Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (50,341)	$ (200,403)	$ (177,119)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	621	534	554
Stock-based compensation	12,517	13,499	14,340
Amortization of debt-related costs	1,700	1,845	1,774
Accretion of marketable securities purchased at a discount	(3,712)	(9,305)	(5,617)
Other non-cash adjustments	(1,742)	812	1,512
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	1,089	(2,463)	(982)
(Increase) decrease in inventories	(50)	150	(381)
Decrease (increase) in prepaid expenses and other current assets	1,532	598	(2,899)
Decrease in other long-term assets	757	1,152	467
(Decrease) increase in accounts payable and other liabilities	(30,222)	14,801	6,454
Net cash used in operating activities	(67,851)	(178,780)	(161,897)
Cash flows from investing activities:
Purchases of property and equipment	0	(1,031)	(470)
Purchases of investments	(139,838)	(328,747)	(223,343)
Maturities of investments	252,858	314,400	173,870
Net cash provided by (used in) investing activities	113,020	(15,378)	(49,943)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of fees	0	0	138,823
Proceeds from issuance of common stock for equity incentive plans	73	64	0
Proceeds from issuance of preferred stock, net of fees	0	241,322	0
Payments for tax withholding on share-based compensation vesting	(572)	(1,730)	(824)
Debt payments	(48,000)	0	0
Proceeds from debt borrowings, net of fees	0	0	49,961
Other debt financing fees	0	(1,307)	0
Net cash (used in) provided by financing activities	(48,499)	238,349	187,960
Net (decrease) increase in cash, cash equivalents, and restricted cash	(3,330)	44,191	(23,880)
Cash, cash equivalents, and restricted cash at beginning of year	66,656	22,465	46,345
Cash, cash equivalents, and restricted cash at end of year	63,326	66,656	22,465
Supplemental disclosure of cash flow information:
Cash paid for interest	8,330	12,919	10,057
Supplemental disclosure of noncash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease obligations	3,243	0	0
Issuance of equity-classified warrants	0	0	307
Accrual of deferred financing costs	0	0	250
Conversion of preferred stock to common stock	$ 0	$ 115	$ 0

LEXICON PHARMACEUTICALS, INC. 10-K