v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Lexicon operates as a single reportable segment, primarily focusing 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, as well as from commercial sales of its approved drug product.

The chief operating decision maker (“CODM”) is the Company’s chief executive officer (“CEO”). The CEO manages and allocates resources on a total company basis by assessing the overall level of resources available and how to best deploy these resources across research and development projects in line with the Company’s long-term company-wide strategic goals.

The CEO evaluates single-segment consolidated financial information against budget for purposes of making operating decisions, planning and forecasting for future periods, and deciding the level of investment in the Company’s various operating activities and other capital allocation activities. The CODM assesses financial performance based on consolidated net loss (as reported on the consolidated statement of comprehensive loss). The CEO also uses consolidated cash and cash equivalents and short-term investments (which can be found on our Consolidated Balance Sheets) as a measure of segment assets for allocating resources.

Summary of segment net (loss) income, including segment expenses were as follows:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)(in thousands)
Revenues:
Net product revenue$680 $1,322 $1,770 $2,584 
Licensing and milestone revenue— 27,544 20,000 27,544 
Royalties and other revenue12 — 24 — 
Total revenues692 28,866 21,794 30,128 
Operating expenses:
Cost of sales39 33 147 63 
Research and development16,059 14,127 27,446 27,736 
Sales and marketing834 1,233 1,915 3,908 
General and administrative6,964 6,466 13,408 14,292 
Other segment expense (1)
3,336 3,271 6,414 6,072 
Total operating expenses27,232 25,130 49,330 52,071 
(Loss) income from operations(26,540)3,736 (27,536)(21,943)
Interest and other expense(2,609)(2,318)(4,199)(4,153)
Interest and other income1,723 1,834 3,266 4,053 
Loss on early extinguishment of debt(4,349)— (4,349)— 
Net (loss) income$(31,775)$3,252 $(32,818)$(22,043)
(1) For the three and six months ended June 30, 2026, other segment expense includes stock compensation of (i) $1.4 million and $2.8 million, respectively, related to research and development personnel and (ii) $2.0 million and $3.7 million, respectively, related to general and administrative personnel. For the three and six months ended June 30, 2025, other segment expense primarily includes, among other items, stock compensation of (i) $1.6 million and $3.2 million, respectively, related to research and development personnel, (ii) $0.01 million and $0.05 million, respectively, related to sales and marketing personnel and (iii) $1.6 million and $3.0 million, respectively, related to general and administrative personnel.