Lexicon Pharmaceuticals, Inc 8-K, filed Nov 22, 2024
Lexicon Pharmaceuticals, Inc. (LXRX)
8-K
2024-11-22
For: 2024-11-22
View Original
Added on
April 05, 2026
About this 8-K
Lexicon Pharmaceuticals, Inc filed this 8-K on November 22, 2024.
Items reported
- Item 2.05: Exit or restructuring costs
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 22, 2024
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
(Address of principal executive offices and Zip Code)
(281 ) 863-3000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.05 Costs Associated with Exit or Disposal Activities.
Following our receipt of a "deficiencies preclude discussion" letter from the U.S. Food and Drug Administration regarding our New Drug Application for ZYNQUISTA™ (sotagliflozin) as an adjunct to insulin therapy for glycemic control in adults with type 1 diabetes and chronic kidney disease, on November 22, 2024 we determined to eliminate our commercial operations and rationalize resources across all functions in order to preserve cash and focus our resources on advancing our clinical development pipeline.
In connection with such determination, we intend to implement a reduction in force which will reduce our workforce by approximately sixty percent. We estimate that we will incur an aggregate of approximately $9.0 million to $10.5 million in pre-tax charges in connection with severance and other employee costs associated with the reduction in force, most of which will be paid in the first quarter of 2025 and all of which are expected to be cash expenditures.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Lexicon Pharmaceuticals, Inc. | ||||||||
| Date: November 22, 2024 | By: | /s/ Brian T. Crum | ||||||
| Brian T. Crum | ||||||||
Senior Vice President and General Counsel | ||||||||