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Income Taxes (Tables)
 12 Months Ended
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,
202420232022
(in thousands)
Expected income tax expense (benefit) at 21%
$(42,085)$(37,196)$(21,408)
State income taxes, net of federal benefit319 (3,895)— 
Equity compensation3,758 1,530 1,627 
Research and development credit(4,241)(712)— 
State income taxes, tax rate change2,922 (4,723)— 
Write off of NOL carryovers due to expiration8,111 — — 
Change in valuation allowance30,762 44,410 19,543 
Other (1)
454 586 238 
Income tax benefit$— $— $— 
(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,
 20242023
 (in thousands)
Deferred tax assets:  
Net operating loss carryforwards$316,034 $288,264 
Research and development tax credits34,243 30,002 
Orphan drug credits24,524 24,524 
Capitalized research and development38,688 37,357 
Stock-based compensation4,327 6,965 
Interest1,748 1,359 
Other2,726 3,308 
Total deferred tax assets422,290 391,779 
Deferred tax liabilities:  
Other(1,357)(1,608)
Total deferred tax liabilities(1,357)(1,608)
Less: valuation allowance(420,933)(390,171)
Net deferred tax liabilities$— $—