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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Tax Rate Reconciliation | Effective Tax Rate Reconciliation. A reconciliation of the statutory tax rate to the effective tax rate for the years ended December 31, 2024, 2023 and 2022 consists of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Expected income tax expense (benefit) at 21% | $ | (42,085) |  |  | $ | (37,196) |  |  | $ | (21,408) |
State income taxes, net of federal benefit | 319 |  |  | (3,895) |  |  | — |
Equity compensation | 3,758 |  |  | 1,530 |  |  | 1,627 |
Research and development credit | (4,241) |  |  | (712) |  |  | — |
State income taxes, tax rate change | 2,922 |  |  | (4,723) |  |  | — |
Write off of NOL carryovers due to expiration | 8,111 |  |  | — |  |  | — |
Change in valuation allowance | 30,762 |  |  | 44,410 |  |  | 19,543 |
Other (1) | 454 |  |  | 586 |  |  | 238 |
Income tax benefit | $ | — |  |  | $ | — |  |  | $ | — |
(1) Other is primarily comprised of nondeductible expenses and expiring attribute carryovers for the year ended December 31, 2024, expiring NOLs and nondeductible expenses for the year ended December 31, 2023 and nondeductible expenses for the year ended December 31, 2022.
Schedule of Deferred Tax Assets (Liabilities) | The components of Lexicon’s deferred tax assets (liabilities) at December 31, 2024 and 2023 are as follows:
| As of December 31,
| 2024 |  | 2023
| (in thousands)
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 316,034 |  |  | $ | 288,264 |
Research and development tax credits | 34,243 |  |  | 30,002 |
Orphan drug credits | 24,524 |  |  | 24,524 |
Capitalized research and development | 38,688 |  |  | 37,357 |
Stock-based compensation | 4,327 |  |  | 6,965 |
Interest | 1,748 |  |  | 1,359 |
Other | 2,726 |  |  | 3,308 |
Total deferred tax assets | 422,290 |  |  | 391,779 |
Deferred tax liabilities: |  |  |
Other | (1,357) |  |  | (1,608) |
Total deferred tax liabilities | (1,357) |  |  | (1,608) |
Less: valuation allowance | (420,933) |  |  | (390,171) |
Net deferred tax liabilities | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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