Lexicon (NASDAQ: LXRX) plans stock sale, highlights late-stage pipeline

Rhea-AI Filing Summary

Lexicon Pharmaceuticals updated investors on its cash position, fundraising plans and late-stage pipeline. The company ended 2025 with unaudited cash, investments and restricted cash of $125.2 million, which it believes is sufficient to support planned operations into 2027, subject to final audit.

Lexicon achieved a $10 million milestone payment in January under its Novo Nordisk licensing agreement and may earn up to an additional $20 million in milestones in 2026. The company launched an underwritten public offering of common stock and plans a concurrent private placement to an affiliate of Invus, L.P., its largest stockholder.

The SONATA pivotal Phase 3 study of sotagliflozin in hypertrophic cardiomyopathy is targeting 500 patients, with enrollment completion anticipated in mid-2026 and topline results expected in the first quarter of 2027. The FDA raised no objections to advancing pilavapadin into Phase 3 for diabetic peripheral neuropathic pain, and pooled Phase 2 data showed a two-point average daily pain score reduction at 12 weeks with the 10 mg dose. FDA feedback also indicated that the investigator‑initiated STENO1 study of sotagliflozin may provide sufficient safety data to support a potential resubmission of the ZYNQUISTA NDA in type 1 diabetes in 2026.

Insights

Biopharma and capital markets analyst

Lexicon pairs new equity offering plans with extended cash runway and late‑stage pipeline progress.

Lexicon reports unaudited cash, investments and restricted cash of $125.2 million at year‑end 2025, which it believes can fund operations into 2027. This base is supplemented by a recent $10 million milestone from Novo Nordisk and potential for up to another $20 million in 2026 milestones, all subject to achievement and final audit.

The company has launched an underwritten public offering of common stock and plans a concurrent private placement to an Invus affiliate. While terms are not detailed in this excerpt, the combination suggests a strategy to further strengthen the balance sheet alongside the existing runway, with actual dilution depending on final deal size and pricing.

On the R&D side, the SONATA pivotal Phase 3 trial of sotagliflozin in hypertrophic cardiomyopathy targets 500 patients, with enrollment completion anticipated in mid‑2026 and topline data expected in Q1 2027. Pilavapadin’s Phase 3 clearance in diabetic peripheral neuropathic pain, supported by Phase 2 pain score reductions at 12 weeks for the 10 mg dose, plus FDA feedback on using the STENO1 study to support a possible ZYNQUISTA NDA resubmission in 2026, together outline multiple late‑stage catalysts, though outcomes and regulatory decisions remain uncertain.

8-K Event Classification

4 items: 2.02, 7.01, 8.01, 9.01

4 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

NASDAQ false 0001062822 0001062822 2026-01-29 2026-01-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 29, 2026

Lexicon Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

Delaware		000-30111		76-0474169
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

2445 Technology Forest Blvd., 11th Floor

The Woodlands, Texas 77381

(Address of principal executive offices Zip Code)

(281) 863-3000

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.001		LXRX		The Nasdaq Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Disclosure

The Company previously announced that it ended 2025 with cash, investments and restricted cash of $125.2 million (unaudited), sufficient to support planned operations into 2027, and that it achieved a $10 million milestone in January pursuant to its licensing agreement with Novo Nordisk, with the potential for up to an additional $20 million in milestone payments throughout 2026 (although there is no certainty such milestones will be reached on the timeline expected or at all). The cash, investments and restricted cash amount was calculated prior to the completion of an audit by the Company’s independent registered public accounting firm and is therefore subject to change upon completion of the filing of the Company’s annual report for the year ended December 31, 2025. Additional information and disclosures would be required for a more complete understanding of the Company’s financial position and results of operations as of December 31, 2025.

Item 7.01 Regulation FD Disclosure.

On January 29, 2026, Lexicon Pharmaceuticals, Inc., a Delaware corporation (the “Company”), issued a press release (the “Launch Press Release”) announcing the launch of its underwritten public offering to offer and sell, subject to market and other conditions, shares of its common stock, par value $0.001 (the “Common Stock”) and its intention to sell shares of its Common Stock in a concurrent private placement to an affiliate of Invus, L.P., the Company’s largest stockholder. A copy of the Launch Press Release is furnished as Exhibit 99.1 to this Current Report.

In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01 and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information furnished pursuant to Item 7.01 shall not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 8.01 Other Events

The information set forth in Item 2.02 of this Current Report is hereby incorporated in this Item 8.01 by reference.

On January 29, 2026, the Company provided certain updated disclosures to potential investors, the relevant excerpts of which are set forth below.

******

The Company previously announced that the SONATA-HCM pivotal Phase 3 study evaluating sotagliflozin in hypertrophic cardiomyopathy (HCM) is targeting enrollment of 500 patients with both obstructive and non-obstructive HCM, with anticipated enrollment completion in mid-2026, and that topline results from the study are anticipated in the first quarter of 2027.

******

The Company previously announced that the FDA raised no objections to the advancement of pilavapadin into Phase 3 development for diabetic peripheral neuropathic pain (DPNP).

Further, based on pooled analyses of Phase 2 studies of pilavapadin in DPNP, the Company has concluded that pilavapadin has demonstrated validated biological activity (as evidenced by a linear relationship between increased plasma levels of pilavapadin and pain reduction), clinically meaningful efficacy of the 10mg dose (with a two-point average daily pain score reduction from baseline at 12 weeks), and an acceptable safety profile in line with standard of care.

The Company previously announced that the FDA has provided feedback that STENO1, a third-party-funded, investigator-initiated study of sotagliflozin being conducted by the Steno Diabetes Center, appears to be of adequate design and employs sufficient data collection methods to provide viable evidence of the incidence of diabetic ketoacidosis (DKA) with adequate

safety data, prior to its completion, to support review of a resubmission of its New Drug Application (NDA) for ZYNQUISTA^® (sotagliflozin) in type 1 diabetes. Based on current STENO1 enrollment estimates, the Company is preparing to potentially resubmit the NDA in 2026 if supported by patient exposure and safety data from STENO1.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number		Description
99.1		Launch Press Release, dated January 29, 2026.
EX-104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				Lexicon Pharmaceuticals, Inc.
Date: January 29, 2026				By:		/s/ Brian T. Crum
						Brian T. Crum
						Senior Vice President and General Counsel

FAQ

What cash runway does Lexicon Pharmaceuticals (LXRX) report in this 8-K?

Lexicon reports ending 2025 with unaudited cash, investments and restricted cash of $125.2 million, which it believes is sufficient to support planned operations into 2027. This figure is preliminary and subject to change upon completion of the 2025 annual report audit.

What milestone payments has Lexicon Pharmaceuticals (LXRX) disclosed from Novo Nordisk?

Lexicon achieved a $10 million milestone payment in January under its licensing agreement with Novo Nordisk. The company also describes potential for up to an additional $20 million in milestone payments during 2026, although there is no certainty these milestones will be reached.

What equity financing plans did Lexicon Pharmaceuticals (LXRX) announce?

Lexicon announced the launch of an underwritten public offering of its common stock, subject to market and other conditions. It also intends to sell additional common shares in a concurrent private placement to an affiliate of Invus, L.P., the company’s largest stockholder.

What are the key details of Lexicon’s SONATA Phase 3 study of sotagliflozin?

The SONATA pivotal Phase 3 trial evaluates sotagliflozin in hypertrophic cardiomyopathy, targeting enrollment of 500 patients with obstructive and non‑obstructive disease. Lexicon anticipates enrollment completion in mid‑2026 and expects topline results from the study in the first quarter of 2027.

What progress has Lexicon Pharmaceuticals (LXRX) reported for pilavapadin in DPNP?

The FDA raised no objections to advancing pilavapadin into Phase 3 development for diabetic peripheral neuropathic pain. Pooled Phase 2 analyses showed validated biological activity and a two‑point average daily pain score reduction from baseline at 12 weeks with the 10 mg dose, alongside an acceptable safety profile.

How could the STENO1 study affect Lexicon’s ZYNQUISTA NDA strategy?

FDA feedback indicated the investigator‑initiated STENO1 study of sotagliflozin appears adequately designed to provide viable diabetic ketoacidosis safety data. Based on current enrollment estimates, Lexicon is preparing to potentially resubmit the ZYNQUISTA NDA in type 1 diabetes in 2026, if supported by STENO1 data.