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Mar 31, 2021
Lexicon Pharmaceuticals Q1 2021 Earnings Report
Reported financial results for Q1 2021 and provided a clinical update.
Key Takeaways
Lexicon Pharmaceuticals reported negligible revenues for the first quarter of 2021, primarily due to the absence of product revenues following the sale of XERMELO in Q3 2020. Net loss for the quarter was $21.0 million, or $0.15 per share, compared to a net loss of $66.6 million, or $0.63 per share, for the corresponding period in 2020. The company had $141.4 million in cash and investments as of March 31, 2021.
Patient enrollment continued in Phase 2 clinical studies for LX9211 in neuropathic pain, with results expected by the end of the year.
FDA provided regulatory feedback on sotagliflozin in heart failure, and the company is moving forward with a planned NDA filing this year.
Revenues for the first quarter were negligible compared to $8.0 million in the corresponding period in 2020 due to the sale of XERMELO.
Research and development expenses decreased to $12.6 million from $55.2 million for the corresponding period in 2020, primarily due to decreases in external clinical development costs related to sotagliflozin.
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