0001062822-22-000005 | 10-K | XBRL Viewer | Lexicon Pharmaceuticals INC

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Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (87,758,000)	$ (58,574,000)	$ 130,133,000
Adjustments to reconcile consolidated net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	292,000	2,934,000	3,654,000
Stock-based compensation	10,577,000	13,274,000	14,218,000
Loss on disposal of property and equipment	49,000	(707,000)	0
Deferred tax benefit	0	0	(6,014,000)
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable	381,000	53,227,000	(50,608,000)
Increase in inventories	0	345,000	437,000
(Increase) decrease in prepaid expenses and other current assets	2,885,000	(1,948,000)	(2,652,000)
(Increase) decrease in other assets	661,000	424,000	429,000
Increase (decrease) in accounts payable and other liabilities	(14,158,000)	(20,969,000)	20,097,000
Decrease in deferred revenue	0	0	(25,990,000)
Net cash used in operating activities	(87,017,000)	(142,969,000)	113,807,000
Cash flows from investing activities:
Purchases of property and equipment	(1,221,000)	(87,000)	(70,000)
Proceeds from Sale of Productive Assets	0	160,385,000	0
Proceeds from Sale of Property, Plant, and Equipment	0	11,013,000
Purchases of investments	(34,261,000)	(58,555,000)	(322,385,000)
Maturities of investments	37,592,000	268,000,000	166,600,000
Net cash provided by investing activities	2,110,000	380,756,000	(155,855,000)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of fees	37,084,000	69,970,000	0
Repurchase of common stock	(2,675,000)	(1,026,000)	(941,000)
Repayment of debt borrowings	(11,700,000)	(216,580,000)	(1,285,000)
Net cash provided by (used in) financing activities	22,709,000	(147,636,000)	(2,226,000)
Net increase (decrease) in cash and cash equivalents	(62,198,000)	90,151,000	(44,274,000)
Cash and cash equivalents at beginning of year	126,263,000	36,112,000	80,386,000
Cash and cash equivalents at end of year	64,065,000	126,263,000	36,112,000
Supplemental disclosure of cash flow information:
Cash paid for interest	799,000	17,353,000	19,211,000
Supplemental disclosure of noncash investing and financing activities:
Common stock, $.001 par value; 225,000 shares authorized; 106,679 and 106,162 shares issued, respectively	0	15,714,000	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	0	3,437,000	0
Amortization of debt issuance costs	54,000	1,013,000	1,465,000
Gain on sale of non-financial assets	0	(132,585,000)	0
Impairment of Real Estate	0	1,600,000	0
Impairment of Intangible Assets (Excluding Goodwill)	0	0	0
Asset Impairment Charges	0	1,600,000	28,638,000
Recognition of gain or loss on extinguishment	0	(1,003,000)	0
Proceeds from Sale of Buildings		11,900,000	0
Severance Costs		5,500,000
Right-of-use assets	2,300,000	$ 0	$ 1,799,000
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 1,704,000

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)	Treasury Stock
Balance, shares at Dec. 31, 2018		106,162,000
Balance, value at Dec. 31, 2018	$ (26,405,000)	$ 106,000	$ 1,447,954,000	$ (1,471,577,000)	$ (12,000)	$ (2,876,000)
Stock-based compensation	14,218,000	$ 0	14,218,000	0	0	0
Issuance of common stock under Equity Incentive Plans, shares		517,000
Issuance of common stock under Equity Incentive Plans, value	0	$ 0	0	0	0	0
Repurchase of common stock	(941,000)	0	0	0	0	(941,000)
Net loss	130,133,000	0	0	130,133,000	0	0
Unrealized gain (loss) on investments	96,000	$ 0	0	0	96,000	0
Balance, shares at Dec. 31, 2019		106,679,000
Balance, value at Dec. 31, 2019	117,101,000	$ 106,000	1,462,172,000	(1,341,444,000)	84,000	(3,817,000)
Stock-based compensation	13,274,000	0	13,274,000	0	0	0
Stock Issued During Period, Value, New Issues	6,963,000	$ 4,000	6,959,000	0	0	0
Stock Issued During Period, Shares, New Issues		3,709,000
Sale of Stock, Consideration Received Per Transaction	63,007,000	$ 20,000	62,987,000	0	0	0
Common stock, shares issued		10,369,000
Issuance of common stock under Equity Incentive Plans, shares		1,219,000
Issuance of common stock under Equity Incentive Plans, value	2,000	$ 2,000	0	0	0	0
Repurchase of common stock	(1,026,000)	0	0	0	0	(1,026,000)
Net loss	(58,574,000)	0	0	(58,574,000)	0	0
Unrealized gain (loss) on investments	(90,000)	$ 0	0	0	(90,000)	0
Balance, shares at Dec. 31, 2020		142,289,000
Balance, value at Dec. 31, 2020	$ 156,371,000	$ 142,000	1,561,096,000	(1,400,018,000)	(6,000)	(4,843,000)
Sale of Stock, Number of Shares Issued in Transaction	20,312,500	20,313,000
Conversion of Stock, Amount Issued	$ 15,714,000	$ 10,000	15,704,000	0	0	0
Proceeds from Nov 2020 ATM Offering	7,000,000
Commissions from December 2020 Common Stock Offering	1,800,000
Offering expenses from December 20 common stock offering	200,000
ATM Offering Total	$ 50,000,000
Shares Issued, Price Per Share	$ 3.200
Proceeds from December 2020 common stock offering	$ 63,000,000
Stock-based compensation	10,577,000	0	10,577,000	0	0	0
Stock Issued During Period, Value, New Issues	35,491,000	$ 6,000	35,485,000	0	0	0
Stock Issued During Period, Shares, New Issues		6,177,000
Issuance of common stock under Equity Incentive Plans, shares		1,616,000
Issuance of common stock under Equity Incentive Plans, value	1,593,000	$ 2,000	1,591,000	0	0	0
Repurchase of common stock	(2,675,000)	0	0	0	0	(2,675,000)
Net loss	(87,758,000)	0	0	(87,758,000)	0	0
Unrealized gain (loss) on investments	(4,000)	$ 0	0	0	(4,000)	0
Balance, shares at Dec. 31, 2021		150,082,000
Balance, value at Dec. 31, 2021	113,595,000	$ 150,000	$ 1,608,749,000	$ (1,487,776,000)	$ (10,000)	$ (7,518,000)
Share price in November 20 ATM Offering	$ 1.992
Other Capital Agreements	Other Capital Agreements Common Stock: In December 2020, Lexicon sold 20,312,500 shares of its common stock at a price of $3.200 per share in a registered direct offering pursuant to an existing shelf registration statement. Sale of the shares resulted in net proceeds of $63.0 million, after deducting underwriting discounts and commissions of $1.8 million and offering expenses of $0.2 million. The investors in the offering were Artal International S.C.A., an affiliate of of Invus, L.P., the Company’s largest stockholder, and BVF Partners L.P. and certain affiliates of BVF Partners L.P. All of the net proceeds of the registered direct offering are reflected as issuance of common stock in the accompanying financial statements. In October 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 $50,000,000 from time to time through Jefferies acting as its sales agent. In November 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 from each of these sales are reflected as issuances of common stock in the accompanying financial statements.

Cash and Cash Equivalents and Investments (Tables)

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents and Investments [Abstract]

Schedule of Cash, Cash Equivalents and Short-term Investments


	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
			(in thousands)
Cash and cash equivalents	$	64,066	$	—	$	(1)	$	64,065
Securities maturing within one year:
U.S. treasury securities	7,562		—		(1)		7,561
Corporate debt securities	15,125		—		(8)		15,117
Total short-term investments	$	22,687	$	—	$	(9)	$	22,678
Total cash and cash equivalents and investments	$	86,753	$	—	$	(10)	$	86,743


	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

Debt Obligations (Details 1) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Obligations [Abstract]
Long-term Debt, Current Maturities	$ 0	$ (11,646)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities


	As of December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	229,427	$	201,610
Research and development tax credits	29,290		29,304
Orphan drug credits	24,524		24,524
Capitalized research and development	36,770		47,075
Stock-based compensation	5,163		5,651

Interest	148		—
Other	1,308		844
Total deferred tax assets	326,630		309,008
Deferred tax liabilities:

Other	(412)		—
Total deferred tax liabilities	(412)		—
Less: valuation allowance	(326,218)		(309,008)
Net deferred tax liabilities	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31, 2021, 2020 and 2019 consists of the following:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Expected income tax expense (benefit) at 21%	$	(18,429)	$	(12,300)	$	26,065
State income taxes, net of federal benefit	—		(269)		445
Equity compensation	851		1,777		1,688





Write off of credit carryover due to 382 study	—		31,053		—
Change in valuation allowance	17,210		(20,418)		(35,276)
Other (1)	368		157		1,064
Income tax benefit	$	—	$	—	$	(6,014)

Summary of Significant Accounting Policies Stock-Based Compensation (Details 1)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Outstanding, Weighted Average Remaining Vesting Period	1 year 2 months 12 days
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Employees	4 years	4 years	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Employee	0.70%	1.30%	2.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected VolatilityRate, Employees	104.00%	98.00%	88.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Employees	0.00%	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Officers and Non-employee Directors	1.00%	1.40%	2.60%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Officers and Non-employee Directors	90.00%	85.00%	77.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate, Officers and Non-employee Directors	0.00%	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term, Officers and Non-employee Directors	6 years	7 years	8 years

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Consolidation, Policy

Basis of Presentation: The accompanying 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

Use of Estimates: The preparation of financial statements in conformity with U. S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and 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

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 December 31, 2021, short-term investments consist of U.S. treasury bills and corporate debt securities. As of December 31, 2020, short-term investments consist 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.

Trade and Other Accounts Receivable, Policy

Accounts Receivable: Lexicon records trade accounts receivable in the normal course of business related to the sale of products or services, net of an allowance for expected credit losses.

Concentration Risk Disclosure

Segment Reporting Disclosure

Segment Information and Significant Customers: Lexicon operates in one business segment, which primarily focuses on the discovery, development and commercialization of pharmaceutical products for the treatment of human disease. Substantially all of the Company’s revenues have been derived from drug discovery alliances, target validation collaborations for the development and, in some cases, analysis of the physiological effects of genes altered in knockout mice, technology licenses, subscriptions to its databases, product sales, government grants and contracts and compound library sales.

Property and Equipment

Property and Equipment: Property and equipment that is held and used is carried at cost and depreciated using the straight-line method over the estimated useful life of the assets which ranges from three to 40 years. Maintenance, repairs and minor replacements are charged to expense as incurred. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. Significant renewals and betterments are capitalized.

Accrued liabilities: Accrued liabilities consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Accrued research and development services	$	3,669	$	21,962
Accrued compensation and benefits	5,711		6,200
Short term lease liability	1,089		553
Other	2,503		976
Accrued liabilities	$	12,972	$	29,691

Impairment or Disposal of Long-Lived Assets, Policy

Impairment of Long-Lived Assets: Long-lived assets, right-of-use assets for leases and finite-lived intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount that the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In 2020, the Company recognized an impairment loss of $1.6 million to reduce the carrying value of the assets comprising our campus in The Woodlands, Texas, which were sold in December 2020, to an estimated fair value, less estimated selling costs. There were no impairments of long-lived assets, including finite-lived intangible assets, in 2021 or 2019.

Goodwill and Intangible Assets, Policy

Goodwill Impairment: Goodwill is not amortized, but is tested at least annually for impairment at the reporting unit level. The Company has determined that the reporting unit is the single operating segment disclosed in its current financial statements. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. The first step in the impairment process is to determine the fair value of the reporting unit and then compare it to the carrying value, including goodwill. If the fair value exceeds the carrying value, no further action is required and no impairment loss is recognized. Additional impairment assessments may be performed on an interim basis if the Company encounters events or changes in circumstances that would indicate that, more likely than not, the carrying value of goodwill has been impaired.

Revenue Recognition, Policy

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. Product revenues were recognized when the customer obtained control of the Company’s product, which occured 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 United States, as discussed below. 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. Product shipping and handling costs were considered a fulfillment activity when control transfers to the Company’s customers and such costs were included in cost of sales.

Customer Credits: The Company’s customers were offered various forms of consideration, including allowances, service fees and prompt payment discounts. The Company expected that its customers would earn prompt payment discounts. As a result, the Company deducted the full amount of those discounts from total product sales when revenues were recognized. Service fees were also deducted from product sales as they were earned.

Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program. Rebate amounts are based upon contractual agreements or legal requirements with public sector (e.g., Medicaid) benefit providers. Rebates are amounts owed after the final dispensing of the product to a benefit plan participant and are based upon contractual agreements or legal requirements with public sector benefit providers. The allowance for rebates is based on statutory discount rates and expected utilization. The Company’s estimates for expected utilization of rebates were based on third party market research data and data received from the specialty pharmacies dispensing XERMELO. Rebates were generally invoiced and paid in arrears so that the accrual balance consisted of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known unpaid rebates from the prior quarter. If actual future rebates varied from estimates, the Company adjusted prior period accruals, which affected revenue in the period of adjustment.

Chargebacks: Chargebacks are discounts that occur when contracted customers purchase directly from a specialty pharmacy or distributor, who acts as a retailer. Contracted customers, which consisted primarily of Public Health Service Institutions, non-profit clinics, and federal government entities purchasing via the Federal Supply Schedule, generally purchased XERMELO at a discounted price. The specialty pharmacy or distributor, in turn, charged back to Lexicon the difference between the price paid by the specialty pharmacy or distributor and the discounted price paid to the specialty pharmacy or distributor by the customer. The allowance for chargeback was based on known sales to contracted customers.

Medicare Part D Coverage Gap: The Medicare Part D prescription drug benefit mandates manufacturers to fund a portion of the Medicare Part D insurance coverage gap for prescription drugs sold to eligible patients. The Company’s estimates for the expected Medicare Part D coverage gap were based on data received from the specialty pharmacies dispensing XERMELO and projections based on historical data. Funding of the coverage gap was generally invoiced and paid in arrears so that the accrual balance consisted of an estimate of the amount expected to be incurred for the current quarter’s activity, plus an accrual balance for known prior quarters. If actual future funding varied from estimates, the Company adjusted prior period accruals, which affected revenues in the period of adjustment.

Co-payment assistance: Patients with commercial insurance who met certain eligibility requirements were eligible to receive co-payment assistance. The Company accrued a liability for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators.

Collaborative Agreements

Cost of Sales

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

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 contract research organization 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 Compensation, Option and Incentive Plans Policy

Stock-Based Compensation: The Company recognizes compensation expense in its statements of comprehensive income (loss) for share-based payments, including stock options and restricted stock units issued 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. As of December 31, 2021, stock-based compensation cost for all outstanding unvested stock options and restricted stock units was $15.9 million, which is expected to be recognized over a weighted-average period of 1.2 years. 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 different 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

Net Income (Loss) per Common Share: Net income (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 that could potentially dilute earnings per share in the future are not included in the computation of diluted earnings per share because they are antidilutive.

Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy

Indefinite-lived intangible assets are also tested annually for impairment and whenever indicators of impairment are present. When performing the impairment assessment, the Company first assesses qualitative factors to determine whether it is necessary to recalculate the fair value of its intangible assets. If management believes, as a result of the qualitative assessment, that it is more likely than not that the fair value of the intangible assets is less than the Company’s carrying amount, the Company calculates the asset’s fair value. If the carrying value of the asset exceeds its fair value, then the intangible asset is written down to its fair value. In 2019, Lexicon determined that a triggering event occurred upon execution of the Termination Agreement with Sanofi (as defined in Note 14) and Lexicon’s resulting decision to substantially reallocate resources from the development of certain programs, including LX1031 and LX1033 for irritable bowel syndrome, to the development of sotagliflozin. In connection with such triggering event, Lexicon determined that its LX1031 and LX1033 programs for irritable bowel syndrome, collectively an intangible asset, were considered to be impaired and recorded an impairment charge of $28.6 million to IPR&D in 2019. The impairment reduced the remaining book value to zero. There was no impairment of indefinite lived intangible assets in 2020 or 2021.

Income Tax, Policy

Income Taxes: The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized differently in the financial statements and tax returns. The Company uses the liability method in accounting for income taxes. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of liabilities and assets using enacted tax rates and laws in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated for realization based on a more-likely-than-not criteria in determining if a valuation allowance should be provided.

The Company maintains a valuation allowance on net operating losses and other deferred tax assets. Accordingly, the Company has not reported any tax benefit relating to the remaining net operating loss carryforwards and income tax credit carryforwards that are available for utilization in future periods. On a periodic basis, the valuation allowance is reassessed on deferred income tax assets, weighing positive and negative evidence to assess the recoverability of the deferred tax assets. In 2021, the Company reassessed the valuation allowance and considered negative evidence, including the cumulative losses over the three years ended December 31, 2021 and positive evidence including the projections of future income. After assessing both the negative and the positive evidence, the Company concluded that it should continue to maintain the valuation allowance on net operating losses and other deferred tax assets as of December 31, 2021 given the significance of the weight of the negative evidence. Based on recent financial performance and future projections, the Company could record a reversal of all, or a portion of the valuation allowance associated with U.S. deferred tax assets in future periods. However, any such change is subject to actual performance and other considerations that may present positive or negative evidence at the time of the assessment. The total gross deferred tax asset balance subject to the valuation allowance assessment was approximately $326.6 million at December 31, 2021.

Significant judgment is required in making these assessments to maintain or reverse valuation allowances and, to the extent future expectations change the Company would have to assess the recoverability of these deferred tax assets at that time.

Summary of Significant Accounting Policies Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Accounting Policies [Abstract]
Goodwill, Impairment Loss	$ 28,600

Summary of Significant Accounting Policies Intangible asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Goodwill and Intangible Asset Impairment	$ 0	$ 0	$ 28,638

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2021
Recent Accounting Pronouncements [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“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. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This targeted amendment to Topic 808 clarifies that certain transactions resulting from a collaborative agreement should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer for a good or service that is a distinct unit-of-account. This amendment is effective for fiscal years, and interim periods within years presented, beginning after December 15, 2019, and should be applied retrospectively to the date of initial application of Topic 606. The Company has applied the provisions of Topic 606 to account for its transactions for collaboration arrangements, including recognition, measurement, presentation and disclosure requirements, and adoption of this ASU did not have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other, which is intended to simplify the subsequent measurement of goodwill. The pronouncement allows an entity, during its annual or interim goodwill impairment evaluation, to compare the fair value of a reporting unit with its carrying amount. An impairment charge is immediately recognized by which the carrying amount exceeds the fair value. This ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. The adoption of this ASU during the first quarter of 2020 did not have a material impact on the consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Income Taxes (Details 3) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current State and Local Tax Expense (Benefit)	$ 0	$ (269)	$ 445
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	851	1,777	1,688
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	17,210	(20,418)	(35,276)
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	(18,429)	(12,300)	26,065
Write-off of tax credits	0	31,053
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	368	157	1,064
Income Tax Benefit	$ 0	$ 0	$ (6,014)
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent	21.00%

Statements of Comprehensive Loss Parentheticals (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock-based compensation expense associated with research and development expense	$ 4,284	$ 6,376	$ 7,096
Stock-based compensation expense associated with general and administrative expense	$ 6,293	$ 6,898	$ 7,122

Summary of Significant Accounting Policies Segment Information and Signficant Customers (Details) - segment	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Number of operating segments	1
Entity Wide Revenue Sanofi Percentage			89.00%
LXRX Diplomat customer concentration	24.00%	22.00%
Biologics customer concentration	76.00%	65.00%

Equity Incentive Awards (Details 3) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Stock Bonus and Restricted Stock, Grants in Period	32,192	85,104	27,728
Share-based Compensation Arrangement by Share-based Payment Award, Stock Bonus and Restricted Stock to Consultants, Grants in Period, Weighted Average Grant Date Fair Value	$ 5.04	$ 1.86	$ 5.67
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value	$ 8,700	$ 3,200	$ 2,900

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Measurements [Abstract]

Fair Value, by Balance Sheet Grouping


	Assets and Liabilities at Fair Value
	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash and cash equivalents	$	64,065	$	—	$	—	$	64,065
Short-term investments	7,561		15,117		—		22,678
Total cash and cash equivalents and investments	$	71,626	$	15,117	$	—	$	86,743


	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

Other Capital Agreements	12 Months Ended
Other Capital Agreements	Dec. 31, 2021
Equity [Abstract]
Other Capital Agreements	Other Capital Agreements Common Stock: In December 2020, Lexicon sold 20,312,500 shares of its common stock at a price of $3.200 per share in a registered direct offering pursuant to an existing shelf registration statement. Sale of the shares resulted in net proceeds of $63.0 million, after deducting underwriting discounts and commissions of $1.8 million and offering expenses of $0.2 million. The investors in the offering were Artal International S.C.A., an affiliate of of Invus, L.P., the Company’s largest stockholder, and BVF Partners L.P. and certain affiliates of BVF Partners L.P. All of the net proceeds of the registered direct offering are reflected as issuance of common stock in the accompanying financial statements. In October 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 $50,000,000 from time to time through Jefferies acting as its sales agent. In November 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 from each of these sales are reflected as issuances of common stock in the accompanying financial statements.

Fair Value Measurements (Details 1) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and Cash Equivalents, Fair Value Disclosure	$ 64,065	$ 126,263
Available-for-sale Securities, Fair Value Disclosure	22,678	26,012
Investments, Fair Value Disclosure	86,743	152,275
Fair Value, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and Cash Equivalents, Fair Value Disclosure	64,065	126,263
Available-for-sale Securities, Fair Value Disclosure	7,561	0
Investments, Fair Value Disclosure	71,626	126,263
Fair Value, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Available-for-sale Securities, Fair Value Disclosure	15,117	26,012
Investments, Fair Value Disclosure	15,117	26,012
Fair Value, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Available-for-sale Securities, Fair Value Disclosure	0	0
Investments, Fair Value Disclosure	$ 0	$ 0

Summary of Significant Accounting Policies Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Impairment of Intangible Assets (Excluding Goodwill)	$ 0	$ 0	$ 0
Asset Impairment Charges	0	1,600	28,638
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	$ 0	$ 1,600	$ 0

Benefit Plan	12 Months Ended
Benefit Plan	Dec. 31, 2021
Benefit Plan [Abstract]
Benefit Plan	Benefit Plan Lexicon maintains a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all full-time employees. Participating employees may defer a portion of their pretax earnings, up to the Internal Revenue Service annual contribution limit. Beginning in 2000, the Company was required to match employee contributions according to a specified formula. The matching contributions totaled $0.4 million, $0.9 million and $1.2 million in the years ended December 31, 2021, 2020 and 2019, respectively. Company contributions are vested based on the employee’s years of service, with full vesting after four years of service.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net Income (Loss) Attributable to Parent	$ (87,758)	$ (58,574)	$ 130,133
Debt Instrument, Convertible, If-converted Value in Excess of Principal	$ 0	$ 0	$ 5,067
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0	0	164,000
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities	0	0	10,365,000
Weighted Average Number of Shares Outstanding, Diluted	145,652,000	110,841,000	116,747,000
Earnings Per Share, Basic	$ (0.60)	$ (0.53)	$ 1.23
Earnings Per Share, Diluted	$ (0.60)	$ (0.53)	$ 1.16
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,221,278	11,113,054	8,206,390
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities	$ (87,758)	$ (58,574)	$ 135,200
Weighted Average Number of Shares Issued, Basic	145,652,000	110,841,000	106,218,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Accounts Receivable: Lexicon records trade accounts receivable in the normal course of business related to the sale of products or services, net of an allowance for expected credit losses.

Concentration of Credit Risk: Lexicon’s cash equivalents, investments and accounts receivable represent potential concentrations of credit risk. The Company attempts to minimize potential concentrations of risk in cash equivalents and investments by placing investments in high-quality financial instruments. The Company’s accounts receivable are unsecured and are concentrated in pharmaceutical and biotechnology companies located in Europe and the United States. The Company has not experienced any significant credit losses to date. In 2021, customers in Switzerland and the United States represented 76% and 24% of revenue, respectively. In 2020, customers in the United States represented 98% of revenue. In 2019, customers in Germany and the United States represented 89% and 10% of revenues, respectively. At December 31, 2021, management believes that the Company has no significant concentrations of credit risk.

for the development and, in some cases, analysis of the physiological effects of genes altered in knockout mice, technology licenses, subscriptions to its databases, product sales, government grants and contracts and compound library sales. In 2021, AC Bioscience Ltd. represented 76% of revenues and Taconic Farms, Inc. represented 24% of revenues, respectively. In 2020, two specialty pharmacies, Biologics, Inc. and Diplomat Pharmacy, represented 65% and 22% of revenues, respectively. In 2019, Sanofi represented 89% of revenues and no individual XERMELO customer represented more than 10% of revenues.

Accrued liabilities: Accrued liabilities consisted of the following:


	As of December 31,
	2021		2020
	(in thousands)
Accrued research and development services	$	3,669	$	21,962
Accrued compensation and benefits	5,711		6,200
Short term lease liability	1,089		553
Other	2,503		976
Accrued liabilities	$	12,972	$	29,691

Revenue Recognition:

Product Revenues

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 collaborative 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 and 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 approvals are received. 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 these agreements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional.

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 different 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 following weighted-average assumptions were used for stock options granted in the years ended December 31, 2021, 2020 and 2019, respectively:


	Expected Volatility	Risk-free Interest Rate	Expected Term	Dividend Rate
December 31, 2021:
Employees	104%	0.7%	4	0	%
Officers and non-employee directors	90%	1.0%	6	0	%
December 31, 2020:
Employees	98%	1.3%	4	0	%
Officers and non-employee directors	85%	1.4%	7	0	%
December 31, 2019:
Employees	88%	2.2%	4	0	%
Officers and non-employee directors	77%	2.6%	8	0	%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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


	Expected Volatility	Risk-free Interest Rate	Expected Term	Dividend Rate
December 31, 2021:
Employees	104%	0.7%	4	0	%
Officers and non-employee directors	90%	1.0%	6	0	%
December 31, 2020:
Employees	98%	1.3%	4	0	%
Officers and non-employee directors	85%	1.4%	7	0	%
December 31, 2019:
Employees	88%	2.2%	4	0	%
Officers and non-employee directors	77%	2.6%	8	0	%

Equity Incentive Awards - Narrative (Details)	12 Months Ended
Equity Incentive Awards - Narrative (Details)	Dec. 31, 2021 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Option Exercise Price as Percent of Value of Common Stock	100.00%
Total Shares That May be Issued, Equity Incentive Plan	30,000,000
Options Outstanding, Equity Incentive Plan	7,958,179
Restricted Stock Units Outstanding, Equity Incentive Plan	1,822,043
Stock Options Exercised, Equity Incentive Plan	2,285,702
Shares Issued Pursuant to Restricted Stock Units, Equity Incentive Plan	4,314,948
Shares Issued Pursuant to Stock Bonus Awards, Equity Incentive Plan	113,940
Total value of shares by nonemployee in a year \| $	$ 500,000
Total Shares That May Be Issued, Non-Employee Directors Equity Incentive Plan	1,200,000
Options Outstanding, Non-Employee Directors Equity Incentive Plan	408,864
Stock Options Exercised, Non-Employee Directors Equity Incentive Plan	0
Shares Issued Pursuant to Restricted Stock Awards, Non-Employee Directors Equity Incentive Plan	216,040
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	10,221,278
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	14,048,092
Restricted Stock Units Outstanding, Non-Employee Directors Equity Incentive Plan	32,192
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Award term	10 years
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2021

Equity Incentive Awards [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity


	2021			2020			2019
(in thousands, except exercise price data)	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Outstanding at beginning of year	8,397	$	7.12	7,695	$	8.95	6,152	$	10.68
Granted	1,808	6.39		3,495	3.24		2,435	5.06
Exercised	(376)	4.37		—	—		—	—
Expired	(191)	12.50		(236)	12.91		(212)	9.95
Forfeited	(1,271)	8.17		(2,557)	6.78		(680)	10.42
Outstanding at end of year	8,367	6.80		8,397	7.12		7,695	8.95
Exercisable at end of year	5,032	$	7.99	4,684	$	9.48	4,275	$	10.56

Schedule of Nonvested Restricted Stock Units Activity


	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	(339)	5.03
Outstanding at December 31, 2021	1,854	$	5.16

Debt Obligations - Narrative (Details) - USD ($)	1 Months Ended			12 Months Ended
Debt Obligations - Narrative (Details) - USD ($)	Aug. 31, 2018	Dec. 31, 2017	Nov. 30, 2014	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 30, 2018	Dec. 18, 2017
Debt Instrument
Proceeds from Convertible Debt			$ 87,500,000		$ 75,800,000
Convertible Debt Instrument Interest Rate Stated Percentage				5.25%
Debt Issuance Cost			$ 3,400,000
Debt instrument, term	2 years	5 years	7 years
Recognition of gain or loss on extinguishment	$ 0			$ 0	1,003,000	$ 0
Estimated useful life of assets	10 years
Debt Instrument, Interest Rate, Stated Percentage				9.00%
Debt Instrument, Face Amount								$ 150,000,000
Debt Issuance Costs, Gross								$ 4,100,000
Convertible Debt					11,600,000
Convertible Debt Exchange - Total cash consideration					$ 50,000,000
2020 Convertible debt exchange - share payment total					10,368,956
2020 convertible debt exchange - percentage of principal					85.00%
2020 convertible debt exchange - accrued interest					$ 1,300,000
Convertible debt exchange					$ 9,600,000
Mortgage Debt Interest Rate_Base_Revere_LXRX							5.50%
Mortgage Debt Interest Rate BasePlus_Revere_LXRX							7.50%
Mortgage Debt Instrument_Revere_LXRX							$ 12,900,000
Mortgage Debt Balloon Payment_LXRX							$ 10,300,000

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States to provide emergency assistance to individuals and businesses affected by the COVID-19 pandemic. The CARES Act includes temporary changes to both income and non-income based tax laws. For the year ended December 31, 2020, the impact of the CARES Act was immaterial to the Company’s tax provision. Future regulatory guidance under the CARES Act or additional legislation enacted by Congress in connection with the COVID-19 pandemic could impact our tax provision in future periods.

Lexicon recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized differently in the financial statements and tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of liabilities and assets using enacted tax rates and laws in effect in the years in which the differences are expected to reverse. Deferred tax assets are evaluated for realization based on a more-likely-than-not criteria in determining if a valuation allowance should be provided.

The components of Lexicon’s deferred tax assets (liabilities) at December 31, 2021 and 2020 are as follows:


	As of December 31,
	2021		2020
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	229,427	$	201,610
Research and development tax credits	29,290		29,304
Orphan drug credits	24,524		24,524
Capitalized research and development	36,770		47,075
Stock-based compensation	5,163		5,651

Interest	148		—
Other	1,308		844
Total deferred tax assets	326,630		309,008
Deferred tax liabilities:

Other	(412)		—
Total deferred tax liabilities	(412)		—
Less: valuation allowance	(326,218)		(309,008)
Net deferred tax liabilities	$	—	$	—

A reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31, 2021, 2020 and 2019 consists of the following:


	Year Ended December 31,
	2021		2020		2019
	(in thousands)
Expected income tax expense (benefit) at 21%	$	(18,429)	$	(12,300)	$	26,065
State income taxes, net of federal benefit	—		(269)		445
Equity compensation	851		1,777		1,688





Write off of credit carryover due to 382 study	—		31,053		—
Change in valuation allowance	17,210		(20,418)		(35,276)
Other (1)	368		157		1,064
Income tax benefit	$	—	$	—	$	(6,014)

(1) Other is primarily comprised of expiring Research and Development credits for the year ended December 31, 2019 and nondeductible expenses for the years ended December 31, 2021 and 2020.

Section 382 of the Internal Revenue Code of 1986, contains rules that limit the ability of a company that undergoes an “ownership change” to utilize its net operating loss and tax credit carryovers and certain built-in losses recognized in years after the “ownership change.” An “ownership change” is generally defined as any change in ownership of more than 50% of a corporation’s stock over a rolling three-year period by stockholders that own (directly or indirectly) 5% or more of the stock of a corporation, or arising from a new issuance of stock by a corporation. If an ownership change occurs, Section 382 generally imposes an annual limitation on the use of pre-ownership change net operating loss carryovers to offset taxable income earned after the ownership change. The Company completed a Section 382 study and determined that historical ownership changes occurred. The Section 382 annual limitation related to historical ownership changes impacts our ability to utilize our tax attributes. In 2020, the federal deferred tax assets and valuation allowance decreased due to the write-off of attributes that will expire still subject to limitation.

At December 31, 2021, Lexicon had both federal and state NOL carryforwards of approximately $1.1 billion and $86.9 million, respectively. In 2021, federal NOLs increased by $132.7 million related to a current year NOL. The Company had $342.0 million of U.S. federal NOL carryforwards as of December 31, 2021, which can be carried forward indefinitely. The remaining federal and state NOL carryforwards will begin to expire in 2022. Based on the federal tax law limits and the Company’s cumulative loss position, the Company concluded it was appropriate to establish a full valuation allowance for its net deferred tax assets until an appropriate level of profitability is sustained. During the year ended December 31, 2021, the valuation allowance increased $17.2 million, primarily due to NOLs generated partially offset by decreases in deferred tax assets associated with capitalized research and development expenses.

As of December 31, 2021 and 2020, the Company did not have any unrecognized tax benefits. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense.

The Company is primarily subject to U.S. federal and New Jersey and Texas state income taxes. The tax years 1999 to current remain open to examination by U.S. federal authorities and 2012 to current remain open to examination by state authorities. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2021 and 2020, the Company had no accruals for interest or penalties related to income tax matters.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Operating Lease Obligations: Lexicon’s operating leases include leases of office space in The Woodlands, Texas and Basking Ridge, New Jersey that 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 December 31, 2021, the right-of-use assets for the office space leases had a balance of $2.3 million, which is included in other assets in the consolidated balance sheet. Current and non-current liabilities relating to the leases were $1.1 million and $1.2 million, respectively, which are included in accrued liabilities and other long-term liabilities in the consolidated balance sheet, respectively.

The following table reconciles the undiscounted cash flows of the operating lease liability to the recorded lease liability at December 31, 2021:



	(in thousands)
2022	$	1,163
2023	531
2024	544
2025	371
2026	—
Thereafter	—
Total undiscounted operating lease liability	$	2,609
Less: amount of lease payments representing interest	(330)
Present value of future lease payments	2,279
Less: short-term operating lease liability	(1,089)
Long-term operating lease liability	$	1,190

Employment Arrangements: Lexicon has entered into employment arrangements with certain of its corporate officers. Under the arrangements, each officer receives a base salary, subject to adjustment, with an annual discretionary bonus based upon specific objectives to be determined by the compensation committee. The employment arrangements are at-will and some contain non-competition agreements. Some of the arrangements also provide for certain severance payments for either six or 12 months and, in some cases, payment of a specified portion of the officer’s bonus target for such year, in the event of a specified termination of the officer’s employment.

Legal Proceedings: 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.

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property and Equipment [Abstract]

Property, Plant and Equipment


	Estimated Useful Lives	As of December 31,
	In Years	2021		2020
		(in thousands)
Computers and software	3-5	$	3,027	$	3,826
Furniture and fixtures	5-7	1,692		1,867

Leasehold improvements	3-7	1,310		417


Total property and equipment		6,029		6,110
Less: Accumulated depreciation and amortization		(4,853)		(5,815)
Net property and equipment		$	1,176	$	295

Fair Value Measurements

12 Months Ended

Dec. 31, 2021

Fair Value Measurements [Abstract]

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 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 assets, which include U.S. treasury securities

•Level 2 – other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.), which include 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 tables provide the fair value measurements of applicable Company assets and liabilities that are measured at fair value on a recurring basis according to the fair value levels defined above as of December 31, 2021 and 2020.


	Assets and Liabilities at Fair Value
	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash and cash equivalents	$	64,065	$	—	$	—	$	64,065
Short-term investments	7,561		15,117		—		22,678
Total cash and cash equivalents and investments	$	71,626	$	15,117	$	—	$	86,743


	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 at December 31, 2021 or 2020. Transfers between levels are recognized at the actual date of circumstance that caused the transfer. There were no transfers between Level 1 and Level 2 during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2021

Property and Equipment [Abstract]

Property and Equipment

Property and equipment at December 31, 2021 and 2020 are as follows:


	Estimated Useful Lives	As of December 31,
	In Years	2021		2020
		(in thousands)
Computers and software	3-5	$	3,027	$	3,826
Furniture and fixtures	5-7	1,692		1,867

Leasehold improvements	3-7	1,310		417


Total property and equipment		6,029		6,110
Less: Accumulated depreciation and amortization		(4,853)		(5,815)
Net property and equipment		$	1,176	$	295

Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets, Current [Abstract]
Cash and cash equivalents	$ 64,065	$ 126,263
Short-term investments	22,678	26,012
Accounts receivable, net of allowances of $4	14	395
Prepaid expenses and other current assets	2,164	5,049
Total current assets	88,921	157,719
Property and equipment, net of accumulated depreciation and amortization of $61,741 and $60,006, respectively	1,176	295
Goodwill	44,543	44,543
Other assets	2,269	1,231
Total assets	136,909	203,788
Liabilities, Current [Abstract]
Accounts payable	9,152	5,469
Accrued liabilities	12,972	29,691
Current portion of long-term debt, net of deferred issuance costs	0	11,646
Total current liabilities	22,124	46,806
Other long-term liabilities	1,190	611
Total liabilities	23,314	47,417
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $.01 par value; 5,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $.001 par value; 225,000 shares authorized; 106,679 and 106,162 shares issued, respectively	150	142
Additional paid-in capital	1,608,749	1,561,096
Accumulated deficit	(1,487,776)	(1,400,018)
Accumulated other comprehensive income (loss)	(10)	(6)
Treasury stock, at cost, 407 and 236 shares, respectively	(7,518)	(4,843)
Total stockholders' equity	113,595	156,371
Total liabilities and equity	$ 136,909	$ 203,788
Preferred stock, par value per share (usd 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 (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	225,000	225,000

Commitments and Contingencies (Details 2) - USD ($)	12 Months Ended
Commitments and Contingencies (Details 2) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies [Abstract]
Operating Leases, Future Minimum Payments Due, Next Twelve Months	$ 1,163,000
Operating Leases, Future Minimum Payments, Due in Two Years	531,000
Operating Leases, Future Minimum Payments, Due in Three Years	544
Operating Leases, Future Minimum Payments, Due in Four Years	371
Operating Leases, Future Minimum Payments, Due in Five Years	0
Operating Leases, Future Minimum Payments, Due Thereafter	0
Operating Leases, Future Minimum Payments Due	2,609,000
Interest on Lease Payments	(330,000)
Present Value of Future Lease Payments	2,279,000
Short-term Lease Commitment, Amount	(1,089,000)
Long-term Debt and Lease Obligation	1,190,000
Right-of-use assets	$ 2,300,000	$ 0	$ 1,799,000

Equity Incentive Awards (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 4.85	$ 2.35	$ 3.18
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value	$ 0.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	5 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 1.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 0.7
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	8,367	8,397	7,695	6,152
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 6.80	$ 7.12	$ 8.95	$ 10.68
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,808	3,495	2,435
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 6.39	$ 3.24	$ 5.06
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(376)	0	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 4.37	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(191)	(236)	(212)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 12.50	$ 12.91	$ 9.95
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	(1,271)	(2,557)	(680)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price	$ 8.17	$ 6.78	$ 10.42
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	5,032	4,684	4,275
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 7.99	$ 9.48	$ 10.56

Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions
Revenues	$ 298	$ 23,995	$ 322,073
Income (Loss) From Operations	(87,090)	(47,800)	141,445
Net loss	$ (87,758)	$ (58,574)	$ 130,133
Weighted Average Number of Shares Issued, Basic	145,652	110,841	106,218
Weighted Average Number of Shares Outstanding, Diluted	145,652	110,841	116,747
Earnings Per Share, Diluted	$ (0.60)	$ (0.53)	$ 1.16
Earnings Per Share, Basic	$ (0.60)	$ (0.53)	$ 1.23

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Balance Sheet Parentheticals - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accumulated depreciation and amortization, property and equipment	$ 4,853	$ 5,815
Preferred stock, par value per share (usd 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 (usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized	225,000	225,000
Treasury stock, shares	1,165	793
Common Stock
Common stock, shares issued	150,082	142,289

Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Net product revenue	$ 0	$ 23,404,000	$ 32,331,000
Collaborative agreements	0	33,000	289,231,000
Royalties and other revenue	298,000	558,000	511,000
Total revenues	298,000	23,995,000	322,073,000
Operating expenses:
Cost of sales (including finite-lived intangible asset amortization)	0	1,929,000	3,231,000
Research and development, including stock-based compensation of $4,284, $6,376 and $7,096 respectively	55,046,000	153,621,000	91,924,000
Selling, general and administrative, including stock-based compensation of $6,293, $6,898 and $7,122, respectively	32,342,000	47,230,000	56,835,000
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)	0	1,600,000	0
Goodwill and Intangible Asset Impairment	0	0	28,638,000
Total operating expenses	87,388,000	204,380,000	180,628,000
Gain on sale of non-financial assets	0	132,585,000	0
Income (loss) from operations	(87,090,000)	(47,800,000)	141,445,000
Recognition of gain or loss on extinguishment	0	1,003,000	0
Interest expense	(802,000)	(14,544,000)	(20,676,000)
Interest and other income, net	134,000	2,767,000	3,350,000
Net income (loss) before taxes	(87,758,000)	(58,574,000)	124,119,000
Income tax benefit	0	0	6,014,000
Net income (loss)	(87,758,000)	(58,574,000)	130,133,000
Other comprehensive loss:
Unrealized gain (loss) on investments	(4,000)	(90,000)	96,000
Comprehensive loss	$ (87,762,000)	$ (58,664,000)	$ 130,229,000
Earnings Per Share, Basic	$ (0.60)	$ (0.53)	$ 1.23
Earnings Per Share, Diluted	$ (0.60)	$ (0.53)	$ 1.16
Weighted Average Number of Shares Outstanding, Diluted	145,652	110,841	116,747
Weighted Average Number of Shares Issued, Basic	145,652	110,841	106,218

Equity Incentive Awards

12 Months Ended

Dec. 31, 2021

Equity Incentive Awards [Abstract]

Equity Incentive Awards

Equity Incentive Plans

2017 Equity Incentive Plan: In September 1995, Lexicon adopted the 1995 Stock Option Plan, which was subsequently amended and renamed the 2017 Equity Incentive Plan (the “Equity Incentive Plan”).

The Equity Incentive Plan provides for the grant of incentive stock options to employees and nonstatutory stock options to employees, directors and consultants of the Company. The plan also permits the grant of stock bonus awards, restricted stock awards, restricted stock unit awards, stock appreciation rights and performance stock awards. Incentive and nonstatutory stock options have an exercise price of 100% or more of the fair market value of the Company’s common stock on the date of grant. Most stock options granted under the Equity Incentive Plan become vested and exercisable over a period of four years; however some have been granted with different vesting schedules. Stock options granted under the Equity Incentive Plan have a term of ten years from the date of grant.

The total number of shares of common stock that may be issued pursuant to stock awards under the Equity Incentive Plan shall not exceed in the aggregate 30,000,000 shares at December 31, 2021. As of December 31, 2021, options to purchase

7,958,179 shares and 1,822,043 restricted stock units were outstanding, 2,285,702 shares had been issued upon the exercise of stock options, 4,314,948 shares had been issued pursuant to restricted stock units and 113,940 shares had been issued pursuant to stock bonus awards or restricted stock awards granted under the Equity Incentive Plan.

2017 Non-Employee Directors’ Equity Incentive Plan: In February 2000, Lexicon adopted the 2000 Non-Employee Directors’ Stock Option Plan, which was subsequently amended and renamed the 2017 Non-Employee Directors’ Equity Incentive Plan (the “Directors’ Plan”). Under the Directors’ Plan, non-employee directors may be granted awards under the plan with an aggregate grant date fair value of no more than $500,000 during any calendar year, taken together with any cash fees paid to such non-employee director in compensation for service on Lexicon’s board of directors during such calendar year. Stock options granted under the Directors’ Plan have an exercise price equal to the fair market value of the Company’s common stock on the date of grant and a term of ten years from the date of grant.

The total number of shares of common stock that may be issued pursuant to stock awards under the Directors’ Plan shall not exceed in the aggregate 1,200,000 shares. As of December 31, 2021, stock options to purchase 408,864 shares were outstanding, none had been issued upon the exercise of stock options, 32,192 restricted stock units were outstanding and 216,040 shares had been issued pursuant to restricted stock and restricted stock unit awards granted under the Directors’ Plan.

Stock Option Activity:

The following is a summary of stock option activity under Lexicon’s equity incentive plans:


	2021			2020			2019
(in thousands, except exercise price data)	Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price		Options	Weighted Average Exercise Price
Outstanding at beginning of year	8,397	$	7.12	7,695	$	8.95	6,152	$	10.68
Granted	1,808	6.39		3,495	3.24		2,435	5.06
Exercised	(376)	4.37		—	—		—	—
Expired	(191)	12.50		(236)	12.91		(212)	9.95
Forfeited	(1,271)	8.17		(2,557)	6.78		(680)	10.42
Outstanding at end of year	8,367	6.80		8,397	7.12		7,695	8.95
Exercisable at end of year	5,032	$	7.99	4,684	$	9.48	4,275	$	10.56

The weighted average estimated grant date fair value of stock options granted during the years ended December 31, 2021, 2020 and 2019 were $4.85, $2.35 and $3.18, respectively. The total intrinsic value of stock options exercised during the year ended December 31, 2021 was $0.6 million. The weighted average remaining contractual term of stock options outstanding and exercisable was 6.7 and 5.3 years, respectively, as of December 31, 2021. At December 31, 2021, the aggregate intrinsic value of the outstanding stock options was $1.8 million. At December 31, 2021, the intrinsic value of exercisable stock options was $0.7 million.

Stock Bonus and Restricted Stock Unit Activity:

During the years ended December 31, 2021, 2020 and 2019, Lexicon granted its employees restricted stock units in lieu of or in addition to annual stock option awards. These restricted stock units vest in three annual installments. The total fair value of shares vested in 2021, 2020 and 2019 was $8.7 million, $3.2 million and $2.9 million, respectively.

During the years ended December 31, 2021, 2020 and 2019, Lexicon granted its non-employee directors 32,192, 85,104 and 27,728 restricted stock units, respectively. The restricted stock granted in 2021, 2020 and 2019 had weighted average grant date fair values of $5.04, $1.86, and $5.67 per share, respectively. Vesting of restricted stock units occurs on the first anniversary of the grant date.

The following is a summary of restricted stock units activity under Lexicon’s stock-based compensation plans for the year ended December 31, 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	(339)	5.03
Outstanding at December 31, 2021	1,854	$	5.16

Aggregate Shares Reserved for Issuance

As of December 31, 2021, an aggregate of 10,221,278 shares of common stock were reserved for issuance upon exercise of outstanding stock options and vesting of outstanding restricted stock units and 14,048,092 additional shares were available for future grants under Lexicon’s equity incentive plans. The Company has a policy of using either authorized and unissued shares or treasury shares, including shares acquired by purchase in the open market or in private transactions, to satisfy equity award exercises.

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 2,300	$ 0	$ 1,799

Collaboration and License Agreements	12 Months Ended
Collaboration and License Agreements	Dec. 31, 2021
Collaboration and License Agreements [Abstract]
Collaboration and License Agreements	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. Under the Ipsen Agreement, Lexicon granted Ipsen an exclusive, royalty-bearing right and license under its patent rights and know-how to commercialize XERMELO in the Licensed Territory. Ipsen was responsible for using diligent efforts to commercialize XERMELO in the Licensed Territory pursuant to a mutually approved commercialization plan. Subject to certain exceptions, Lexicon was responsible for conducting clinical trials required to obtain regulatory approval for XERMELO for carcinoid syndrome in the European Union, including those contemplated by a mutually approved initial development plan, and had the first right to conduct most other clinical trials of XERMELO. Lexicon was responsible for the costs of all clinical trials contemplated by the initial development plan. The costs of additional clinical trials were to be allocated between the parties based on the nature of such clinical trials. Under the Ipsen Agreement, Ipsen paid Lexicon an aggregate of $47.2 million through September 30, 2020. Revenue recognized under the Agreement was $0.3 million and $4.9 million for the years ended December 31, 2020 and 2019, respectively. Revenue for each of the years ended December 31, 2020 and 2019 included $0.3 million of royalties from Ipsen. Revenue for the year ended December 31, 2019 included $1.3 million from sales of bulk tablets of XERMELO to Ipsen. 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 and commercialization of Lexicon’s diabetes 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 a Termination and Settlement Agreement and Mutual Releases (the “Termination Agreement”) with Sanofi, pursuant to which the Sanofi Agreement was terminated and 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, $12.1 million in March 2020 and $2.7 million in September 2020. An arbitration panel issued a judgment in Sanofi’s favor in November 2021 with respect to a dispute regarding amounts withheld by Sanofi from its March and September 2020 payments offsetting certain third party costs and internal costs incurred by Sanofi and asserted by Sanofi to be payable under the terms of the Termination Agreement. Such judgment obligates Lexicon to reimburse Sanofi for its attorneys’ fees and costs relating to the arbitration proceedings, which could require a payment up to $2.1 million. Neither party will owe any additional payments pursuant to the Sanofi Agreement or Termination 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. Beginning in March 2020, Lexicon closed out early the clinical studies related to the Phase 3 development program for sotagliflozin in type 2 diabetes and heart failure. Under the Sanofi Agreement, Sanofi paid Lexicon an upfront payment of $300 million in December 2015. The Company recognized $126.8 million of the $300 million upfront payment for the license in 2015. The Company was recognizing the $113.8 million allocated to the development services performance obligation and the $59.4 million allocated to the funding performance obligation over the estimated period of performance as the development and funding occurred. The Termination Agreement was accounted for as a modification under ASC 606. Upon execution of the Termination Agreement in September 2019, the Company recognized the remaining $23.5 million allocated to its performance obligations as revenue and reduced its remaining deferred revenue balance accordingly. In addition, the Company recognized revenue of $260 million, representing the full expected cash consideration from the Termination Agreement. Subsequent to the Termination Agreement, the Company has no remaining performance obligations to Sanofi. Revenue recognized under the collaboration agreements with Sanofi was $286 million for the year ended December 31, 2019.

Summary of Significant Accounting Policies Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Disclosure on Geographic Areas, Revenue from External Customers Attributed to Entity's Country of Domicile, Percent	24.00%	98.00%	10.00%
Disclosure On Geographic Areas Revenue From External Customers Attributed to Germany	76.00%		89.00%

Summary of Significant Accounting Policies - Cost of Sales (Details)	12 Months Ended
	Dec. 31, 2021
In-Process Research and Development
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	14 years

Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents
Realized Investment Gains (Losses)	$ 0
Available-for-sale Securities, Amortized Cost Basis	15,125
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments	0
Available-for-sale Securities, Gross Unrealized Losses	(8)
Available-for-sale Securities, Current	15,117
Cash
Cash and Cash Equivalents
Available-for-sale Securities, Amortized Cost Basis	64,066	$ 126,263
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments	0	0
Available-for-sale Securities, Gross Unrealized Losses	1	0
Available-for-sale Securities, Current	64,065	126,263
US Treasury Securities
Cash and Cash Equivalents
Available-for-sale Securities, Amortized Cost Basis	7,562
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments	0
Available-for-sale Securities, Gross Unrealized Losses	(1)
Available-for-sale Securities, Current	7,561	26,012
Short-term Investments
Cash and Cash Equivalents
Available-for-sale Securities, Amortized Cost Basis	22,687	26,018
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments	0	5
Available-for-sale Securities, Gross Unrealized Losses	(9)	(11)
Available-for-sale Securities, Current	22,678	26,012
Cash and Cash Equivalents and Investments
Cash and Cash Equivalents
Available-for-sale Securities, Amortized Cost Basis	86,753	152,281
Available-for-sale Securities, Gross Unrealized Gain Accumulated in Investments	0	5
Available-for-sale Securities, Gross Unrealized Losses	(10)	(11)
Available-for-sale Securities, Current	$ 86,743	$ 152,275

Goodwill (Details) - USD ($) $ in Millions	Jul. 30, 2010	Jul. 12, 2001
Goodwill [Abstract]
Coelacanth Goodwill		$ 25.8
Coelacanth Purchase Price		$ 36.0
Symphony Icon Goodwill	$ 18.7

Earnings Per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Earnings (Loss) Per ShareThe 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.


	Year Ended December 31,
(In thousands, except per share amounts)	2021		2020		2019
Numerator:
Net income (loss)	$	(87,758)	$	(58,574)	$	130,133
Add interest expense on Convertible Notes	—		—		5,067
Adjusted net income (loss)	$	(87,758)	$	(58,574)	$	135,200

Denominator:
Shares used in computing net income (loss) per common share, basic	145,652		110,841		106,218
Add effect of potential dilutive securities
Share based awards	—		—		164
Convertible Notes	—		—		10,365
Shares used in computing net income (loss) per common share, diluted	145,652		110,841		116,747

Net income (loss) per share - basic	$	(0.60)	$	(0.53)	$	1.23
Net income (loss) per share - diluted	$	(0.60)	$	(0.53)	$	1.16

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 10,221,278, 11,113,054 and 8,206,390, respectively, for the years ended December 31, 2021, 2020 and 2019. Prior to the extinguishment of the Convertible Notes, 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.

Equity Incentive Awards (Details 4) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,854	2,769
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 5.16	$ 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	(339)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Fair Value	$ 5.03

Asset Sale	12 Months Ended
Asset Sale	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Sale of Non-Financial Assets	Asset Sale In September 2020, the Company completed the sale of its XERMELO product and related assets (the “XERMELO sale”) to TerSera pursuant to an Asset Purchase and Sale Agreement entered into in July 2020. The final consideration paid by TerSera was $160.0 million and the net gain recognized in connection with the XERMELO sale was $132.6 million. The gain is reflected on the consolidated statement of comprehensive income (loss) for the year ended December 31, 2020. The Company remains eligible to receive development, regulatory and sales milestone payments of up to an aggregate of $65.0 million for the development and commercialization of XERMELO 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. Such adjustment would be included in Gain on sale of XERMELO in the consolidated statement of comprehensive income (loss). 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 years ended December 31, 2020 and 2019, the pretax net loss on the condensed consolidated statement of comprehensive income (loss) for the Company’s XERMELO operations is $12.2 million, and $15.4 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 approximate $5.5 million. 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 consolidated statement of comprehensive income (loss) for the year ended December 31, 2020.

Property and Equipment (Details) - USD ($)	1 Months Ended	12 Months Ended
Property and Equipment (Details) - USD ($)	Aug. 31, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Property, Plant and Equipment, Gross		$ 6,029,000	$ 6,110,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment		(4,853,000)	(5,815,000)
Net property and equipment		1,176,000	295,000
Proceeds from Sale of Buildings			11,900,000	$ 0
Land			2,700,000
Inventory, Buildings and Improvements			7,900,000
Asset Impairment Charges		0	1,600,000	$ 28,638,000
Noncash or Part Noncash Divestiture, Amount of Consideration Received		1,300,000
Payments to Acquire Other Property, Plant, and Equipment		$ 1,200,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		40 years
Computers and Software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 3,027,000	3,826,000
Computers and Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		3 years
Computers and Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		5 years
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 1,692,000	1,867,000
Furniture and Fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		5 years
Furniture and Fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		7 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross		$ 1,310,000	$ 417,000
Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		3 years
Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives		7 years

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2021
Goodwill [Abstract]
Goodwill	Goodwill On July 12, 2001, Lexicon completed the acquisition of Coelacanth Corporation in a merger. Coelacanth, now Lexicon Pharmaceuticals (New Jersey), Inc., formed the core of the Company’s division responsible for small molecule compound discovery. The results of Lexicon Pharmaceuticals (New Jersey), Inc. are included in the Company’s results of operations for the period subsequent to the acquisition. Goodwill associated with the acquisition of $25.8 million, which represents the excess of the $36.0 million purchase price over the fair value of the underlying net identifiable assets, was assigned to the consolidated entity, Lexicon. On July 30, 2010, Lexicon exercised its Purchase Option and completed the acquisition of Symphony Icon, Inc. Goodwill associated with the acquisition of $18.7 million, which represents the assets recognized in connection with the deferred tax liability acquired and did not result from excess purchase price, was assigned to the consolidated entity, Lexicon. Goodwill is not subject to amortization, but is tested at least annually for impairment at the reporting unit level, which is the Company’s single operating segment. The Company performed an impairment test of goodwill on its annual impairment assessment date. This test did not result in an impairment of goodwill.

Summary of Significant Accounting Policies Stock-based Compensation (Details 2) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 15.9
Employee Service Share-based Compensation, Outstanding, Weighted Average Remaining Vesting Period	1 year 2 months 12 days

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases



	(in thousands)
2022	$	1,163
2023	531
2024	544
2025	371
2026	—
Thereafter	—
Total undiscounted operating lease liability	$	2,609
Less: amount of lease payments representing interest	(330)
Present value of future lease payments	2,279
Less: short-term operating lease liability	(1,089)
Long-term operating lease liability	$	1,190

Asset Sale (Details) - USD ($) $ in Thousands	12 Months Ended
Asset Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Retirement Obligation Disclosure [Abstract]
Proceeds from Sale of Productive Assets	$ 0	$ 160,385	$ 0
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax		(12,200)	(15,400)
Severance Costs		5,500
Debt Instrument
Severance Costs		5,500
Gain on sale of non-financial assets	$ 0	132,585	$ 0
TerSera Maximum Development, Regulatory and Commercial Milestones		65,000
Final Consideration including amounts released to settle		160,000
541713 Research and Development in Nanotechnology
Asset Retirement Obligation Disclosure [Abstract]
Severance Costs		2,500
Debt Instrument
Severance Costs		2,500
General and Administrative Expense
Asset Retirement Obligation Disclosure [Abstract]
Severance Costs		3,000
Debt Instrument
Severance Costs		$ 3,000

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2018	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Estimated useful life of assets	10 years
Accrued research and development services current		$ 3,669	$ 21,962
Accrued compensation and benefits current		5,711	6,200
Operating Lease, Liability, Current		1,089	553
Other Accrued Liabilities, Current		2,503	976
Accrued Liabilities		$ 12,972	$ 29,691
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of assets		3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of assets		40 years

Cash and Cash Equivalents and Investments

12 Months Ended

Dec. 31, 2021

Cash and Cash Equivalents and Investments [Abstract]

Cash and Cash Equivalents and Investments

Cash, Cash Equivalents and Investments

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


	As of December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
			(in thousands)
Cash and cash equivalents	$	64,066	$	—	$	(1)	$	64,065
Securities maturing within one year:
U.S. treasury securities	7,562		—		(1)		7,561
Corporate debt securities	15,125		—		(8)		15,117
Total short-term investments	$	22,687	$	—	$	(9)	$	22,678
Total cash and cash equivalents and investments	$	86,753	$	—	$	(10)	$	86,743


	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 gains or losses for the years ended December 31, 2021, 2020, and 2019.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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.


	Year Ended December 31,
(In thousands, except per share amounts)	2021		2020		2019
Numerator:
Net income (loss)	$	(87,758)	$	(58,574)	$	130,133
Add interest expense on Convertible Notes	—		—		5,067
Adjusted net income (loss)	$	(87,758)	$	(58,574)	$	135,200

Denominator:
Shares used in computing net income (loss) per common share, basic	145,652		110,841		106,218
Add effect of potential dilutive securities
Share based awards	—		—		164
Convertible Notes	—		—		10,365
Shares used in computing net income (loss) per common share, diluted	145,652		110,841		116,747

Net income (loss) per share - basic	$	(0.60)	$	(0.53)	$	1.23
Net income (loss) per share - diluted	$	(0.60)	$	(0.53)	$	1.16

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Tax Benefit	$ 0	$ 0	$ (6,014)
Valuation Allowance, Deferred Tax Asset, Change in Amount	17,200
Operating Loss Carryforwards, Federal	1,100,000
Operating Loss Carryforwards, State	86,900
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	0	0
Investments, Owned, Federal Income Tax Note [Line Items]
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 29,290	$ 29,304

Commitments and Contingencies - Narrative (Details)	12 Months Ended
Commitments and Contingencies - Narrative (Details)	Dec. 31, 2021
Minimum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Payment period	6 months
Maximum
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Payment period	12 months

Benefit Plan (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plan (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Benefit Plan [Abstract]
Defined Contribution Plan, Cost	$ 0.4	$ 0.9	$ 1.2
Years of service	4 years

Other Capital Agreements (Details) - USD ($)	12 Months Ended
Other Capital Agreements (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Sale of Stock, Number of Shares Issued in Transaction		20,312,500
Shares Issued, Price Per Share		$ 3.200
Proceeds from December 2020 common stock offering		$ 63,000,000
Commissions from December 2020 Common Stock Offering		1,800,000
Offering expenses from December 20 common stock offering		200,000
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
Subsequent Event [Line Items]
ATM Offering Total		$ 50,000,000
Subsequent Event
Equity [Abstract]
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
Subsequent Event [Line Items]
Share price in January 2021 ATM Offering	8.463
Shares sold in January 2021 ATM offering	2,000,000
Proceeds from January 2021 ATM Offering	$ 16,400,000
Shares sold in September 2021 ATM offering	4,176,953
Share Price in September 2021 ATM Offering	4.732
Proceeds from September 2021 ATM Offering	$ 19,100,000

Collaboration and License Agreements (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Nov. 30, 2015	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaboration and License Agreements [Abstract]
Sanofi Upfront Payment			$ 300,000
Sanofi Revenue Allocated to Development Deliverable			113,800
Sanofi Revenue Allocated to License Deliverable			126,800
Sanofi Revenue Recognized						$ 286,000
Sanofi Revenue Allocated to Funding Deliverable			$ 59,400
Ipsen Total Payments To Date				$ 47,200
Ipsen Revenue Recognized					$ 300	4,900
Ipsen product sales						1,300
Settlement Payment from Termination						208,000
Sanofi Termination Agreement						260,000
Sanofi Deferred Revenue from Termination						23,500
Subsequent Event [Line Items]
Settlement Payment from Termination						$ 208,000
Subsequent Event
Collaboration and License Agreements [Abstract]
Settlement Payment from Termination	$ 2,700	$ 12,100
Subsequent Event [Line Items]
Settlement Payment from Termination	$ 2,700	$ 12,100
Legal Fees				$ 2,100

Organization and Operations	12 Months Ended
Organization and Operations	Dec. 31, 2021
Organization and Operations [Abstract]
Organization and Operations	Organization and Operations Lexicon Pharmaceuticals, Inc. (“Lexicon” or the “Company”) is a Delaware corporation incorporated on July 7, 1995. Lexicon was organized to discover the functions and pharmaceutical utility of genes and use those gene function discoveries in the discovery and development of pharmaceutical products for the treatment of human disease. Lexicon has financed its operations from inception primarily through sales of common and preferred stock, contract and milestone payments to it under strategic collaborations and other research and development collaborations, target validation, database subscription and technology license agreements, product sales, government grants and contracts and financing under debt and lease arrangements. The Company’s future success is dependent upon many factors, including, but not limited to, the success of its ongoing nonclinical and clinical development efforts and its ability to obtain necessary regulatory approvals of the drug candidates which are the subject of such efforts; its success in establishing new collaborations and licenses and its receipt of milestones, royalties and other payments under such arrangements; the amount and timing of research, development and commercialization expenditures; its resources devoted to developing and supporting its products; general and industry-specific economic conditions which may affect research, development and commercialization expenditures; and its ability to obtain and enforce patents and other proprietary rights in its discoveries, comply with federal and state regulations, and maintain sufficient capital to fund its activities. As a result of the aforementioned factors and the related uncertainties, there can be no assurance of the Company’s future success.

Label	Element	Value
Deferred Tax Liabilities, Other	us-gaap_DeferredTaxLiabilitiesOther	$ 412,000
Deferred Tax Liabilities, Other	us-gaap_DeferredTaxLiabilitiesOther	0
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic	342,000,000
Deferred Tax Assets, Operating Loss Carryforwards	us-gaap_DeferredTaxAssetsOperatingLossCarryforwards	229,427,000
Deferred Tax Assets, Operating Loss Carryforwards	us-gaap_DeferredTaxAssetsOperatingLossCarryforwards	201,610,000
2020 Federal NOL increase	lxrx_A2020FederalNOLIncrease	132,700,000
Deferred Tax Liabilities, Gross	us-gaap_DeferredIncomeTaxLiabilities	412,000
Deferred Tax Liabilities, Gross	us-gaap_DeferredIncomeTaxLiabilities	0
Deferred Tax Assets, Tax Credit Carryforwards, Orphan Drug	lxrx_DeferredTaxAssetsTaxCreditCarryforwardsOrphanDrug	24,524,000
Deferred Tax Assets, Tax Credit Carryforwards, Orphan Drug	lxrx_DeferredTaxAssetsTaxCreditCarryforwardsOrphanDrug	24,524,000
Deferred Tax Assets, Valuation Allowance	us-gaap_DeferredTaxAssetsValuationAllowance	326,218,000
Deferred Tax Assets, Valuation Allowance	us-gaap_DeferredTaxAssetsValuationAllowance	309,008,000
Deferred Tax Assets, in Process Research and Development	us-gaap_DeferredTaxAssetsInProcessResearchAndDevelopment	36,770,000
Deferred Tax Assets, in Process Research and Development	us-gaap_DeferredTaxAssetsInProcessResearchAndDevelopment	47,075,000
Deferred Tax Assets, Section 163j_LXRX	lxrx_DeferredTaxAssetsSection163j_LXRX	148,000
Deferred Tax Assets, Section 163j_LXRX	lxrx_DeferredTaxAssetsSection163j_LXRX	0
Deferred Tax Liabilities, Net	us-gaap_DeferredTaxLiabilities	0
Deferred Tax Liabilities, Net	us-gaap_DeferredTaxLiabilities	0
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost	5,163,000
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost	5,651,000
Deferred Tax Assets, Other	us-gaap_DeferredTaxAssetsOther	1,308,000
Deferred Tax Assets, Other	us-gaap_DeferredTaxAssetsOther	844,000
Deferred Tax Assets, Gross	us-gaap_DeferredTaxAssetsGross	326,630,000
Deferred Tax Assets, Gross	us-gaap_DeferredTaxAssetsGross	$ 309,008,000

Debt Obligations	12 Months Ended
Debt Obligations	Dec. 31, 2021
Debt Obligations [Abstract]
Debt Obligations	Debt Obligations Convertible Notes. In November 2014, Lexicon completed an offering of $87.5 million in aggregate principal amount of 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 consolidated balance sheets. The Convertible Notes were governed by an indenture between the Company and Wells Fargo Bank, N.A., as trustee. The Convertible Notes bore interest at a rate of 5.25% per year, which was payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2015. In 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 2020, the Company issued 10,368,956 shares of the Company’s common stock and paid $50.0 million in cash, which included $1.3 million of accrued interest, to exchange 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 $9.6 million was recorded and is included in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2020. As of December 31, 2020, the carrying value of the remaining Convertible Notes was $11.6 million. In December 2021, the remaining balance of $11.6 million was repaid in cash. In connection with the issuance of the Convertible Notes, the Company incurred $3.4 million of debt issuance costs. The debt issuance costs were amortized as interest expense over the expected life of the Convertible Notes using the effective interest method. The Company determined the expected life of the debt was equal to the seven-year term of the Convertible Notes. There are no debt issuance costs as of December 31, 2021. Mortgage Loan. In August 2018, a wholly owned subsidiary of Lexicon entered into a term loan and security agreement refinancing the previously existing mortgage on its facilities in The Woodlands, Texas (the “Property”). The Company recorded the refinancing as a debt extinguishment, with no recognition of gain or loss on the transaction. The loan agreement provided for a $12.9 million mortgage on the Property and had a two-year term with a 10-year amortization. The mortgage loan bore interest at a rate per annum equal to the greater of (a) the 30-day LIBOR rate plus 5.5% and (b) 7.5% and provided for a balloon payment of $10.3 million, which was paid in full in August 2020. BioPharma Term Loan. In December 2017, Lexicon entered into a loan agreement with BioPharma Credit PLC and BioPharma Credit Investments IV Sub LP under which $150 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 consolidated statement of comprehensive income (loss) for the year ended December 31, 2020. In connection with the BioPharma Term Loan, the Company incurred $4.1 million of debt issuance costs. The debt issuance costs were being amortized as interest expense over the expected life of the BioPharma Term Loan using the effective interest method. The Company determined the expected life of the debt was equal to the five-year term of the BioPharma Term Loan. There are no debt issuance costs as of December 31, 2021.

- 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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+ Details