THE WOODLANDS, Texas — January 30, 2026 — Leads & Copy — Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) has announced the pricing of its underwritten public offering of 32,000,000 shares of its common stock, par value $0.001, at a price of $1.30 per share.
Lexicon expects gross proceeds of $41.6 million from the offering, before deducting underwriting discounts, commissions, and other expenses. The offering is expected to close around February 2, 2026, pending customary closing conditions. Underwriters have been granted a 30-day option to purchase up to 4,800,000 additional shares of common stock at the public offering price, less discounts and commissions.
In a concurrent private placement, Lexicon agreed to sell 22,400,000 shares of its common stock at $1.30 per share, and 184,366 shares of Series B Convertible Preferred Stock at $65.00 per share, to an affiliate of Invus, L.P., Lexicon’s largest stockholder, for expected aggregate gross proceeds of approximately $41.1 million. The Series B Convertible Preferred Stock will be convertible into 9,218,290 shares of common stock.
The Private Placement Purchaser also has the option to purchase up to 94,855 additional shares of Series B Convertible Preferred Stock, convertible into 4,742,744 shares of common stock, at $65.00 per share, if the underwriters exercise their option to purchase additional shares of common stock. The Private Placement Purchaser has also agreed to purchase an additional 182,779 shares of Series B Convertible Preferred Stock, convertible into 9,138,966 shares of common stock, at $65.00 per share, for expected additional aggregate gross proceeds of approximately $11.9 million.
The securities offered to the Private Placement Purchaser will not be registered under the Securities Act of 1933. These issuances are also scheduled to close on or about February 2, 2026, subject to the closing of the public offering and customary closing conditions. The underwritten public offering’s closing is not conditional on the concurrent private placement’s closing.
Lexicon intends to use the net proceeds from the offering and private placement to fund continued research and development of its drug candidates, as well as for working capital and general corporate purposes.
Jefferies and Piper Sandler are acting as joint book-running managers for the public offering. H.C. Wainwright & Co. is acting as lead manager.
A shelf registration statement on Form S-3 relating to the public offering was filed with the SEC on August 2, 2024, and declared effective on August 15, 2024 (File No. 333-281208). A preliminary prospectus supplement and accompanying prospectus relating to the public offering have been filed with the SEC and are available on the SEC’s website.
Copies of the final prospectus supplement and accompanying prospectus may be obtained from Jefferies LLC or Piper Sandler & Co.
Lexicon is a biopharmaceutical company focused on pioneering medicines that transform patients’ lives, with a pipeline of drug candidates in discovery and clinical and preclinical development in neuropathic pain, hypertrophic cardiomyopathy (HCM), obesity, metabolism and other indications.
Source: Lexicon Pharmaceuticals, Inc.
