Lexicon Pharmaceuticals (LXRX) 10-Q 2 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 30, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-30111
Entity Registrant Name	Lexicon Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	76-0474169
Entity Address, Address Line One	2445 Technology Forest Blvd.
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	The Woodlands
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77381
City Area Code	281
Local Phone Number	863-3000
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	LXRX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		361,492,295
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001062822

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 35,617	$ 22,465
Short-term investments	274,347	147,561
Accounts receivable, net	2,620	1,010
Inventory	585	381
Prepaid expenses and other current assets	7,675	5,130
Total current assets	320,844	176,547
Property and equipment, net of accumulated depreciation and amortization of $1,835 and $4,538, respectively	1,954	1,987
Goodwill	44,543	44,543
Operating lease right-of-use-assets	5,187	5,524
Other assets	828	828
Total assets	373,356	229,429
Current liabilities:
Accounts payable	12,220	14,389
Accrued liabilities	15,656	17,157
Total current liabilities	27,876	31,546
Long-term debt, net	99,499	99,508
Other long-term liabilities	6,001	5,265
Total liabilities	133,376	136,319
Commitments and contingencies (Note 6)
Stockholders’ Equity:
Series A Convertible preferred stock; 2,304,147 shares issued and none outstanding at June 30, 2024; no shares issued or outstanding at December 31, 2023	0	0
Common stock, $0.001 par value; 450,000,000 shares authorized; 363,020,303 and 245,792,668 shares issued, respectively	363	245
Additional paid-in capital	2,113,090	1,862,558
Accumulated deficit	(1,868,665)	(1,766,839)
Accumulated other comprehensive (loss) income	(193)	31
Treasury stock, at cost, 1,528,008 and 867,973 shares, respectively	(4,615)	(2,885)
Total stockholders’ equity	239,980	93,110
Total liabilities and stockholders’ equity	$ 373,356	$ 229,429

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Less: Accumulated depreciation and amortization	$ 1,835	$ 4,538
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000,000	5,000,000,000
Preferred stock, outstanding (in shares)	0	0
Preferred stock, issued (in shares)	2,304,147	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	450,000,000	450,000,000
Common stock, issued (in shares)	363,020,303	245,792,668
Treasury stock (in shares)	1,528,008	867,973

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Net product revenue	$ 1,617	$ 291	$ 2,710	$ 291
Royalties and other revenue	30	26	67	49
Total revenues	1,647	317	2,777	340
Operating expenses:
Cost of sales	166	8	197	8
Research and development, including stock-based compensation of $1,679, $1,302, $3,273, and $2,505, respectively	17,643	14,541	32,015	26,567
Selling, general and administrative, including stock-based compensation of $3,180, $2,513, $5,888, and $4,725, respectively	39,192	30,008	71,252	49,147
Total operating expenses	57,001	44,557	103,464	75,722
Loss from operations	(55,354)	(44,240)	(100,687)	(75,382)
Interest and other expense	(2,211)	(1,960)	(7,159)	(3,781)
Interest income and other, net	4,136	1,296	6,020	2,325
Net loss	$ (53,429)	$ (44,904)	$ (101,826)	$ (76,838)
Net loss per common share, basic (usd per share)	$ (0.17)	$ (0.22)	$ (0.37)	$ (0.39)
Net loss per common share, diluted (usd per share)	$ (0.17)	$ (0.22)	$ (0.37)	$ (0.39)
Shares used in computing net loss per common share, basic	310,836	204,783	278,113	196,942
Shares used in computing net loss per common share, diluted	310,836	204,783	278,113	196,942
Other comprehensive loss:
Unrealized (loss) gain on investments	$ (143)	$ 63	$ (224)	$ 328
Comprehensive loss	$ (53,572)	$ (44,841)	$ (102,050)	$ (76,510)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation			$ 9,161	$ 7,230
Research and Development Expense
Stock-based compensation	$ 1,679	$ 1,302	3,273	2,505
Selling, General and Administrative Expenses
Stock-based compensation	$ 3,180	$ 2,513	$ 5,888	$ 4,725

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)	Treasury Stock
Common stock beginning balance (in shares) at Dec. 31, 2022		189,214,000
Beginning balance at Dec. 31, 2022	$ 117,124	$ 189	$ 0	$ 1,709,144	$ (1,589,720)	$ (428)	$ (2,061)
Preferred stock beginning balance (in shares) at Dec. 31, 2022			0
Stock-based compensation	3,415			3,415
Issuance of common stock under Equity Incentive Plans (in shares)		1,216,000
Proceeds from issuance of common stock for equity incentive plans	0	$ 1		(1)
Repurchase of common stock	(824)						(824)
Net loss	(31,934)				(31,934)
Unrealized gain (loss) on investments	265					265
Common stock ending balance (in shares) at Mar. 31, 2023		190,430,000
Ending balance at Mar. 31, 2023	88,046	$ 190	$ 0	1,712,558	(1,621,654)	(163)	(2,885)
Preferred stock ending balance (in shares) at Mar. 31, 2023			0
Common stock beginning balance (in shares) at Dec. 31, 2022		189,214,000
Beginning balance at Dec. 31, 2022	117,124	$ 189	$ 0	1,709,144	(1,589,720)	(428)	(2,061)
Preferred stock beginning balance (in shares) at Dec. 31, 2022			0
Issuance of equity-classified warrants	307
Net loss	(76,838)
Unrealized gain (loss) on investments	328
Common stock ending balance (in shares) at Jun. 30, 2023		245,793,000
Ending balance at Jun. 30, 2023	186,361	$ 245	$ 0	1,855,659	(1,666,558)	(100)	(2,885)
Preferred stock ending balance (in shares) at Jun. 30, 2023			0
Common stock beginning balance (in shares) at Mar. 31, 2023		190,430,000
Beginning balance at Mar. 31, 2023	88,046	$ 190	$ 0	1,712,558	(1,621,654)	(163)	(2,885)
Preferred stock beginning balance (in shares) at Mar. 31, 2023			0
Stock-based compensation	3,815			3,815
Issuance of equity-classified warrants	307			307
Stock Issued During Period, Shares, New Issues		55,288,000
Stock Issued During Period, Value, New Issues	$ 139,034	$ 55		138,979
Issuance of common stock under Equity Incentive Plans (in shares)	75,000
Proceeds from issuance of common stock for equity incentive plans	$ 0
Net loss	(44,904)				(44,904)
Unrealized gain (loss) on investments	63					63
Common stock ending balance (in shares) at Jun. 30, 2023		245,793,000
Ending balance at Jun. 30, 2023	$ 186,361	$ 245	$ 0	1,855,659	(1,666,558)	(100)	(2,885)
Preferred stock ending balance (in shares) at Jun. 30, 2023			0
Common stock beginning balance (in shares) at Dec. 31, 2023	245,792,668	245,793,000
Beginning balance at Dec. 31, 2023	$ 93,110	$ 245	$ 0	1,862,558	(1,766,839)	31	(2,885)
Preferred stock beginning balance (in shares) at Dec. 31, 2023	0		0
Stock-based compensation	$ 4,302			4,302
Stock Issued During Period, Shares, New Issues			2,304,000
Stock Issued During Period, Value, New Issues	241,575		$ 23	241,552
Issuance of common stock under Equity Incentive Plans (in shares)		1,972,000
Proceeds from issuance of common stock for equity incentive plans	88	$ 3		85
Repurchase of common stock	(1,730)						(1,730)
Net loss	(48,397)				(48,397)
Unrealized gain (loss) on investments	(81)					(81)
Common stock ending balance (in shares) at Mar. 31, 2024		247,765,000
Ending balance at Mar. 31, 2024	$ 288,867	$ 248	$ 23	2,108,497	(1,815,236)	(50)	(4,615)
Preferred stock ending balance (in shares) at Mar. 31, 2024			2,304,000
Common stock beginning balance (in shares) at Dec. 31, 2023	245,792,668	245,793,000
Beginning balance at Dec. 31, 2023	$ 93,110	$ 245	$ 0	1,862,558	(1,766,839)	31	(2,885)
Preferred stock beginning balance (in shares) at Dec. 31, 2023	0		0
Issuance of equity-classified warrants	$ 0
Net loss	(101,826)
Unrealized gain (loss) on investments	$ (224)
Common stock ending balance (in shares) at Jun. 30, 2024	363,020,303	363,020,000
Ending balance at Jun. 30, 2024	$ 239,980	$ 363	$ 0	2,113,090	(1,868,665)	(193)	(4,615)
Preferred stock ending balance (in shares) at Jun. 30, 2024	2,304,147		0
Common stock beginning balance (in shares) at Mar. 31, 2024		247,765,000
Beginning balance at Mar. 31, 2024	$ 288,867	$ 248	$ 23	2,108,497	(1,815,236)	(50)	(4,615)
Preferred stock beginning balance (in shares) at Mar. 31, 2024			2,304,000
Stock-based compensation	4,859			4,859
Stock Issued During Period, Value, New Issues	(175)			(175)
Conversion of preferred stock to common stock (in shares)		115,207,000	(2,304,000)
Conversion of preferred stock to common stock	0	$ 115	$ (23)	(92)
Issuance of common stock under Equity Incentive Plans (in shares)		48,000
Proceeds from issuance of common stock for equity incentive plans	1			1
Net loss	(53,429)				(53,429)
Unrealized gain (loss) on investments	$ (143)					(143)
Common stock ending balance (in shares) at Jun. 30, 2024	363,020,303	363,020,000
Ending balance at Jun. 30, 2024	$ 239,980	$ 363	$ 0	$ 2,113,090	$ (1,868,665)	$ (193)	$ (4,615)
Preferred stock ending balance (in shares) at Jun. 30, 2024	2,304,147		0

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (101,826)	$ (76,838)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	283	256
Stock-based compensation	9,161	7,230
Amortization of debt-related costs	1,042	538
Other non-cash adjustments	(5,110)	0
Changes in operating assets and liabilities:
Increase in accounts receivable	(1,610)	(657)
Increase in inventories	(204)	(172)
Increase in prepaid expenses and other current assets	(2,545)	(3,643)
Decrease in other long-term assets	337	561
(Decrease) increase in accounts payable and other liabilities	(3,198)	2,995
Net cash used in operating activities	(103,670)	(69,730)
Cash flows from investing activities:
Purchases of property and equipment	(250)	(387)
Purchases of investments	(260,297)	(150,998)
Maturities of investments	138,000	88,870
Net cash used in investing activities	(122,547)	(62,515)
Cash flows from financing activities:
Proceeds from issuance of common stock for equity incentive plans	89	0
Proceeds from issuance of common stock, net of fees	0	139,034
Proceeds from issuance of preferred stock, net of fees	241,410	0
Repurchase of common stock for equity incentive plans	(1,730)	(824)
Proceeds from debt borrowings, net of fees	0	49,961
Other	(400)	0
Net cash provided by financing activities	239,369	188,171
Net increase in cash and cash equivalents	13,152	55,926
Cash and cash equivalents at beginning of period	22,465	46,345
Cash and cash equivalents at end of period	35,617	102,271
Supplemental disclosure of cash flow information:
Cash paid for interest	6,512	3,314
Supplemental disclosure of non-cash investing and financing activities:
Accrued financing costs	910	0
Conversion of preferred stock to common stock	115	0
Issuance of equity-classified warrants	$ 0	$ 307

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. The accompanying unaudited condensed consolidated financial statements of Lexicon Pharmaceuticals, Inc. (“Lexicon” or the “Company”) include the accounts of Lexicon and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. These unaudited condensed consolidated financial statements 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 six month period ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ended December 31, 2024. 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, 2023, as filed with the SEC. Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant Accounting Policies. There have been no significant changes to our summary of significant policies discussed in our annual report on Form 10-K for the year ended December 31, 2023. Recent Accounting Pronouncements Issued But Not Yet Adopted . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures , which is effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , which is effective prospectively for annual periods beginning after December 15, 2024. Early adoption is permitted for both standards. We do not expect these accounting pronouncements to have a material impact on our financial statements.

Cash and Cash Equivalents and I

Cash and Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Cash and Cash Equivalents and Investments	Cash and Cash Equivalents and Investments The fair value of cash and cash equivalents and investments held at June 30, 2024 and December 31, 2023 are as follows: As of June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents $ 35,617 $ — $ — $ 35,617 Securities maturing within one year: U.S. treasury securities 244,856 — (156) 244,700 Corporate debt securities 29,685 — (38) 29,647 Total short-term investments $ 274,541 $ — $ (194) $ 274,347 Total cash and cash equivalents and investments $ 310,158 $ — $ (194) $ 309,964 As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents $ 22,465 $ — $ — $ 22,465 Securities maturing within one year: U.S. treasury securities 141,577 31 (12) 141,596 Corporate debt securities 5,954 11 — 5,965 Total short-term investments $ 147,531 $ 42 $ (12) $ 147,561 Total cash and cash equivalents and investments $ 169,996 $ 42 $ (12) $ 170,026 As of June 30, 2024 and December 31, 2023, our investments in an unrealized loss position had an estimated fair value of $268.9 million and $58.5 million, respectively. There were no realized gains or losses during either of the six month periods ended June 30, 2024 and 2023.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 condensed 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 assets, which include U.S. treasury securities • Level 2 - other significant observable inputs (including quoted prices for similar investments, market corroborated inputs, etc.), which includes corporate debt securities • Level 3 - significant unobservable inputs 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 tables provide the fair value measurements of applicable Company assets that are measured at fair value on a recurring basis according to the fair value levels defined above as of June 30, 2024 and December 31, 2023. There were no transfers between Level 1 and Level 2 during the periods presented. Assets at Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 35,617 $ — $ — $ 35,617 Short-term investments 244,700 29,647 — 274,347 Total cash and cash equivalents and investments $ 280,317 $ 29,647 $ — $ 309,964 Assets at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,465 $ — $ — $ 22,465 Short-term investments 141,596 5,965 — 147,561 Total cash and cash equivalents and investments $ 164,061 $ 5,965 $ — $ 170,026

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Supplemental Financial Information	Supplemental Financial Information The following tables show the Company’s additional balance sheet information as of June 30, 2024 and December 31, 2023: As of June 30, As of December 31, 2024 2023 (in thousands) Inventories: Raw materials $ 103 $ — Work-in-progress 83 100 Finished goods 399 281 Inventory $ 585 $ 381 Estimated Useful Lives As of June 30, As of December 31, In Years 2024 2023 (in thousands) Property and Equipment: Computers and software 3-5 $ 1,222 $ 2,408 Furniture and fixtures 5-7 389 1,939 Leasehold improvements 3-7 2,178 2,178 Total property and equipment 3,789 6,525 Less: Accumulated depreciation and amortization (1,835) (4,538) Net property and equipment $ 1,954 $ 1,987 During the six months ended June 30, 2024, the Company retired $1.4 million of computers and software and $1.6 million of furniture and fixtures, all of which had been fully depreciated. As of June 30, As of December 31, 2024 2023 (in thousands) Accrued Liabilities: Accrued research and development services $ 3,857 $ 3,705 Accrued compensation and benefits 9,171 9,591 Short-term lease liability 1,291 1,291 Other 1,337 2,570 Total accrued liabilities $ 15,656 $ 17,157

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Oxford Term Loans Overview. Lexicon and one of its subsidiaries entered into a loan and security agreement (the “Loan Agreement”) with Oxford Finance LLC and the lenders listed therein (“Oxford”) in March 2022 (as subsequently amended) that provides up to $150 million in borrowing capacity (the “Oxford Term Loans”). On June 28, 2024, Lexicon and its subsidiary entered into a sixth amendment to the Loan Agreement extending the interest-only period with an amortization date of May 1, 2027, extending the maturity date to March 1, 2029 and modifying the exit fee provision and existing financial covenants as noted below. The Oxford Term Loans are available in five tranches, each maturing in March 2029. The first two $25 million tranches totaling $50 million were funded in 2022 and the third $50 million tranche was funded in June 2023. The fourth $25 million tranche will be available for draw at Lexicon’s option upon the achievement of specified INPEFA net sales and until April 15, 2025. An unused fee will be due in the event Lexicon does not draw the full amount when available under the fourth tranche. The fifth $25 million tranche is available for draw at Lexicon’s option, subject to Oxford’s consent, at any time prior to the expiration of the interest-only period in March 2027 as described below. As of June 30, 2024, the carrying value of the Oxford Term Loans on the condensed consolidated balance sheet was $99.5 million, reflecting an unamortized discount of $7.5 million to the face value of long-term debt related to debt issuance costs, the final payment exit fee, and the warrant fair value described below, which are being amortized into interest and other expense. A final payment exit fee of $7.0 million equal to 7% of the amount funded under the Oxford Term Loans is due upon prepayment or maturity. Oxford Warrants. Concurrent with the funding of each of the first three tranches, Lexicon granted Oxford warrants to purchase 420,673 shares of Lexicon’s common stock at an exercise price of $2.08 per share, 224,128 shares of Lexicon’s common stock at an exercise price of $1.95 per share and 183,824 shares of Lexicon’s common stock at an exercise price of $2.38 per share, respectively. Subject to and upon funding of the fourth tranche, Lexicon will grant Oxford a warrant to purchase shares of its common stock having a value equal to 1.75% of such tranche, as determined by reference to a 10-day average closing price of the shares, and having an exercise price equal to such average closing price. All warrants are exercisable for five years from their respective grant dates and feature a net cashless exercise provision. The Company allocated the proceeds from each term loan tranche to the corresponding warrant using the relative fair value method and used the Black-Scholes model to calculate the fair value of the warrants. These warrants reduced the carrying value of long-term debt and are classified as equity instruments in additional paid-in capital on the condensed consolidated balance sheet. Interest and Principal Payments. Monthly interest-only payments are due during an initial 60-month period from the original March 2022 borrowing date. The interest-only period will be followed by an amortization period extending through the maturity date with monthly principal payments beginning May 1, 2027. Payments of $34.8 million, $52.2 million, and $20.0 million, including debt principal and final exit fee payments, will be due during the fiscal years ended December 31, 2027, December 31, 2028 and December 31, 2029, respectively, with respect to all borrowed loan tranches as of June 30, 2024. Any prepayment of the Oxford Term Loans is subject to prepayment fees of up to 3% which decline over the three years following the funding date of each loan tranche. Following the June 2023 amendment to the Loan Agreement, the floating interest rate is currently based on the sum of (a) the 1-month CME Term Secured Overnight Financing Rate (SOFR), (b) 0.10%, and (c) 7.90% for the first and second tranches and 7.00% for the third and fourth tranches. Prior to June 2023, the Oxford Term Loans bore interest at a floating rate equal to the 30-day U.S. Dollar LIBOR plus 7.90%, but not less than 8.01%. As of June 30, 2024, the weighted average interest rate of the Oxford Term Loans was 12.9%. Restrictive Provisions/Covenants. If an event of default occurs and is continuing, Oxford may declare all amounts outstanding under the Loan Agreement to be immediately due and payable. Additionally, Lexicon may prepay the Oxford Term Loans in whole at its option at any time.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease Obligations. Lexicon’s operating leases include leases of office space in The Woodlands, Texas and Bridgewater, New Jersey that will expire in August 2025 and January 2034, respectively. In July 2024, Lexicon entered into a new lease agreement for its existing office space in The Woodlands, Texas beginning September 1, 2025 with a term of approximately five years and total undiscounted cash payments of $4.1 million. Operating lease right-of-use assets and associated lease liabilities are recorded in the condensed consolidated balance sheet at the lease commencement date based on the present value of future lease payments to be made over the expected lease term. As the implicit rate is not determinable in its leases, Lexicon uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. Lexicon does not apply this accounting to those leases with terms of twelve months or less. As of June 30, 2024 and December 31, 2023, the right-of-use assets for the office space leases of $5.2 million and $5.5 million, respectively, are separately included in operating lease right-of-use-assets in the condensed consolidated balance sheet. Current liabilities relating to the leases were included in accrued liabilities in the condensed consolidated balance sheet (as further described in Note 4) and long-term operating lease liabilities of $4.9 million and $5.3 million, respectively, as of June 30, 2024 and December 31, 2023 are included in other long-term liabilities in the condensed consolidated balance sheet. During each of the three and six months ended June 30, 2024 and 2023, the Company incurred lease expense of $0.4 million and $0.8 million, respectively. During the six months ended June 30, 2024 and 2023, the Company made cash payments for lease liabilities of $0.7 million and $0.3 million, respectively. As of June 30, 2024 and December 31, 2023, the weighted-average remaining lease terms were 8.8 years and 9 years, respectively, with weighted-average discount rates of 9.6% for each year. The following table reconciles the undiscounted cash flows of the operating lease liability to the recorded lease liability at June 30, 2024: (in thousands) 2024 $ 691 2025 1,220 2026 865 2027 881 2028 898 Thereafter 4,746 Total undiscounted operating lease liability 9,301 Less: amount of lease payments representing interest (3,124) Present value of future lease payments 6,177 Less: short-term operating lease liability (1,291) Long-term operating lease liability $ 4,886 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.

Equity Incentive Awards

Equity Incentive Awards	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Awards	Equity Incentive Awards Stock-Based Compensation. The Company has stockholder-approved equity incentive plans that permit the grant of stock options, restricted stock unit awards, and other stock-based awards to employees, directors, and consultants of the Company. Compensation expense related to stock options and restricted stock units (“RSUs”) is determined based on the fair value of the award on the date of the grant and is recognized on a straight-line basis over the vesting period in which an employee is required to provide service. Compensation expense for the three months ended June 30, 2024 and 2023 of $4.9 million and $3.8 million, respectively, and for the six months ended June 30, 2024 and 2023 of $9.2 million and $7.2 million, respectively, is recorded separately in research and development expense and selling, general, and administrative expense as noted on the Company’s condensed consolidated statements of comprehensive loss. The fair value of stock options is estimated at the date of grant using the Black-Scholes method requiring the input of subjective assumptions. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options. For purposes of determining the fair value of stock options, the Company segregates its options into two homogeneous groups, based on exercise and post-vesting employment termination behaviors, resulting in different assumptions used for expected option lives. Historical data is used to estimate the expected option life for each group. Expected volatility is based on the historical volatility in the Company’s stock price. The following weighted-average assumptions were used for stock options granted in the six months ended June 30, 2024 and 2023: Expected Volatility Risk-free Interest Rate Expected Term Dividend June 30, 2024 Employees 96 % 4.5 % 4 — % Officers and non-employee directors 104 % 4.2 % 6 — % June 30, 2023 Employees 113 % 3.8 % 4 — % Officers and non-employee directors 99 % 3.9 % 6 — % The following is a summary of stock option activity under Lexicon’s stock-based compensation plans for the six months ended June 30, 2024: Stock Options Weighted Average Exercise Price (in thousands) Outstanding at December 31, 2023 18,705 $ 3.93 Granted 4,632 2.10 Exercised (51) 1.72 Expired (174) 11.81 Forfeited (898) 2.69 Outstanding at June 30, 2024 22,214 3.54 Exercisable at June 30, 2024 10,505 $ 4.81 The following is a summary of restricted stock unit activity under Lexicon’s stock-based compensation plans for the six months ended June 30, 2024: RSU’s Weighted Average Grant Date (in thousands) Outstanding at December 31, 2023 5,015 $ 2.78 Granted 8,527 2.14 Vested (1,970) 3.10 Forfeited (407) 2.28 Outstanding at June 30, 2024 11,165 $ 2.25

Other Capital Agreements

Other Capital Agreements	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Other Capital Agreements	Other Capital Agreements Convertible Preferred Stock. On March 11, 2024, Lexicon entered into an agreement with certain accredited investors pursuant to which the Company agreed to sell 2,304,147 shares of its Series A Convertible Preferred Stock, par value $0.01 per share, in a private placement at a price of $108.50 per share. The Company received net proceeds of $241.4 million, after deducting placement agent fees and offering expenses from the private placement offering. An affiliate of Invus, L.P. elected to participate on the same terms as each other purchaser on a pro rata basis and also agreed to vote at the Company’s 2024 annual meeting of stockholders in favor of the approval of an amendment to the Company’s certificate of incorporation increasing the total authorized common shares thereunder from 300,000,000 to 450,000,000 shares (the “New Charter”).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (53,429)	$ (48,397)	$ (44,904)	$ (31,934)	$ (101,826)	$ (76,838)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation.
Use of Estimates	Use of Estimates. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Significant Accounting Policies	Significant Accounting Policies. There have been no significant changes to our summary of significant policies discussed in our annual report on Form 10-K for the year ended December 31, 2023.
Recent Accounting Pronouncements Issued But Not Yet Adopted	Recent Accounting Pronouncements Issued But Not Yet Adopted . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures , which is effective retrospectively for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures , which is effective prospectively for annual periods beginning after December 15, 2024. Early adoption is permitted for both standards. We do not expect these accounting pronouncements to have a material impact on our financial statements.

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Schedule of Cash, Cash Equivalents and Short-term Investments	The fair value of cash and cash equivalents and investments held at June 30, 2024 and December 31, 2023 are as follows: As of June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents $ 35,617 $ — $ — $ 35,617 Securities maturing within one year: U.S. treasury securities 244,856 — (156) 244,700 Corporate debt securities 29,685 — (38) 29,647 Total short-term investments $ 274,541 $ — $ (194) $ 274,347 Total cash and cash equivalents and investments $ 310,158 $ — $ (194) $ 309,964 As of December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (in thousands) Cash and cash equivalents $ 22,465 $ — $ — $ 22,465 Securities maturing within one year: U.S. treasury securities 141,577 31 (12) 141,596 Corporate debt securities 5,954 11 — 5,965 Total short-term investments $ 147,531 $ 42 $ (12) $ 147,561 Total cash and cash equivalents and investments $ 169,996 $ 42 $ (12) $ 170,026

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summary of Fair Value Measurements	The following tables provide the fair value measurements of applicable Company assets that are measured at fair value on a recurring basis according to the fair value levels defined above as of June 30, 2024 and December 31, 2023. There were no transfers between Level 1 and Level 2 during the periods presented. Assets at Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 35,617 $ — $ — $ 35,617 Short-term investments 244,700 29,647 — 274,347 Total cash and cash equivalents and investments $ 280,317 $ 29,647 $ — $ 309,964 Assets at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total (in thousands) Cash and cash equivalents $ 22,465 $ — $ — $ 22,465 Short-term investments 141,596 5,965 — 147,561 Total cash and cash equivalents and investments $ 164,061 $ 5,965 $ — $ 170,026

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventory, Current	The following tables show the Company’s additional balance sheet information as of June 30, 2024 and December 31, 2023: As of June 30, As of December 31, 2024 2023 (in thousands) Inventories: Raw materials $ 103 $ — Work-in-progress 83 100 Finished goods 399 281 Inventory $ 585 $ 381
Property, Plant and Equipment	Estimated Useful Lives As of June 30, As of December 31, In Years 2024 2023 (in thousands) Property and Equipment: Computers and software 3-5 $ 1,222 $ 2,408 Furniture and fixtures 5-7 389 1,939 Leasehold improvements 3-7 2,178 2,178 Total property and equipment 3,789 6,525 Less: Accumulated depreciation and amortization (1,835) (4,538) Net property and equipment $ 1,954 $ 1,987
Schedule of Accrued Liabilities	As of June 30, As of December 31, 2024 2023 (in thousands) Accrued Liabilities: Accrued research and development services $ 3,857 $ 3,705 Accrued compensation and benefits 9,171 9,591 Short-term lease liability 1,291 1,291 Other 1,337 2,570 Total accrued liabilities $ 15,656 $ 17,157

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Maturity	The following table reconciles the undiscounted cash flows of the operating lease liability to the recorded lease liability at June 30, 2024: (in thousands) 2024 $ 691 2025 1,220 2026 865 2027 881 2028 898 Thereafter 4,746 Total undiscounted operating lease liability 9,301 Less: amount of lease payments representing interest (3,124) Present value of future lease payments 6,177 Less: short-term operating lease liability (1,291) Long-term operating lease liability $ 4,886

Equity Incentive Awards (Tables

Equity Incentive Awards (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The following weighted-average assumptions were used for stock options granted in the six months ended June 30, 2024 and 2023: Expected Volatility Risk-free Interest Rate Expected Term Dividend June 30, 2024 Employees 96 % 4.5 % 4 — % Officers and non-employee directors 104 % 4.2 % 6 — % June 30, 2023 Employees 113 % 3.8 % 4 — % Officers and non-employee directors 99 % 3.9 % 6 — %
Share-based Payment Arrangement, Option, Activity	The following is a summary of stock option activity under Lexicon’s stock-based compensation plans for the six months ended June 30, 2024: Stock Options Weighted Average Exercise Price (in thousands) Outstanding at December 31, 2023 18,705 $ 3.93 Granted 4,632 2.10 Exercised (51) 1.72 Expired (174) 11.81 Forfeited (898) 2.69 Outstanding at June 30, 2024 22,214 3.54 Exercisable at June 30, 2024 10,505 $ 4.81
Schedule of Nonvested Restricted Stock Units Activity	The following is a summary of restricted stock unit activity under Lexicon’s stock-based compensation plans for the six months ended June 30, 2024: RSU’s Weighted Average Grant Date (in thousands) Outstanding at December 31, 2023 5,015 $ 2.78 Granted 8,527 2.14 Vested (1,970) 3.10 Forfeited (407) 2.28 Outstanding at June 30, 2024 11,165 $ 2.25

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Investments - Schedule of Cash and Cash Equivalents and Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Estimated Fair Value	$ 274,347	$ 147,561
Cash and cash equivalents
Fair Value
Amortized Cost	35,617	22,465
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	35,617	22,465
Total short-term investments
Fair Value
Amortized Cost	274,541	147,531
Gross Unrealized Gains	0	42
Gross Unrealized Losses	(194)	(12)
Estimated Fair Value	274,347	147,561
U.S. treasury securities
Fair Value
Amortized Cost	244,856	141,577
Gross Unrealized Gains	0	31
Gross Unrealized Losses	(156)	(12)
Estimated Fair Value	244,700	141,596
Corporate debt securities
Fair Value
Amortized Cost	29,685	5,954
Gross Unrealized Gains	0	11
Gross Unrealized Losses	(38)	0
Estimated Fair Value	29,647	5,965
Total cash and cash equivalents and investments
Fair Value
Amortized Cost	310,158	169,996
Gross Unrealized Gains	0	42
Gross Unrealized Losses	(194)	(12)
Estimated Fair Value	$ 309,964	$ 170,026

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Investments in an unrealized loss position, fair value	$ 268.9		$ 58.5
Realized gains (losses)	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Cash and cash equivalents	$ 35,617	$ 22,465
Short-term investments	274,347	147,561
Total cash and cash equivalents and investments	309,964	170,026
Level 1
Fair Value
Cash and cash equivalents	35,617	22,465
Short-term investments	244,700	141,596
Total cash and cash equivalents and investments	280,317	164,061
Level 2
Fair Value
Cash and cash equivalents	0	0
Short-term investments	29,647	5,965
Total cash and cash equivalents and investments	29,647	5,965
Level 3
Fair Value
Cash and cash equivalents	0	0
Short-term investments	0	0
Total cash and cash equivalents and investments	$ 0	$ 0

Supplemental Financial Inform_3

Supplemental Financial Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventories:
Raw materials	$ 103	$ 0
Work-in-progress	83	100
Finished goods	399	281
Inventory	585	381
Property, Plant and Equipment [Line Items]
Total property and equipment	3,789	6,525
Less: Accumulated depreciation and amortization	(1,835)	(4,538)
Net property and equipment	1,954	1,987
Accrued Liabilities [Abstract]
Accrued research and development services current	3,857	3,705
Employee-related Liabilities, Current	9,171	9,591
Operating Lease, Liability, Current	1,291	1,291
Other Accrued Liabilities, Current	1,337	2,570
Accrued Liabilities, Total	15,656	17,157
Computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,222	2,408
Computers and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Computers and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 389	1,939
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,178	$ 2,178
Leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years

Supplemental Financial Inform_4

Supplemental Financial Information - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Computers and software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, disposals	$ 1.4
Accumulated depreciation, disposal of property, plant and equipment	1.4
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, disposals	1.6
Accumulated depreciation, disposal of property, plant and equipment	$ 1.6

Debt Obligations (Details)

Debt Obligations (Details)		1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2023	Jun. 30, 2023 USD ($) $ / shares Rate shares	Jun. 30, 2024 USD ($) d Rate	Dec. 31, 2029 USD ($)	Dec. 31, 2028 USD ($)	Dec. 31, 2027 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares
Line of Credit Facility [Line Items]
Long-term debt, net			$ 99,499,000				$ 99,508,000
Term Loan | Oxford Finance LLC Term Loans | Line of Credit
Line of Credit Facility [Line Items]
Term loan borrowing capacity									$ 150,000,000
Unamortized discount on debt			7,500,000
Exit fee amount			$ 7,000,000
Exit fee percentage | Rate			7%
Term for exercise of warrants			5 years
Prepayment fee percentage			3%
Incremental interest rate | Rate		0.10%
Weighted average interest rate	8.01%		12.90%
Debt instrument, covenant compliance, cash and investments balance, minimum percentage			5,000%
Minimum required cash and investments balance			$ 10
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Forecast
Line of Credit Facility [Line Items]
Debt payments				$ 20,000,000	$ 52,200,000	$ 34,800,000
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate	790%
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | First Tranche
Line of Credit Facility [Line Items]
Term loan funded									$ 25,000,000
Warrants outstanding (in shares) | shares									420,673
Exercise price of warrants (in dollars per share) | $ / shares									$ 2.08
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | First Tranche | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		7.90%
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Second Tranche
Line of Credit Facility [Line Items]
Term loan funded								$ 25,000,000
Warrants outstanding (in shares) | shares								224,128
Exercise price of warrants (in dollars per share) | $ / shares								$ 1.95
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Second Tranche | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		7.90%
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Third tranche
Line of Credit Facility [Line Items]
Term loan funded		$ 50,000,000
Warrants outstanding (in shares) | shares		183,824
Exercise price of warrants (in dollars per share) | $ / shares		$ 2.38
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Third tranche | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate | Rate		7%
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Fourth Tranche
Line of Credit Facility [Line Items]
Remaining term loan funding			$ 25,000,000
Warrant percentage of fourth tranche | Rate			1.75%
Number of days to determine average closing price of warrant shares | d			10
Minimum required cash and investments balance			$ 25,000,000
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Fourth Tranche | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate | Rate		7%
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Fifth Tranche
Line of Credit Facility [Line Items]
Remaining term loan funding			$ 25,000,000
Term Loan | Oxford Finance LLC Term Loans | Line of Credit | Debt Instrument Redemption Period One and Two
Line of Credit Facility [Line Items]
Term loan funded								$ 50,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 30, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Total undiscounted operating lease liability	$ 9,301		$ 9,301
Operating lease right-of-use-assets	5,187		5,187			$ 5,524
Long-term operating lease liability	4,886		4,886			$ 5,300
Operating Lease, expense	$ 400	$ 400	800	$ 800
Payments for rent			$ 700	$ 300
Weighted-average remaining lease terms	8 years 9 months 18 days		8 years 9 months 18 days			9 years
Weighted-average discount rates	9.60%		9.60%			9.60%
Subsequent Event [Member] | TEXAS
Other Commitments [Line Items]
Lessee, operating lease, renewal term					5 years
Total undiscounted operating lease liability					$ 4,100

Commitments and Contingencies_2

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 691
2025	1,220
2026	865
2027	881
2028	898
Thereafter	4,746
Total undiscounted operating lease liability	9,301
Less: amount of lease payments representing interest	(3,124)
Present value of future lease payments	6,177
Less: short-term operating lease liability	(1,291)	$ (1,291)
Long-term operating lease liability	$ 4,886	$ 5,300

Equity Incentive Awards - Narra

Equity Incentive Awards - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Expense	$ 4.9	$ 3.8	$ 9.2	$ 7.2

Equity Incentive Awards - Summa

Equity Incentive Awards - Summary of Weighted-Average Stock Options Assumptions (Details) - Stock Options	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility	96%	113%
Risk-free Interest Rate	4.50%	3.80%
Expected Term	4 years	4 years
Dividend Rate	0%	0%
Officers and non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected Volatility	104%	99%
Risk-free Interest Rate	4.20%	3.90%
Expected Term	6 years	6 years
Dividend Rate	0%	0%

Equity Incentive Awards - Sum_2

Equity Incentive Awards - Summary of Stock Option Activity (Details) - Stock Options shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period (in shares) | shares	18,705
Granted (in shares) | shares	4,632
Exercised (in shares) | shares	(51)
Expired (in shares) | shares	(174)
Forfeited (in shares) | shares	(898)
Outstanding at end of period (in shares) | shares	22,214
Exercisable (in shares) | shares	10,505
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 3.93
Granted (in dollars per share) | $ / shares	2.10
Exercised (in dollars per share) | $ / shares	1.72
Expired (in dollars per share) | $ / shares	11.81
Forfeited (in dollars per share) | $ / shares	2.69
Outstanding at end of period (in dollars per share) | $ / shares	3.54
Exercisable (in dollars per share) | $ / shares	$ 4.81

Equity Incentive Awards - Sum_3

Equity Incentive Awards - Summary of Restricted Stock Units Activity (Details) - RSU’s shares in Thousands	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares) | shares	5,015
Granted (in shares) | shares	8,527
Vested (in shares) | shares	(1,970)
Forfeited (in shares) | shares	(407)
Outstanding at end of period (in shares) | shares	11,165
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 2.78
Granted (in dollars per share) | $ / shares	2.14
Vested (in dollars per share) | $ / shares	3.10
Forfeited (in dollars per share) | $ / shares	2.28
Outstanding at end of period (in dollars per share) | $ / shares	$ 2.25

Other Capital Agreements (Detai

Other Capital Agreements (Details) - USD ($) $ / shares in Units, $ in Millions	May 10, 2024	Mar. 11, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)			$ 0.01		$ 0.01
Common stock, authorized (in shares)			450,000,000	300,000,000	450,000,000
Private Placement
Class of Stock [Line Items]
Net proceeds from sale of stock		$ 241.4
Number of common stock shares issued for each preferred stock share upon conversion		50
Conversion of preferred stock to common stock (in shares)	115,207,350
Series A Preferred Stock | Private Placement
Class of Stock [Line Items]
Shares sold		2,304,147
Preferred stock, par value (in dollars per share)		$ 0.01
Price per share (usd per share)		$ 108.50