Lexicon Pharmaceuticals, Inc. · NASDAQ:LXRX
Lexicon Pharmaceuticals — Investor Presentation (September 2026)
32 slides from Lexicon Pharmaceuticals's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
September 2026 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements • This presentation, including any oral presentation accompanying it, contains “forward-looking statements,” including statements about Lexicon’s strategy and operating performance and events or developments that we expect or anticipate will occur in the future, such as pr
Slide 3: Continued Progress on our Objectives for 2026
Company Overview Continued Progress on our Objectives for 2026 Advance our late-stage Expand internationally and Remain operationally sotagliflozin programs through collaborators disciplined and focused • SONATA-HCM • Support of existing Viatris to support long-term • ZYNQUISTA® for T1D and Novo lic
Slide 4: Year-to-Date 2026 Highlights
Highlights Year-to-Date 2026 Highlights Advancing our pipeline of novel targeted therapies Cardiometabolic AAK1 SOTAGLIFLOZIN LX9851 PILAVAPADIN HCM T1D Heart Failure — Obesity Neuropathic Pain Phase 3 STENO1 (third- Global Expansion Phase 1 study DPNP regulatory path SONATA-HCM party IIS) achieved
Slide 5: Pivoting toward pre-commercial planning to maximize asset value
Highlights Pivoting toward pre-commercial planning to maximize asset value Named Rachel Martens Enhanced Capabilities within Chief Commercial Officer Medical Organization • Pivot responsibilities to focus on market • Medical science liaisons added access, market research and pre-commercial • Focused
Slide 6: Cardiometabolic: Sotagliflozin
Cardiometabolic SOTAGLIFLOZIN Late-stage development programs in HCM and type 1 diabetes 6
Slide 7: Hypertrophic cardiomyopathy (HCM) overview
Hypertrophic cardiomyopathy (HCM) is characterized by adverse cardiac remodeling associated with myocardial hypertrophy, diastolic dysfunction and fibrosis Qin, Fuzhong & Pimentel, David & Baka, Tomas & Zhang, Aifeng & Croteau, Dominique & Luptak, Ivan & Colucci, Wilson. (2025). Abstract 4343284: Du
Slide 8: Diastolic Dysfunction is the Underlying Fundamental Issue of Both oHCM and nHCM
Sotagliflozin in HCM Diastolic Dysfunction is the Underlying Fundamental Issue of Both oHCM and nHCM Many presentations… nHCM one disease oHCM HYPERTROPHIC CARDIOMYOPATHY Characterized by global or The hallmark of Without With localized thickening obstructive disease is a Obstruction Obstruction wit
Slide 9: Mechanistic Benefits of SGLT1 in HCM
Sotagliflozin in HCM Sotagliflozin Predominantly Improves Diastolic Dysfunction By Improving Cardiac Metabolism Mechanistic Benefits SGLT1i expressed predominantly of SGLT1 in HCM in the myocardium1 and increased in ventricular hypertrophy Enhanced calcium handling for myocardial relaxation Improve
Slide 10: SONATA-HCM Enrollment Complete
Sotagliflozin in HCM SONATA-HCM Enrollment Complete Pivotal study of sotagliflozin fully randomized; topline data anticipated Q1 2027 >500 nHCM + Patients randomized, 130+ oHCM Q1 2027 Clinical sites across Topline results substantially exceeding 20 countries Only ongoing Phase 3 anticipated enrollm
Slide 11: Potential to be a first-line therapy in symptomatic HCM
Sotagliflozin in HCM Potential to be a first-line therapy in symptomatic HCM The only HCM agent that works inside and outside the heart to reduce symptoms of HCM, as well as reduce HF and MACE events Sotagliflozin is Novel MOA, with SGLT1 inhibition acting directly on the both a myocardium to modify
Slide 12: Early Market Insights Indicate Significant Opportunity for Sotagliflozin in HCM
Sotagliflozin in HCM Early Market Insights Indicate Significant Opportunity for Sotagliflozin in HCM CARDIAC MYOSIN INHIBITORS SOTAGLIFLOZIN | PHASE 3 oHCM efficacy—with A different mechanism — mechanism tradeoffs and a broader strategic role2 • Approved for symptomatic obstructive HCM • Dual SGLT1/
Slide 13: Data from STENO1 Supports ZYNQUISTA NDA Resubmission
Sotagliflozin in T1D Data Received to Date from STENO1 Supports ZYNQUISTA NDA Resubmission Achieved years of patient exposure discussed with FDA Diabetic ketoacidosis (DKA) rates in the exposed population similar to standard of care in STENO1 and well below rates in treated patients in InTandem stud
Slide 14: Mechanistic Benefits of SGLT1 in HCM
Sotagliflozin in HCM Sotagliflozin Predominantly Improves Diastolic Dysfunction By Improving Cardiac Metabolism Mechanistic Benefits SGLT1i expressed predominantly of SGLT1 in HCM in the myocardium1 and increased in ventricular hypertrophy Enhanced calcium handling for myocardial relaxation Improve
Slide 15: SONATA-HCM Phase 3 Study for oHCM and nHCM
Sotagliflozin in HCM SONATA-HCM Phase 3 Study for oHCM and nHCM Enrollment complete; 26-week study with topline data anticipated Q1 2027 SONATA-HCM Primary endpoint: Enrollment Complete Change from baseline in Sotagliflozin 400 mg* >500 patients randomized, KCCQ CSS R 1:1 including both nHCM and Pla
Slide 16: Potential to be a first-line therapy in symptomatic HCM
Conclusion Potential to be a first-line therapy in symptomatic HCM The only HCM agent that works inside and outside the heart to reduce symptoms of HCM, as well as reduce HF and MACE events Sotagliflozin is Novel MOA, with SGLT1 inhibition acting directly on the both a myocardium to modify cellular
Slide 17: Continuing to generate data demonstrating mechanistic benefits of SGLT1 and SGLT2 inhibition
Sotagliflozin in HCM Continuing to generate data demonstrating mechanistic benefits of SGLT1 and SGLT2 inhibition Oral Presentation Moderated Poster Effect of Kidney Function on Efficacy Sotagliflozin Improves Symptoms and Functional Capacity in Non and Safety of Sotagliflozin After 1 Year Diabetic
Slide 18: Data from STENO1 Supports ZYNQUISTA NDA Resubmission
Sotagliflozin in T1D Data Received to Date from STENO1 Supports ZYNQUISTA NDA Resubmission Achieved years of patient exposure discussed with FDA Diabetic ketoacidosis (DKA) rates in the exposed population similar to standard of care in STENO1 and well below rates in treated patients in InTandem stud
Slide 19: Phase 1 Trial of LX9851 Ongoing by Novo Nordisk
Partnering Phase 1 Trial of LX9851 Ongoing by Novo Nordisk • First-in-class, non-incretin, oral, small molecule inhibitor of ACSL5 in development for obesity Three $10 million and associated metabolic disorders milestones achieved in • Phase 1 study of LX9851 initiated in March 2026 • Eligible to re
Slide 20: AAK1: Pilavapadin
AAK1 PILAVAPADIN novel, investigational therapy for chronic pain and other high-value indications 20
Slide 21: AAK1 is a novel target for neuropathic pain
Pilavapadin AAK1 is a novel target for neuropathic pain Novel, non-opioid target for treating neuropathic pain Inhibits reuptake and recycling of neurotransmitters involved in pain signaling and spasticity Validated using a genetic knock- out model, preclinical studies, and human clinical trials 21
Slide 22: Clinical data reiterates conviction for pilavapadin 10 mg dose for DPNP
Pilavapadin Clinical data reiterates conviction for pilavapadin 10 mg dose for DPNP and supports broad potential of novel AAK1 target DPNP Spasticity • Additional PROGRESS Phase 2b results • Evaluation of pilavapadin on spasticity-related supporting selection of pilavapadin 10 mg for endpoints in pr
Slide 23: What's next for pilavapadin?
Pilavapadin What’s next for pilavapadin? Successful End-of-Phase 2 meeting with FDA No objections raised to advancement into Phase 3 development Optimized Phase 3 protocol to reduce variability, including placebo effect; validated by scientific advisory board Evaluating strategic options Data suppor
Slide 24: Financial Overview
Financial Overview Lexicon 24 pharmaceuticals
Slide 25: Q2 2026 Financial Summary
Financials Q2 2026 Financial Summary $ (in millions except per share amounts) As of Q2 2026 Q2 2025 As of June 30, December 31, 2026 2025 Total revenues $0.7 $28.9 Cash, cash equivalents, short- $190.6 $125.2 R&D ($17.4) ($15.7) term investments and restricted cash SG&A ($9.8) ($9.4) Total operating
Slide 26: Q2 2026 Financial Highlights and FY 2026 Guidance
Financials Q2 2026 Financial Highlights and FY 2026 Guidance Q2 2026 Key Full Year 2026 Guidance Financial Highlights Operating Expenses* • Entered into $100 million loan facility with • Total 2026 operating expenses expected to be between Hercules Capital $100 - $110 million • Strengthened balance
Slide 27: Summary
Summary Lexicon 27 pharmaceuticals
Slide 28: Lexicon's Lead to Succeed strategy in action
Conclusion Lexicon’s Lead to Succeed strategy in action Driving value and growth with opportunities for the greatest patient impact First or only in therapy or class Large Leading markets with clinical and significant need medical expertise 28
Slide 29: Reshaping Lexicon Over the Next 12 Months
Conclusion Reshaping Lexicon Over the Next 12 Months Cardiometabolic AAK1 SOTAGLIFLOZIN LX9851 PILAVAPADIN HCM Heart Failure T1D Obesity Neuropathic Pain and other SONATA on target Viatris ex-U.S./ex-Europe Data from STENO1 high-value indications for topline data efforts progressing well supports po
Slide 30: Appendix
Appendix pharmaceuticals
Slide 31: Hyperlinked Reference List – Sotagliflozin MOA and HCM
Hyperlinked Reference List – Sotagliflozin MOA and HCM • Sotagliflozin MOA • Sotagliflozin, a First-in-Class SGLT1/2 Inhibitor, Inhibits Clotting Potential in the Vessel via Inhibition of Platelet Activation, Integrin Activation, and Aggregation in Human Platelets • Sotagliflozin, a Dual SGLT 1 and
Slide 32: Effects of SGLT1 Inhibition Demonstrated in Animal Models
Effects of SGLT1 Inhibition Demonstrated in Animal Models Disease Disease Model Knockout/Knockdown Model or Target Organ/System SGLT Inhibitor Heart Kidney Metabolic Akita/+ mouse1 Sglt1-/- GFR Blood glucose Albuminuria Body weight Type 1 diabetes STZ mouse2 shSGLT1 (siRNA) LVEDV/LVESV E
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