Lexicon Pharmaceuticals Inc (LXRX) stock prices were up by 6.98% some time after market trading commenced on July 30th, 2021, bringing the price per share up to USD$3.83 early on in the trading day.
LXRX Stock Continues Trial Enrolments
The second quarter of fiscal 2021 saw LXRX stock report the continuation of patient enrollment in its RELIEF-DPN-1 study. The Phase 2 clinical study is designed to evaluate the company’s proprietary LX9211 for the treatment of diabetic peripheral neuropathic pain. The study is expected to enroll a total of 300 patients across roughly 40 clinical sites. Concurrent enrollment continued in the company’s RELIEF-PHN-1 study, which served to evaluate LX9211 for the treatment of post-herpetic neuralgia. The study expects to enroll roughly 74 patients across 20 clinical sites.
Revenue Reports
Revenues for the quarter ended June 30th, 2021 were reported by LXRX stock at USD$9.2 million, a USD$0.2 million reduction from the numbers reported in the prior-year quarter. This year-over-year decrease was largely driven by the absence of product revenues resulting from the sale of XERMELO during the third quarter of 2020. R&D expenses for the quarter were down USD$10.3 million down to USD$57.3 million from the second quarter of 2020. This difference was largely a result of external clinical development costs in regard to sotagliflozin resulting from the completion of clinical studies.
SG&A Expenses
SG&A costs for the quarter were down USD$7.9 million from the USD$14.1 million reported for the prior-year quarter. This year-over-year difference was largely driven by lower salaries and benefit costs as a result of a reduced LXRX stock workforce in September 2020, as well as lower marketing expenses. LXRX stock reported USD$118.5 million in cash and investment as of June 30th, 2021, as compared to USD$152.3 million as of December 31, 2020.
Net Loss Reports
LXRX stock reported a net loss for the second quarter of 2021 in the amount of USD$18.1 million, representing a net loss of USD$0.13 per share. This is comparable to a net loss of USD$69.1 million in the prior year quarter, representing a net loss of USD$0.65. Both fiscal quarters reported net income that included non-cash, stock-based compensation expense of USD$2.8 million in the 2021 quarter, as compared to USD$4.3 million in the 2020 quarter.
Future Outlook for LXRX Stock
Armed with the success of its promising financial reports for the second quarter of fiscal 2021, LXRX stock is poised to continue the success of its most recent quarter through to the end of the year. Investors are hopeful that management will execute their business strategy effectively, so as to drive increases in shareholder value.
