Lexicon Pharmaceuticals(US:LXRX)2025-05-13 20:03Financial Performance - Revenues for Q1 2025 increased to $1.3 million from $1.1 million in Q1 2024, representing an increase of approximately 18.6%[9] - Net loss for Q1 2025 was $25.3 million, or $0.07 per share, compared to a net loss of $48.4 million, or $0.20 per share, in Q1 2024[11] - Cash and investments as of March 31, 2025, totaled $194.8 million, down from $238.0 million as of December 31, 2024[12] Research and Development - Research and Development (R&D) expenses rose to $15.3 million in Q1 2025 from $14.4 million in Q1 2024, reflecting continued investment in clinical trials[9] - The Phase 2b PROGRESS study confirmed the 10 mg dose of pilavapadin for advancement into Phase 3 development for diabetic peripheral neuropathic pain[3] - Enrollment is underway for the SONATA Phase 3 study of sotagliflozin, targeting 500 patients with hypertrophic cardiomyopathy[13] - Lexicon plans to build on the evidence of sotagliflozin for heart failure and drive enrollment in the SONATA-HCM study in 2025[3] Operational Efficiency - Selling, General and Administrative (SG&A) expenses decreased significantly to $11.6 million in Q1 2025 from $32.1 million in Q1 2024, a reduction of approximately 63.8%[10] - The company aims to optimize operational spending in 2025, achieving a reduction in total operating expenses of approximately 40%[3] Strategic Partnerships - Lexicon entered an exclusive licensing agreement with Novo Nordisk for LX9851, potentially worth up to $1 billion in milestone payments, including $75 million in upfront payments[7]