Subsequent Event (Notes)

12 Months Ended

Dec. 31, 2013

Subsequent Event

Subsequent Events

Subsequent Event

In January 2014, Lexicon's board of directors committed to narrow its strategic initiatives and focus resources on its late-stage drug development programs, principally LX4211 for diabetes and telotristat etiprate (LX1032) for carcinoid syndrome, in preparation for the transition to commercialization. The decision will result in a workforce reduction of approximately 125 employees, primarily in research, discovery and support positions, representing approximately 50% of the Company's total workforce. Lexicon expects to complete the majority of the workforce reduction in the first quarter of 2014, and the remainder in the second quarter of 2014.

Lexicon estimates that it will incur approximately $6.0 to $7.0 million in total costs as a result of the reduction in staff (of which approximately 90% to 95% are expected to result in cash expenditures), including severance and other one-time termination benefits of approximately $5.0 to $6.0 million.