LEXICON PHARMACEUTICALS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LEXICON PHARMACEUTICALS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	79.3	91.7	63.2	322	24	0.3	0.14	1.2	31.1	49.8
Cost of revenue	0	1.9	2.49	3.23	1.93	0	0	0.09	0.62	0.27
Gross profit	79.3	89.8	60.7	319	22.1	0.3	0.14	1.12	30.5	49.5
Research and development	164	152	100	91.9	154	55	52.8	58.9	84.5	61.1
Selling, general and administrative						32.3	48.1	114	143	37.3
General and administrative	43.2	66.1	63.8	56.8	47.2	32.3	48.1
Operating expenses	206	222	166	181	204	87.4	101
Operating income	-127	-131	-103	141	-47.8	-87.1	-101	-172	-197	-48.9
Interest expense	6.57	6.98	20.8	20.7	14.5	0.8	2.78
Other non-operating income	2.29	1.95	3.51	3.35	2.77	0.13	1.6	7.73	12.3	6.91
Pre-tax income	-131	-136	-121	124	-58.6	-87.8
Income tax	0					0	0	0	0
Net income	-131	-123	-121	130	-58.6	-87.8	-102	-177	-200	-50.3
EBITDA	-125	-127	-99.6	145	-44.9	-86.8	-100	-171	-197	-48.3
EPS, basic	-1.27	-1.17	-1.14	1.23	-0.53	-0.60	-0.62	-0.80	-0.63	-0.14
EPS, diluted	-1.27	-1.17	-1.14	1.16	-0.53	-0.60	-0.62	-0.80	-0.63	-0.14
Shares, basic (weighted)	104	105	106			146	166	221	320	363
Shares, diluted (weighted)	104	105	106	117	111	146	166	221	320	363

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	46.6	61.7	80.4	36.1	126	64.1	46.3	22.5	66.7	34.3
Short-term investments	300	249	79.7	236	26	22.7	92	148	171	61.9
Receivables	7.49	4.83	5.92	56.5	0.4	0.01	0.03	1.01	3.47	2.38
Inventory	0	1.95	4.68	4.24	0		0	0.38	0.23	0.28
Other current assets	3.88	4.43	2.67	5.32	5.05	2.16	2.48	5.13	4.53	3
Total current assets	358	322	173	338	158	88.9	141	177	246	102
Property, plant and equipment	19.4	17.7	15.9	14	0.3	1.18	2.07	1.99	2.48	1.86
Lease right-of-use assets				1.8	0	2.3	6.41	5.52	4.83	7.32
Goodwill	44.5	44.5	44.5	44.5	44.5	44.5	44.5	44.5	44.5	44.5
Intangible assets	53.4	51.9	50.1	19.7
Other non-current assets	0.46	0.43	0.29	1.66	1.23	2.27	0.41	0.83	0.37	0.37
Total assets	476	437	284	418	204	137	194	229	298	185
Accounts payable	52.9	38.8	12.1	12.2	5.47	9.15	10.4	14.4	14.8	3.08
Accrued liabilities	32.1	12.3	21.2	42.2	29.7	13	12.8	17.2	30.4	13.2
Deferred revenue	63.4	40.4	2.34	0					0
Short-term debt	16.3	14.1	1.12	11	11.6	0			0	4.6
Total current liabilities	165	105	36.8	65.3	46.8	22.1	23.2	31.5	45.2	20.9
Long-term debt	85.2	232	244	234	0	0	48.6	99.5	100	49.4
Lease liabilities							5.42	5.3	4.6	6.6
Other non-current liabilities	0.81	0.29	0.24	1.1	0.61	1.19	5.42	5.27	6.92	7.17
Total liabilities	318	368	311	301	47.4	23.3	77.2	136	152	77.4
Total debt	101	252	250	249	11.6	0	48.6	99.5	100	54
Paid-in capital	1,411	1,436	1,448	1,462	1,561	1,609	1,709	1,863	2,117	2,130
Retained earnings	-1,250	-1,365	-1,472	-1,341	-1,400	-1,488	-1,590	-1,767	-1,967	-2,018
Treasury stock	-3.37	-1.9	-2.88	-3.82	-4.84	-7.52	-2.06	-2.89	-4.62	-5.19
Other comprehensive income	-0.2	-0.22	-0.01	0.08	-0.01	-0.01	-0.43	0.03	0.12	0.03
Shareholders' equity	168	68.3	-26.4	117	156	114	117	93.1	146	108
Total equity	157	68.3	-26.4	117	156	114	117	93.1	146	108
Total liabilities and equity	476	437	284	418	204	137	194	229	298	185
Shares outstanding									363	366

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2019	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-131	-123	-121	130	-58.6	-87.8	-102	-177	-200	-50.3
Depreciation and amortization	2.06	3.4	3.68	3.65	2.93	0.29	0.43	0.55	0.53	0.62
Stock-based compensation	7.45	9.47	11.7	14.2	13.3	10.6	11.5	14.3	13.5	12.5
Deferred income tax	0	-12.7	0	-6.01	0	0	0
Change in receivables	-4.08	0.17	-1.1	-50.6	53.2	0.38	-0.01	-0.98	-2.46	1.09
Change in inventory	0	-1.95	-2.73	0.44	0.35	0	0	-0.38	0.15	-0.05
Change in payables	13.6	-11.9	-19.9	20.1	-21	-14.2	0.08	6.45	14.8	-30.2
Cash from operations	-176	-185	-149	114	-143	-87	-88.9	-162	-179	-67.9
Capital expenditures	-0.23	-0.23	-0.1	-0.07	-0.09	-1.22	-1.33	-0.47	-1.03	0
Purchases of investments	-426	-268	-120	-322	-58.6	-34.3	-134	-223	-329	-140
Sales and maturities of investments	444	319	290	167	268	37.6	64.2	174	314	253
Cash from investing	18.3	50.5	170	-156	381	2.11	-71.1	-49.9	-15.4	113
Debt issued	0	146	12.5	0	0		48.9	50	0	0
Debt repaid	-2.02	-2.28	-14.5	-1.29	-217	-11.7	48.9	0	0	-48
Stock issued	3.62	7.99	0.73	0	70	37.1	94.2	139	0	0
Share buybacks	-0.62	-1.68	-0.97	-0.94	-1.03	-2.68	-0.86	-0.82	-1.73
Cash from financing	0.99	150	-2.24	-2.23	-148	22.7	142	188	238	-48.5
Net change in cash	-156	15.1	18.7	-44.3	90.2	-62.2	-17.7	-23.9	44.2	-3.33
Free cash flow	-176	-186	-149	114	-143	-88.2	-90.2	-162	-180	-67.9
Interest paid	6.05	5.87	16.5	19.2	17.4	0.8	2.29	10.1	12.9	8.33

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	99.1%	Gross profit / revenue.
Operating margin	-131.4%	Operating income / revenue.
EBITDA margin	-130.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-147.4%	Net income / revenue.
Operating cash flow margin	-156.7%	Cash from operations / revenue.
Return on equity (ROE)	-35.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-24.4%	Net income / average total assets.
Return on invested capital (ROIC)	-23.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	145.3%	Research and development expense / revenue.
SG&A / revenue	85.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	30.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	60.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	610.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	62.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	608.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-26.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-7.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-38.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	13.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	29.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	26.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	13.4x	Current assets / current liabilities.
Quick ratio	13.1x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	13.0x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.6%	Total debt / total assets.
Liabilities / assets	30.2%	Total liabilities / total assets.
Net debt	-$139.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$181.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	17.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$130.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	25.1x	Revenue / average property, plant and equipment.
Inventory turnover	0.30x	Cost of revenue / average inventory.
Days inventory	1,219 days	365 x average inventory / cost of revenue.
Receivables turnover	25.2x	Revenue / average receivables.
Days sales outstanding	14 days	365 x average receivables / revenue.
Days payables	2,389 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-1,155 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.09	Revenue / diluted weighted shares.
Operating cash flow per share	-$0.15	Cash from operations / diluted weighted shares.
Book value per share	$0.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.29	Tangible book value / shares outstanding.
Cash per share	$0.43	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$798.7M	Share price x shares outstanding.
Enterprise value	$659.5M	Market cap + total debt - cash - short-term investments.
P/S	19.3x	Market cap / revenue.
P/B	4.58x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.14x	Market cap / tangible book value, when positive.
EV/Sales	15.9x	Enterprise value / revenue.
Earnings yield	-7.7%	Net income / market cap (the inverse of P/E).

What was LEXICON PHARMACEUTICALS, INC.'s revenue in fiscal 2025?

LEXICON PHARMACEUTICALS, INC. reported revenue of $49.8M for fiscal 2025, 60.2% higher than the year before.

Was LEXICON PHARMACEUTICALS, INC. profitable in fiscal 2025?

No. It reported a net loss of $50.3M.

How much free cash flow did LEXICON PHARMACEUTICALS, INC. generate in fiscal 2025?

Cash from operations of $67.9M minus capital expenditures of $0.0 left free cash flow of -$67.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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