Revenue growth remains highly volatile, fluctuating between $1.1M and $28.9M quarterly, while operating margins remain negative at -4.7% as of 2026Q1.
| 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 |
|---|
| Sales/Revenue | 69.64M | 49.8M | 31.08M | 1.2M | 139K | 298K | 24M | 322.07M | 63.21M | 90.33M | 83.34M | 130.01M | 22.85M | 2.22M | 1.09M | 1.85M | 4.91M | 10.7M | 32.32M | 50.12M | 72.8M | 75.68M | 61.74M | 42.84M | 35.2M | 305.58M | 14.46M | 4.7M |
| Revenue Growth % | 123.12% | 60.24% | 2481.48% | 766.19% | -53.36% | -98.76% | -92.55% | 409.54% | -30.03% | 8.4% | -35.9% | 468.89% | 928.53% | 104.04% | -41.1% | -62.33% | -54.13% | -66.89% | -35.51% | -31.15% | -3.81% | 22.58% | 44.12% | 21.7% | -88.48% | 2013.47% | 207.63% | - |
| Cost of Goods Sold | 646K | 274K | 616K | 58.97M | 52.52M | 55.05M | 1.93M | 3.23M | 2.49M | 1.9M | 163.97M | 95.19M | 89.28M | 89.68M | 82.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.62M | -2M |
| COGS % of Revenue | - | 0.55% | 1.98% | 4898.01% | 37781.29% | 18471.81% | 8.04% | 1% | 3.94% | 2.1% | 196.76% | 73.21% | 390.65% | 4036.09% | 7582.55% | - | - | - | - | - | - | - | - | - | - | - | -18.13% | -42.55% |
| Gross Profit | 69M | 49.53M | 30.46M | -57.77M | -52.38M | -54.75M | 22.07M | 318.84M | 60.72M | 88.44M | -80.64M | 34.83M | -66.42M | -87.46M | -81.48M | 1.85M | 4.91M | 10.7M | 32.32M | 50.12M | 72.8M | 75.68M | 61.74M | 42.84M | 35.2M | 305.58M | 17.08M | 6.7M |
| Gross Margin % | 99.07% | 99.45% | 98.02% | -4798.01% | -37681.29% | -18371.81% | 91.96% | 99% | 96.06% | 97.9% | -96.76% | 26.79% | -290.65% | -3936.09% | -7482.55% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 118.13% | 142.55% |
| Gross Profit Growth % | - | 62.58% | 152.74% | -10.29% | 4.33% | -348.11% | -93.08% | 425.12% | -31.34% | 209.67% | -331.53% | 152.43% | 24.05% | -7.33% | -4506.98% | -62.33% | -54.13% | -66.89% | -35.51% | -31.15% | -3.81% | 22.58% | 44.12% | 21.7% | -88.48% | 1689.14% | 154.92% | - |
| Operating Expenses | 93.22M | 98.44M | 227.58M | 113.98M | 48.38M | 32.34M | 69.87M | 177.4M | 164M | 223.02M | 221.19M | 119.02M | 108.69M | 106.8M | 99.62M | 115.94M | 100.63M | 100.66M | 128.86M | 125.07M | 128.03M | 111.8M | 109.19M | 105.43M | 98.09M | 349.22M | 52.56M | 19.5M |
| OpEx % of Revenue | - | 197.66% | 732.22% | 9466.94% | 34807.91% | 10853.02% | 291.17% | 55.08% | 259.45% | 246.88% | 265.42% | 91.55% | 475.58% | 4806.62% | 9147.57% | 6270.63% | 2050.24% | 940.71% | 398.68% | 249.56% | 175.87% | 147.73% | 176.86% | 246.12% | 278.67% | 114.28% | 363.5% | 414.89% |
| Selling, General & Admin | 34.94M | 37.32M | 131.9M | 0 | 0 | 0 | 47.23M | 56.84M | 63.75M | 66.2M | 43.04M | 23.84M | 19.41M | 17.12M | 17.04M | 17.35M | 22.57M | 19.42M | 20.28M | 20.74M | 21.33M | 18.17M | 18.61M | 23.23M | 23.23M | 20.86M | 18.29M | 2.9M |
| SG&A % of Revenue | - | 74.93% | 424.38% | - | - | - | 196.83% | 17.65% | 100.86% | 73.29% | 51.65% | 18.33% | 84.93% | 770.52% | 1565.01% | 938.35% | 459.78% | 181.48% | 62.75% | 41.38% | 29.31% | 24.01% | 30.14% | 54.23% | 66.01% | 6.83% | 126.49% | 61.7% |
| Research & Development | 58.28M | 61.12M | 84.48M | 58.89M | 52.82M | 55.05M | 153.62M | 91.92M | 100.24M | 156.81M | 178.15M | 95.19M | 89.28M | 89.68M | 82.57M | 91.83M | 75.35M | 81.24M | 108.58M | 104.33M | 106.69M | 93.63M | 90.59M | 82.2M | 74.86M | 53.35M | 31.65M | 14.6M |
| R&D % of Revenue | - | 122.73% | 271.81% | 4890.95% | 37997.12% | 18471.81% | 640.22% | 28.54% | 158.59% | 173.59% | 213.77% | 73.21% | 390.65% | 4036.09% | 7582.55% | 4966.36% | 1535.25% | 759.23% | 335.93% | 208.17% | 146.56% | 123.71% | 146.72% | 191.88% | 212.67% | 17.46% | 218.88% | 310.64% |
| Other Operating Expenses | 0 | 0 | 11.2M | 55.09M | -4.43M | -22.7M | -130.99M | 28.64M | 0 | 1.95M | 2.29M | 572K | 2.25M | 59K | 105K | 24.12M | 2.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 275M | 2.62M | 4.9M |
| Operating Income | -24.23M | -48.91M | -197.12M | -171.75M | -100.76M | -87.09M | -47.8M | 141.44M | -103.28M | -136.68M | -137.16M | 1.47M | -100.37M | -102.37M | -108.42M | -114.09M | -95.72M | -89.96M | -96.53M | -74.95M | -55.23M | -36.12M | -47.45M | -62.59M | -62.89M | -43.64M | -35.48M | -12.8M |
| Operating Margin % | -34.79% | -98.21% | -634.2% | -14264.95% | -72489.21% | -29224.83% | -199.21% | 43.92% | -163.39% | -151.3% | -164.58% | 1.13% | -439.16% | -4607.16% | -9955.46% | -6170.63% | -1950.24% | -840.71% | -298.68% | -149.56% | -75.87% | -47.73% | -76.86% | -146.12% | -178.67% | -14.28% | -245.37% | -272.34% |
| Operating Income Growth % | - | 75.19% | -14.77% | -70.45% | -15.7% | -82.2% | -133.79% | 236.95% | 24.44% | 0.35% | -9442.98% | 101.46% | 1.96% | 5.57% | 4.98% | -19.2% | -6.41% | 6.82% | -28.79% | -35.71% | -52.91% | 23.89% | 24.19% | 0.48% | -44.12% | -23.01% | -177.16% | - |
| EBITDA | -23.78M | -48.29M | -196.58M | -171.2M | -100.33M | -86.8M | -44.87M | 145.1M | -99.6M | -133.28M | -135.1M | 2.19M | -98.44M | -99.51M | -104.22M | -109.21M | -90.32M | -83.8M | -86.47M | -64.53M | -44.03M | -24.48M | -34.58M | -41.06M | -42.31M | -27.09M | -32.86M | -10.8M |
| EBITDA Margin % | -34.15% | -96.96% | -632.49% | -14218.94% | -72182.01% | -29126.85% | -186.98% | 45.05% | -157.57% | -147.54% | -162.11% | 1.69% | -430.73% | -4478.31% | -9570.71% | -5906.33% | -1840.34% | -783.15% | -267.52% | -128.76% | -60.48% | -32.35% | -56.01% | -95.86% | -120.21% | -8.86% | -227.24% | -229.79% |
| EBITDA Growth % | 86.56% | 75.44% | -14.83% | -70.63% | -15.59% | -93.46% | -130.92% | 245.69% | 25.27% | 1.34% | -6254.85% | 102.23% | 1.08% | 4.53% | 4.56% | -20.91% | -7.79% | 3.09% | -33.99% | -46.56% | -79.83% | 29.2% | 15.78% | 2.96% | -56.2% | 17.55% | -204.22% | - |
| D&A (Non-Cash Add-back) | 445K | 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 |
| EBIT | -20.82M | -48.91M | -184.82M | -170.31M | -100.46M | -87.09M | -44.03M | 144.79M | -99.77M | -128.67M | -124.88M | 10.99M | -98.11M | -102.16M | -108.1M | -113.69M | -99.08M | -90.45M | -94.19M | -74.95M | -55.23M | -36.12M | -47.45M | -62.59M | -62.89M | -43.64M | -35.48M | -12.8M |
| Net Interest Income | -226K | -1.43M | -3.29M | -5.37M | -1.18M | -668K | -11.78M | -17.33M | -17.27M | -5.03M | -4.27M | -6.15M | 2K | -1.75M | -1.8M | -2.27M | -2.2M | -2.09M | 3.07M | 4.51M | 400K | -635K | -1.02M | 1.47M | 3.22M | 8.47M | 9.48M | 0 |
| Interest Income | 4.69M | 6.91M | 12.29M | 7.73M | 1.6M | 134K | 2.77M | 3.35M | 3.51M | 1.95M | 2.29M | 572K | 2.25M | 216K | 318K | 255K | 519K | 880K | 5.76M | 7.29M | 3.65M | 2.65M | 1.64M | 1.8M | 3.23M | 8.78M | 9.9M | 0 |
| Interest Expense | 4.91M | 8.34M | 15.58M | 13.1M | 2.78M | 802K | 14.54M | 20.68M | 20.78M | 6.98M | 6.57M | 6.72M | 2.25M | 1.97M | 2.11M | 2.53M | 2.72M | 2.97M | 2.69M | 2.77M | 3.25M | 3.28M | 2.66M | 325K | 7K | 314K | 422.04K | 0 |
| Other Income/Expense | -1.86M | -1.43M | -3.29M | -5.37M | -1.18M | -668K | -10.77M | -17.33M | -17.27M | -5.03M | -4.27M | -6.15M | 2K | -1.75M | -1.8M | -2.12M | -6.08M | -3.46M | -349K | 3.72M | 801K | -77K | 282K | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -26.09M | -50.34M | -200.4M | -177.12M | -101.94M | -87.76M | -58.57M | 124.12M | -120.55M | -141.71M | -141.43M | -4.68M | -100.36M | -104.13M | -110.21M | -116.22M | -101.8M | -93.42M | -96.88M | -71.23M | 54.43M | 39.2M | -46.15M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -37.46% | -101.08% | -644.78% | -14710.88% | -73341.01% | -29448.99% | -244.11% | 38.54% | -190.71% | -156.87% | -169.71% | -3.6% | -439.15% | -4686.14% | -10120.39% | -6285.29% | -2074.18% | -873.07% | -299.76% | -142.13% | 74.77% | 51.79% | -74.75% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.01M | 0 | -12.66M | 4.51M | 0 | -70K | -833K | 0 | 0 | -26K | -102K | 0 | -16.16M | -119K | 119K | -282K | 1.6M | -3.22M | -8.47M | -9.48M | -300K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -4.85% | 0% | 8.93% | -3.19% | 0% | 0.07% | 0.8% | 0% | 0% | 0.03% | 0.11% | 0% | 22.69% | -0.22% | 0.3% | 0.61% | - | - | - | - | - |
| 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 | -82.78M | -76.86M | -58.79M | -54.31M | -36.31M | -47.17M | -64.2M | -59.67M | -35.17M | -25.99M | -12.5M |
| Net Margin % | -37.46% | -101.08% | -644.78% | -14710.88% | -73341.01% | -29448.99% | -244.11% | 40.4% | -190.71% | -142.86% | -169.71% | -3.6% | -438.85% | -4686.14% | -10120.39% | -6285.29% | -2073.66% | -773.64% | -237.8% | -117.31% | -74.61% | -47.98% | -76.4% | -149.86% | -169.52% | -11.51% | -179.78% | -265.96% |
| Net Income Growth % | 85.28% | 74.88% | -13.15% | -73.74% | -16.16% | -49.82% | -145.01% | 207.95% | 6.59% | 8.75% | -2920.7% | 95.33% | 3.68% | 5.52% | 5.17% | -14.19% | -22.95% | -7.7% | -30.73% | -8.25% | -49.56% | 23.02% | 26.52% | -7.59% | -69.65% | -35.31% | -107.95% | - |
| Net Income (Continuing) | -26.09M | -50.34M | -200.4M | -177.12M | -101.94M | -87.76M | -58.57M | 130.13M | -120.55M | -122.99M | -141.43M | -4.68M | -100.29M | -104.13M | -110.21M | -116.22M | -101.78M | -93.32M | -96.88M | -58.79M | -54.31M | -36.31M | -47.17M | -61.12M | -59.67M | -35.17M | -25.99M | -12.5M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -290K | 10.25M | 30.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.07 | -0.14 | -0.63 | -0.80 | -0.62 | -0.61 | -0.63 | 1.11 | -1.14 | -1.23 | -1.36 | -0.05 | -1.31 | -1.42 | -1.58 | -2.39 | -2.35 | -3.98 | -3.93 | -4.12 | -5.68 | -3.97 | -5.21 | -7.91 | -7.99 | -4.90 | -4.37 | -3.57 |
| EPS Growth % | 85.98% | 77.78% | 21.25% | -29.03% | -1.64% | 3.17% | -156.76% | 197.37% | 7.32% | 9.56% | -2908.85% | 96.55% | 7.75% | 10.13% | 33.89% | -1.7% | 40.95% | -1.27% | 4.61% | 27.46% | -43.07% | 23.8% | 34.13% | 1% | -63.06% | -12.13% | -22.41% | - |
| EPS (Basic) | - | -0.14 | -0.63 | -0.80 | -0.62 | -0.61 | -0.63 | 1.23 | -1.14 | -1.23 | -1.36 | -0.05 | -1.31 | -1.42 | -1.58 | -2.39 | -2.35 | -3.98 | -3.93 | -4.12 | -5.68 | -3.97 | -5.21 | -7.91 | -7.99 | -4.90 | -4.37 | -3.57 |
| Diluted Shares Outstanding | 400.24M | 363.05M | 320.03M | 221.13M | 165.73M | 145.65M | 110.84M | 116.75M | 105.83M | 105.24M | 103.86M | 103.59M | 76.35M | 73.3M | 69.96M | 48.68M | 43.26M | 20.78M | 19.54M | 14.26M | 9.55M | 9.14M | 9.05M | 8.12M | 7.47M | 7.17M | 5.95M | 3.5M |
| Basic Shares Outstanding | 400.24M | 363.05M | 320.03M | 221.13M | 165.73M | 145.65M | 110.84M | 106.22M | 105.74M | 105.12M | 103.86M | 103.59M | 76.35M | 73.3M | 69.96M | 48.68M | 43.26M | 20.78M | 19.54M | 14.26M | 9.55M | 9.14M | 9.05M | 8.12M | 7.47M | 7.17M | 5.95M | 3.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited cash runway
Based on reported financial statements, LXRX exhibits highly inconsistent revenue growth, with quarterly figures fluctuating significantly from $1.1M to $28.9M, suggesting that the company's transition to a commercial product-sales model remains unstable and heavily dependent on non-recurring items rather than consistent, organic prescription-based demand.
The erratic top-line performance indicates that the company has yet to establish a predictable commercial cadence for INPEFA. Investors should monitor whether future revenue streams can decouple from lumpy milestone payments to demonstrate sustainable, volume-driven growth in the competitive heart failure market.
As reported in recent filings, Lexicon maintains exceptionally high gross margins, frequently exceeding 99%, which reflects the low manufacturing cost of its small-molecule portfolio, yet this metric fails to translate into profitability due to the overwhelming burden of commercialization and research-related operating expenses.
While the 99.45% gross margin is theoretically attractive, it provides little insight into the company's actual economic viability. The structural disconnect between high product margins and deep operating losses suggests that the current commercial scale is insufficient to absorb the fixed costs of the specialized sales force.
According to historical income statement data, Lexicon's operating leverage is currently non-existent, as the company continues to report deep operating losses, with SG&A and R&D expenditures frequently dwarfing gross profit, indicating that the business model has not yet achieved the necessary scale for operational efficiency.
The inability to scale operating income alongside revenue growth highlights the heavy reliance on high-cost commercial infrastructure. Without a significant inflection in prescription volume, the company appears trapped in a cycle of high fixed-cost spending that continues to erode shareholder value.
Based on the provided financial data, the most significant risk to the investment thesis is the persistent cash burn, which, when paired with a limited cash position, suggests that the company may face imminent liquidity challenges that could necessitate further dilutive equity financing for shareholders.
Short-sellers would likely focus on the widening gap between operating expenses and realized revenue, questioning the long-term viability of the 'go-it-alone' commercial strategy. The lack of a clear path to self-funding operations warrants extreme caution regarding the company's future capital requirements.
Quick answers to the most common questions about buying LXRX stock.
For fiscal year 2025, Lexicon Pharmaceuticals, Inc. (LXRX) reported total revenue of $49.8M. This represents a 959.6% increase compared to $4.7M in 1999.
Lexicon Pharmaceuticals, Inc. (LXRX) reported a net loss of $50.3M for the fiscal year ending 2025.
Lexicon Pharmaceuticals, Inc. (LXRX) reported an operating income of $-48.9M, resulting in an operating profit margin of -98.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Lexicon Pharmaceuticals, Inc. (LXRX) generated $49.5M in gross profit for the year, representing a gross profit margin of 99.4%. This demonstrates the company's core pricing power and production efficiency.