Assets Held for Sale

9 Months Ended

Sep. 30, 2015

Assets Held for Sale [Abstract]

Disclosure of Long Lived Assets Held-for-sale

Assets Held for Sale

Lexicon’s buildings and land have been reclassified as assets held for sale on the consolidated balance sheet as of September 30, 2015. The Company estimated the fair value of the net assets to be sold at approximately $21.5 million as of September 30, 2015, which represents estimated selling price less costs to sell. This resulted in impairment losses on the assets held for sale of $2.3 million and $13.1 million in the nine months ended September 30, 2015 and 2014, respectively, which was recorded in impairment loss on buildings in the accompanying consolidated statements of comprehensive loss. The fair value of the net assets to be sold was determined using Level 2 inputs using sales prices in similar real estate sales and offers received from potential purchasers of the building as well as considering future cash flows that may be generated from leasing the building.