THE WOODLANDS, Texas (AP) – Drug developer Lexicon Pharmaceuticals Inc.’s first-quarter loss widened on higher costs and lower revenue from partnerships, the company said.
Lexicon has several drugs in development aimed at diabetes, irritable bowel syndrome and rheumatoid arthritis. The company’s partners include Bristol-Myers Squibb Co., Roche’s Genentech, N.V. Organon and Takeda Pharmaceutical.
The company reported a net loss of $29.6 million, or 9 cents per share, compared with a loss of $26.1 million, or 13 cents per share, a year ago. The company had 140 million additional shares of stock outstanding in the most recent quarter.
Research and development expenses rose 13 percent to $23.9 million.
Revenue fell to $596,000 from $1.6 million, mainly from lower payments under its development partnership with Taconic Farms Inc.
Analysts surveyed by FactSet expected loss of 7 cents per share and revenue of $1.3 million.
Operating expenses rose 9.5 percent to $29.6 million.
As of March, 31, the company had about $188.9 million in cash and investments.