Lexicon Pharmaceuticals, Inc. · NASDAQ:LXRX
Lexicon Pharmaceuticals — Q4 2025 Earnings Presentation
31 slides from Lexicon Pharmaceuticals's earnings presentation, Mar 5, 2026
Slide 1: Fourth Quarter and Full Year 2025 Earnings
Fourth Quarter and Full Year 2025 Earnings March 5, 2026
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: Business Highlights
Business Highlights Mike Exton Ph.D. Director and Chief Executive Officer 3
Slide 4: 2025 Accomplishments
Company Overview 2025 Accomplishments Advancing our pipeline of novel targeted therapies in cardiometabolic and pain Cardiometabolic Chronic Pain Company Overview S O TA G L I F L O Z I N LX9851 P I L AVA PA D I N HCM T1D Obesity Neuropathic Pain All sites initiated Identified path Worldwide license
Slide 5: Ambitions for 2026
Company Overview Ambitions for 2026 Advance our late-stage Expand internationally and Remain operationally regulatory programs through collaborators disciplined and focused • SONATA-HCM • Support of existing Viatris to support long-term • ZYNQUISTA® and Novo licenses growth and value • Establishment
Slide 6: 2026 is off to a strong start
Company Overview 2026 is off to a strong start Confirmation of successful FDA End-of-Phase 2 meeting for pilavapadin in DPNP Strengthened financial position with more than $100 million in additional cash from capital raise and Novo Nordisk milestone payment Phase 3 SONATA-HCM study on track for mid-
Slide 7: Pipeline Updates
Pipeline Updates Craig Granowitz, M.D. Ph.D. Senior Vice President and Chief Medical Officer 7
Slide 8: Cardiometabolic
Cardiometabolic S O TA G L I F L O Z I N Late-stage development programs in HCM and type 1 diabetes 8
Slide 9: Sotagliflozin Inhibits Two Targets With Important Cardiometabolic Profiles
Sotagliflozin Sotagliflozin Inhibits Two Targets With Important Cardiometabolic Profiles Endothelial cells Proximal SGLT1 convoluted tubule (S1) SGLT2 is expressed in the SGLT2 kidney, where it reabsorbs Proximal 90% of filtered glucose convoluted tubule (S2) Heart Proximal SGLT1 is the primary stra
Slide 10: SGLT1 is uniquely expressed in the intestine and in the heart
Sotagliflozin SGLT1 is uniquely expressed in the intestine and in the heart SGLT1 Significantly Upregulated in Ischemic and Hypertrophic Cardiomyopathy Only SGLT1 is expressed in cardiac tissue and is upregulated in hypertrophic hearts Supports biological advantage across a range of indications wher
Slide 11: Cardiometabolic program highlights
Sotagliflozin Cardiometabolic program highlights HCM Type 1 Diabetes • SONATA-HCM Phase 3 study, evaluating • On track for 2026 resubmission and approximately 500 patients with obstructive potential approval of the NDA or non-obstructive HCM, anticipate mid - for ZYNQUISTA as an adjunct to insulin f
Slide 12: SONATA-HCM Phase 3 study for oHCM and nHCM
Sotagliflozin in HCM SONATA-HCM Phase 3 study for oHCM and nHCM SONATA-HCM Study Schema Patient • Adults with HCM • KCCQ23 CSS <85 Target all 130+ sites initiated with Population • LVEF ≥50% or ≥55% • NYHA Class II or III achieved enrollment on track for those on a CMI Global Sites active in US, EU,
Slide 13: Potential competitive advantages of sotagliflozin in oHCM and nHCM
Sotagliflozin in HCM Potential competitive advantages of sotagliflozin in oHCM and nHCM The only HCM agent that works inside and outside the heart to reduce symptoms of HCM, as well as reduce HF and MACE events Proposed indication SGLT1 inhibition acts directly on the myocardium to modify cellular e
Slide 14: Investigator-initiated studies complement ongoing registrational study
Sotagliflozin in HCM Investigator-initiated studies complement ongoing registrational study SOTA-P-CARDIA SOTA-CROSS SONATA-HCM • Investigated cardiorenal • Estimated completion in 2027 • Evaluating sotagliflozin mechanistic benefits of • Evaluating sotagliflozin on in patients with both subtypes so
Slide 15: Unique benefits of sotagliflozin and SGLT1 inhibition in HFpEF provide possible readthrough to HCM
Sotagliflozin in HCM Unique benefits of sotagliflozin and SGLT1 inhibition in HFpEF provide possible readthrough to HCM Oral Presentation Late-breaker Oral Presentation Moderated Poster Dual SGLT1 and 2 Inhibition with SOTA-P-CARDIA Trial: a Randomized Sotagliflozin Improves Symptoms and Sotaglifloz
Slide 16: ZYNQUISTA resubmission in T1D planned based on new clinical data
Sotagliflozin in T1D ZYNQUISTA resubmission in T1D planned based on new clinical data Type D meeting with FDA confirmed IIS study (STENO1) adequate to support resubmission of NDA if patient exposure and safety data requirements are achieved Current exposure trajectory and safety data support potenti
Slide 17: Global development of LX9851 on track with licensee Novo Nordisk
Partnering Global development of LX9851 on track with licensee Novo Nordisk Featured paper – March edition • IND-enabling studies fully completed and delivered to Novo Nordisk • Initial $10 million milestone achieved, with potential to achieve $20 million in additional development milestones in 2026
Slide 18: Chronic Pain
Chronic Pain P I L AVA PA D I N non-opioid neuropathic pain investigational therapy 18
Slide 19: 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 19
Slide 20: 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 Partnership discussions progressing Foll
Slide 21: Financial Overview
Financial Overview Scott Coiante Chief Financial Officer 21
Slide 22: Q4 and Full Year 2025 Financial Summary
Financials Q4 and Full Year 2025 Financial Summary $ (in millions except per share amounts) As of As of Q4 2025 Q4 2024 FY 2025 FY 2024 December 31, December 31, 2025 2024 Total $5.5 $26.6 $49.8 $31.1 revenues Cash, cash equivalents, short- $125.2 $238.0 R&D $11.3 $26.7 $61.1 $84.5 term investments
Slide 23: Q4 and Full Year 2025 Financial Highlights
Financials Q4 and Full Year 2025 Financial Highlights Q4 2025 Key Full Year 2025 Financial Highlights Financial Highlights • Recognized $5.5 million in total revenue • Recognized $49.8 million in total revenue for 2025 • $4.3 million of licensing revenue under Novo • Driven by upfront payment of $45
Slide 24: Full Year 2026 Financial Guidance
Financials Full Year 2026 Financial Guidance Full Year 2026 Operating Expenses* • Total 2026 operating expenses expected to be between $100 - $110 million • R&D expected between $63 - $68 million • Excludes expenses related to Phase 3 pilavapadin trials • SG&A expected between $37 - $42 million *As
Slide 25: Summary
Summary Mike Exton Ph.D. Director and Chief Executive Officer 25
Slide 26: 2026 a pivotal year with significant potential catalysts
Conclusion 2026 a pivotal year with significant potential catalysts Cardiometabolic Chronic Pain S O TA G L I F L O Z I N LX9851 P I L AVA PA D I N HCM Heart Failure T1D Obesity Neuropathic Pain SONATA Viatris ex-U.S. / On track for $10 million Ongoing partnership enrollment ex-Europe efforts NDA mi
Slide 27: Q&A
Q&A Mike Exton, Ph.D. Craig Granowitz, M.D., Ph.D. Scott Coiante Director and Chief Senior Vice President Senior Vice President Executive Officer and Chief Medical Officer and Chief Financial Officer
Slide 28: Thank You
THANK YOU pharmaceuticals
Slide 29: Appendix
Appendix pharmaceuticals
Slide 30: 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 31: 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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