LEXICON PHARMACEUTICALS, INC. Q1 FY2025 earnings call

• Announced exclusive license agreement with Novo Nordisk for LX9851, eligible for up to $75M upfront and near-term milestones, $45M received in April. • Pilavapadin Phase 2B study identified 10-milligram dose for Phase 3, with plans to engage FDA on Phase 3 design. • Sotagliflozin SONATA HCM study enrolling, EU and LATAM sites progressing. • Business development with Viatris for sotagliflozin, including $25M upfront and potential $200M milestones, Viatris advancing regulatory submissions. • Revised cost structure to be R&D-focused, improving balance sheet.

No specific product segment financial performance with absolute revenue and contribution % provided in the transcript.

• Anticipate sharing full-progress data of pilavapadin in Q3 and end of Phase 2 meeting. • Collaborate with Novo Nordisk on LX9851 IND-enabling, Novo to submit IND. • SONATA HCM study sites expected operational by Q3. • Viatris to submit sotagliflozin regulatory filings in Canada shortly. • Plan to engage in regulatory process regarding sotagliflozin MACE data later this year. • Continue end-of-review process for ZYNQUISTA with FDA.

• Various risks may cause actual results to differ from forward-looking statements, refer to most recent Annual Report on Form 10-K and other SEC filings for detailed risk information.

Q: On the pain program, intended trial designs for pilavapadin, whether they're identical and need for third trial?

A: Plan is to run two parallel trials with similar design, not needing a third trial as there's a robust clinical signal with 10-milligram dose.

Q: Assuming end of Phase 2 goes well, when would pain data sets be and what peripheral studies needed?

A: Need to look at addiction liability animal studies, metabolism studies, long-term CARC studies, and preclinical trials.

Q: How are IND-enabling studies for LX9851 progressing?

A: IND-enabling studies are on track, Novo is engaged and will submit IND.

Q: Updates on SONATA study and non-obstructive HCM after ODYSSEY trial?

A: SONATA is powered on overall endpoint, designed with symptomatic disease criteria, and enrolling with no competing trials.

Q: On SONATA study design for non-obstructive HCM, inclusion-exclusion criteria?

A: Major criteria is symptomatic disease, aligning with diastolic dysfunction in HCM, and designed to include both obstructive and non-obstructive patients.

Q: On pilavapadin additional progress data, differential effect based on background therapy?

A: See benefit regardless of underlying DPNP medication, sample sizes too small to over-interpret.