Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document Information [Line Items] | ||
Entity Registrant Name | LEXICON PHARMACEUTICALS, INC./DE | |
Entity Central Index Key | 1062822 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 725,294,841 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $41,960 | $137,266 |
Short-term investments, including restricted investments of $430 | 273,137 | 202,073 |
Accounts receivable, net of allowances of $35 | 170 | 1,035 |
Assets held for sale | 23,849 | 23,849 |
Prepaid expenses and other current assets | 3,194 | 4,764 |
Total current assets | 342,310 | 368,987 |
Property and equipment, net of accumulated depreciation and amortization of $35,899 and $36,274, respectively | 732 | 1,080 |
Goodwill | 44,543 | 44,543 |
Other intangible assets | 53,357 | 53,357 |
Other assets | 3,740 | 3,409 |
Total assets | 444,682 | 471,376 |
Current liabilities: | ||
Accounts payable | 12,142 | 13,064 |
Accrued liabilities | 11,769 | 10,120 |
Current portion of deferred revenue | 2,311 | 1,618 |
Current portion of long-term debt | 19,711 | 20,167 |
Total current liabilities | 45,933 | 44,969 |
Deferred revenue, net of current portion | 11,708 | 12,679 |
Long-term debt | 87,500 | 87,500 |
Deferred tax liabilities | 18,675 | 18,675 |
Other long-term liabilities | 23,259 | 23,535 |
Total liabilities | 187,075 | 187,358 |
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; 726,807 and 725,641 shares issued, respectively | 727 | 726 |
Additional paid-in capital | 1,391,932 | 1,389,997 |
Accumulated deficit | -1,132,328 | -1,104,252 |
Accumulated other comprehensive gain (loss) | 23 | -63 |
Treasury stock, at cost, 1,662 and 1,281 shares, respectively | -2,747 | -2,390 |
Total equity | 257,607 | 284,018 |
Total liabilities and equity | $444,682 | $471,376 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 | 35,899 | 36,274 |
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 | 1,662 | 1,281 |
Common Stock | ||
Common stock, shares issued | 726,807 | 725,641 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Collaborative agreements | $1,792 | $172 |
Subscription and license fees | 0 | 105 |
Total revenues | 1,792 | 277 |
Operating expenses: | ||
Research and development, including stock-based compensation of $1,104 and $1,458, respectively | 20,865 | 23,953 |
Increase in fair value of Symphony Icon, Inc. purchase liability | 1,753 | 1,142 |
General and administrative, including stock-based compensation of $849 and $792, respectively | 5,701 | 5,654 |
Total operating expenses | 28,319 | 30,749 |
Loss from operations | -26,527 | -30,472 |
Interest expense | -1,702 | -457 |
Interest and other income, net | 153 | 94 |
Consolidated net loss | -28,076 | -30,835 |
Consolidated net loss per common share, basic and diluted | ($0.04) | ($0.06) |
Shares used in computing consolidated net loss per common share, basic and diluted | 724,613 | 513,955 |
Unrealized gain on investments | 86 | 8 |
Comprehensive loss | ($27,990) | ($30,827) |
Statements_of_Comprehensive_Lo
Statements of Comprehensive Loss Parenthetical (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock-based compensation expense associated with research and development expense | $1,104 | $1,458 |
Stock-based compensation expense associated with general and administrative expense | $849 | $792 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Gain (Loss) | Treasury Stock |
In Thousands | ||||||
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 | 2,250 | 0 | 2,250 | 0 | 0 | 0 |
Issuance of common stock under Equity Incentive Plans, shares | 1,435 | |||||
Issuance of common stock under Equity Incentive Plans, value | 76 | 2 | 74 | 0 | 0 | 0 |
Repurchase of common stock | -887 | 0 | 0 | 0 | 0 | -887 |
Net loss | -30,835 | 0 | 0 | -30,835 | 0 | 0 |
Unrealized gain on investments | 8 | 0 | 0 | 0 | 8 | 0 |
Balance, value at Mar. 31, 2014 | 140,775 | 516 | 1,177,432 | -1,034,793 | 10 | -2,390 |
Balance, shares at Mar. 31, 2014 | 515,784 | |||||
Balance, value at Dec. 31, 2014 | 284,018 | 726 | 1,389,997 | -1,104,252 | -63 | -2,390 |
Balance, shares at Dec. 31, 2014 | 725,641 | |||||
Stock-based compensation | 1,953 | 0 | 1,953 | 0 | 0 | 0 |
Issuance of common stock under Equity Incentive Plans, shares | 1,166 | |||||
Issuance of common stock under Equity Incentive Plans, value | 0 | 1 | -1 | 0 | 0 | 0 |
Repurchase of common stock | -357 | 0 | 0 | 0 | 0 | -357 |
Net loss | -28,076 | 0 | 0 | -28,076 | 0 | 0 |
Unrealized gain on investments | 86 | 0 | 0 | 0 | 86 | 0 |
Other | -17 | 0 | -17 | 0 | 0 | 0 |
Balance, value at Mar. 31, 2015 | $257,607 | $727 | $1,391,932 | ($1,132,328) | $23 | ($2,747) |
Balance, shares at Mar. 31, 2015 | 726,807 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Consolidated net loss | ($28,076) | ($30,835) |
Adjustments to reconcile consolidated net loss to net cash used in operating activities: | ||
Depreciation | 355 | 644 |
Impairment of fixed assets | 0 | 242 |
Increase in fair value of Symphony Icon, Inc. purchase liability | 1,753 | 1,142 |
Stock-based compensation | 1,953 | 2,250 |
Amortization of debt issuance costs | 62 | 0 |
(Gain) loss on disposal of property and equipment | 6 | -264 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 865 | 319 |
(Increase) decrease in prepaid expenses and other current assets | 1,570 | -1,934 |
(Increase) decrease in other assets | -393 | 11 |
Decrease in accounts payable and other liabilities | -1,302 | -1,876 |
Decrease in deferred revenue | -278 | -18 |
Net cash used in operating activities | -23,485 | -30,319 |
Cash flows from investing activities: | ||
Purchases of property and equipment | -17 | -28 |
Proceeds from disposal of property and equipment | 4 | 809 |
Purchases of investments | -70,978 | -20,651 |
Maturities of investments | 0 | 60,438 |
Net cash provided by (used in) investing activities | -70,991 | 40,568 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 0 | 76 |
Repurchase of common stock | -357 | -887 |
Repayment of debt borrowings | -456 | -420 |
Other financing activities | -17 | 0 |
Net cash used in financing activities | -830 | -1,231 |
Net increase (decrease) in cash and cash equivalents | -95,306 | 9,018 |
Cash and cash equivalents at beginning of period | 137,266 | 37,499 |
Cash and cash equivalents at end of period | 41,960 | 46,517 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 412 | 447 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Unrealized gain on investments | $86 | $8 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 three-month period ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015. | |
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, 2014, as filed with the SEC. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2015 | |
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 convertible debt, 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 | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Stock-Based Compensation | |||||||||||
The Company recorded $2.0 million and $2.3 million of stock-based compensation expense for the three months ended March 31, 2015 and 2014, 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 three months ended March 31, 2015 and 2014: | ||||||||||||
Expected Volatility | Risk-free Interest Rate | Expected Term | Dividend | |||||||||
Rate | ||||||||||||
March 31, 2015: | ||||||||||||
Employees | 63 | % | 1.2 | % | 4 | — | % | |||||
Officers and non-employee directors | 81 | % | 1.9 | % | 8 | — | % | |||||
March 31, 2014: | ||||||||||||
Employees | 66 | % | 1.1 | % | 4 | — | % | |||||
Officers and non-employee directors | 80 | % | 2.3 | % | 8 | — | % | |||||
The following is a summary of option activity under Lexicon’s stock-based compensation plans for the three months ended March 31, 2015: | ||||||||||||
Options | Weighted Average Exercise Price | |||||||||||
(in thousands) | ||||||||||||
Outstanding at December 31, 2014 | 23,603 | $ | 2.14 | |||||||||
Granted | 6,661 | 0.89 | ||||||||||
Expired | (585 | ) | 5.66 | |||||||||
Forfeited | (408 | ) | 1.33 | |||||||||
Outstanding at March 31, 2015 | 29,271 | 1.8 | ||||||||||
Exercisable at March 31, 2015 | 17,627 | $ | 2.12 | |||||||||
During the three months ended March 31, 2015, 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 three months ended March 31, 2015: | ||||||||||||
Shares | Weighted Average Grant Date | |||||||||||
Fair Value | ||||||||||||
(in thousands) | ||||||||||||
Outstanding at December 31, 2014 | 3,131 | $ | 1.84 | |||||||||
Granted | 3,166 | 0.89 | ||||||||||
Vested | (1,166 | ) | 1.84 | |||||||||
Forfeited | (336 | ) | 1.34 | |||||||||
Nonvested at March 31, 2015 | 4,795 | $ | 1.25 | |||||||||
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
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 from 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 does not expect the adoption of this pronouncement to have a material impact on Lexicon’s consolidated financial statements. |
Cash_and_Cash_Equivalents_and_
Cash and Cash Equivalents and Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014 are as follows: | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 41,960 | $ | — | $ | — | $ | 41,960 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 272,562 | 50 | (27 | ) | 272,585 | ||||||||||||
Total short-term investments | $ | 273,114 | $ | 50 | $ | (27 | ) | $ | 273,137 | ||||||||
Total cash and cash equivalents and investments | $ | 315,074 | $ | 50 | $ | (27 | ) | $ | 315,097 | ||||||||
As of December 31, 2014 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 137,266 | $ | — | $ | — | $ | 137,266 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 201,584 | 3 | (66 | ) | 201,521 | ||||||||||||
Total short-term investments | $ | 202,136 | $ | 3 | $ | (66 | ) | $ | 202,073 | ||||||||
Total cash and cash equivalents and investments | $ | 339,402 | $ | 3 | $ | (66 | ) | $ | 339,339 | ||||||||
There were no realized gains or losses for the three months ended March 31, 2015, and no realized gains or losses for the three months ended March 31, 2014. The cost of securities sold is based on the specific identification method. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014. | |||||||||||||||||
Assets and Liabilities at Fair Value as of March 31, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 41,960 | $ | — | $ | — | $ | 41,960 | |||||||||
Short-term investments | 272,585 | 552 | — | 273,137 | |||||||||||||
Total cash and cash equivalents and investments | $ | 314,545 | $ | 552 | $ | — | $ | 315,097 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 18,641 | $ | 18,641 | |||||||||
Total liabilities | $ | — | $ | — | $ | 18,641 | $ | 18,641 | |||||||||
Assets and Liabilities at Fair Value as of December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 137,266 | $ | — | $ | — | $ | 137,266 | |||||||||
Short-term investments | 201,521 | 552 | — | 202,073 | |||||||||||||
Total cash and cash equivalents and investments | $ | 338,787 | $ | 552 | $ | — | $ | 339,339 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 17,638 | $ | 17,638 | |||||||||
Total liabilities | $ | — | $ | — | $ | 17,638 | $ | 17,638 | |||||||||
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 three months ended March 31, 2015 and 2014. | |||||||||||||||||
Other Long-term Liabilities | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2014 | $ | 17,638 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 1,753 | ||||||||||||||||
Reclassification to accounts payable for payment due of contingent payment obligation with cash | (750 | ) | |||||||||||||||
Balance at March 31, 2015 | $ | 18,641 | |||||||||||||||
Balance at December 31, 2013 | $ | 27,710 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 1,142 | ||||||||||||||||
Balance at March 31, 2014 | $ | 28,852 | |||||||||||||||
The Company also has assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. These assets 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 | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015. The Company estimated the fair value of the net assets to be sold at approximately $23.8 million as of March 31, 2015, which represents estimated selling price less costs to sell. The fair value of the net assets to be sold was determined using Level 2 inputs using sales prices in similar real estate sales and offers received from potential purchasers of the building. |
Debt_Obligations
Debt Obligations | 3 Months Ended |
Mar. 31, 2015 | |
Debt Obligations [Abstract] | |
Debt Disclosure | Debt Obligations |
Convertible Debt. In November 2014, Lexicon completed an offering of $87.5 million in aggregate principal amount of its 5.25% Convertible Senior Notes due 2021 (the “Notes”). The conversion feature did not meet the criteria for bifurcation as required by generally accepted accounting principles and the entire principal amount was recorded as long-term debt on the Company’s consolidated balance sheet. | |
The Notes are governed by an indenture (the “Indenture”), dated as of November 26, 2014, between the Company and Wells Fargo Bank, N.A., as trustee. The Notes bear interest at a rate of 5.25% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2015. The Notes mature on December 1, 2021. The Company may not redeem the Notes prior to the maturity date, and no sinking fund is provided for the Notes. | |
Holders of the Notes may convert their Notes at their option at any time prior to the close of business on the business day immediately preceding the maturity date. Upon conversion, the Company will deliver for each $1,000 principal amount of converted Notes a number of shares of its common stock equal to the conversion rate, as described in the Indenture. The conversion rate is initially 829.1874 shares of common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of $1.206 per share of common stock). The conversion rate is subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company will increase the conversion rate for a holder who elects to convert its Notes in connection with such a corporate event in certain circumstances. | |
If the Company undergoes a fundamental change, holders may require the Company to repurchase for cash all or any portion of their Notes at a fundamental change repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | |
In connection with the issuance of the Notes, the Company incurred $3.4 million of debt issuance costs, which is included in other assets on the consolidated balance sheets. The debt issuance costs are amortized as interest expense over the expected life of the Notes using the effective interest method. The Company determined the expected life of the debt was equal to the seven-year term of the Notes. As of March 31, 2015, the balance of unamortized debt issuance costs was $3.2 million. | |
The fair value of the Notes was $87.5 million as of March 31, 2015 and was determined using Level 2 inputs based on the indicative pricing published by certain investment banks or trading levels of the Notes, which are not listed on any securities exchange or quoted on an inter-dealer automated quotation system. | |
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 $19.7 million as of March 31, 2015. This entire balance has been classified as current liabilities on the accompanying consolidated balance sheet as of March 31, 2015 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 March 31, 2015 and December 31, 2014, as discussed in Note 7, Assets Held for Sale. The buildings and land that serve as collateral for the mortgage loan are included in assets held for sale at $59.1 million and $2.7 million, respectively, before accumulated depreciation, as of March 31, 2015. The fair value of Lexicon’s mortgage loan approximates its carrying value. The fair value of Lexicon’s mortgage loan was determined using Level 2 inputs using discounted cash flow analysis, based on the Company’s estimated current incremental borrowing rate. |
Arrangements_with_Symphony_Ico
Arrangements with Symphony Icon Inc | 3 Months Ended |
Mar. 31, 2015 | |
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 telotristat etiprate (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 telotristat etiprate, 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. On December 4, 2014, Lexicon paid $5.8 million in cash and issued 4,662,780 shares of common stock to designees of Holdings in satisfaction of a $11.5 million contingent payment obligation as a result of receiving an upfront payment pursuant to Lexicon’s license and collaboration agreement with Ipsen Pharma SAS. On April 24, 2015, Lexicon paid $0.75 million in cash to Holdings in satisfaction of its contingent payment obligation as a result of receiving an additional upfront payment from Ipsen in March 2015 (see Note 11, Collaboration and License Agreements). | |
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 has 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 March 31, 2015, 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 three months ended March 31, 2015 and 2014, the fair value of the Symphony Icon purchase consideration liability increased by $1.8 million and $1.1 million, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
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 amended lease agreement which previously had an expiration date in June 2018. In March 2015, the subsidiary entered into a termination agreement whereby the lease will terminate in June 2015 and a separate lease agreement, the term of which begins in June 2015 and terminates in December 2022. Rent expense is recognized on a straight-line basis over the lease term. Lexicon is the guarantor of the obligations of its subsidiary under these lease agreements. The maximum potential amount of future payments the Company could be required to make under these agreements is $4.5 million as of March 31, 2015. Under its current lease, 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 March 31, 2015 and December 31, 2014, 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 | 3 Months Ended | |
Mar. 31, 2015 | ||
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. | ||
Ipsen Pharma SAS. In October 2014, Lexicon entered into a License and Collaboration Agreement, which was amended in March 2015 (collectively, the “Agreement”) with Ipsen Pharma SAS (“Ipsen”) for the development and commercialization of Lexicon’s drug candidate telotristat etiprate (LX1032) outside of the United States and Japan (the “Licensed Territory”). | ||
Under the Agreement, Lexicon granted Ipsen an exclusive, royalty-bearing right and license under its patent rights and know-how to commercialize telotristat etiprate in the Licensed Territory. Ipsen is responsible for using diligent efforts to commercialize telotristat etiprate in the Licensed Territory pursuant to a mutually approved commercialization plan. Subject to certain exceptions, Lexicon will be responsible for conducting clinical trials required to obtain regulatory approval for telotristat etiprate 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 telotristat etiprate. Lexicon 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 has paid Lexicon an aggregate of $24.5 million through March 31, 2015. In addition, Lexicon is eligible to receive from Ipsen (a) up to an aggregate of approximately $34 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. Due to the uncertainty surrounding the achievement of the future regulatory and sales milestones, these payments will not be recognized as revenue unless and until they are earned as the Company is not able to reasonably predict if and when the milestones will be achieved. Lexicon is also entitled to tiered, escalating royalties ranging from low twenties to mid-thirties percentages of net sales of telotristat etiprate 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 telotristat etiprate. Lexicon’s receipt of these payments under the Agreement triggers its obligation to make certain contingent payments to Holdings (see Note 9, Arrangements with Symphony Icon, Inc.). Lexicon and Ipsen will enter into a commercial supply agreement pursuant to which Lexicon will supply Ipsen’s commercial requirements of telotristat etiprate, and Ipsen will pay an agreed upon transfer price for such commercial supply. | ||
The Company considered the following deliverables with respect to the revenue recognition of the $24.5 million upfront payments: | ||
• | The exclusive license granted to Ipsen to develop and commercialize telotristat etiprate in the Licensed Territory; | |
•The development services Lexicon is performing for telotristat etiprate; | ||
• | The obligation to participate in committees which govern the development of telotristat etiprate until commercialization; and | |
•The obligation to supply commercial supply of telotristat etiprate, under a commercial supply agreement. | ||
The Company determined that the license had stand-alone value because it is an exclusive license that gives Ipsen the right to develop and commercialize telotristat etiprate or to sublicense its rights. In addition, telotristat etiprate is currently in development and it is possible that Ipsen or another third party could conduct clinical trials without assistance from Lexicon. As a result, the Company considers the license and the development services under the Agreement to be separate units of accounting. The Company recognized the portion of the consideration allocated to the license immediately because Lexicon delivered the license and earned the revenue at the inception of the arrangement. The Company is recognizing as revenue the amount allocated to the development services and the obligation to participate in committees over the period of time Lexicon performs services, currently expected to be through mid-2017. | ||
Due to the inherent uncertainty in obtaining regulatory approval, the applicability of the commercial supply agreement is outside the control of Lexicon and Ipsen. Accordingly, the Company has determined the commercial supply agreement is a contingent deliverable at the onset of the Agreement. As a result, the Company has determined the commercial supply agreement does not meet the definition of a deliverable that needs to be accounted for at the inception of the arrangement. The Company has also determined that there is no significant and incremental discount related to the commercial supply agreement that should be accounted for at the inception of the arrangement. | ||
The Company determined that the initial allocable arrangement consideration was the $24.5 million upfront payments because they were the only payments that were fixed and determinable at the inception of the arrangement. There was considerable uncertainty at the date of the agreement as to whether Lexicon would earn milestone payments, royalty payments or payments for finished drug product. As such, the Company did not include those payments in the allocable consideration. The Company allocated the allocable consideration based on the relative best estimate of selling price of each unit of accounting. The Company estimated the selling price of the license deliverable by applying a probability-based income approach utilizing an appropriate discount rate. The significant inputs the Company used to determine the projected income of the license included: estimated future product sales, estimated cost of goods sold, estimated operating expenses, income taxes, and an appropriate discount rate. The Company estimated the selling price of the development services by using internal estimates of the cost to hire third parties to perform the services over the expected period to perform the development. The Company estimated the selling price of the obligation to participate in committees by using internal estimates of the number of internal hours and salary and benefits costs to perform these services. | ||
As a result of the allocation, the Company recognized $21.2 million of the $24.5 million upfront payments for the license in 2014, and an additional $1.4 million in 2015 upon entering into the amendment. The Company is recognizing the $1.7 million allocated to the development services deliverable over the estimated period of performance as development occurs, and is recognizing the $0.1 million allocated to the committee participation deliverable ratably over the estimated period of performance. Revenue recognized under the Agreement was $1.7 million for the three months ended March 31, 2015. |
Subsequent_Event_Notes
Subsequent Event (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event |
In April 2015, Lexicon announced that it will effect a reverse stock split at a ratio of one share of newly issued common stock for each seven shares of issued and outstanding common stock. Lexicon anticipates that the reverse stock split will be effective on May 20, 2015, and that its common stock will commence trading on a split-adjusted basis on May 21, 2015. Upon effectiveness of the reverse stock split, each seven shares of issued and outstanding common stock will be automatically converted into one newly issued and outstanding share of common stock. Proportional adjustments will also be made to all shares of common stock issuable under Lexicon’s equity incentive plans and upon conversion of Lexicon’s Notes. Concurrent with the reverse stock split, the authorized shares of common stock will be reduced from 900 million to 225 million. No fractional shares will be issued in connection with the reverse stock split. Any fractional share of common stock that would otherwise have resulted from the reverse stock split will be converted into cash payments equal to such fraction multiplied by the closing sales price of the common stock as last reported on the last trading day immediately preceding the effective date of the reverse stock split. |
Net_Loss_Per_Share_Accounting_
Net Loss Per Share Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
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 convertible debt, stock options and restricted stock units because they are antidilutive. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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 | ||||||||||||
March 31, 2015: | ||||||||||||
Employees | 63 | % | 1.2 | % | 4 | — | % | |||||
Officers and non-employee directors | 81 | % | 1.9 | % | 8 | — | % | |||||
March 31, 2014: | ||||||||||||
Employees | 66 | % | 1.1 | % | 4 | — | % | |||||
Officers and non-employee directors | 80 | % | 2.3 | % | 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, 2014 | 23,603 | $ | 2.14 | |||||||||
Granted | 6,661 | 0.89 | ||||||||||
Expired | (585 | ) | 5.66 | |||||||||
Forfeited | (408 | ) | 1.33 | |||||||||
Outstanding at March 31, 2015 | 29,271 | 1.8 | ||||||||||
Exercisable at March 31, 2015 | 17,627 | $ | 2.12 | |||||||||
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, 2014 | 3,131 | $ | 1.84 | |||||||||
Granted | 3,166 | 0.89 | ||||||||||
Vested | (1,166 | ) | 1.84 | |||||||||
Forfeited | (336 | ) | 1.34 | |||||||||
Nonvested at March 31, 2015 | 4,795 | $ | 1.25 | |||||||||
Cash_and_Cash_Equivalents_and_1
Cash and Cash Equivalents and Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Cash and Cash Equivalents and Investments [Abstract] | |||||||||||||||||
Schedule of Cash, Cash Equivalents and Short-term Investments [Table Text Block] | |||||||||||||||||
As of March 31, 2015 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 41,960 | $ | — | $ | — | $ | 41,960 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 272,562 | 50 | (27 | ) | 272,585 | ||||||||||||
Total short-term investments | $ | 273,114 | $ | 50 | $ | (27 | ) | $ | 273,137 | ||||||||
Total cash and cash equivalents and investments | $ | 315,074 | $ | 50 | $ | (27 | ) | $ | 315,097 | ||||||||
As of December 31, 2014 | |||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 137,266 | $ | — | $ | — | $ | 137,266 | |||||||||
Securities maturing within one year: | |||||||||||||||||
Certificates of deposit | 552 | — | — | 552 | |||||||||||||
U.S. treasury securities | 201,584 | 3 | (66 | ) | 201,521 | ||||||||||||
Total short-term investments | $ | 202,136 | $ | 3 | $ | (66 | ) | $ | 202,073 | ||||||||
Total cash and cash equivalents and investments | $ | 339,402 | $ | 3 | $ | (66 | ) | $ | 339,339 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | |||||||||||||||||
Assets and Liabilities at Fair Value as of March 31, 2015 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 41,960 | $ | — | $ | — | $ | 41,960 | |||||||||
Short-term investments | 272,585 | 552 | — | 273,137 | |||||||||||||
Total cash and cash equivalents and investments | $ | 314,545 | $ | 552 | $ | — | $ | 315,097 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 18,641 | $ | 18,641 | |||||||||
Total liabilities | $ | — | $ | — | $ | 18,641 | $ | 18,641 | |||||||||
Assets and Liabilities at Fair Value as of December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 137,266 | $ | — | $ | — | $ | 137,266 | |||||||||
Short-term investments | 201,521 | 552 | — | 202,073 | |||||||||||||
Total cash and cash equivalents and investments | $ | 338,787 | $ | 552 | $ | — | $ | 339,339 | |||||||||
Liabilities | |||||||||||||||||
Other long-term liabilities | $ | — | $ | — | $ | 17,638 | $ | 17,638 | |||||||||
Total liabilities | $ | — | $ | — | $ | 17,638 | $ | 17,638 | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | |||||||||||||||||
Other Long-term Liabilities | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2014 | $ | 17,638 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 1,753 | ||||||||||||||||
Reclassification to accounts payable for payment due of contingent payment obligation with cash | (750 | ) | |||||||||||||||
Balance at March 31, 2015 | $ | 18,641 | |||||||||||||||
Balance at December 31, 2013 | $ | 27,710 | |||||||||||||||
Change in valuation of purchase consideration payable to former Symphony Icon stockholders | 1,142 | ||||||||||||||||
Balance at March 31, 2014 | $ | 28,852 | |||||||||||||||
StockBased_Compensation_Detail
Stock-Based Compensation (Details 1) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Allocated Share-based Compensation Expense | $2 | $2.30 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (Stock Option [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected Volatility Rate, Employees | 63.00% | 66.00% |
Expected Volatility Rate, Officers and Non-employee Directors | 81.00% | 80.00% |
Risk Free Interest Rate, Employees | 1.20% | 1.10% |
Risk Free Interest Rate, Officers and Non-employee Directors | 1.90% | 2.30% |
Expected Term, Employees | 4 years | 4 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 $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock Options Outstanding | 29,271 | 23,603 |
Stock Options Outstanding, Weighted Average Exercise Price | $1.80 | $2.14 |
Stock Options Granted | 6,661 | |
Stock Options Granted, Weighted Average Exercise Price | $0.89 | |
Stock Options Expired | -585 | |
Stock Options Expired, Weighted Average Exercise Price | $5.66 | |
Stock Options Forfeited | -408 | |
Stock Options Forfeited, Weighted Average Exercise Price | $1.33 | |
Stock Options Exercisable | 17,627 | |
Stock Options Exercisable, Weighted Average Exercise Price | $2.12 |
StockBased_Compensation_Detail3
Stock-Based Compensation (Details 4) (Restricted Stock Units [Member], USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock Units Outstanding | 4,795 | 3,131 |
Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value | $1.25 | $1.84 |
Restricted Stock Units Granted | 3,166 | |
Restricted Stock Units Granted, Weighted Average Grant Date Fair Value | $0.89 | |
Restricted Stock Units Vested | -1,166 | |
Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | $1.84 | |
Restricted Stock Units Forfeited | -336 | |
Restricted Stock Units Forfeited, Weighted Average Grant Date Fair Value | $1.34 |
Cash_and_Cash_Equivalents_and_2
Cash and Cash Equivalents and Investments (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents | ||
Fair Value | ||
Amortized Cost | $41,960 | $137,266 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 41,960 | 137,266 |
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 | 272,562 | 201,584 |
Gross Unrealized Gains | 50 | 3 |
Gross Unrealized Losses | -27 | -66 |
Estimated Fair Value | 272,585 | 201,521 |
Total Short-term Investments | ||
Fair Value | ||
Amortized Cost | 273,114 | 202,136 |
Gross Unrealized Gains | 50 | 3 |
Gross Unrealized Losses | -27 | -66 |
Estimated Fair Value | 273,137 | 202,073 |
Total Cash and Cash Equivalents and Investments | ||
Fair Value | ||
Amortized Cost | 315,074 | 339,402 |
Gross Unrealized Gains | 50 | 3 |
Gross Unrealized Losses | -27 | -66 |
Estimated Fair Value | $315,097 | $339,339 |
Cash_and_Cash_Equivalents_and_3
Cash and Cash Equivalents and Investments (Details 2) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Schedule of Investments [Line Items] | ||
Realized Investment Gains (Losses) | $0 | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Level 1 | ||
Fair Value | ||
Cash and Cash Equivalents | $41,960 | $137,266 |
Short-term Investments | 272,585 | 201,521 |
Total Cash and Cash Equivalents and Investments | 314,545 | 338,787 |
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 | 18,641 | 17,638 |
Total Liabilities | 18,641 | 17,638 |
Fair Value, Total | ||
Fair Value | ||
Cash and Cash Equivalents | 41,960 | 137,266 |
Short-term Investments | 273,137 | 202,073 |
Total Cash and Cash Equivalents and Investments | 315,097 | 339,339 |
Other Long-term Liabilities | 18,641 | 17,638 |
Total Liabilities | $18,641 | $17,638 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
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 | $1,753 | $1,142 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 18,641 | 28,852 | 17,638 | 27,710 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | ($750) |
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 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 1 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Nov. 30, 2014 | Apr. 30, 2004 | Mar. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Proceeds from Convertible Debt | $87.50 | |||
Convertible Debt Instrument Interest Rate Stated Percentage | 5.25% | |||
Debt Instrument, Convertible, Conversion Ratio | 829.1874 | |||
Debt Instrument, Convertible, Conversion Price | $1.21 | |||
Debt Issuance Cost | 3.4 | |||
Unamortized Debt Issuance Expense | 3.2 | |||
Debt Instrument, Fair Value Disclosure | 87.5 | |||
Buildings Collateral | 59.1 | |||
Land Collateral | 2.7 | |||
Mortgage Loans on Real Estate, New Mortgage Loans | 34 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.23% | |||
Mortgage Loans on Real Estate, Carrying Amount of Mortgages | $19.70 |
Arrangements_with_Symphony_Ico1
Arrangements with Symphony Icon Inc (Details) (USD $) | 0 Months Ended | 3 Months Ended | |||||
Apr. 24, 2015 | Dec. 04, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | 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 Contingent Payment In Cash | 750,000 | 5,800,000 | |||||
Symphony Contingent Payment in Shares | 4,662,780 | ||||||
Symphony Contingent Payment Total | 11,500,000 | ||||||
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 in fair value of Symphony Icon, Inc. purchase liability | $1,753,000 | $1,142,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Operating Leased Assets [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $4,500,000 | |
Restricted investments | $430,000 | $430,000 |
Collaboration_and_License_Agre1
Collaboration and License Agreements (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Oct. 31, 2014 | Oct. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | |
Collaboration and License Agreements [Abstract] | |||||
Ipsen Maximum Regulatory And Commercial Milestones | $34 | ||||
Ipsen Maximum Sales Milestones | 72 | ||||
Ipsen Total Upfront Payments | 24.5 | ||||
Ipsen Revenue Allocated to License Deliverable | 1.4 | 21.2 | |||
Ipsen Revenue Allocated to Development Deliverable | 1.7 | ||||
Ipsen Revenue Allocated to Committee Deliverable | 0.1 | ||||
Ipsen Revenue Recognized | $1.70 |
Subsequent_Event_Details
Subsequent Event (Details) | 20-May-15 | Mar. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Abstract] | |||
Common Stock, Shares Authorized | 900,000,000 | 900,000,000 | |
Common Stock, Shares Authorized After Reverse Stock Split | 225,000,000 |