The following is a summary of the Lexicon Pharmaceuticals, Inc. (LXRX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Lexicon Pharmaceuticals reported $1.8 million in revenues in Q3 2024, primarily from net sales of INPEFA.

• R&D expenses increased to $25.8 million, primarily due to investments in late-stage development programs.

• SG&A expenses rose to $39.6 million, reflecting higher marketing costs and severance costs related to strategic repositioning.

• Net loss for Q3 2024 was $64.8 million, or $0.18 per share.

Business Progress:

• Completed resubmission of NDA for ZYNQUISTA in T1D and CKD with PDUFA goal date of December 20, 2024.

• Advanced Phase 3 study for sotagliflozin in hypertrophic cardiomyopathy.

• Made progress in Phase 2b study for LX9211 in diabetic peripheral neuropathic pain with top-line data expected Q1 2025.

• Developed LX9851, a novel drug candidate for obesity and metabolic disorders, with IND-enabling studies underway.

Opportunities:

• Commercial business driven by sotagliflozin outside the U.S. bolstered by licensing agreement with Viatris, enhancing revenue potential with milestone payments and royalties.

• INPEFA for heart failure noted 8% quarter-on-quarter growth, plans to scale in 25% of covered lives under payer contracts.

Risks:

• Regulatory risks highlighted by negative advisory committee vote on ZYNQUISTA for T1D and CKD population; preparations for various PDUFA outcome scenarios including potential non-approval.

• Financial sustainability concerns due to high net loss and increased expenditure in R&D and SGA.

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