Financial Performance - As of March 31, 2025, the company had $106.9 million in cash, cash equivalents, and investments, with net losses of $32.7 million for Q1 2025 and $98.3 million for the year ended December 31, 2024[100]. - The accumulated deficit reached $312.8 million as of March 31, 2025, indicating significant ongoing financial challenges[100]. - The company expects to incur net operating losses for several years, with increasing research and development expenses as it advances its clinical programs[101]. - Total operating expenses for Q1 2025 were $33.8 million, an increase of $10.5 million (45.1%) compared to $23.3 million in Q1 2024[114]. - Net loss for Q1 2025 was $32.7 million, compared to a net loss of $21.7 million in Q1 2024, reflecting an increase of $10.9 million (50.3%)[114]. - Net cash used in operating activities was $21.7 million in Q1 2025, compared to $14.9 million in Q1 2024, indicating an increase of $6.8 million (45.7%)[120]. - Interest income decreased to $1.2 million in Q1 2025 from $1.7 million in Q1 2024, primarily due to lower interest rates and invested balances[117]. Research and Development - LX2006, the most advanced cardiovascular product candidate, showed improvements in key cardiac biomarkers, including left ventricular mass index and high-sensitivity troponin I, in an interim clinical update from 11 treated participants[96]. - LX2020 demonstrated a 71% and 115% increase in PKP2 protein expression in two participants, with one participant experiencing a 67% reduction in PVCs from baseline[97]. - Research and development expenses rose to $17.2 million in Q1 2025, up $1.4 million (8.9%) from $15.7 million in Q1 2024, primarily due to increased employee compensation and clinical trial costs[115]. - The company plans to initiate a registrational study for LX2006 by early 2026, aiming to maintain operational runway into 2027[98]. - The company is focused on expanding its clinical product pipeline and seeking regulatory approvals for successful candidates[102]. Operational Strategy - Approximately $20 million in capital was redeployed towards LX2006 and LX2020 programs, following a limited reduction in force impacting about 15% of employees[98]. - The company has not generated any revenue from product sales to date, relying on funding from convertible preferred stock and common stock sales[101]. - General and administrative expenses are expected to decrease in the near to medium term due to lower anticipated legal and administrative costs[108]. - The company expects to incur significant expenses and operating losses for the foreseeable future as it advances clinical development[118]. - The company filed a prospectus supplement to register the offering of up to $75.0 million of common stock as of March 31, 2025[119]. - The company anticipates that its cash and investments will be sufficient to fund operations into 2027[120].
Lexeo Therapeutics(LXEO) - 2025 Q1 - Quarterly Report