Free cash flow remains deeply negative, with a $14.7M outflow in 2026Q1, highlighting a structural inability to fund commercialization through internal product sales.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -38.8M | -67.85M | -178.78M | -161.9M | -88.85M | -87.02M | -142.97M | 113.81M | -148.61M | -185.39M | -175.63M | 184.78M | -75.62M | -91.08M | -94.46M | -87.94M | -82.37M | -89.02M | -95.6M | -74.32M | -56.91M | 23.44M | -42.26M | -7.72M | -28.79M | -17.99M | -1.5M | -9.6M |
| Operating CF Margin % | - | -136.24% | -575.21% | -13446.59% | -63921.58% | -29200.34% | -595.83% | 35.34% | -235.1% | -205.23% | -210.74% | 142.12% | -330.89% | -4098.96% | -8674.01% | -4755.98% | -1678.24% | -831.93% | -295.78% | -148.3% | -78.17% | 30.98% | -68.44% | -18.01% | -81.8% | -5.89% | -10.38% | -204.26% |
| Operating CF Growth % | 276.73% | 62.05% | -10.43% | -82.21% | -2.11% | 39.14% | -225.62% | 176.58% | 19.84% | -5.56% | -195.05% | 344.34% | 16.97% | 3.58% | -7.42% | -6.76% | 7.47% | 6.89% | -28.63% | -30.6% | -342.77% | 155.48% | -447.64% | 73.2% | -60.04% | -1098.14% | 84.36% | - |
| Net Income | -26.09M | -50.34M | -200.4M | -177.12M | -101.94M | -87.76M | -58.57M | 130.13M | -120.55M | -129.05M | -141.43M | -4.68M | -100.29M | -104.13M | -110.21M | -116.22M | -101.78M | -93.32M | -76.86M | -58.79M | -54.31M | -36.31M | -47.17M | -64.2M | -59.67M | -35.17M | -25.99M | -12.5M |
| Depreciation & Amortization | 555K | 621K | 534K | 554K | 427K | 292K | 2.93M | 3.65M | 3.68M | 3.4M | 2.06M | 727K | 1.93M | 2.86M | 4.19M | 4.89M | 5.39M | 6.16M | 10.07M | 10.42M | 11.2M | 11.63M | 12.87M | 21.53M | 20.58M | 16.55M | 2.62M | 2M |
| Stock-Based Compensation | 6.03M | 12.52M | 13.5M | 14.34M | 11.52M | 10.58M | 13.27M | 14.22M | 11.7M | 9.47M | 7.45M | 6.84M | 7.08M | 7.42M | 6.5M | 5.71M | 5.48M | 5.27M | 6.5M | 7.93M | 7.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 49K | -110K | -6.01M | 0 | -12.66M | 16K | 3.55M | -70K | 0 | 0 | 116.92M | 4.82M | 2.58M | -26.52M | -20.36M | -7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.77M | -3.75M | -6.65M | -2.33M | 744K | 54K | -131.57M | 30.1M | 1.34M | 2.7M | -176K | 6.45M | 13.44M | -2.21M | 9.89M | -109.45M | 2.71M | -1.17M | 7.81M | 7.93M | 7.03M | 10K | -11K | 3.06M | 197K | 0 | 20.84M | 0 |
| Working Capital Changes | -24.07M | -26.89M | 14.24M | 2.66M | 402K | -10.23M | 31.08M | -58.29M | -44.77M | -59.26M | -43.55M | 171.89M | 2.29M | 4.97M | -4.82M | 10.21M | 1.01M | -8.54M | -16.6M | -21.44M | -20.86M | 48.11M | -7.95M | 31.89M | 10.1M | 632K | 1.03M | 900K |
| Change in Receivables | -9.33M | 1.09M | -2.46M | -982K | -14K | 381K | 53.23M | -50.61M | -1.1M | 166K | -4.08M | 124K | 457K | 588K | -1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -75K | -50K | 150K | -381K | 0 | 0 | 345K | 437K | -2.73M | -1.95M | 6.23M | -5.79M | -128K | 1.7M | -2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -15.43M | -30.22M | 14.8M | 6.45M | 76K | -14.16M | -20.97M | 20.1M | -18.86M | -7.17M | 27.65M | 6.2M | 1.27M | 3.12M | -995K | 10.37M | -5.24M | -2.79M | -2.26M | 2.62M | 1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.17M | 113.02M | -15.38M | -49.94M | -71.08M | 2.11M | 380.76M | -155.85M | 169.58M | 50.52M | 18.25M | -117.02M | -108.42M | 99.54M | -97.81M | 69.95M | -113.84M | 11.88M | 159.41M | -187.95M | 24.46M | -15.99M | 40.48M | -128K | 47.23M | 6.42M | -165.45M | 5.2M |
| Capital Expenditures | 0 | 0 | -1.03M | -470K | -1.33M | -1.22M | -87K | -70K | -95K | -228K | -231K | -910K | -80K | -1.72M | -492K | -1.21M | -1.13M | -369K | -2.19M | -1.9M | -3.58M | -11.28M | -11.81M | -4.82M | -19.77M | -13.47M | -7.71M | -4.1M |
| CapEx % of Revenue | 0% | - | 3.32% | 39.04% | 953.96% | 409.73% | 0.36% | 0.02% | 0.15% | 0.25% | 0.28% | 0.7% | 0.35% | 77.45% | 45.18% | 65.22% | 23.06% | 3.45% | 6.77% | 3.79% | 4.92% | 14.91% | 19.13% | 11.26% | 56.15% | 4.41% | 53.32% | 87.23% |
| Acquisitions | 0 | 0 | 0 | 0 | 69.75M | -3.33M | 11.01M | 155.78M | 0 | 0 | 0 | 335K | 0 | 0 | 0 | 0 | -5.56M | 0 | -20.06M | 0 | 0 | 0 | 91K | 48K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.65M | 3.71M | 9.3M | 0 | -69.75M | 3.33M | 160.38M | -155.78M | 169.67M | 50.75M | 18.48M | 335K | 2.17M | 130K | 85K | 2.63M | 64K | 107K | 20.06M | 1K | 56K | 123K | 14.37M | -27.48M | -22.79M | -752K | 0 | 0 |
| Cash from Financing | 40.83M | -48.5M | 238.35M | 187.96M | 142.21M | 22.71M | -147.64M | -2.23M | -2.24M | 149.93M | 987K | -2.03M | 283.81M | -1.39M | 36.38M | 157.08M | 142.87M | 91.82M | -880K | 254.99M | 40.7M | -95K | -19.47M | 50.4M | 4.57M | -3.19M | 202.73M | 3.4M |
| Debt Issued (Net) | -53M | -48M | 0 | 49.96M | 48.87M | -11.7M | -216.58M | -1.28M | -2M | 143.63M | -2.02M | -1.86M | 82.42M | -1.57M | -1.44M | -3.59M | -38.48M | 36.47M | -881K | -815K | -751K | -691K | -18.71M | 0 | 4M | -3.91M | -1.59M | 3.5M |
| Equity Issued (Net) | 96.67M | 73K | 239.59M | 138M | -864K | 34.41M | -1.03M | -941K | -240K | 6.31M | 3M | -243K | 201.38M | 211K | 37.82M | 160.67M | 181.35M | 55.35M | 1K | 213.09M | 41.45M | 596K | 1.71M | 50.4M | 574K | 718K | 204.33M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1.73M | -824K | -864K | -2.67M | -1.03M | -941K | -972K | -1.68M | -621K | -357K | -887K | -873K | -285K | -108K | -149K | -88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.84M | -572K | -1.24M | 0 | 94.2M | 0 | 69.97M | 0 | 0 | 0 | 0 | 70K | 0 | -26K | 0 | 0 | 0 | 0 | 0 | 42.71M | 0 | 0 | -2.47M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 4.2M | -3.33M | 44.19M | -23.88M | -17.72M | -62.2M | 90.15M | -44.27M | 18.73M | 15.06M | -156.39M | 65.72M | 99.77M | 7.08M | -155.89M | 139.1M | -53.35M | 14.68M | 62.94M | -7.29M | 8.26M | 7.36M | -21.24M | 42.55M | 23.01M | -14.76M | 35.79M | -1M |
| Free Cash Flow | -38.8M | -67.85M | -179.81M | -162.37M | -90.18M | -88.24M | -143.06M | 113.74M | -148.7M | -185.62M | -175.86M | 183.87M | -75.7M | -92.8M | -94.95M | -89.14M | -83.5M | -89.39M | -97.79M | -76.22M | -60.49M | 12.16M | -54.07M | -12.54M | -48.56M | -31.46M | -9.21M | -13.7M |
| FCF Margin % | -55.72% | -136.24% | -578.52% | -13485.63% | -64875.54% | -29610.07% | -596.19% | 35.31% | -235.25% | -205.48% | -211.02% | 141.42% | -331.24% | -4176.42% | -8719.19% | -4821.2% | -1701.3% | -835.37% | -302.55% | -152.09% | -83.09% | 16.07% | -87.57% | -29.27% | -137.95% | -10.3% | -63.71% | -291.49% |
| FCF Growth % | 76.97% | 62.27% | -10.74% | -80.05% | -2.2% | 38.32% | -225.78% | 176.49% | 19.89% | -5.55% | -195.65% | 342.88% | 18.42% | 2.27% | -6.52% | -6.76% | 6.58% | 8.59% | -28.29% | -26.01% | -597.39% | 122.49% | -331.16% | 74.18% | -54.34% | -241.56% | 32.77% | - |
| FCF per Share | -0.10 | -0.19 | -0.56 | -0.73 | -0.54 | -0.61 | -1.29 | 0.97 | -1.41 | -1.76 | -1.69 | 1.77 | -0.99 | -1.27 | -1.36 | -1.83 | -1.93 | -4.30 | -5.00 | -5.35 | -6.33 | 1.33 | -5.98 | -1.54 | -6.50 | -4.39 | -1.55 | -3.91 |
| FCF Conversion (FCF/Net Income) | 1.49x | 1.35x | 0.89x | 0.91x | 0.87x | 0.99x | 2.44x | 0.87x | 1.23x | 1.44x | 1.24x | -39.47x | 0.75x | 0.87x | 0.86x | 0.76x | 0.81x | 1.08x | 1.24x | 1.26x | 1.05x | -0.65x | 0.90x | 0.12x | 0.48x | 0.51x | 0.06x | 0.77x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.42M | 2.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26K | 102K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall risk
According to quarterly financial disclosures, the relationship between net income and operating cash flow is erratic, with OCF/NI ratios swinging from 1.11 to over 14.00, indicating that reported earnings provide little insight into the actual cash-generating capacity of the underlying commercial operations.
The extreme variance in the OCF/NI ratio suggests that non-cash items and significant working capital swings are distorting the company's bottom line. Investors should interpret these fluctuations as a sign that the business has yet to establish a stable, predictable link between accounting profitability and cash realization.
As reported in recent SEC filings, Lexicon's free cash flow trajectory remains deeply negative, with quarterly outflows frequently exceeding $20 million, highlighting a structural inability to fund commercialization efforts through internal product sales rather than external capital infusions.
The consistent failure to generate positive free cash flow suggests that the current commercial launch of INPEFA is not yet self-sustaining. This trajectory implies that the company remains entirely dependent on external financing to bridge the gap between high operating expenses and insufficient product-driven cash inflows.
Based on the provided cash flow statements, working capital changes are highly unstable, with quarterly fluctuations ranging from a $16.4 million outflow to an $11.2 million inflow, suggesting that inventory and accounts receivable management are currently volatile components of the company's cash position.
These erratic working capital movements may indicate inconsistent collection cycles or lumpy inventory stocking patterns associated with the early stages of the INPEFA launch. Such volatility warrants further investigation into whether these shifts represent genuine operational efficiency or merely temporary timing differences in revenue recognition.
Data from recent financial statements reveals that stock-based compensation, which reached as high as $4.9 million in a single quarter, serves as a significant non-cash adjustment that effectively masks the true magnitude of the company's ongoing cash burn and operational inefficiency.
By relying on equity-based incentives to manage compensation, the company avoids immediate cash outflows but creates a persistent dilution risk for shareholders. This practice suggests that the reported cash flow figures may be slightly flattered, potentially understating the true economic cost of maintaining the current workforce.
Quick answers to the most common questions about buying LXRX stock.
Lexicon Pharmaceuticals, Inc. (LXRX) generated $-67.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lexicon Pharmaceuticals, Inc. (LXRX) reported negative free cash flow of $67.9M in 2025, indicating capital requirements exceeded cash from operations.
Lexicon Pharmaceuticals, Inc. (LXRX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.