Lexicon targets late 2025 Phase 3 start for pilavapadin and expands LX9851 partnership with Novo

Lexicon Pharmaceuticals (LXRX) reported Q1 2025 financial results and business updates. The company secured an exclusive license agreement with Novo Nordisk for LX9851, potentially worth up to $1 billion in payments. Their Phase 2b PROGRESS study confirmed 10 mg pilavapadin as the optimal dose for Phase 3 development in diabetic peripheral neuropathic pain. Q1 financial results showed revenues of $1.3 million, R&D expenses of $15.3 million, and reduced SG&A expenses to $11.6 million. Net loss improved to $25.3 million ($0.07 per share) from $48.4 million in Q1 2024. The company ended Q1 with $194.8 million in cash and investments. Lexicon is advancing multiple pipeline programs, including sotagliflozin for hypertrophic cardiomyopathy in the SONATA-HCM Phase 3 study.

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