as Chief Medical Officer at Amarin Corporation plc. Prior to Amarin, Dr. Granowitz was Senior Vice President and Head of Global Medical Affairs, Global Human Health at Merck & Co., Inc., where he was responsible for establishing a new global medical affairs organization following the merger with Schering-Plough Corporation. At Schering-Plough, he held various medical and commercial management positions, including Group Vice President, Head of Global Medical Affairs, and Senior Vice President of a $2.5 Billion Virology Business Unit. Dr. Granowitz received his B.A. from Dartmouth College and his M.D. and Ph.D. from Columbia University.

AI Analysis | Feedback

The key risks for Lexicon Pharmaceuticals (LXRX) primarily revolve around the inherent challenges of the biopharmaceutical industry, particularly concerning regulatory hurdles, clinical trial outcomes, and financial stability.

  1. Regulatory Challenges and Pipeline Dependence: Lexicon Pharmaceuticals faces significant regulatory risks, notably demonstrated by the FDA's repeated rejection of sotagliflozin (Zynquista) for type 1 diabetes due to safety concerns, specifically the risk of diabetic ketoacidosis. While sotagliflozin was approved for heart failure (as Inpefa), the company's future remains highly dependent on the successful clinical development and regulatory approval of its other pipeline candidates, such as LX9211 for neuropathic pain. Clinical trial failures or significant delays for these key assets could severely impact the business, and the company may also require partnerships to fund expensive late-stage trials.
  2. Financial Stability and Cash Runway: As a biopharmaceutical company primarily focused on development, Lexicon Pharmaceuticals currently operates at a loss with negative operating and net margins. The company's financial health is a critical risk factor, with concerns about its cash burn rate and cash runway. While cost reductions and licensing revenues have been implemented, Lexicon faces the ongoing challenge of managing high research and development (R&D) costs and lengthy development cycles, which could necessitate future capital raises and potentially dilute shareholder value.
  3. Intense Competition: The pharmaceutical sector is highly competitive, especially in therapeutic areas such as cardiometabolic diseases and diabetes, which are central to Lexicon's product portfolio. This intense competition from other pharmaceutical companies, including larger players with greater resources, poses a risk to Lexicon's ability to innovate, achieve market penetration, and maintain favorable market positioning for its approved and pipeline products.

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Lexicon Pharmaceuticals: Addressable Market Sizes

Lexicon Pharmaceuticals, Inc. (LXRX) is focused on developing and commercializing pharmaceutical products for various conditions. The addressable markets for their main product candidates are detailed below:

  • Sotagliflozin (INPEFA) for Heart Failure:

    The global heart failure market was valued at over $20 billion in 2023 and is projected to reach approximately $40 billion by 2032. More specifically, the chronic heart failure market size in the 7 Major Markets (7MM), which includes the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, was around USD 8 billion in 2023. The U.S. chronic heart failure market alone was approximately USD 5.5 billion in 2023. The advanced heart failure market within the 7MM reached USD 6.50 billion in 2024 and is expected to grow to USD 27.60 billion by 2035. In the United States, the prevalence of heart failure was 6.7 million patients in 2019, with an estimation to reach eight million by 2030. The market for Sotagliflozin specifically (INPEFA) generated a revenue of USD 80.0 million globally in 2024 and is expected to reach USD 108.0 million by 2033. Another report estimates the Sotagliflozin market size at USD 315.75 million in 2024, projected to reach USD 720.40 million by 2032 globally.

  • Sotagliflozin (Zynquista) for Type 1 Diabetes:

    The global Type 1 Diabetes market size was estimated at USD 16.01 billion in 2024 and is projected to reach USD 31.48 billion by 2035. Another estimate places the global market at USD 16.97 billion in 2025, expecting it to reach USD 26.22 billion by 2032. The global market size is also reported as USD 37.60 billion in 2025, predicted to increase to approximately USD 79.14 billion by 2035. North America is a dominant region in the global Type 1 Diabetes market, holding an estimated 39.4% market share in 2025 and is expected to lead the global market through 2035. The United States specifically accounts for approximately 89% of the Type 1 Diabetes market share within the 7 Major Markets.

  • LX9211 for Neuropathic Pain:

    The global neuropathic pain market was valued at USD 7.7 billion in 2022 and is projected to reach USD 13.3 billion by 2032. Other estimates show the global neuropathic pain market size at USD 5.5 billion in 2023, expected to reach USD 8.1 billion by 2034, or USD 8.59 billion in 2025, increasing to approximately USD 16.79 billion by 2034. Another report states the neuropathic pain market was valued at USD 2.83 billion in 2024 and is poised to grow to USD 4.51 billion by 2033. For diabetic neuropathic pain (DNP), a segment of neuropathic pain, the market across the 7 Major Markets (US, 5EU, and Japan) is expected to grow from USD 1.7 billion in 2021 to USD 3.0 billion in 2031. The global diabetic neuropathy treatment market was estimated at USD 4.34 billion in 2023 and is projected to reach USD 7.28 billion by 2030. In the U.S., approximately 35 million cases of peripheral neuropathic pain were recorded in 2023. The U.S. was the largest market for DNP treatments in 2021, representing 51.4% of global sales, and is expected to continue dominating, reaching USD 2.2 billion by 2031.

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Lexicon Pharmaceuticals (LXRX) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

  1. Commercialization of Zynquista (sotagliflozin) for Type 1 Diabetes: Lexicon Pharmaceuticals plans to resubmit its New Drug Application (NDA) for Zynquista as an adjunct to insulin in adults with type 1 diabetes in 2026. This resubmission could lead to potential regulatory approval and a subsequent launch, establishing a new significant revenue stream for the company.
  2. Advancement of Sotagliflozin in Hypertrophic Cardiomyopathy (HCM): The SONATA-HCM Phase 3 clinical trial, evaluating sotagliflozin for the treatment of hypertrophic cardiomyopathy, is on track to complete enrollment by mid-2026, with top-line results anticipated in the first quarter of 2027. Positive outcomes from this pivotal trial would pave the way for a potential new indication and market expansion for sotagliflozin.
  3. Progress and Potential Partnership for LX9211 (pilavapadin) in Diabetic Peripheral Neuropathic Pain (DPNP): Lexicon is advancing LX9211 into late-stage development for diabetic peripheral neuropathic pain. Following positive top-line data from the Phase 2b PROGRESS study (anticipated Q1 2025), successful progression to Phase 3, potentially with a development partner, would bring this candidate closer to commercialization and contribute to future revenue growth.
  4. Milestone Payments and Future Royalties from LX9851 Collaboration with Novo Nordisk: Lexicon has an exclusive licensing agreement with Novo Nordisk for LX9851 in obesity and related disorders. The company received a $10 million milestone payment in February 2026 and has the potential to earn up to an additional $20 million in milestones in 2026, along with tiered royalties on net sales of LX9851. These payments will contribute to Lexicon's revenue.
  5. Growth in INPEFA (sotagliflozin) Sales for Heart Failure: INPEFA, an orally-delivered small molecule drug, is already commercialized for heart failure. Continued efforts in its commercialization and market penetration are expected to drive growth in net product sales, contributing to Lexicon's overall revenue.

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Share Issuance

  • In January 2026, Lexicon Pharmaceuticals successfully priced a public offering of 32 million shares at $1.30 each, raising $41.6 million.
  • Concurrently in January 2026, the company arranged a private placement with Invus, L.P., its largest shareholder, which is expected to generate an additional $41.1 million through the sale of common shares and Series B convertible preferred stock.
  • In March 2024, Lexicon completed a private investment in public equity (PIPE) financing, raising approximately $250 million through the sale of Series A convertible preferred stock to a group of accredited investors, including an affiliate of Invus, L.P.

Inbound Investments

  • In March 2025, Lexicon entered into an exclusive licensing agreement with Novo Nordisk for LX9851, an obesity drug candidate, which included a $45 million upfront payment received in April 2025.
  • A $10 million milestone payment from Novo Nordisk for LX9851 was triggered in January 2026.
  • The company received a $25 million upfront payment in 2024 from Viatris for sotagliflozin licensing.

Capital Expenditures

  • Lexicon Pharmaceuticals' capital expenditures were $1.0 million in 2025.
  • Research and development (R&D) expenses were $61.1 million in 2025, a decrease from $84.5 million in 2024.
  • Expected R&D expenses for 2026 are projected to be between $63 million and $68 million, primarily focused on the continued research, development, and commercialization of drug candidates such as sotagliflozin and LX9851.

Better Bets vs. Lexicon Pharmaceuticals (LXRX)

Peer Outperformance in Biotechnology

LXRX has outperformed 62% of its 363 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Biotechnology constituents that LXRX has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
76%
of 455 industry peers · 72.3% return
3Y
74%
of 402 industry peers · 81.4% return
5Y
62%
of 363 industry peers · -56.3% return
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Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is LXRX's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 16.2%43.2%90.1% CAH 392% · MCK 346% · COR 168%
Managed Health Care 8 40.4%-5.3%2.3% OSCR 84% · HQY 56% · ELV 17%
Health Care Services 20 21.1%37.6%-0.3% HIMS 239% · RDNT 173% · DGX 76%
Health Care Facilities 24 6.0%6.5%-4.5% NHC 271% · THC 261% · ENSG 129%
Health Care Equipment 50 -2.7%-0.2%-21.1% POCI 11050% · UFPT 341% · GKOS 222%
Pharmaceuticals 62 -10.5%14.8%-38.6% LQDA 2472% · INDV 1099% · ETON 1051%
Health Care Supplies 12 14.1%-8.9%-39.7% LNTH 287% · HAE 54% · MMSI 20%
Life Sciences Tools & Services 109 4.3%-11.3%-68.4% SNWV 1757% · MEDP 231% · NTRA 199%
Health Care Technology 21 -25.8%-52.6%-79.2% SPOK 68% · HSTM 3% · VEEV -13%
Biotechnology ← 364 0.6%-21.7%-79.4% CELZ 1280% · DNTH 1221% · ELVN 1069%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

LXRXLLYPFEBMYJNJVRTXMedian
NameLexicon .Eli LillyPfizer Bristol-.Johnson .Vertex P. 
Mkt Price2.051,152.9327.6663.06269.99508.34166.53
Mkt Cap0.91,028.9157.6128.8650.0129.0143.3
Rev LTM4179,66663,69549,18797,92912,58756,441
Op Inc LTM-5539,60817,01913,84226,2564,77715,430
FCF LTM-6513,56010,98511,44022,2283,79611,212
FCF 3Y Avg-1213,2949,41112,98819,4861,9576,352
CFO LTM-6528,08313,40112,78227,6084,29313,092
CFO 3Y Avg-12114,51012,19814,28225,0932,39813,240

Growth & Margins

LXRXLLYPFEBMYJNJVRTXMedian
NameLexicon .Eli LillyPfizer Bristol-.Johnson .Vertex P. 
Rev Chg LTM-29.0%49.6%-0.2%3.1%8.1%10.2%5.6%
Rev Chg 3Y Avg756.1%39.4%-5.2%2.9%6.0%9.8%7.9%
Rev Chg Q-97.6%47.7%2.6%5.7%6.6%12.5%6.2%
QoQ Delta Rev Chg LTM-40.5%10.3%0.6%1.5%1.6%3.0%1.5%
Op Inc Chg LTM54.0%76.5%2.1%39.1%21.4%2,497.9%46.5%
Op Inc Chg 3Y Avg13.6%71.3%233.9%22.3%6.7%792.2%46.8%
Op Mgn LTM-131.4%49.7%26.7%28.1%26.8%37.9%27.5%
Op Mgn 3Y Avg-1,915.4%42.1%18.7%21.4%25.6%23.9%22.7%
QoQ Delta Op Mgn LTM-96.6%2.4%-0.5%0.1%0.0%-0.2%-0.1%
CFO/Rev LTM-156.7%35.3%21.0%26.0%28.2%34.1%27.1%
CFO/Rev 3Y Avg-1,903.3%22.5%19.7%29.9%27.4%19.6%21.1%
FCF/Rev LTM-156.7%17.0%17.2%23.3%22.7%30.2%20.0%
FCF/Rev 3Y Avg-1,904.5%2.5%15.1%27.2%21.2%15.7%15.4%

Valuation

LXRXLLYPFEBMYJNJVRTXMedian
NameLexicon .Eli LillyPfizer Bristol-.Johnson .Vertex P. 
Mkt Cap0.91,028.9157.6128.8650.0129.0143.3
P/S21.612.92.52.66.610.28.4
P/Op Inc-16.526.09.39.324.827.017.0
P/EBIT-17.025.022.89.424.825.623.8
P/E-14.738.536.413.930.929.330.1
P/CFO-13.836.611.810.123.530.017.7
Total Yield-6.8%3.2%9.0%11.2%5.2%3.4%4.3%
Dividend Yield0.0%0.6%6.2%4.0%1.9%0.0%1.3%
FCF Yield 3Y Avg-24.5%0.3%6.7%13.5%4.6%1.6%3.1%
D/E0.10.10.40.30.10.00.1
Net D/E-0.10.00.30.30.0-0.00.0

Returns

LXRXLLYPFEBMYJNJVRTXMedian
NameLexicon .Eli LillyPfizer Bristol-.Johnson .Vertex P. 
1M Rtn-10.9%-8.2%-1.5%-5.9%0.4%-7.2%-6.6%
3M Rtn2.0%5.1%11.6%18.1%18.8%12.6%12.1%
6M Rtn31.4%27.6%6.1%12.1%15.9%12.0%14.0%
12M Rtn72.3%54.3%23.2%46.8%56.7%32.7%50.5%
3Y Rtn81.4%113.9%2.1%22.9%81.9%43.5%62.5%
1M Excs Rtn-14.2%-9.2%-1.3%-6.0%-0.0%-7.2%-6.6%
3M Excs Rtn-0.0%3.1%9.6%16.1%16.8%10.6%10.1%
6M Excs Rtn10.7%10.3%-11.4%-4.9%-1.0%-4.8%-2.9%
12M Excs Rtn72.2%36.7%7.2%27.3%39.9%15.4%32.0%
3Y Excs Rtn-25.9%25.3%-72.8%-49.5%8.0%-24.7%-25.3%

Comparison Analyses

null

FDA Approved Drugs Data

Expand for More
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA216203  INPEFAsotagliflozintablet5262023-42.5%-64.5%-49.1%-79.2%-35.5%
Collapse to Preview
Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA216203  INPEFAsotagliflozintablet5262023-42.5%-64.5%-49.1%-79.2%-35.5%

Clinical Pipeline

Drug CandidateIndicationPhase 3 TrialsEst. Primary Completion
SotagliflozinHypertrophic cardiomyopathy1Jan 2027
Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Discovery, development and commercialization of pharmaceutical products for the treatment of human5031100
Total5031100


Operating Income by Segment
$ Mil2025202420232022
Discovery, development and commercialization of pharmaceutical products for the treatment of human-49-197-172-101
Total-49-197-172-101


Net Income by Segment
$ Mil2025202420232022
Discovery, development and commercialization of pharmaceutical products for the treatment of human-50-200-177-102
Total-50-200-177-102


Price Behavior

Price Behavior
Market Price$2.05 
Market Cap ($ Bil)0.9 
First Trading Date04/07/2000 
Distance from 52W High-22.3% 
   50 Days200 Days
DMA Price$2.27$1.81
DMA Trendupup
Distance from DMA-9.5%13.3%
 3M1YR
Volatility55.5%76.6%
Downside Capture81.58109.71
Upside Capture83.38155.09
Correlation (SPY)10.7%23.8%
LXRX Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta2.951.040.150.731.371.19
Up Beta3.242.092.081.301.950.86
Down Beta2.66-2.50-1.32-0.481.221.06
Up Capture215%125%10%134%203%359%
Bmk +ve Days10213268138427
Stock +ve Days10183062117339
Down Capture401%188%-5%53%93%110%
Bmk -ve Days11213259113324
Stock -ve Days11233159119371

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LXRX
LXRX88.5%77.1%1.14-
Sector ETF (XLV)24.4%16.1%1.1620.0%
Equity (SPY)16.9%12.9%0.9423.8%
Gold (GLD)19.1%29.3%0.6018.3%
Commodities (DBC)46.3%20.6%1.731.1%
Real Estate (VNQ)4.9%13.6%0.1014.9%
Bitcoin (BTCUSD)-30.6%44.3%-0.7018.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LXRX
LXRX-5.9%96.0%0.38-
Sector ETF (XLV)6.4%15.2%0.2421.2%
Equity (SPY)12.9%17.2%0.5725.5%
Gold (GLD)19.1%18.8%0.837.7%
Commodities (DBC)11.2%19.5%0.451.0%
Real Estate (VNQ)1.1%18.8%-0.0521.4%
Bitcoin (BTCUSD)12.5%52.5%0.4216.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with LXRX
LXRX-13.9%96.7%0.29-
Sector ETF (XLV)10.6%16.7%0.5119.5%
Equity (SPY)15.1%18.0%0.7221.7%
Gold (GLD)12.1%16.4%0.614.2%
Commodities (DBC)8.3%18.1%0.375.1%
Real Estate (VNQ)4.4%20.7%0.1815.9%
Bitcoin (BTCUSD)62.6%66.2%1.0210.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity29.5 Mil
Short Interest: % Change Since 8152026-10.0%
Average Daily Volume2.9 Mil
Days-to-Cover Short Interest10.3 days
Basic Shares Quantity437.7 Mil
Short % of Basic Shares6.7%

Earnings Returns History

Updated 9/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-3.7%-4.1%-7.8%
5/7/20265.0%52.5%19.4%
3/5/20260.6%5.5%-2.5%
11/6/20253.6%11.6%0.7%
8/6/20259.5%1.0%1.9%
5/13/2025-15.6%-9.5%10.4%
3/6/20256.6%-2.9%13.9%
11/12/2024-8.4%-26.0%-30.9%
...
SUMMARY STATS   
# Positive131014
# Negative111410
Median Positive5.0%11.4%9.1%
Median Negative-8.4%-10.4%-13.2%
Max Positive29.5%52.5%32.8%
Max Negative-27.4%-26.0%-30.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/2026-3.7%-4.1%-7.8%
5/7/20265.0%52.5%19.4%
3/5/20260.6%5.5%-2.5%
11/6/20253.6%11.6%0.7%
8/6/20259.5%1.0%1.9%
5/13/2025-15.6%-9.5%10.4%
3/6/20256.6%-2.9%13.9%
11/12/2024-8.4%-26.0%-30.9%
8/1/2024-16.1%-16.8%-14.4%
5/2/20242.4%11.2%2.9%
3/11/202429.5%19.8%-4.6%
11/8/2023-8.8%-10.4%0.0%
8/3/2023-2.6%-10.4%-12.0%
5/2/202315.1%27.3%13.9%
3/2/202322.9%3.7%11.5%
11/9/202214.3%16.8%4.1%
8/2/20223.5%-1.5%5.8%
5/5/2022-4.6%-16.0%-6.7%
2/28/2022-27.4%-25.3%-27.0%
11/3/2021-13.9%-15.8%-27.7%
8/2/20213.1%0.6%27.7%
5/6/20212.7%-5.8%7.8%
3/10/2021-4.8%-9.7%-26.4%
10/29/2020-4.9%-11.5%32.8%
SUMMARY STATS   
# Positive131014
# Negative111410
Median Positive5.0%11.4%9.1%
Median Negative-8.4%-10.4%-13.2%
Max Positive29.5%52.5%32.8%
Max Negative-27.4%-26.0%-30.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/05/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/14/202510-Q
12/31/202403/07/202510-K
09/30/202411/13/202410-Q
06/30/202408/02/202410-Q
03/31/202405/02/202410-Q
12/31/202303/25/202410-K
09/30/202311/08/202310-Q
06/30/202308/04/202310-Q
03/31/202305/04/202310-Q
12/31/202203/03/202310-K
09/30/202211/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202503/05/202610-K
09/30/202511/06/202510-Q
06/30/202508/06/202510-Q
03/31/202505/14/202510-Q
12/31/202403/07/202510-K
09/30/202411/13/202410-Q
06/30/202408/02/202410-Q
03/31/202405/02/202410-Q
12/31/202303/25/202410-K
09/30/202311/08/202310-Q
06/30/202308/04/202310-Q
03/31/202305/04/202310-Q
12/31/202203/03/202310-K
09/30/202211/09/202210-Q
06/30/202208/03/202210-Q
03/31/202205/05/202210-Q
12/31/202103/10/202210-K
09/30/202111/09/202110-Q
06/30/202108/06/202110-Q
03/31/202105/06/202110-Q
12/31/202003/12/202110-K
09/30/202010/30/202010-Q
06/30/202007/29/202010-Q
03/31/202004/27/202010-Q
12/31/201903/12/202010-K
09/30/201911/07/201910-Q

Recent Forward Guidance

Updated 8/7/2026

Latest: Q2 2026 Earnings Reported 8/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2027 SONATA-HCM Topline ResultsReported      
Q1 2027 LX9851 Phase 1 CompletionReported      
Q4 2026 ZYNQUISTA NDA ResubmissionReported      
2026 Milestone PaymentReported 10.00 Mil 0 AffirmedGuidance: 10.00 Mil for 2026


Prior: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Milestone PaymentReported 10.00 Mil -50.0% LoweredGuidance: 20.00 Mil for 2026

Q4 2025 Earnings Reported 3/5/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 LX9851 Milestone PaymentsReported 20.00 Mil    

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Milestone PaymentsReported 30.00 Mil 0 AffirmedGuidance: 30.00 Mil for 2025

Insider Activity

Updated 6/4/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Debbane, Raymond DirectBuy22720261.492,0002,9802,840,217Form
2Debbane, Raymond DirectBuy22520261.47100,000147,0002,799,153Form
3Debbane, Raymond DirectBuy22320261.48100,000147,7902,666,406Form
4Debbane, Raymond DirectBuy22320261.4450,00071,9652,452,835Form
5Debbane, Raymond DirectBuy21820261.32133,688176,4682,183,526Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Debbane, Raymond DirectBuy22720261.492,0002,9802,840,217Form
2Debbane, Raymond DirectBuy22520261.47100,000147,0002,799,153Form
3Debbane, Raymond DirectBuy22320261.48100,000147,7902,666,406Form
4Debbane, Raymond DirectBuy22320261.4450,00071,9652,452,835Form
5Debbane, Raymond DirectBuy21820261.32133,688176,4682,183,526Form
6Debbane, Raymond DirectBuy21820261.3176,857100,5441,989,115Form
7Debbane, Raymond DirectBuy21820261.3157,95275,8771,890,159Form
8Invus, Global Management, Llc See FootnotesBuy20420261.301,538,4622,000,0012,000,001Form

Investor Activity (13F)

Updated Sep 21, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sessa Capital IM, L.P.$27.9 Mil0.5%31ADD +497.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sessa Capital IM, L.P.$27.9 Mil0.5%31ADD +497.1%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Sessa Capital IM, L.P.$27.9 Mil0.5%31ADD +497.1%13F
Core Cache Last Updated: 9/20/2026