0001062822-21-000063 | 10-Q | XBRL Viewer | Lexicon Pharmaceuticals INC

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-30111
Entity Registrant Name	Lexicon Pharmaceuticals, Inc.
Entity Central Index Key	0001062822
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0474169
Entity Address, Address Line One	2445 Technology Forest Blvd.
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	281
Local Phone Number	863-3000
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	LXRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		148,895,707

Consolidated Balance Sheets-Unaudited - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 92,118,000	$ 126,263,000
Short-term investments	28,800,000	26,012,000
Accounts receivable, net	23,000	395,000
Prepaid expenses and other current assets	3,064,000	5,049,000
Total current assets	124,005,000	157,719,000
Property and equipment, net of accumulated depreciation and amortization of $4,849 and $5,815, respectively	1,311,000	295,000
Goodwill	44,543,000	44,543,000
Other assets	2,471,000	1,231,000
Total assets	172,330,000	203,788,000
Current liabilities:
Accounts payable	8,345,000	5,469,000
Accrued liabilities	14,208,000	29,691,000
Current portion of long-term debt, net of deferred issuance costs	11,693,000	11,646,000
Total current liabilities	34,246,000	46,806,000
Other long-term liabilities	1,481,000	611,000
Total liabilities	35,727,000	47,417,000
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 5,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.001 par value; 225,000 shares authorized; 149,987 and 142,289 shares issued, respectively	150,000	142,000
Additional paid-in capital	1,606,142,000	1,561,096,000
Accumulated deficit	(1,462,165,000)	(1,400,018,000)
Accumulated other comprehensive loss	(6,000)	(6,000)
Treasury stock, at cost, 1,165 and 793 shares, respectively	(7,518,000)	(4,843,000)
Total stockholder's equity (deficit)	136,603,000	156,371,000
Total liabilities and equity	$ 172,330,000	$ 203,788,000

Consolidated Balance Sheets Parentheticals - USD ($) shares in Thousands	Sep. 30, 2021	Dec. 31, 2020
Consolidated Balance Sheets [Abstract]
Accumulated depreciation and amortization, property and equipment	$ 4,849,000	$ 5,815,000
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	225,000	225,000
Common stock, shares issued	149,987	142,289
Treasury stock, shares	1,165	793

Consolidated Statements of Comprehensive Loss-Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues:
Net product revenue	$ 0	$ 6,542	$ 0	$ 23,404
Collaborative agreements	0	0	0	33
Royalties and other revenue	23	92	284	359
Total revenues	23	6,634	284	23,796
Operating expenses:
Cost of sales (including finite-lived intangible asset amortization)	0	633	0	1,929
Research and development, including stock-based compensation of $1,138, $1,029, $3,608 and $5,154, respectively	15,682	40,147	38,548	152,629
Selling, general and administrative, including stock-based compensation of $1,574, $875, $4,741 and $5,440, respectively	7,303	11,997	23,496	40,798
Asset Impairment Charges	0	0	0	1,600
Total operating expenses	22,985	52,777	62,044	196,956
Gain on sale of non-financial assets	0	132,818	0	132,818
Loss from operations	(22,962)	86,675	(61,760)	(40,342)
Gain (Loss) on Extinguishment of Debt	0	(255)	0	(255)
Interest expense	(171)	(4,118)	(507)	(14,374)
Interest and other income, net	11	301	120	1,892
Net loss	$ (23,122)	$ 82,603	$ (62,147)	$ (53,079)
Net income (loss) per common share, Basic	$ (0.16)	$ 0.77	$ (0.43)	$ (0.50)
Earnings Per Share, Diluted	$ (0.16)	$ 0.71	$ (0.43)	$ (0.50)
Shares used in computing net loss per common share, Basic	145,820	107,309	144,558	106,974
Weighted Average Number of Shares Outstanding, Diluted	145,820	117,552	144,558	106,974
Unrealized gain on investments	$ 0	$ (277)	$ 1	$ (49)
Comprehensive loss	(23,122)	82,326	(62,146)	(53,128)
Supplemental Income Statement Elements [Abstract]
Stock-based compensation expense associated with selling, general and administrative expense	1,574	875	4,741	5,440
Stock-based compensation expense associated with research and development expense	$ 1,138	$ 1,029	$ 3,608	$ 5,154

Consolidated Statements of Comprehensive Loss Parentheticals - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Consolidated Statements of Operations [Abstract]
Stock-based compensation expense associated with research and development expense	$ 1,138	$ 1,029	$ 3,608	$ 5,154
Stock-based compensation expense associated with selling, general and administrative expense	$ 1,574	$ 875	$ 4,741	$ 5,440

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (23,122)	$ (62,147)	$ (53,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		180	2,590
Stock-based compensation		8,349	10,594
Amortization of debt issuance costs		46	995
Gain on sale of non-financial assets	0	0	(132,818)
Asset Impairment Charges	0	0	1,600
Gain (Loss) on Extinguishment of Debt	0	0	255
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		372	52,201
(Increase) decrease in inventory		0	345
(Increase) decrease in prepaid expenses and other current assets		1,985	(6,008)
Decrease in other assets		459	314
Decrease in accounts payable and other liabilities		(13,433)	14,281
Net cash provided by (used in) operating activities		(64,189)	(108,730)
Cash and Cash Equivalents, Period Increase (Decrease)		(34,145)	16,139
Cash and cash equivalents	92,118	92,118	52,251
Cash paid for interest		307	16,892
Initial recognition of right of use asset	1,704	1,704
Issuance of common stock under Equity Incentive Plans, value	19,123
Cash flows from investing activities:
Purchases of property and equipment		(1,198)	(33)
Proceeds from Sale of Productive Assets		0	160,385
Purchases of investments		(28,880)	(53,197)
Maturities of investments		26,092	229,500
Net cash (used in) provided by investing activities		(3,986)	336,655
Cash flows from financing activities:
Proceeds from issuance of common stock		36,705	0
Repurchase of common stock		(2,675)	(1,026)
Repayment of debt borrowings, net of fees		0	(210,760)
Net cash used in financing activities		34,030	(211,786)
Net increase (decrease) in cash and cash equivalents		(34,145)	16,139
Cash and cash equivalents at beginning of period		126,263	36,112
Cash and cash equivalents at end of period	92,118	92,118	52,251
Supplemental disclosure of cash flow information:
Cash paid for interest		307	$ 16,892
Initial recognition of right of use asset	1,704	$ 1,704
Issuance of common stock under Equity Incentive Plans, value	$ 19,123

Consolidated Statements of Stockholders' Equity/Deficit-Unaudited - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)	Treasury Stock
Balance, shares at Dec. 31, 2019		106,679
Balance, value at Dec. 31, 2019	$ 117,101	$ 106	$ 1,462,172	$ (1,341,444)	$ 84	$ (3,817)
Stock-based compensation	4,432	0	4,432	0	0	0
Repurchase of common stock	(923)	0	0	0	0	(923)
Net loss		0	0	(66,611)	0	0
Unrealized gain on investments	776	$ 0	0	0	776	0
Balance, shares at Mar. 31, 2020		107,711
Balance, value at Mar. 31, 2020	54,777	$ 108	1,466,604	(1,408,055)	860	(4,740)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		1,032
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2	$ 2	0	0	0	0
Balance, shares at Dec. 31, 2019		106,679
Balance, value at Dec. 31, 2019	117,101	$ 106	1,462,172	(1,341,444)	84	(3,817)
Net loss	(53,079)
Unrealized gain on investments	(49)
Balance, shares at Sep. 30, 2020		117,231
Balance, value at Sep. 30, 2020	87,639	$ 117	1,486,853	(1,394,523)	35	(4,843)
Balance, shares at Mar. 31, 2020		107,711
Balance, value at Mar. 31, 2020	54,777	$ 108	1,466,604	(1,408,055)	860	(4,740)
Stock-based compensation	4,258	$ 0	4,258	0	0	0
Issuance of common stock under Equity Incentive Plans, shares		187
Issuance of common stock under Equity Incentive Plans, value	0	$ 0	0	0	0	0
Repurchase of common stock	(103)	0	0	0	0	(103)
Net loss		0	0	(69,071)	0	0
Unrealized gain on investments	(548)	$ 0	0	0	(548)	0
Balance, shares at Jun. 30, 2020		107,898
Balance, value at Jun. 30, 2020	(10,687)	$ 108	1,470,862	(1,477,126)	312	(4,843)
Stock-based compensation	1,904	$ 0	1,904	0	0	0
Issuance of common stock under Equity Incentive Plans, shares		9,333
Issuance of common stock under Equity Incentive Plans, value	14,096	$ 9	14,087	0	0	0
Net loss	82,603	0	0	82,603	0	0
Unrealized gain on investments	(277)	$ 0	0	0	(277)	0
Balance, shares at Sep. 30, 2020		117,231
Balance, value at Sep. 30, 2020	$ 87,639	$ 117	1,486,853	(1,394,523)	35	(4,843)
Balance, shares at Dec. 31, 2020	142,289	142,289
Balance, value at Dec. 31, 2020	$ 156,371	$ 142	1,561,096	(1,400,018)	(6)	(4,843)
Stock-based compensation	2,851	$ 0	2,851	0	0	0
Issuance of common stock under Equity Incentive Plans, shares		2,000
Issuance of common stock under Equity Incentive Plans, value	16,399	$ 2	16,397	0	0	0
Repurchase of common stock	(2,675)	0	0	0	0	(2,675)
Net loss	(20,958)	0	0	(20,958)	0	0
Unrealized gain on investments	11	$ 0	0	0	11	0
Balance, shares at Mar. 31, 2021		145,552
Balance, value at Mar. 31, 2021	152,547	$ 145	1,580,891	(1,420,976)	5	(7,518)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		1,263
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ 548	$ 1	547	0	0	0
Balance, shares at Dec. 31, 2020	142,289	142,289
Balance, value at Dec. 31, 2020	$ 156,371	$ 142	1,561,096	(1,400,018)	(6)	(4,843)
Net loss	(62,147)
Unrealized gain on investments	$ 1
Balance, shares at Sep. 30, 2021	149,987	149,987
Balance, value at Sep. 30, 2021	$ 136,603	$ 150	1,606,142	(1,462,165)	(6)	(7,518)
Balance, shares at Mar. 31, 2021		145,552
Balance, value at Mar. 31, 2021	152,547	$ 145	1,580,891	(1,420,976)	5	(7,518)
Stock-based compensation	$ 2,786	0	2,786	0	0	0
Issuance of common stock under Equity Incentive Plans, shares	88
Issuance of common stock under Equity Incentive Plans, value	$ 8	1	7	0	0	0
Payments of Stock Issuance Costs	31	0	(31)	0	0	0
Net loss	(18,067)	0	0	(18,067)	0	0
Unrealized gain on investments	(10)	$ 0	0	0	(10)	0
Balance, shares at Jun. 30, 2021		145,640
Balance, value at Jun. 30, 2021	137,233	$ 146	1,583,653	(1,439,043)	(5)	(7,518)
Stock-based compensation	$ 2,712	0	2,712	0	0	0
Issuance of common stock under Equity Incentive Plans, shares	4,177
Issuance of common stock under Equity Incentive Plans, value	$ 19,123	4	19,119	0	0	0
Net loss	(23,122)	0	0	(23,122)	0	0
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax					(1)
Unrealized gain on investments	$ 0	$ 0	0	0		0
Balance, shares at Sep. 30, 2021	149,987	149,987
Balance, value at Sep. 30, 2021	$ 136,603	$ 150	1,606,142	(1,462,165)	(6)	(7,518)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		170
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	$ 658	$ 0	$ 658	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies (Notes)

9 Months Ended

Sep. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

Summary of Significant Accounting Policies

Basis of Presentation: The accompanying unaudited condensed consolidated financial statements of Lexicon Pharmaceuticals, Inc. (“Lexicon” or the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021.

The accompanying condensed consolidated financial statements include the accounts of Lexicon and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation.

For further information, refer to the financial statements and footnotes thereto included in Lexicon’s annual report on Form 10-K for the year ended December 31, 2020, as filed with the SEC.

Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

Cash, Cash Equivalents and Short-Term Investments: Lexicon considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of September 30, 2021, short-term investments consisted of U.S. treasury bills and corporate debt securities. As of December 31, 2020, short-term investments consisted of corporate debt securities. The Company’s short-term investments are classified as available-for-sale securities and are carried at fair value, based on quoted market prices of the securities. The Company views its available-for-sale securities as available for use in current operations regardless of the stated maturity date of the security. Unrealized gains and losses on such securities are reported as a separate component of stockholders’ equity. Net realized gains and losses, interest and dividends are included in interest income. The cost of securities sold is based on the specific identification method.

Accrued liabilities: Accrued liabilities consisted of the following:


	As of September 30,		As of December 31,
	2021		2020
	(in thousands)
Accrued research and development services	$	7,544	$	21,962
Accrued compensation and benefits	4,172		6,200
Short term lease liability	1,027		553
Other	1,465		976
Total accrued liabilities	$	14,208	$	29,691

Leases: Lexicon determines if a contract is or contains a lease at inception or upon modification of the contract. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Lexicon does not apply this accounting to those leases with terms of twelve (12) months or less.

Operating lease right-of-use assets and associated lease liabilities are recorded in the balance sheet at the lease commencement date based on the present value of future lease payments to be made over the expected lease term. As the implicit rate is not determinable in its leases, Lexicon uses its incremental borrowing rate of 9% at the commencement date in determining the present value of future payments.

Revenue Recognition:

Product Revenues

Prior to the Company’s sale of XERMELO and related assets to TerSera Therapeutics LLC (“TerSera”) in September 2020, product revenues consisted of commercial sales of XERMELO in the United States and sales of bulk tablets of XERMELO to Ipsen Pharma SAS (“Ipsen”). Product revenues were recognized when the customer obtained control of XERMELO, which occurred upon delivery to the customer. The Company recognized product revenue net of applicable reserves for variable consideration, including allowances for customer credits, estimated rebates, chargebacks, discounts, returns, distribution service fees, and government rebates, such as Medicare Part D coverage gap reimbursements in the U.S. These estimates were based on the most likely amount method for relevant factors such as current contractual and statutory requirements, industry data and forecasted customer buying and payment patterns. The Company’s net product revenues reflected the Company’s best estimates of the amounts of consideration to which it was entitled based on the terms of the respective underlying contracts. Product shipping and handling costs were considered a fulfillment activity when control transferred to the Company’s customers and such costs were included in cost of sales.

Collaborative Agreements

Revenues under collaborative agreements include both license revenue and contract research revenue. The Company performs the following five steps in determining the amount of revenue to recognize as it fulfills its performance obligations under each of its agreements: (i) identify the contract(s) with a customer; (ii) identify the performance obligation in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company applies this five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company develops assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract.

At contract inception, the Company evaluates whether development milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal will not occur, the associated development milestone value is included in the transaction price. Development milestones that are not within the control of the Company or the licensee, including those requiring regulatory approval, are not considered probable of being achieved until those milestones are achieved. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue when (or as) the performance obligation is satisfied. At the end of each reporting period, the Company re-evaluates the probability of achievement of the development milestones and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues in the period of adjustment.

In agreements in which a license to the Company’s intellectual property is determined distinct from other performance obligations identified in the agreement, the Company recognizes revenue when the license is transferred to the licensee and the licensee is able to use and benefit from the license.

For agreements that include sales-based royalties, including milestones based on a level of sales, the license is deemed to be the predominant item to which the royalties relate and the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

The Company may receive payments from its licensees based on billing schedules established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under the relevant agreement. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional.

Cost of Sales: Cost of sales consisted of third-party manufacturing costs, freight and indirect overhead costs associated with sales of XERMELO. Product shipping and handling costs were included in cost of sales. Cost of sales also included the amortization of the intangible asset for XERMELO using the straight-line method over the estimated useful life of 14 years.

Research and Development Expenses: Research and development expenses consist of costs incurred for company-sponsored as well as collaborative research and development activities. These costs include direct and research-related overhead expenses and are expensed as incurred. Technology license fees for technologies that are utilized in research and development and have no alternative future use are expensed when incurred. Substantial portions of the Company’s preclinical and clinical trials are performed by third-party laboratories, medical centers, contract research organizations and other vendors. For preclinical studies, the Company accrues expenses based upon estimated percentage of work completed and the contract milestones remaining. For clinical studies, expenses are accrued based upon the number of patients enrolled and the duration of the study. The Company’s estimates of the clinical study costs and costs to transition activities from Sanofi for the development of sotagliflozin for type 2 diabetes and heart failure, as well as the wind down of those activities, were based on estimates of the services to be received and efforts to be expended pursuant to contracts with multiple vendors and the CRO that conducted and managed the clinical studies on its behalf. The Company monitors patient enrollment, the progress of clinical studies and related activities to the extent possible through internal reviews of data reported to the Company by the vendors and clinical site visits. The Company’s estimates depend on the timeliness and accuracy of the data provided by the vendors regarding the status of each program and total program spending. The Company periodically evaluates the estimates to determine if adjustments are necessary or appropriate based on information it receives.

Stock-Based Compensation: The Company recognizes compensation expense in its condensed consolidated statements of comprehensive loss for share-based payments, including stock options and restricted stock units granted to employees, based on their fair values on the date of the grant, with the compensation expense recognized over the period in which an employee is required to provide service in exchange for the stock award. Stock-based compensation expense for awards without performance conditions is recognized on a straight-line basis. Stock-based compensation expense for awards with performance conditions is recognized over the period from the date the performance condition is determined to be probable of occurring through the time the applicable condition is met.

The fair value of stock options is estimated at the date of grant using the Black-Scholes method. The Black-Scholes option-pricing model requires the input of subjective assumptions. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. For purposes of determining the fair value of stock options, the Company segregates its options into two homogeneous groups, based on exercise and post-vesting employment termination behaviors, resulting in a change in the assumptions used for expected option lives. Historical data is used to estimate the expected option life for each group. Expected volatility is based on the historical volatility in the Company’s stock price.

The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock option compensation granted, with the following weighted-average assumptions for stock options granted in the nine months ended September 30, 2021 and 2020:


	Expected Volatility		Risk-free Interest Rate		Expected Term	Dividend Rate
September 30, 2021:
Employees	102	%	0.6	%	4	—	%
Officers and non-employee directors	90	%	1.1	%	7	—	%
September 30, 2020:
Employees	91	%	1.3	%	4	—	%
Officers and non-employee directors	78	%	1.4	%	8	—	%

The following is a summary of stock option activity under Lexicon’s stock-based compensation plans for the nine months ended September 30, 2021:


	Options	Weighted Average Exercise Price
	(in thousands)
Outstanding at December 31, 2020	8,397	$	7.12
Granted	1,448	6.88
Exercised	(281)	4.31
Expired	(191)	12.50
Forfeited	(733)	8.92
Outstanding at September 30, 2021	8,640	6.90
Exercisable at September 30, 2021	5,092	$	8.16

During the nine months ended September 30, 2021, Lexicon also granted its employees and non-employee directors annual restricted stock units. Outstanding employee restricted stock units vest in three annual installments. Outstanding non-employee director restricted stock units vest fully on the first anniversary of the grant. The following is a summary of restricted stock units activity under Lexicon’s stock-based compensation plans for the nine months ended September 30, 2021:


	Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2020	2,769	$	4.35
Granted	663	8.22
Vested	(1,239)	5.04
Forfeited	(217)	4.96
Outstanding at September 30, 2021	1,976	$	5.15

Net Loss per Common Share: Net loss per common share is computed using the weighted average number of shares of common stock outstanding. Shares associated with convertible debt, stock options and restricted stock units are not included because they are antidilutive.

Recent Accounting Pronouncements Level 1 (Notes)	9 Months Ended
Recent Accounting Pronouncements Level 1 (Notes)	Sep. 30, 2021
Recent Accounting Pronouncements [Abstract]
New Accounting Pronouncements, Policy	Recent Accounting PronouncementsIn December 2019, the FASB issued Accounting Standards Update (“ASU”) No. 2019-12, Income Taxes (Topic 740) Simplifying Accounting for Income Taxes, as part of its initiative to reduce complexity in the accounting standards. The guidance amended certain disclosure requirements that had become redundant, outdated or superseded. Additionally, this guidance amends accounting for the interim period effects of changes in tax laws or rates, and simplifies aspects of the accounting for franchise taxes. The guidance is effective for annual periods beginning after December 15, 2020, including interim periods therein. The adoption of ASU 2019-12 in the first quarter of 2021 did not have a material impact on the Company’s condensed consolidated financial statements.

Cash and Cash Equivalents and Investments

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents and Investments [Abstract]

Cash and Cash Equivalents Disclosure

Cash and Cash Equivalents and Investments

The fair value of cash and cash equivalents and investments held at September 30, 2021 and December 31, 2020 are as follows:


	As of September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	92,118	$	—	$	—	$	92,118
Securities maturing within one year:
U.S. treasury securities	15,123		1		—		15,124
Corporate debt securities	13,683		—		(7)		13,676
Total short-term investments	$	28,806	$	1	$	(7)	$	28,800
Total cash and cash equivalents and investments	$	120,924	$	1	$	(7)	$	120,918

	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
			(in thousands)
Cash and cash equivalents	$	126,263	$	—	$	—	$	126,263
Securities maturing within one year:

Corporate debt securities	26,018		5		(11)		26,012
Total short-term investments	$	26,018	$	5	$	(11)	$	26,012
Total cash and cash equivalents and investments	$	152,281	$	5	$	(11)	$	152,275

There were no realized losses during either of the nine months ended September 30, 2021 and 2020, respectively. The cost of securities sold is based on the specific identification method.

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Measurements [Abstract]

Fair Value, Measurement Inputs, Disclosure

Fair Value Measurements

The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Assets and liabilities recorded at fair value in the condensed consolidated balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. The following levels are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities:

•Level 1 - quoted prices in active markets for identical investments, which include U.S. treasury securities

•Level 2 - other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.), which includes corporate debt securities

•Level 3 - significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the credit risk associated with investing in those securities. The following table provides the fair value measurements of applicable Company assets that are measured at fair value on a recurring basis according to the fair value levels defined above as of September 30, 2021 and December 31, 2020.


	Assets and Liabilities at Fair Value as of September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash and cash equivalents	$	92,118	$	—	$	—	$	92,118
Short-term investments	15,124		13,676		—		28,800
Total cash and cash equivalents and investments	$	107,242	$	13,676	$	—	$	120,918


	Assets and Liabilities at Fair Value as of December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash and cash equivalents	$	126,263	$	—	$	—	$	126,263
Short-term investments	—		26,012		—		26,012
Total cash and cash equivalents and investments	$	126,263	$	26,012	$	—	$	152,275

The Company did not have any Level 3 assets or liabilities as of September 30, 2021 or December 31, 2020. Transfers between levels are recognized at the actual date of the circumstance that caused the transfer. There were no transfers between Level 1 and Level 2 during the periods presented.

Refer to Note 6, Debt Obligations, for fair value measurements of debt obligations.

Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure

5. Property and Equipment

Property and equipment was comprised of the following:


	Estimated Useful Lives	As of
	In Years	September 30, 2021		December 31, 2020
		(in thousands)
Computers and software	3-5	$	3,112	$	3,826
Furniture and fixtures	5-7	1,762		1,867
Leasehold improvements	3-7	1,286		417
Total property and equipment		6,160		6,110
Less: Accumulated depreciation and amortization		(4,849)		(5,815)
Net property and equipment		$	1,311	$	295

During the nine months ended September 30, 2021, the Company retired $1.1 million of computers and software and furniture and fixtures, which had been fully depreciated. During the nine months ended September 30, 2021, the Company purchased $1.2 million of assets comprised of leasehold improvements, computers and software and furniture. The leasehold improvements are being amortized over the lease term.

In 2020, the Company recorded an impairment loss of $1.6 million to reduce the carrying value of the assets comprising its campus in The Woodlands, Texas, which were sold in December 2020, to its estimated fair value, less estimated selling costs. Concurrent with the sale, the Company entered into a leaseback agreement with the purchaser with respect to a portion of the facilities for a period of up to six months and in June 2021, the Company relocated its corporate offices to another facility.

Debt Obligations	9 Months Ended
Debt Obligations	Sep. 30, 2021
Debt Obligations [Abstract]
Debt Disclosure	Debt Obligations Convertible Debt. In November 2014, Lexicon completed an offering of $87.5 million in aggregate principal amount of its 5.25% Convertible Senior Notes due 2021 (the “Convertible Notes”). The conversion feature did not meet the criteria for bifurcation as required by generally accepted accounting principles and the entire principal amount was recorded as long-term debt on the Company’s condensed consolidated balance sheets. In September 2020, the Company entered into separate, privately negotiated exchange agreements to exchange $75.8 million aggregate principal amount of the Convertible Notes for consideration valued at 85% of the principal amount of the Convertible Notes. In September 2020, the Company issued 9,332,471 shares of the Company’s common stock and paid $44.0 million in cash, which included $1.1 million of accrued interest, to exchange $67.1 million aggregate principal amount of such Convertible Notes. The Company recorded the exchanges under the accounting requirements for debt extinguishment of convertible instruments. As a result, a debt extinguishment gain of $8.4 million was recorded and is included in the accompanying condensed consolidated statement of comprehensive income (loss) for the three and nine months ended September 30, 2020. As of September 30, 2021, the carrying value of the remaining Convertible Notes was $11.7 million and is included in the current portion of long-term debt, net of deferred issuance costs in the accompanying condensed consolidated balance sheet. The remaining Convertible Notes are governed by an indenture (the “Indenture”), dated as of November 26, 2014, between the Company and Wells Fargo Bank, N.A., as trustee. The Convertible Notes bear interest at a rate of 5.25% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2015. The Convertible Notes mature on December 1, 2021. The Company may not redeem the Convertible Notes prior to the maturity date, and no sinking fund is provided for the Convertible Notes. Holders of the Convertible Notes may convert their Convertible Notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date. Upon conversion, the Company will deliver for each $1,000 principal amount of converted Convertible Notes a number of shares of its common stock equal to the conversion rate, as described in the Indenture. The conversion rate is initially 118.4553 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of $8.442 per share of common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company will increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such a corporate event in certain circumstances. If the Company undergoes a fundamental change, holders may require the Company to repurchase for cash all or any portion of their Convertible Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The fair value of the remaining Convertible Notes was $11.9 million as of September 30, 2021 and was determined using Level 2 inputs based on the indicative pricing published by certain investment banks or trading levels of the Convertible Notes, which are not listed on any securities exchange or quoted on an inter-dealer automated quotation system. BioPharma Term Loan. In December 2017, Lexicon entered into a loan agreement with BioPharma under which $150.0 million was funded in December 2017 (the “BioPharma Term Loan”). The BioPharma Term Loan was scheduled to mature in December 2022, bore interest at 9% per year, subject to additional interest if an event of default occurred and was continuing, and was payable quarterly. The BioPharma Term Loan was subject to mandatory prepayment provisions that required prepayment upon a change of control or receipt of proceeds from certain non-ordinary course transfers of assets. The Company repaid the BioPharma Term Loan in whole, together with required prepayment and make-whole premiums, upon closing of the XERMELO sale in September 2020. The Company recorded the repayment under the accounting requirements for debt extinguishment and as a result, a loss of $8.6 million was recognized and is included in the accompanying condensed consolidated statement of comprehensive income (loss) for the three and nine months ended September 30, 2020.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure

Commitments and Contingencies

Operating Lease Obligations: Lexicon’s operating leases include office space in The Woodlands, Texas and Basking Ridge, New Jersey and will expire in August 2025 and December 2022, respectively. Under its lease agreements, Lexicon is obligated to pay property taxes, insurance, and maintenance costs.

As of September 30, 2021, the right-of-use assets for the office space leases had a balance of $2.5 million, which is included in other assets in the condensed consolidated balance sheet. Current and non-current liabilities relating to the leases were $1.0 million and $1.5 million, respectively, which are included in accrued liabilities and other long-term liabilities in the condensed consolidated balance sheet, respectively.

The following table reconciles the undiscounted cash flows of the operating lease liability to the recorded lease liability at September 30, 2021:



	(in thousands)
2021	$	286
2022	1,163
2023	531
2024	544
2025	370
Thereafter	—
Total undiscounted operating lease liability	2,894
Less: amount of lease payments representing interest	(386)
Present value of future lease payments	2,508
Less: short-term operating lease liability	(1,027)
Long-term operating lease liability	$	1,481

Legal Proceedings. On January 28, 2019, a purported securities class action complaint captioned Daniel Manopla v. Lexicon Pharmaceuticals, Inc., Lonnel Coats, Jeffrey L. Wade and Pablo Lapuerta, M.D. was filed against the Company and certain of its officers in the U.S. District Court for the Southern District of Texas, Houston Division. The Company’s motion to dismiss was granted and the action was dismissed with prejudice by the District Court on August 14, 2020. The judgment of the District Court was affirmed by the U.S. Court of Appeals for the Fifth Circuit on September 10, 2021. The lawsuit purported to be a class action brought on behalf of purchasers of the Company’s securities during the period from March 11, 2016 through July 29, 2019. The complaint alleged that the defendants violated federal securities laws by making materially false and misleading statements and/or omissions concerning data from the Company’s Phase 3 clinical trials of sotagliflozin in type 1 diabetes patients and the prospects of FDA approval of sotagliflozin for the treatment of type 1 diabetes. The complaint purported to assert claims for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint sought, on behalf of the purported class, an unspecified amount of monetary damages, interest, fees and expenses of attorneys and experts, and other relief.

Sanofi Arbitration. On October 16, 2020, the Company initiated arbitration proceedings against Sanofi-Aventis Deutschland GmbH (“Sanofi”) seeking to recover damages for breach of contract relating to the Termination and Settlement Agreement and Mutual Releases with Sanofi, dated September 9, 2019 (the “Termination Agreement”). In September 2020, Sanofi withheld approximately $23.2 million from the final $26 million payment due to the Company under the Termination Agreement, offsetting certain third party costs and internal costs incurred by Sanofi and asserted by Sanofi to be payable by the Company under the terms of the Termination Agreement. The Company disputed that at least a significant portion of such costs were properly reimbursable by the Company under the terms of the Termination Agreement and asserted that, in any event, Sanofi was not permitted to withhold any of such costs under the terms of the Termination Agreement. The Company was seeking payment of $15.6 million in such disputed costs, together with late interest and attorneys’ fees and costs. Sanofi was seeking declaratory judgment that the Company is liable for all disputed costs previously withheld and damages for any additional costs properly reimburseable under the terms of the Termination Agreement in excess of those previously withheld, together with late interest and attorneys’ fees. On November 5, 2021, the arbitration panel issued a judgment in Sanofi’s favor. The amount of Sanofi’s attorneys’ fees and costs subject to reimbursement cannot be reasonably estimated at this time.

In addition, Lexicon is from time to time party to claims and legal proceedings that arise in the normal course of its business and that it believes will not have, individually or in the aggregate, a material adverse effect on its results of operations, financial condition or liquidity.

Collaboration and License Agreements	9 Months Ended
Collaboration and License Agreements	Sep. 30, 2021
Collaboration and License Agreements [Abstract]
Collaborative Arrangement Disclosure	Collaboration and License Agreements Lexicon has derived substantially all of its revenues from drug discovery and development alliances, target validation collaborations for the development and, in some cases, analysis of the physiological effects of genes altered in knockout mice, product sales, government grants and contracts, technology licenses, subscriptions to its databases and compound library sales. Ipsen. In October 2014, Lexicon entered into a License and Collaboration Agreement, which was subsequently amended in March 2015 (collectively, the “Ipsen Agreement”), with Ipsen for the development and commercialization of XERMELO outside of the United States and Japan (the “Licensed Territory”). The Ipsen Agreement was assigned to TerSera in September 2020 in connection with the XERMELO sale. Prior to the XERMELO sale, Lexicon had earned certain milestone payments and royalties from Ipsen. Revenue, including royalty revenue, recognized under the Ipsen Agreement was $0.3 million for the nine months ended September 30, 2020. Sanofi. In November 2015, Lexicon entered into a Collaboration and License Agreement, which was subsequently amended in July 2017 (collectively, the “Sanofi Agreement”), with Sanofi for the worldwide development of Lexicon’s drug candidate sotagliflozin. In December 2016, Sanofi terminated its rights under the Sanofi Agreement with respect to Japan. Effective as of September 9, 2019 (the “Settlement Date”), Lexicon entered into the Termination Agreement with Sanofi, pursuant to which the Sanofi Agreement was terminated and certain associated disputes between Lexicon and Sanofi were settled. Under the terms of the Termination Agreement, Lexicon regained all rights to sotagliflozin and assumed full responsibility for the worldwide development and commercialization of sotagliflozin in all indications. Sanofi paid Lexicon $208 million in September 2019 and $26 million in each of March and September 2020 (less amounts withheld by Sanofi offsetting certain third party costs and internal costs incurred by Sanofi and asserted by Sanofi to be payable by Lexicon under the terms of the Termination Agreement), and neither party owes any additional payments pursuant to the Sanofi Agreement. The parties have cooperated in the transition of responsibility for ongoing clinical studies and other activities, and each party is responsible for its own expenses associated with such transition, subject to certain exceptions. See Note 7, Commitments and Contingencies, for additional information. Beginning in March 2020, Lexicon closed out early the clinical studies related to the Phase 3 development program for sotagliflozin in type 2 diabetes, heart failure and chronic kidney disease. Subsequent to the Termination Agreement, Lexicon has no remaining performance obligations to Sanofi.

Other Capital Agreements	9 Months Ended
Other Capital Agreements	Sep. 30, 2021
Equity [Abstract]
Other Capital Agreements	Other Capital Agreements Common Stock: In 2020, Lexicon entered into an Open Market Sale AgreementSM (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) relating to the shares of its common stock. Lexicon may offer and sell common stock having an aggregate sales price of up to $50.0 million from time to time through Jefferies acting as its sales agent. In 2020, Lexicon sold 3,709,233 shares of its common stock at a price of $1.992 per share pursuant to the Sales Agreement, resulting in net proceeds of $7.0 million. In January 2021, Lexicon sold 2,000,000 shares of its common stock at a price of $8.463 per share pursuant to the Sales Agreement, resulting in net proceeds of $16.4 million. In August and September 2021, Lexicon sold an aggregate of 4,176,953 shares of its common stock at a price of $4.732 per share pursuant to the Sales Agreement, resulting in net proceeds of $19.1 million. The net proceeds are reflected as issuances of common stock in the accompanying condensed consolidated financial statements.

Asset Retirement Obligations

9 Months Ended

Sep. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

Sale of Non-Financial Assets

10. Asset Sale

In September 2020, the Company completed the sale of XERMELO® and related assets to TerSera. The upfront consideration paid by TerSera, subject to a working capital adjustment as set forth in the Asset Purchase and Sale Agreement, was $160.4 million and the net gain recognized in connection with the XERMELO sale was $132.8 million. The gain is reflected on the condensed consolidated statement of comprehensive income (loss) for the three and nine months ended September 30, 2020.

The Company remains eligible to receive development, regulatory and sales milestone payments of up to an aggregate of $65 million for the development and commercialization of telotristat ethyl in patients with biliary tract cancer and mid-teens royalty payments on net sales of XERMELO in biliary tract cancer. The Company has determined that these amounts are constrained until the achievement, if any, of specific events. If or when the constraint is determined to be resolved, the Company will re-evaluate the overall gain in connection with the XERMELO sale and recognize an adjustment on a cumulative catch-up basis in the period that the determination is made.

The XERMELO sale did not meet the criteria for reporting discontinued operations as there was not a strategic shift that has (or will have) a major effect on the Company’s operations. For the three and nine months ended September 30, 2020, the pretax net loss on the condensed consolidated statement of comprehensive income (loss) for the Company’s XERMELO operations is $2.1 million and $12.1 million, respectively.

As a result of the XERMELO sale, the Company implemented a reduction in force which reduced its workforce by approximately fifty percent. The Company incurred and recognized severance charges of approximately $5.5 million through September 30, 2020. Of this charge, $2.5 million was recorded in research and development expense and $3.0 million was recorded in selling, general and administrative expense in the accompanying condensed consolidated statement of comprehensive income (loss) for the three and nine months ended September 30, 2020.

^[1]

[1]

10. Asset Sale

Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings (Loss) Per Share

The following is a summary of Lexicon’s earnings (loss) per share calculations and reconciliations of the numerators and the denominators of the basic and diluted per share calculations.


(in thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	(23,122)	$	82,603	$	(62,147)	$	(53,079)
Add interest on Convertible Notes	—		1,258		—		—
Adjusted net income (loss)	$	(23,122)	$	83,861	$	(62,147)	$	(53,079)

Denominator:
Shares used in computing net income (loss) per common share, basic	145,820		107,309		144,558		106,974
Add effect of potential dilutive securities:
Share based compensation awards	—		51		—		—
Convertible Notes	—		10,192		—		—
Shares used in computing net income (loss) per common share, diluted	145,820		117,552		144,558		106,974

Net income (loss) per share - basic	$	(0.16)	$	0.77	$	(0.43)	$	(0.50)
Net income (loss) per share - diluted	$	(0.16)	$	0.71	$	(0.43)	$	(0.50)

For periods presented with a net loss, the weighted average number of shares outstanding are the same for both basic and diluted net loss per common share. The average number of shares associated with stock options and restricted stock units that were excluded from diluted earnings per share that would potentially dilute earnings per share in the future was 10,615 and 11,773, respectively, for the three months ended September 30, 2021 and 2020, and 10,615 and 11,859, respectively, for the nine months ended September 30, 2021 and 2020. For periods presented with a net loss, the shares associated with the Convertible Notes are not included in the computation of diluted earnings per share because they are antidilutive.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	The accompanying condensed consolidated financial statements include the accounts of Lexicon and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, Cash Equivalents and Short-Term Investments: Lexicon considers all highly-liquid investments with original maturities of three months or less to be cash equivalents. As of September 30, 2021, short-term investments consisted of U.S. treasury bills and corporate debt securities. As of December 31, 2020, short-term investments consisted of corporate debt securities. The Company’s short-term investments are classified as available-for-sale securities and are carried at fair value, based on quoted market prices of the securities. The Company views its available-for-sale securities as available for use in current operations regardless of the stated maturity date of the security. Unrealized gains and losses on such securities are reported as a separate component of stockholders’ equity. Net realized gains and losses, interest and dividends are included in interest income. The cost of securities sold is based on the specific identification method.
Revenue [Policy Text Block]	Revenue Recognition: Product Revenues Prior to the Company’s sale of XERMELO and related assets to TerSera Therapeutics LLC (“TerSera”) in September 2020, product revenues consisted of commercial sales of XERMELO in the United States and sales of bulk tablets of XERMELO to Ipsen Pharma SAS (“Ipsen”). Product revenues were recognized when the customer obtained control of XERMELO, which occurred upon delivery to the customer. The Company recognized product revenue net of applicable reserves for variable consideration, including allowances for customer credits, estimated rebates, chargebacks, discounts, returns, distribution service fees, and government rebates, such as Medicare Part D coverage gap reimbursements in the U.S. These estimates were based on the most likely amount method for relevant factors such as current contractual and statutory requirements, industry data and forecasted customer buying and payment patterns. The Company’s net product revenues reflected the Company’s best estimates of the amounts of consideration to which it was entitled based on the terms of the respective underlying contracts. Product shipping and handling costs were considered a fulfillment activity when control transferred to the Company’s customers and such costs were included in cost of sales. Collaborative Agreements Revenues under collaborative agreements include both license revenue and contract research revenue. The Company performs the following five steps in determining the amount of revenue to recognize as it fulfills its performance obligations under each of its agreements: (i) identify the contract(s) with a customer; (ii) identify the performance obligation in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. The Company applies this five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company develops assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. At contract inception, the Company evaluates whether development milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal will not occur, the associated development milestone value is included in the transaction price. Development milestones that are not within the control of the Company or the licensee, including those requiring regulatory approval, are not considered probable of being achieved until those milestones are achieved. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue when (or as) the performance obligation is satisfied. At the end of each reporting period, the Company re-evaluates the probability of achievement of the development milestones and any related constraint, and if necessary, adjusts its estimates of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenues in the period of adjustment. In agreements in which a license to the Company’s intellectual property is determined distinct from other performance obligations identified in the agreement, the Company recognizes revenue when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For agreements that include sales-based royalties, including milestones based on a level of sales, the license is deemed to be the predominant item to which the royalties relate and the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). The Company may receive payments from its licensees based on billing schedules established in each contract. Upfront payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under the relevant agreement. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional.
Cost of Goods and Service [Policy Text Block]	Cost of Sales: Cost of sales consisted of third-party manufacturing costs, freight and indirect overhead costs associated with sales of XERMELO. Product shipping and handling costs were included in cost of sales. Cost of sales also included the amortization of the intangible asset for XERMELO using the straight-line method over the estimated useful life of 14 years.
Research and Development Expense, Policy [Policy Text Block]	Research and Development Expenses: Research and development expenses consist of costs incurred for company-sponsored as well as collaborative research and development activities. These costs include direct and research-related overhead expenses and are expensed as incurred. Technology license fees for technologies that are utilized in research and development and have no alternative future use are expensed when incurred. Substantial portions of the Company’s preclinical and clinical trials are performed by third-party laboratories, medical centers, contract research organizations and other vendors. For preclinical studies, the Company accrues expenses based upon estimated percentage of work completed and the contract milestones remaining. For clinical studies, expenses are accrued based upon the number of patients enrolled and the duration of the study. The Company’s estimates of the clinical study costs and costs to transition activities from Sanofi for the development of sotagliflozin for type 2 diabetes and heart failure, as well as the wind down of those activities, were based on estimates of the services to be received and efforts to be expended pursuant to contracts with multiple vendors and the CRO that conducted and managed the clinical studies on its behalf. The Company monitors patient enrollment, the progress of clinical studies and related activities to the extent possible through internal reviews of data reported to the Company by the vendors and clinical site visits. The Company’s estimates depend on the timeliness and accuracy of the data provided by the vendors regarding the status of each program and total program spending. The Company periodically evaluates the estimates to determine if adjustments are necessary or appropriate based on information it receives.
Share-based Payment Arrangement [Policy Text Block]	Stock-Based Compensation: The Company recognizes compensation expense in its condensed consolidated statements of comprehensive loss for share-based payments, including stock options and restricted stock units granted to employees, based on their fair values on the date of the grant, with the compensation expense recognized over the period in which an employee is required to provide service in exchange for the stock award. Stock-based compensation expense for awards without performance conditions is recognized on a straight-line basis. Stock-based compensation expense for awards with performance conditions is recognized over the period from the date the performance condition is determined to be probable of occurring through the time the applicable condition is met. The fair value of stock options is estimated at the date of grant using the Black-Scholes method. The Black-Scholes option-pricing model requires the input of subjective assumptions. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. For purposes of determining the fair value of stock options, the Company segregates its options into two homogeneous groups, based on exercise and post-vesting employment termination behaviors, resulting in a change in the assumptions used for expected option lives. Historical data is used to estimate the expected option life for each group. Expected volatility is based on the historical volatility in the Company’s stock price.
Earnings Per Share, Policy [Policy Text Block]	Net Loss per Common Share: Net loss per common share is computed using the weighted average number of shares of common stock outstanding. Shares associated with convertible debt, stock options and restricted stock units are not included because they are antidilutive.
Recognition of Asset and Liability for Lease of Acquiree	Leases: Lexicon determines if a contract is or contains a lease at inception or upon modification of the contract. A contract is or contains a lease if it conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Lexicon does not apply this accounting to those leases with terms of twelve (12) months or less.Operating lease right-of-use assets and associated lease liabilities are recorded in the balance sheet at the lease commencement date based on the present value of future lease payments to be made over the expected lease term. As the implicit rate is not determinable in its leases, Lexicon uses its incremental borrowing rate of 9% at the commencement date in determining the present value of future payments.

Summary of Significant Accounting Policies Equity Incentive Awards (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities: Accrued liabilities consisted of the following:


	As of September 30,		As of December 31,
	2021		2020
	(in thousands)
Accrued research and development services	$	7,544	$	21,962
Accrued compensation and benefits	4,172		6,200
Short term lease liability	1,027		553
Other	1,465		976
Total accrued liabilities	$	14,208	$	29,691

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]


	Expected Volatility		Risk-free Interest Rate		Expected Term	Dividend Rate
September 30, 2021:
Employees	102	%	0.6	%	4	—	%
Officers and non-employee directors	90	%	1.1	%	7	—	%
September 30, 2020:
Employees	91	%	1.3	%	4	—	%
Officers and non-employee directors	78	%	1.4	%	8	—	%

Share-based Payment Arrangement, Option, Activity [Table Text Block]


	Options	Weighted Average Exercise Price
	(in thousands)
Outstanding at December 31, 2020	8,397	$	7.12
Granted	1,448	6.88
Exercised	(281)	4.31
Expired	(191)	12.50
Forfeited	(733)	8.92
Outstanding at September 30, 2021	8,640	6.90
Exercisable at September 30, 2021	5,092	$	8.16

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]


	Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Outstanding at December 31, 2020	2,769	$	4.35
Granted	663	8.22
Vested	(1,239)	5.04
Forfeited	(217)	4.96
Outstanding at September 30, 2021	1,976	$	5.15

Cash and Cash Equivalents and Investments (Tables)

9 Months Ended

Sep. 30, 2021

Cash and Cash Equivalents and Investments [Abstract]

Schedule of Cash, Cash Equivalents and Short-term Investments [Table Text Block]


	As of September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	92,118	$	—	$	—	$	92,118
Securities maturing within one year:
U.S. treasury securities	15,123		1		—		15,124
Corporate debt securities	13,683		—		(7)		13,676
Total short-term investments	$	28,806	$	1	$	(7)	$	28,800
Total cash and cash equivalents and investments	$	120,924	$	1	$	(7)	$	120,918

	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
			(in thousands)
Cash and cash equivalents	$	126,263	$	—	$	—	$	126,263
Securities maturing within one year:

Corporate debt securities	26,018		5		(11)		26,012
Total short-term investments	$	26,018	$	5	$	(11)	$	26,012
Total cash and cash equivalents and investments	$	152,281	$	5	$	(11)	$	152,275

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Measurements [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]


	Assets and Liabilities at Fair Value as of September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash and cash equivalents	$	92,118	$	—	$	—	$	92,118
Short-term investments	15,124		13,676		—		28,800
Total cash and cash equivalents and investments	$	107,242	$	13,676	$	—	$	120,918


	Assets and Liabilities at Fair Value as of December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash and cash equivalents	$	126,263	$	—	$	—	$	126,263
Short-term investments	—		26,012		—		26,012
Total cash and cash equivalents and investments	$	126,263	$	26,012	$	—	$	152,275

Property, Plant, and Equipment (Tables)

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment was comprised of the following:


	Estimated Useful Lives	As of
	In Years	September 30, 2021		December 31, 2020
		(in thousands)
Computers and software	3-5	$	3,112	$	3,826
Furniture and fixtures	5-7	1,762		1,867
Leasehold improvements	3-7	1,286		417
Total property and equipment		6,160		6,110
Less: Accumulated depreciation and amortization		(4,849)		(5,815)
Net property and equipment		$	1,311	$	295

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


(in thousands, except per share data)	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Numerator:
Net income (loss)	$	(23,122)	$	82,603	$	(62,147)	$	(53,079)
Add interest on Convertible Notes	—		1,258		—		—
Adjusted net income (loss)	$	(23,122)	$	83,861	$	(62,147)	$	(53,079)

Denominator:
Shares used in computing net income (loss) per common share, basic	145,820		107,309		144,558		106,974
Add effect of potential dilutive securities:
Share based compensation awards	—		51		—		—
Convertible Notes	—		10,192		—		—
Shares used in computing net income (loss) per common share, diluted	145,820		117,552		144,558		106,974

Net income (loss) per share - basic	$	(0.16)	$	0.77	$	(0.43)	$	(0.50)
Net income (loss) per share - diluted	$	(0.16)	$	0.71	$	(0.43)	$	(0.50)

Summary of Significant Accounting Policies Stock-based Compensation Valuation (Details) - Equity Option [Member]	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, ExpectedVolatilityRate, Employees	102.00%	91.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Employee	0.60%	1.30%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Employees	4 years	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Employees	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Officers and Non-employee Directors	90.00%	78.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Officers and Non-employee Directors	1.10%	1.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Officers and Non-employee Directors	7 years	8 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Officers and Non-employee Directors	0.00%	0.00%

Summary of Significant Accounting Policies Stock-based Compensation Summary (Details 1) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 4.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(281)
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	8,640	8,397
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 6.90	$ 7.12
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	1,448
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 6.88
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	191
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 12.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	733
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 8.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	5,092
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 8.16
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,976	2,769
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 5.15	$ 4.35
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	663
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 8.22
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	1,239
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 5.04
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	217
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 4.96

Summary of Significant Accounting Policies Accrued Liabilities (Details) - USD ($)	Sep. 30, 2021	Mar. 01, 2021	Dec. 31, 2020
Accrued Liabilities [Line Items]
Accrued research and development services current	$ 7,544,000		$ 21,962,000
Accrued compensation and benefits current	4,172,000		6,200,000
Operating Lease, Liability, Current	(1,027,000)		(553,000)
Other Accrued Liabilities, Current	1,465,000		976,000
Accrued Liabilities	$ 14,208,000		$ 29,691,000
Lexicon incremental borrowing rate		900.00%

Summary of Significant Accounting Policies Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Accounting Policies [Abstract]
Asset Impairment Charges	$ 0	$ 0	$ 0	$ 1,600

Cash and Cash Equivalents and Investments (Details 1) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Cash and Cash Equivalents
Fair Value
Amortized Cost	$ 92,118	$ 126,263
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	92,118	126,263
U.S. Treasury Securities
Fair Value
Amortized Cost	15,123
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Estimated Fair Value	15,124
Total Short-term Investments
Fair Value
Amortized Cost	28,806	26,018
Gross Unrealized Gains	1	5
Gross Unrealized Losses	(7)	(11)
Estimated Fair Value	28,800	26,012
Total Cash and Cash Equivalents and Investments
Fair Value
Amortized Cost	120,924	152,281
Gross Unrealized Gains	1	5
Gross Unrealized Losses	(7)	(11)
Estimated Fair Value	120,918	152,275
Corporate Debt Securities
Fair Value
Amortized Cost	13,683	26,018
Gross Unrealized Gains	0	5
Gross Unrealized Losses	(7)	(11)
Estimated Fair Value	$ 13,676	$ 26,012

Cash and Cash Equivalents and Investments (Details 2) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Schedule of Investments [Line Items]
Realized Investment Gains (Losses)	$ 0	$ 0

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value
Cash and Cash Equivalents	$ 92,118	$ 126,263
Short-term Investments	28,800	26,012
Total Cash and Cash Equivalents and Investments	120,918	152,275
Fair Value, Level 1
Fair Value
Cash and Cash Equivalents	92,118	126,263
Short-term Investments	15,124	0
Total Cash and Cash Equivalents and Investments	107,242	126,263
Fair Value, Level 2
Fair Value
Cash and Cash Equivalents	0	0
Short-term Investments	13,676	26,012
Total Cash and Cash Equivalents and Investments	13,676	26,012
Fair Value, Level 3
Fair Value
Cash and Cash Equivalents	0	0
Short-term Investments	0	0
Total Cash and Cash Equivalents and Investments	$ 0	$ 0

Property, Plant, and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property, Plant, and Equipment (Details) - USD ($)	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 6,160,000		$ 6,160,000		$ 6,110,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(4,849,000)		(4,849,000)		(5,815,000)
Property and equipment, net of accumulated depreciation and amortization of $4,849 and $5,815, respectively	1,311,000		1,311,000		295,000
Noncash or Part Noncash Divestiture, Amount of Consideration Received			1.1
Payments to Acquire Other Property, Plant, and Equipment			1,200,000
Asset Impairment Charges	0	$ 0	0	$ 1,600,000
Computer Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,112,000		$ 3,112,000		3,826,000
Computer Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			3
Computer Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			5
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,762,000		$ 1,762,000		1,867,000
Furniture and Fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			5
Furniture and Fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			7
Leaseholds and Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 1,286,000		$ 1,286,000		$ 417,000
Leaseholds and Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			3
Leaseholds and Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives			7

Debt Obligations (Details) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended
	Nov. 30, 2014 USD ($)	Sep. 30, 2021 USD ($) shares	Dec. 31, 2020 shares	Sep. 28, 2020 USD ($)	Nov. 20, 2014 $ / shares
Debt Instrument [Line Items]
Proceeds from Convertible Debt	$ 87,500
Conv Debt Instrument Interest Rate Stated Percentage					5.25%
Debt Instrument, Convertible, Conversion Ratio	118.4553
Debt Instrument, Convertible, Conversion Price \| $ / shares					$ 8.442
Debt Instrument, Fair Value Disclosure		$ 11,900
Common stock, shares issued \| shares		149,987	142,289
Convertible debt exchange Remaining Notes		$ 11,700
Convertible debt exchange - Total Principal Amount				$ 75,800

Commitments and Contingencies (Details) - USD ($)	1 Months Ended
Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Sanofi termination cash payment	$ 26,000,000
Other Commitments [Line Items]
Sanofi termination cash payment	26,000,000
Long-term Debt and Lease Obligation		$ 1,481,000
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months		286,000
Lessee, Operating Lease, Liability, Payments, Due Year Two		1,163,000
Lessee, Operating Lease, Liability, Payments, Due Year Three		531,000
Lessee, Operating Lease, Liability, Payments, Due Year Four		544,000
Lessee, Operating Lease, Liability, Payments, Due after Year Five		370,000
Lessee, Operating Lease, Liability, Payments, Due		2,894,000
Lessee, Operating Lease, Liability, Undiscounted Excess Amount		386,000
Operating Lease, Liability		2,508,000
Short-term Lease Commitment, Amount		1,000,000
Operating Lease, Right-of-Use Asset		$ 2,500,000
Accounts Receivable [Member]
Commitments and Contingencies Disclosure [Abstract]
Sanofi termination cash payment	23,200,000
Other Commitments [Line Items]
Sanofi termination cash payment	$ 23,200,000

Collaboration and License Agreements (Details) - USD ($) $ in Thousands	1 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020
Collaboration and License Agreements [Abstract]
Sanofi termination cash payment	$ 26,000
Ipsen Revenue Recognized				$ 300
lxrx_sanofi initial cash payment	$ 26,000	$ 26,000
Settlement Payment from Termination			$ 208,000

Other Capital Agreements (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
Other Capital Agreements (Details) - USD ($)	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Equity [Abstract]
ATM Offering Total			$ 50,000,000
Shares sold in Nov 2020 ATM Offering				3,709,233
Share price in November 20 ATM Offering				$ 1.992
Proceeds from Nov 2020 ATM Offering				$ 7,000,000
Shares sold in January 2021 ATM offering		2,000,000
Share price in January 2021 ATM Offering		8.463
Proceeds from January 2021 ATM Offering		$ 16,400,000
Shares sold in September 2021 ATM Offerring	4,176,953
Share Price in September 2021 ATM Offerring	$ 4.732
Proceeds from September 2021 ATM Offering	$ 19.1

Asset Retirement Obligations (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Asset Retirement Obligation Disclosure [Abstract]

Proceeds from Sale of Productive Assets

$ 160,400

^[1]

$ 0

$ 160,385

Gain on sale of non-financial assets

132,800

$ 0

$ 132,818

132,818

TerSera Maximum Development, Regulatory and Commercial Milestones

65,000

Xermelo Pretax Net Loss

(2,100)

(12,100)

Severance Costs

5,500

Debt Instrument [Line Items]

Severance Costs

5,500

Proceeds from Sale of Productive Assets

160,400

^[1]

160,385

Gain on sale of non-financial assets

$ 132,800

$ 0

132,818

$ 0

132,818

TerSera Maximum Development, Regulatory and Commercial Milestones

65,000

Xermelo Pretax Net Loss

$ (2,100)

(12,100)

R&D severance costs [Member]

Asset Retirement Obligation Disclosure [Abstract]

Severance Costs

2,500

Debt Instrument [Line Items]

Severance Costs

2,500

SG&A severance costs [Member]

Asset Retirement Obligation Disclosure [Abstract]

Severance Costs

3,000

Debt Instrument [Line Items]

Severance Costs

$ 3,000

[1]

10. Asset Sale

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (23,122)	$ (18,067)	$ (20,958)	$ 82,603	$ (62,147)	$ (53,079)
Dilutive Securities, Effect on Basic Earnings Per Share	0			1,258	0	0
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted	$ (23,122)			$ 83,861	$ (62,147)	$ (53,079)
Shares used in computing net loss per common share, Basic	145,820,000			107,309,000	144,558,000	106,974,000
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0			51,000	0	0
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0			10,192,000	0	0
Weighted Average Number of Shares Outstanding, Diluted	145,820,000			117,552,000	144,558,000	106,974,000
Net income (loss) per common share, Basic	$ (0.16)			$ 0.77	$ (0.43)	$ (0.50)
Earnings Per Share, Diluted	$ (0.16)			$ 0.71	$ (0.43)	$ (0.50)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,615			11,773	10,615	11,859

Label	Element	Value
Liabilities assumed by TerSera	lxrx_LiabilitiesAssumedByTerSera	$ 3,180,000
Initial recognition of right of use asset	lxrx_InitialRecognitionOfRightOfUseAsset	$ 0