09:05 AM EDT, 03/11/2024 (MT Newswires) -- Lexicon Pharmaceuticals ( LXRX ) shares rose by more than 9% in premarket trading on Monday after it reported Q4 results and said it would resubmit a new drug application for sotagliflozin as an adjunct to insulin therapy for patients with type 1 diabetes and chronic kidney disease.

Lexicon reported a Q4 net loss of $0.20 per diluted share, compared with a loss of $0.16 per share a year earlier.

Four analysts surveyed by Capital IQ expected a loss of $0.22 per share.

Revenue for the quarter ended Dec. 31 was $702,000, compared with $28,000 a year earlier.

Four analysts surveyed by Capital IQ expected revenue of $1.24 million.

In 2019, the Food and Drug Administration issued a complete response letter regarding the NDA for sotagliflozin and issued a public Notice of Opportunity for Hearing in 2021 on whether there were grounds for denying approval. In late 2023, Lexicon and the FDA agreed to put the NOOH proceedings on hold.

Price: 2.34, Change: +0.17, Percent Change: +7.87