Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Nov. 04, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'LEXICON PHARMACEUTICALS, INC./DE | ' |
Entity Central Index Key | '0001062822 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 514,834,527 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $26,775 | $37,499 |
Short-term investments, including restricted investments of $430 | 31,094 | 91,629 |
Accounts receivable, net of allowances of $35 | 165 | 790 |
Assets held for sale | 23,849 | 0 |
Prepaid expenses and other current assets | 5,937 | 4,636 |
Total current assets | 87,820 | 134,554 |
Property and equipment, net of accumulated depreciation and amortization of $48,743 and $81,945, respectively | 1,494 | 41,362 |
Goodwill | 44,543 | 44,543 |
Other intangible assets | 53,557 | 53,557 |
Other assets | 108 | 144 |
Total assets | 187,522 | 274,160 |
Current liabilities: | ' | ' |
Accounts payable | 9,741 | 9,715 |
Accrued liabilities | 13,134 | 7,674 |
Current portion of deferred revenue | 785 | 195 |
Current portion of long-term debt | 20,609 | 1,710 |
Total current liabilities | 44,269 | 19,294 |
Deferred revenue, net of current portion | 12,679 | 13,405 |
Long-term debt | 0 | 20,167 |
Deferred tax liabilities | 18,745 | 18,745 |
Other long-term liabilities | 34,005 | 32,386 |
Total liabilities | 109,698 | 103,997 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Preferred stock, $.01 par value; 5,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value; 900,000 shares authorized; 516,116 and 514,349 shares issued, respectively | 516 | 514 |
Additional paid-in capital | 1,181,015 | 1,175,108 |
Accumulated deficit | -1,101,319 | -1,003,958 |
Accumulated other comprehensive gain | 2 | 2 |
Treasury stock, at cost, 1,281 and 814 shares, respectively | -2,390 | -1,503 |
Total equity | 77,824 | 170,163 |
Total liabilities and equity | $187,522 | $274,160 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Restricted investments | 430 | 430 |
Allowances for accounts receivable | 35 | 35 |
Accumulated depreciation and amortization, property and equipment | 48,743 | 81,945 |
Preferred stock, par value per share | 0.01 | 0.01 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | 0.001 | 0.001 |
Common stock, shares authorized | 900,000 | 900,000 |
Treasury stock, shares | 1,281 | 814 |
Common Stock | ' | ' |
Common stock, shares issued | 516,116 | 514,349 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Collaborative research | $312 | $238 | $1,111 | $733 |
Subscription and license fees | 107 | 0 | 261 | 79 |
Total revenues | 419 | 238 | 1,372 | 812 |
Operating expenses: | ' | ' | ' | ' |
Research and development, including stock-based compensation of $797, $1,027, $3,195 and $3,379, respectively | 24,108 | 25,400 | 69,248 | 69,419 |
Increase (decrease) in fair value of Symphony Icon, Inc. purchase liability | -1,072 | 1,338 | 518 | 3,079 |
General and administrative, including stock-based compensation of $697, $723, $2,389 and $2,349, respectively | 4,617 | 4,716 | 15,423 | 13,709 |
Impairment loss on buildings | 13,102 | 0 | 13,102 | 0 |
Total operating expenses | 40,755 | 31,454 | 98,291 | 86,207 |
Loss from operations | -40,336 | -31,216 | -96,919 | -85,395 |
Interest income | 5 | 39 | 17 | 136 |
Interest expense | -449 | -492 | -1,361 | -1,494 |
Other income, net | 282 | 11 | 902 | 41 |
Consolidated net loss | -40,498 | -31,658 | -97,361 | -86,712 |
Consolidated net loss per common share, basic and diluted | ($0.08) | ($0.06) | ($0.19) | ($0.17) |
Shares used in computing consolidated net loss per common share, basic and diluted | 514,796 | 513,419 | 514,461 | 512,980 |
Unrealized gain (loss) on investments | -3 | 7 | 0 | 15 |
Comprehensive loss | ($40,501) | ($31,651) | ($97,361) | ($86,697) |
Statements_of_Comprehensive_Lo
Statements of Comprehensive Loss Parenthetical (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Stock-based compensation expense associated with research and development expense | $797 | $1,027 | $3,195 | $3,379 |
Stock-based compensation expense associated with general and administrative expense | $697 | $723 | $2,389 | $2,349 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Gain | Treasury Stock |
In Thousands | ||||||
Balance, value at Dec. 31, 2012 | $266,678 | $512 | $1,166,605 | ($899,832) | $23 | ($630) |
Balance, shares at Dec. 31, 2012 | ' | 512,375 | ' | ' | ' | ' |
Stock-based compensation | 5,728 | 0 | 5,728 | 0 | 0 | 0 |
Issuance of common stock under Equity Incentive Plans, shares | ' | 1,900 | ' | ' | ' | ' |
Issuance of common stock under Equity Incentive Plans, value | 874 | 2 | 872 | 0 | 0 | 0 |
Repurchase of common stock | -873 | 0 | 0 | 0 | 0 | -873 |
Net loss | -86,712 | 0 | 0 | -86,712 | 0 | 0 |
Unrealized gain on investments | 15 | 0 | 0 | 0 | 15 | 0 |
Balance, value at Sep. 30, 2013 | 185,710 | 514 | 1,173,205 | -986,544 | 38 | -1,503 |
Balance, shares at Sep. 30, 2013 | ' | 514,275 | ' | ' | ' | ' |
Balance, value at Dec. 31, 2013 | 170,163 | 514 | 1,175,108 | -1,003,958 | 2 | -1,503 |
Balance, shares at Dec. 31, 2013 | ' | 514,349 | ' | ' | ' | ' |
Stock-based compensation | 5,584 | 0 | 5,584 | 0 | 0 | 0 |
Issuance of common stock under Equity Incentive Plans, shares | ' | 1,767 | ' | ' | ' | ' |
Issuance of common stock under Equity Incentive Plans, value | 325 | 2 | 323 | 0 | 0 | 0 |
Repurchase of common stock | -887 | 0 | 0 | 0 | 0 | -887 |
Net loss | -97,361 | 0 | 0 | -97,361 | 0 | 0 |
Unrealized gain on investments | 0 | ' | ' | ' | ' | ' |
Balance, value at Sep. 30, 2014 | $77,824 | $516 | $1,181,015 | ($1,101,319) | $2 | ($2,390) |
Balance, shares at Sep. 30, 2014 | ' | 516,116 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Consolidated net loss | ($97,361) | ($86,712) |
Adjustments to reconcile consolidated net loss to net cash used in operating activities: | ' | ' |
Depreciation | 1,724 | 2,194 |
Impairment of fixed assets | 13,344 | 0 |
Increase in fair value of Symphony Icon, Inc. purchase liability | 518 | 3,079 |
Stock-based compensation | 5,584 | 5,728 |
Gain on disposal of property and equipment | -811 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Decrease in accounts receivable | 625 | 483 |
Increase in prepaid expenses and other current assets | -1,301 | -908 |
Decrease in other assets | 63 | 62 |
Increase in accounts payable and other liabilities | 6,587 | 6,684 |
Increase (decrease) in deferred revenue | -136 | 52 |
Net cash used in operating activities | -71,164 | -69,338 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -46 | -1,506 |
Proceeds from disposal of property and equipment | 1,808 | 108 |
Purchases of investments | -20,651 | -80,954 |
Maturities of investments | 81,186 | 142,125 |
Net cash provided by investing activities | 62,297 | 59,773 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock | 325 | 874 |
Repurchase of common stock | -887 | -873 |
Repayment of debt borrowings | -1,268 | -1,167 |
Other financing activities | -27 | -111 |
Net cash used in financing activities | -1,857 | -1,277 |
Net decrease in cash and cash equivalents | -10,724 | -10,842 |
Cash and cash equivalents at beginning of period | 37,499 | 30,423 |
Cash and cash equivalents at end of period | 26,775 | 19,581 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 1,355 | 1,437 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' |
Unrealized gain on investments | $0 | $15 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements of Lexicon Pharmaceuticals, Inc. (“Lexicon” or the “Company”) have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. | |
In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. | |
The accompanying consolidated financial statements include the accounts of Lexicon and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. | |
For further information, refer to the financial statements and footnotes thereto included in Lexicon’s annual report on Form 10-K for the year ended December 31, 2013, as filed with the SEC. |
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2014 | |
Net Loss Per Share [Abstract] | ' |
Earnings Per Share | ' |
Net Loss Per Share | |
Net loss per share is computed using the weighted average number of shares of common stock outstanding during the applicable period and excludes shares underlying stock options and restricted stock units because they are antidilutive. There are no differences between basic and diluted net loss per share for all periods presented. | |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | ' | |||||||||||
Stock-Based Compensation | ||||||||||||
The Company recorded $1.5 million and $1.8 million of stock-based compensation expense for the three months ended September 30, 2014 and 2013, respectively, and $5.6 million and $5.7 million of stock-based compensation expense for the nine months ended September 30, 2014 and 2013, respectively. The Company utilized the Black-Scholes valuation model for estimating the fair value of the stock compensation granted, with the following weighted-average assumptions for options granted in the nine months ended September 30, 2014 and 2013: | ||||||||||||
Expected Volatility | Risk-free Interest Rate | Expected Term | Dividend | |||||||||
Rate | ||||||||||||
September 30, 2014: | ||||||||||||
Employees | 66 | % | 1.2 | % | 4 | — | % | |||||
Officers and non-employee directors | 80 | % | 2.3 | % | 8 | — | % | |||||
September 30, 2013: | ||||||||||||
Employees | 85 | % | 0.9 | % | 5 | — | % | |||||
Officers and non-employee directors | 81 | % | 1.6 | % | 8 | — | % | |||||
The following is a summary of option activity under Lexicon’s stock-based compensation plans for the nine months ended September 30, 2014: | ||||||||||||
Options | Weighted Average Exercise Price | |||||||||||
(in thousands) | ||||||||||||
Outstanding at December 31, 2013 | 23,306 | $ | 2.42 | |||||||||
Granted | 4,287 | 1.7 | ||||||||||
Exercised | (223 | ) | 1.46 | |||||||||
Expired | (2,411 | ) | 3.97 | |||||||||
Forfeited | (646 | ) | 1.97 | |||||||||
Outstanding at September 30, 2014 | 24,313 | 2.16 | ||||||||||
Exercisable at September 30, 2014 | 17,311 | $ | 2.29 | |||||||||
During the nine months ended September 30, 2014, Lexicon also granted its employees annual restricted stock units. These restricted stock units vest in four annual installments. The following is a summary of restricted stock units activity under Lexicon’s stock-based compensation plans for the nine months ended September 30, 2014: | ||||||||||||
Shares | Weighted Average Grant Date | |||||||||||
Fair Value | ||||||||||||
(in thousands) | ||||||||||||
Outstanding at December 31, 2013 | 4,242 | $ | 1.93 | |||||||||
Granted | 1,604 | 1.72 | ||||||||||
Vested | (1,384 | ) | 1.9 | |||||||||
Forfeited | (1,300 | ) | 1.92 | |||||||||
Nonvested at September 30, 2014 | 3,162 | $ | 1.84 | |||||||||
During the nine months ended September 30, 2014, Lexicon granted its non-employee directors 102,560 shares of restricted stock awards. The restricted stock awards had a weighted average grant date fair value of $1.56 per share and vested immediately. During the nine months ended September 30, 2014, Lexicon granted a consultant 57,400 shares of restricted stock awards. The restricted stock awards had a weighted average grant date fair value of $1.60 per share and vested immediately. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Recent Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements, Policy | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue with Contracts with Customers”, which amends FASB ASC Topic 606. ASU 2014-09 provides a single, comprehensive revenue recognition model for all contracts with customers. This standard contains principles for the determination of the measurement of revenue and the timing of when such revenue is recognized. Revenue recognition will reflect the transfer of goods or services to customers at an amount that is expected to be earned in exchange for those goods or services. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted. Management is currently evaluating the impact of this pronouncement on Lexicon’s consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” ASU 2014-15 will explicitly require management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. Management is currently evaluating the impact of this pronouncement on Lexicon’s consolidated financial statements. |
Cash_and_Cash_Equivalents_and_
Cash and Cash Equivalents and Investments | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Cash and Cash Equivalents and Investments [Abstract] | ' | ||||||||||||||||
Cash and Cash Equivalents Disclosure | ' | ||||||||||||||||
Cash and Cash Equivalents and Investments | |||||||||||||||||
The fair value of cash and cash equivalents and investments held at September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 26,775 | $ | — | $ | — | $ | 26,775 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 30,540 | 2 | — | 30,542 | |||||||||||||
Total short-term investments | $ | 31,092 | $ | 2 | $ | — | $ | 31,094 | |||||||||
Total cash and cash equivalents and investments | $ | 57,867 | $ | 2 | $ | — | $ | 57,869 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 37,499 | $ | — | $ | — | $ | 37,499 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 91,075 | 3 | (1 | ) | 91,077 | ||||||||||||
Total short-term investments | $ | 91,627 | $ | 3 | $ | (1 | ) | $ | 91,629 | ||||||||
Total cash and cash equivalents and investments | $ | 129,126 | $ | 3 | $ | (1 | ) | $ | 129,128 | ||||||||
There were no realized gains or losses for the nine months ended September 30, 2014, and no realized gains or losses for the nine months ended September 30, 2013. The cost of securities sold is based on the specific identification method. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value, Measurement Inputs, Disclosure | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The Company uses various inputs in determining the fair value of its investments and measures these assets on a recurring basis. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized by the level of objectivity associated with the inputs used to measure their fair value. The following levels are directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities: | |||||||||||||||||
• | Level 1 - quoted prices in active markets for identical investments, which include U.S. treasury securities | ||||||||||||||||
• | Level 2 - other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.) | ||||||||||||||||
• | Level 3 - significant unobservable inputs (including the Company’s own assumptions in determining the fair value of the Symphony Icon purchase consideration liability) | ||||||||||||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the credit risk associated with investing in those securities. The following table provides the fair value measurements of applicable Company assets and liabilities that are measured at fair value on a recurring basis according to the fair value levels described above as of September 30, 2014 and December 31, 2013. | |||||||||||||||||
Assets and Liabilities at Fair Value as of September 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 26,775 | $ | — | $ | — | $ | 26,775 | |||||||||
Short-term investments | 30,542 | 552 | — | 31,094 | |||||||||||||
Total cash and cash equivalents and investments | $ | 57,317 | $ | 552 | $ | — | $ | 57,869 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 28,228 | $ | 28,228 | |||||||||
Total liabilities | $ | — | $ | — | $ | 28,228 | $ | 28,228 | |||||||||
Assets and Liabilities at Fair Value as of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 37,499 | $ | — | $ | — | $ | 37,499 | |||||||||
Short-term investments | 91,077 | 552 | — | 91,629 | |||||||||||||
Total cash and cash equivalents and investments | $ | 128,576 | $ | 552 | $ | — | $ | 129,128 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 27,710 | $ | 27,710 | |||||||||
Total liabilities | $ | — | $ | — | $ | 27,710 | $ | 27,710 | |||||||||
The Company’s Level 3 liabilities, which consists of the Symphony Icon purchase consideration liability, is estimated using a probability-based income approach utilizing an appropriate discount rate. Subsequent changes in the fair value of the Symphony Icon purchase consideration liability are recorded as an increase or decrease in Symphony Icon purchase liability expense in the accompanying consolidated statements of comprehensive loss. The following table summarizes the change in consolidated balance sheet carrying value associated with Level 3 liabilities for the nine months ended September 30, 2014 and 2013. | |||||||||||||||||
Other Long-term Liabilities | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2013 | $ | 27,710 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 518 | ||||||||||||||||
Balance at September 30, 2014 | $ | 28,228 | |||||||||||||||
Balance at December 31, 2012 | $ | 29,920 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 3,079 | ||||||||||||||||
Balance at September 30, 2013 | $ | 32,999 | |||||||||||||||
The Company also has assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. The Company’s buildings and land, which have been classified as assets held for sale (see Note 7, Assets Held for Sale), are measured using Level 2 inputs, based on sale transactions of similar assets, less estimated costs to sell. The Company has executed a letter of intent that supports the estimated selling price, and expects to close the transaction contemplated by this letter of intent within the next year. The Company’s other assets that are subject to measurement at fair value on a non-recurring basis include goodwill associated with the acquisitions of Coelacanth Corporation in 2001 and Symphony Icon in 2010 and intangible assets associated with the acquisition of Symphony Icon in 2010. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if one or more is determined to be impaired. |
Assets_Held_for_Sale
Assets Held for Sale | 9 Months Ended |
Sep. 30, 2014 | |
Assets Held for Sale [Abstract] | ' |
Disclosure of Long Lived Assets Held-for-sale | ' |
Assets Held for Sale | |
Lexicon’s buildings and land have been reclassified as assets held for sale on the consolidated balance sheet as of September 30, 2014. The Company estimated the fair value of the net assets to be sold at approximately $23.8 million as of September 30, 2014, which represents estimated selling price less costs to sell. This resulted in an impairment loss on the assets held for sale of $13.1 million in the nine months ended September 30, 2014, which was recorded in impairment loss on buildings in the accompanying consolidated statements of comprehensive loss for the three and nine months ended September 30, 2014. |
Debt_Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2014 | |
Debt Obligations [Abstract] | ' |
Debt Disclosure | ' |
Debt Obligations | |
Mortgage Loan. In April 2004, Lexicon obtained a $34.0 million mortgage on its facilities in The Woodlands, Texas. The mortgage loan originally had a ten-year term with a 20-year amortization and a fixed interest rate of 8.23%. The mortgage was amended in September 2013 to extend the maturity date from April 2014 to April 2017, with the mortgage loan’s monthly payment amount and fixed interest rate each remaining unchanged. The mortgage had a principal balance outstanding of $20.6 million as of September 30, 2014. This entire balance has been classified as current liabilities on the accompanying consolidated balance sheet as of September 30, 2014 as management intends to repay the mortgage when the assets that serve as collateral for the mortgage loan are sold. These assets have been reclassified to assets held for sale as of September 30, 2014, as discussed in Note 7, Assets Held for Sale. The fair value of Lexicon’s mortgage loan approximates its carrying value. The fair value of Lexicon’s mortgage loan is estimated using discounted cash flow analysis, based on the Company’s current incremental borrowing rate. |
Arrangements_with_Symphony_Ico
Arrangements with Symphony Icon Inc | 9 Months Ended |
Sep. 30, 2014 | |
Arrangements with Symphony Icon Inc [Abstract] | ' |
Arrangements with Symphony Icon Inc | ' |
Arrangements with Symphony Icon, Inc. | |
On June 15, 2007, Lexicon entered into a series of related agreements providing for the financing of the clinical development of certain of its drug candidates, including LX1032 and LX1033, along with any other pharmaceutical compositions modulating the same targets as those drug candidates (the “Programs”). The agreements included a Novated and Restated Technology License Agreement pursuant to which the Company licensed to Symphony Icon, a then wholly-owned subsidiary of Symphony Icon Holdings LLC (“Holdings”), the Company's intellectual property rights related to the Programs. Holdings contributed $45 million to Symphony Icon in order to fund the clinical development of the Programs. | |
Under a Share Purchase Agreement, dated June 15, 2007, between the Company and Holdings, the Company issued and sold to Holdings 7,650,622 shares of its common stock on June 15, 2007 in exchange for $15 million and an exclusive purchase option (the “Purchase Option”) that gave the Company the right to acquire all of the equity of Symphony Icon, thereby allowing the Company to reacquire all of the Programs. On July 30, 2010, Lexicon entered into an Amended and Restated Purchase Option Agreement with Symphony Icon and Holdings and simultaneously exercised the Purchase Option, thereby reacquiring the Programs. Pursuant to the amended terms of the Purchase Option, Lexicon paid Holdings $10 million on July 30, 2010 and issued 13,237,519 shares of common stock to designees of Holdings on July 30, 2012 in satisfaction of an additional $35 million base payment obligation. | |
Lexicon also agreed to make up to $45 million in additional contingent payments, which will consist of 50% of any consideration Lexicon receives pursuant to any licensing transaction (a “Licensing Transaction”) under which Lexicon grants a third party rights to commercialize LX1032, LX1033 or other pharmaceutical compositions modulating the same target as those drug candidates (the “LG103 Programs”), subject to certain exceptions. The contingent payments will be due if and when Lexicon receives such consideration from a Licensing Transaction. In the event Lexicon receives regulatory approval in the United States for the marketing and sale of any product resulting from the LG103 Programs prior to entering into a Licensing Transaction for the commercialization of such product in the United States, in lieu of any contingent payment from such a Licensing Transaction, Lexicon will pay Holdings the sum of $15 million and the amount of certain expenses Lexicon incurred after its exercise of the Purchase Option which are attributable to the development of such product, reduced by up to 50% of such sum on account of any contingent payments paid prior to such United States regulatory approval attributable to any such Licensing Transaction outside of the United States with respect to such product. In the event Lexicon makes any such payment upon United States regulatory approval, Lexicon will have no obligation to make subsequent contingent payments attributable to any such Licensing Transactions for the commercialization of such product outside the United States until the proceeds of such Licensing Transactions exceed 50% of the payment made as a result of such United States regulatory approval. The contingent payments may be paid in cash or a combination of cash and common stock, in Lexicon’s discretion, provided that no more than 50% of any contingent payment will be paid in common stock. | |
Lexicon accounted for the exercise of the Purchase Option and acquisition of Symphony Icon as a business combination. In connection with its acquisition of Symphony Icon, Lexicon paid $10.0 million in cash, and also agreed to pay Holdings additional base and contingent payments as discussed above. The fair value of the base and contingent consideration payments was $45.6 million and was estimated by applying a probability-based income approach utilizing an appropriate discount rate. This estimation was based on significant inputs that are not observable in the market, referred to as Level 3 inputs. Key assumptions include: (1) a discount rate of 14% for the base payments; (2) a discount rate of 18% for the contingent payments; and (3) a probability adjusted contingency. The discount rate assumptions have not changed through September 30, 2014, and as programs progress, the probability adjusted contingency is adjusted as necessary. Subsequent changes in the fair value of the Symphony Icon purchase consideration liability are recorded as increase or decrease in fair value of Symphony Icon purchase liability expense in the accompanying consolidated statements of comprehensive loss. During the nine months ended September 30, 2014 and 2013, the fair value of the Symphony Icon purchase consideration liability increased by $0.5 million and $3.1 million, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies Disclosure | ' |
Commitments and Contingencies | |
Operating Lease Obligations: A Lexicon subsidiary leases laboratory and office space in Hopewell, New Jersey under an agreement which expires in June 2018. Rent expense is recognized on a straight-line basis over the lease term. Lexicon is the guarantor of the obligations of its subsidiary under this lease. The maximum potential amount of future payments the Company could be required to make under this agreement is $4.0 million as of September 30, 2014. The Company is required to maintain restricted investments to collateralize a standby letter of credit for this lease. The Company had $0.4 million and $0.4 million in restricted investments as collateral as of September 30, 2014 and December 31, 2013, respectively. Additionally, Lexicon leases certain equipment under operating leases. | |
Legal Proceedings. Lexicon is from time to time party to claims and legal proceedings that arise in the normal course of its business and that it believes will not have, individually or in the aggregate, a material adverse effect on its results of operations, financial condition or liquidity. |
Collaboration_and_License_Agre
Collaboration and License Agreements | 9 Months Ended |
Sep. 30, 2014 | |
Collaboration and License Agreements [Abstract] | ' |
Collaborative Arrangement Disclosure | ' |
Collaboration and License Agreements | |
Lexicon has derived substantially all of its revenues from drug discovery and development collaborations, target validation collaborations for the development and, in some cases, analysis of the physiological effects of genes altered in knockout mice, government grants and contracts, technology licenses, subscriptions to its databases and compound library sales. Revenues generated from third parties under collaborative arrangements are recorded on a gross basis on the consolidated statements of comprehensive loss as Lexicon is the principal participant for these transactions for the purpose of accounting for these arrangements. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended |
Sep. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring and Related Activities Disclosure | ' |
Restructuring Charges | |
In January 2014, Lexicon’s board of directors committed to narrow its strategic initiatives and focus resources on its late-stage drug development programs, principally LX4211 for diabetes and telotristat etiprate (LX1032) for carcinoid syndrome, in preparation for the transition to commercialization. The decision resulted in a workforce reduction of approximately 125 employees, primarily in research, discovery and support positions, representing approximately 50% of the Company’s total workforce. The Company completed the majority of the workforce reduction by the end of the second quarter of 2014. | |
The Company currently expects that the total charges associated with the restructuring which will result in cash expenditures will be approximately $5.7 million (which includes charges for severance of approximately $5.3 million and other restructuring costs of approximately $0.4 million), of which $5.6 million was incurred through September 30, 2014. Of this charge, $4.9 million was recorded in research and development expense and $0.7 million was recorded in general and administrative expense in the accompanying consolidated statement of comprehensive loss for the nine months ended September 30, 2014. In addition, the Company recorded stock-based compensation expense on the acceleration of vesting relating to the restructuring of $0.1 million in the nine months ended September 30, 2014. Future payments of restructuring charges, which have been recorded in accrued liabilities in the accompanying consolidated balance sheet, were $0.4 million as of September 30, 2014. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Event [Line Items] | ' |
Subsequent Events | ' |
Subsequent Events | |
On October 21, 2014, Lexicon entered into a License and Collaboration Agreement (the “Agreement”) with Ipsen Pharma SAS (“Ipsen”) for the development and commercialization of Lexicon’s drug candidate LX1032 (telotristat etiprate) outside of the United States, Canada and Japan (the “Licensed Territory”). | |
Under the Agreement, the Company granted Ipsen an exclusive, royalty-bearing right and license under its patent rights and know-how to commercialize LX1032 in the Licensed Territory. Ipsen is responsible for using diligent efforts to commercialize LX1032 in the Licensed Territory pursuant to a mutually approved commercialization plan. | |
Subject to certain exceptions, the Company will be responsible for conducting clinical trials required to obtain regulatory approval for LX1032 for carcinoid syndrome in the European Union, including those contemplated by a mutually approved initial development plan, and will have the first right to conduct most other clinical trials of LX1032. The Company is responsible for the costs of all clinical trials contemplated by the initial development plan. The costs of additional clinical trials will be allocated between the parties based on the nature of such clinical trials. | |
Under the Agreement, Ipsen will pay the Company an upfront payment of $23 million. In addition, the Company is eligible to receive from Ipsen (a) up to an aggregate of approximately $30 million upon the achievement of specified regulatory and commercial launch milestones and (b) up to an aggregate of €72 million upon the achievement of specified sales milestones. The Company is also entitled to tiered, escalating royalties ranging from low twenties to mid-thirties percentages of net sales of LX1032 in the Licensed Territory, subject to a credit for amounts previously paid to Lexicon by Ipsen for the manufacture and supply of such units of LX1032. The Company’s receipt of these payments under the Agreement will trigger its obligation to make certain contingent payments to Holdings pursuant to the Company’s prior arrangement with Holdings for the financing of the clinical development of LX1032 (see Note 9, Arrangements with Symphony Icon, Inc., for more information). | |
Lexicon and Ipsen will enter into a commercial supply agreement pursuant to which the Company will supply Ipsen’s commercial requirements of LX1032, and Ipsen will pay an agreed upon transfer price for such commercial supply. |
Net_Loss_Per_Share_Accounting_
Net Loss Per Share Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Net Loss Per Share [Abstract] | ' |
Earnings Per Share, Policy | ' |
Net loss per share is computed using the weighted average number of shares of common stock outstanding during the applicable period and excludes shares underlying stock options and restricted stock units because they are antidilutive. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Stock-Based Compensation [Abstract] | ' | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||
Expected Volatility | Risk-free Interest Rate | Expected Term | Dividend | |||||||||
Rate | ||||||||||||
September 30, 2014: | ||||||||||||
Employees | 66 | % | 1.2 | % | 4 | — | % | |||||
Officers and non-employee directors | 80 | % | 2.3 | % | 8 | — | % | |||||
September 30, 2013: | ||||||||||||
Employees | 85 | % | 0.9 | % | 5 | — | % | |||||
Officers and non-employee directors | 81 | % | 1.6 | % | 8 | — | % | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||
Options | Weighted Average Exercise Price | |||||||||||
(in thousands) | ||||||||||||
Outstanding at December 31, 2013 | 23,306 | $ | 2.42 | |||||||||
Granted | 4,287 | 1.7 | ||||||||||
Exercised | (223 | ) | 1.46 | |||||||||
Expired | (2,411 | ) | 3.97 | |||||||||
Forfeited | (646 | ) | 1.97 | |||||||||
Outstanding at September 30, 2014 | 24,313 | 2.16 | ||||||||||
Exercisable at September 30, 2014 | 17,311 | $ | 2.29 | |||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||
Shares | Weighted Average Grant Date | |||||||||||
Fair Value | ||||||||||||
(in thousands) | ||||||||||||
Outstanding at December 31, 2013 | 4,242 | $ | 1.93 | |||||||||
Granted | 1,604 | 1.72 | ||||||||||
Vested | (1,384 | ) | 1.9 | |||||||||
Forfeited | (1,300 | ) | 1.92 | |||||||||
Nonvested at September 30, 2014 | 3,162 | $ | 1.84 | |||||||||
Cash_and_Cash_Equivalents_and_1
Cash and Cash Equivalents and Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Cash and Cash Equivalents and Investments [Abstract] | ' | ||||||||||||||||
Schedule of Cash, Cash Equivalents and Short-term Investments [Table Text Block] | ' | ||||||||||||||||
As of September 30, 2014 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 26,775 | $ | — | $ | — | $ | 26,775 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 30,540 | 2 | — | 30,542 | |||||||||||||
Total short-term investments | $ | 31,092 | $ | 2 | $ | — | $ | 31,094 | |||||||||
Total cash and cash equivalents and investments | $ | 57,867 | $ | 2 | $ | — | $ | 57,869 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 37,499 | $ | — | $ | — | $ | 37,499 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 91,075 | 3 | (1 | ) | 91,077 | ||||||||||||
Total short-term investments | $ | 91,627 | $ | 3 | $ | (1 | ) | $ | 91,629 | ||||||||
Total cash and cash equivalents and investments | $ | 129,126 | $ | 3 | $ | (1 | ) | $ | 129,128 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||||||
Assets and Liabilities at Fair Value as of September 30, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 26,775 | $ | — | $ | — | $ | 26,775 | |||||||||
Short-term investments | 30,542 | 552 | — | 31,094 | |||||||||||||
Total cash and cash equivalents and investments | $ | 57,317 | $ | 552 | $ | — | $ | 57,869 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 28,228 | $ | 28,228 | |||||||||
Total liabilities | $ | — | $ | — | $ | 28,228 | $ | 28,228 | |||||||||
Assets and Liabilities at Fair Value as of December 31, 2013 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 37,499 | $ | — | $ | — | $ | 37,499 | |||||||||
Short-term investments | 91,077 | 552 | — | 91,629 | |||||||||||||
Total cash and cash equivalents and investments | $ | 128,576 | $ | 552 | $ | — | $ | 129,128 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 27,710 | $ | 27,710 | |||||||||
Total liabilities | $ | — | $ | — | $ | 27,710 | $ | 27,710 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||
Other Long-term Liabilities | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2013 | $ | 27,710 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 518 | ||||||||||||||||
Balance at September 30, 2014 | $ | 28,228 | |||||||||||||||
Balance at December 31, 2012 | $ | 29,920 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 3,079 | ||||||||||||||||
Balance at September 30, 2013 | $ | 32,999 | |||||||||||||||
StockBased_Compensation_Detail
Stock-Based Compensation (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1.50 | $1.80 | $5.60 | $5.70 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (Stock Option [Member]) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected Volatility Rate, Employees | 66.00% | 85.00% |
Expected Volatility Rate, Officers and Non-employee Directors | 80.00% | 81.00% |
Risk Free Interest Rate, Employees | 1.20% | 0.90% |
Risk Free Interest Rate, Officers and Non-employee Directors | 2.30% | 1.60% |
Expected Term, Employees | '4 years | '5 years |
Expected Term, Officers and Non-employee Directors | '8 years | '8 years |
Expected Dividend Rate, Employees | 0.00% | 0.00% |
Expected Dividend Rate, Officers and Non-employee Directors | 0.00% | 0.00% |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details 3) (Stock Options [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock Options Outstanding | 24,313 | 23,306 |
Stock Options Outstanding, Weighted Average Exercise Price | $2.16 | $2.42 |
Stock Options Granted | 4,287 | ' |
Stock Options Granted, Weighted Average Exercise Price | $1.70 | ' |
Stock Options Exercised | -223 | ' |
Stock Options Exercised, Weighted Average Exercise Price | $1.46 | ' |
Stock Options Expired | -2,411 | ' |
Stock Options Expired, Weighted Average Exercise Price | $3.97 | ' |
Stock Options Forfeited | -646 | ' |
Stock Options Forfeited, Weighted Average Exercise Price | $1.97 | ' |
Stock Options Exercisable | 17,311 | ' |
Stock Options Exercisable, Weighted Average Exercise Price | $2.29 | ' |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (Restricted Stock Units [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted Stock Units Outstanding | 3,162 | 4,242 |
Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value | $1.84 | $1.93 |
Restricted Stock Units Granted | 1,604 | ' |
Restricted Stock Units Granted, Weighted Average Grant Date Fair Value | $1.72 | ' |
Restricted Stock Units Vested | -1,384 | ' |
Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | $1.90 | ' |
Restricted Stock Units Forfeited | -1,300 | ' |
Restricted Stock Units Forfeited, Weighted Average Grant Date Fair Value | $1.92 | ' |
StockBased_Compensation_Detail4
Stock-Based Compensation (Details 5) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Stock Awards, Grants in Period | 102,560 |
Restricted Stock Awards, Grants in Period, Weighted Average Grant Date Fair Value | $1.56 |
Restricted Stock Awards to Consultants, Grants in Period | 57,400 |
Restricted Stock Awards to Consultants, Grants in Period, Weighted Average Grant Date Fair Value | $1.60 |
Cash_and_Cash_Equivalents_and_2
Cash and Cash Equivalents and Investments (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents | ' | ' |
Fair Value | ' | ' |
Amortized Cost | $26,775 | $37,499 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 26,775 | 37,499 |
Certificates of Deposit | ' | ' |
Fair Value | ' | ' |
Amortized Cost | 552 | 552 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 552 | 552 |
U.S. Treasury Securities | ' | ' |
Fair Value | ' | ' |
Amortized Cost | 30,540 | 91,075 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | 0 | -1 |
Estimated Fair Value | 30,542 | 91,077 |
Total Short-term Investments | ' | ' |
Fair Value | ' | ' |
Amortized Cost | 31,092 | 91,627 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | 0 | -1 |
Estimated Fair Value | 31,094 | 91,629 |
Total Cash and Cash Equivalents and Investments | ' | ' |
Fair Value | ' | ' |
Amortized Cost | 57,867 | 129,126 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | 0 | -1 |
Estimated Fair Value | $57,869 | $129,128 |
Cash_and_Cash_Equivalents_and_3
Cash and Cash Equivalents and Investments (Details 2) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Schedule of Investments [Line Items] | ' | ' |
Realized Investment Gains (Losses) | $0 | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Level 1 | ' | ' |
Fair Value | ' | ' |
Cash and Cash Equivalents | $26,775 | $37,499 |
Short-term Investments | 30,542 | 91,077 |
Total Cash and Cash Equivalents and Investments | 57,317 | 128,576 |
Other Long-term Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Level 2 | ' | ' |
Fair Value | ' | ' |
Cash and Cash Equivalents | 0 | 0 |
Short-term Investments | 552 | 552 |
Total Cash and Cash Equivalents and Investments | 552 | 552 |
Other Long-term Liabilities | 0 | 0 |
Total Liabilities | 0 | 0 |
Fair Value, Level 3 | ' | ' |
Fair Value | ' | ' |
Cash and Cash Equivalents | 0 | 0 |
Short-term Investments | 0 | 0 |
Total Cash and Cash Equivalents and Investments | 0 | 0 |
Other Long-term Liabilities | 28,228 | 27,710 |
Total Liabilities | 28,228 | 27,710 |
Fair Value, Total | ' | ' |
Fair Value | ' | ' |
Cash and Cash Equivalents | 26,775 | 37,499 |
Short-term Investments | 31,094 | 91,629 |
Total Cash and Cash Equivalents and Investments | 57,869 | 129,128 |
Other Long-term Liabilities | 28,228 | 27,710 |
Total Liabilities | $28,228 | $27,710 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $518 | $3,079 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $28,228 | $32,999 | $27,710 | $29,920 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (USD $) | Jul. 30, 2012 |
In Millions, except Share data, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Symphony Base Payment in Shares | 13,237,519 |
Symphony Base Payment Obligation | $35 |
Assets_Held_for_Sale_Details
Assets Held for Sale (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Assets Held for Sale [Abstract] | ' |
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $23.80 |
Asset Impairment Charges | $13.10 |
Document Period End Date | 30-Sep-14 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Apr. 30, 2004 | Sep. 30, 2014 |
Debt Instrument [Line Items] | ' | ' |
Mortgage Loans on Real Estate, New Mortgage Loans | $34 | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 8.23% |
Secured Debt | ' | $20.60 |
Arrangements_with_Symphony_Ico1
Arrangements with Symphony Icon Inc (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 30, 2012 | Jul. 30, 2010 | Jun. 15, 2007 | |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Holdings Contribution to Icon | ' | ' | ' | ' | ' | ' | $45,000,000 |
Lexicon Sold Shares to Holdings | ' | ' | ' | ' | ' | ' | 7,650,622 |
Lexicon Received Cash from Holdings | ' | ' | ' | ' | ' | ' | 15,000,000 |
Lexicon Paid Holdings Cash | ' | ' | ' | ' | ' | 10,000,000 | ' |
Symphony Base Payment in Shares | ' | ' | ' | ' | 13,237,519 | ' | ' |
Symphony Base Payment Obligation | ' | ' | ' | ' | 35,000,000 | ' | ' |
Symphony Contingent Payment Maximum | ' | ' | ' | ' | ' | 45,000,000 | ' |
Symphony Contingent Payment Percentage | ' | ' | ' | ' | ' | 50.00% | ' |
Symphony Regulatory Approval Payment | ' | ' | ' | ' | ' | 15,000,000 | ' |
Symphony Regulatory Approval Reduction Percentage | ' | ' | ' | ' | ' | 50.00% | ' |
Symphony Regulatory Approval Percentage Limit | ' | ' | ' | ' | ' | 50.00% | ' |
Symphony Payment in Stock Limitation | ' | ' | ' | ' | ' | 50.00% | ' |
Symphony Fair Value of Base and Contingent Payments | ' | ' | ' | ' | ' | 45,600,000 | ' |
Symphony Base Payment Discount Rate | ' | ' | ' | ' | ' | 14.00% | ' |
Symphony Contingent Payment Discount Rate | ' | ' | ' | ' | ' | 18.00% | ' |
Increase (decrease) in fair value of Symphony Icon, Inc. purchase liability | ($1,072,000) | $1,338,000 | $518,000 | $3,079,000 | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $4,000,000 | ' |
Restricted investments | $430,000 | $430,000 |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Cost, Total Expected Cost | $5.70 |
Restructuring Cost, Severance Costs | 5.3 |
Restructuring Cost, Other Costs | 0.4 |
Restructuring and Related Cost, Cost Incurred to Date | 5.6 |
Restructuring and Related Costs, Cost Incurred to Date, Research and Development | 4.9 |
Restructuring and Related Costs, Cost Incurred to Date, General and Administrative | 0.7 |
Restructuring and Related Costs, Cost Incurred to Date, Stock-based Compensation | 0.1 |
Restructuring Reserve | $0.40 |
Subsequent_Events_Details
Subsequent Events (Details) | Oct. 21, 2014 | Oct. 21, 2014 |
In Millions, unless otherwise specified | USD ($) | EUR (€) |
Subsequent Event [Line Items] | ' | ' |
Ipsen Upfront Payment | $23 | ' |
Ipsen Regulatory And Commercial Launch Milestones | 30 | ' |
Ipsen Sales Milestones | ' | € 72 |