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X0202 SCHEDULE 13D/A 0002005369 XXXXXXXX LIVE 26 Common Stock, par value $0.001 per share 04/30/2026 false 0001062822 528872302 Lexicon Pharmaceuticals, Inc. 2445 Technology Forest Blvd. 11th Floor The Woodlands TX 77381 Anne Goffard, Westend S.A. (352) 22.42.59-1 44, Rue de la Vallee L-2661 Luxembourg N4 0000 Kenneth B. Wallach (212) 455-2000 Simpson Thacher & Bartlett LLP 425 Lexington Avenue New York NY 10017 Y Invus, L.P. OO N D0 35402689.00 7362368.00 35402689.00 0.00 42765057.00 N 9.6 PN Y Invus Advisors, L.L.C. OO N DE 35402689.00 7362368.00 35402689.00 0.00 42765057.00 N 9.6 OO Y Invus Public Equities, L.P. OO N D0 0.00 7362368.00 7362368.00 0.00 7362368.00 N 1.7 PN Y Invus Public Equities Advisors, LLC OO N DE 0.00 7362368.00 7362368.00 0.00 7362368.00 N 1.7 OO 0002005369 N Invus Global Management, LLC OO N DE 42765057.00 0.00 42765057.00 0.00 42765057.00 N 9.6 OO Y Siren, L.L.C. OO N DE 42765057.00 0.00 42765057.00 0.00 42765057.00 N 9.6 OO Y Avicenna Life Sci Master Fund LP OO N E9 1538462.00 0.00 1538462.00 0.00 1538462.00 N 0.3 PN Y Avicenna Life Sci Master GP LLC OO N DE 1538462.00 0.00 1538462.00 0.00 1538462.00 N 0.3 OO Y Invus US Partners LLC OO N DE 5451204.00 0.00 5451204.00 0.00 5451204.00 N 1.2 OO Y Ulys, L.L.C. OO N DE 6989666.00 0.00 6989666.00 0.00 6989666.00 N 1.6 OO Y Raymond Debbane OO N R1 51878643.00 0.00 51878643.00 0.00 51878643.00 N 11.7 IN Y Artal Participations S.a r.l. OO N N4 175156062.00 0.00 175156062.00 0.00 175156062.00 N 39.4 OO Y Artal International S.C.A. OO N N4 175156062.00 0.00 175156062.00 0.00 175156062.00 N 39.4 OO Y Artal International Management S.A. OO N N4 175156062.00 0.00 175156062.00 0.00 175156062.00 N 39.4 OO Y Artal Group S.A. OO N N4 175156062.00 0.00 175156062.00 0.00 175156062.00 N 39.4 OO Y Westend S.A. OO N N4 175156062.00 0.00 175156062.00 0.00 175156062.00 N 39.4 OO Y Stichting Administratiekantoor Westend OO N P7 175156062.00 0.00 175156062.00 0.00 175156062.00 N 39.4 OO Y Amaury Wittouck OO N C9 175156062.00 0.00 175156062.00 0.00 175156062.00 N 39.4 IN Common Stock, par value $0.001 per share Lexicon Pharmaceuticals, Inc. 2445 Technology Forest Blvd. 11th Floor The Woodlands TX 77381 This Amendment No. 26 hereby amends and supplements the statement of beneficial ownership on Schedule 13D, relating to the common stock, $0.001 par value per share (the "Issuer Common Stock"), of Lexicon Pharmaceuticals, Inc., a Delaware corporation (the "Issuer" or "Lexicon"), initially filed on June 27, 2007, as amended by Amendment No. 1 thereto filed on August 24, 2007, Amendment No. 2 thereto filed on August 29, 2007, Amendment No. 3 thereto filed on October 8, 2009, Amendment No. 4 thereto filed on October 15, 2009, Amendment No. 5 thereto filed on March 19, 2010, Amendment No. 6 thereto filed on August 15, 2011, Amendment No. 7 thereto filed on November 14, 2011, Amendment No. 8 thereto filed on December 27, 2011, Amendment No. 9 thereto filed on February 24, 2012, Amendment No. 10 thereto filed on April 10, 2012, Amendment No. 11 thereto filed on October 26, 2012, Amendment No. 12 thereto filed on November 26, 2014, Amendment No. 13 thereto filed on June 4, 2018, Amendment No. 14 thereto filed on June 29, 2018, Amendment No. 15 thereto filed on December 16, 2020, Amendment No. 16 thereto filed on January 5, 2021, Amendment No. 17 thereto filed on January 21, 2021, Amendment No. 18 thereto filed on August 1, 2022, Amendment No. 19 thereto filed on August 9, 2022, Amendment No. 20 thereto filed on June 6, 2023, Amendment No. 21 thereto filed on March 13, 2024, Amendment No. 22 thereto filed on May 14, 2024, Amendment No. 23 thereto filed on July 29, 2024, Amendment No. 24 thereto filed on December 9, 2024 and Amendment No. 25 thereto filed on February 2, 2025 (as so amended, the "Statement"). All capitalized terms not otherwise defined herein have the meaning assigned to them in the Statement. Item 3 of the Statement is hereby amended and supplemented as follows: The information set forth in Items 4, 5 and 6 of the Statement is incorporated herein by reference. On February 17, 2026, Artal Participations S.a r.l. purchased an additional 41,289.58 shares of Preferred Stock at a price of $65.00 per share pursuant to the terms of the Preferred Purchase Agreement. Artal Participations S.a r.l. used available funds to purchase the securities. Item 4 of the Statement is hereby amended and supplemented as follows: As previously disclosed in Amendment No. 25, on February 2, 2026, Artal Participations S.a.r.l. acquired 367,145.12 shares of Preferred Stock, and on February 17, 2026 Artal Participations S.a r.l. purchased an additional 41,289.58 shares of Preferred Stock, in each case, pursuant to the terms of the Preferred Purchase Agreement. Each share of Preferred Stock would automatically convert into 50 shares (subject to adjustments) of Issuer Common Stock immediately following the satisfaction of all of the following conditions: (i) the approval of the New Charter by the shareholders of the Issuer at the Annual Meeting; (ii) the adoption of the New Charter by the Issuer's board of directors; and (iii) the filing and acceptance of the New Charter with and by the Secretary of State of the State of Delaware. On April 30, 2026, all conditions were met, and the 408,434.70 shares of Preferred Stock directly held by Artal Participations S.a.r.l. automatically converted into 20,421,735 shares of Issuer Common Stock. Item 5(a), Item 5(b) and Item 5(c) of the Statement is each hereby amended and restated in its entirety as follows: The information contained in rows 7, 8, 9, 10, 11 and 13 on each of the cover pages of this Schedule 13D and the information set forth or incorporated in Items 2, 3, 4 and 6 is incorporated by reference in its entirety into this Item 5. As of the date hereof, Invus Public Equities, L.P. is the record and beneficial owner of 7,362,368 shares of Issuer Common Stock, representing approximately 1.7% of the outstanding shares of Issuer Common Stock. Invus Public Equities Advisors, LLC, as the general partner of Invus Public Equities, L.P., controls Invus Public Equities, L.P. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock held by Invus Public Equities, L.P. Invus Global Management, LLC, as the managing member of Invus Public Equities Advisors, LLC, controls Invus Public Equities Advisors, LLC and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Invus Public Equities Advisors, LLC may be deemed to beneficially own. Siren, L.L.C., as the managing member of Invus Global Management, LLC, controls Invus Global Management, LLC and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Invus Global Management, LLC may be deemed to beneficially own. Mr. Raymond Debbane, as the managing member of Siren, L.L.C., controls Siren, L.L.C. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Siren, L.L.C. may be deemed to beneficially own. Each of Invus Public Equities Advisors, LLC, Invus Global Management, LLC, Siren, L.L.C. and Mr. Debbane disclaims such beneficial ownership. Invus, L.P. is the record owner of 35,402,689 shares of Issuer Common Stock and the beneficial owner of 42,765,057 shares of Issuer Common Stock, representing approximately 8.0% and approximately 9.6%, respectively, of the outstanding shares of Issuer Common Stock. Invus Advisors, L.L.C., as the general partner of Invus, L.P., controls Invus, L.P. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock held by Invus, L.P. Invus Global Management, LLC, as the managing member of Invus Advisors, L.L.C., controls Invus Advisors, L.L.C. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Invus Advisors, L.L.C. may be deemed to beneficially own. Siren, L.L.C., as the managing member of Invus Global Management, LLC, controls Invus Global Management, LLC and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Invus Global Management, LLC may be deemed to beneficially own. Mr. Raymond Debbane, as the managing member of Siren, L.L.C., controls Siren, L.L.C. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Siren, L.L.C. may be deemed to beneficially own. Each of Invus Advisors, L.L.C., Invus Global Management, LLC, Siren, L.L.C. and Mr. Debbane disclaims such beneficial ownership. Artal Participations S.a r.l. is the record and beneficial owner of 175,156,062 shares of Issuer Common Stock, representing approximately 39.4% of the outstanding shares of Issuer Common Stock. Artal International S.C.A. as the sole shareholder of Artal Participations S.a r.l. controls Artal Participations S.a r.l. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Artal Participations S.a r.l. may be deemed to beneficially own. Artal International Management S.A., as the managing partner of Artal International S.C.A., controls Artal International S.C.A. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Artal International S.C.A. may be deemed to beneficially own. Artal Group S.A., as the sole stockholder of Artal International Management S.A., controls Artal International Management S.A. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Artal International Management S.A. may be deemed to beneficially own. Westend S.A., as the parent company of Artal Group S.A., controls Artal Group S.A. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Artal Group S.A. may be deemed to beneficially own. The Stichting, as the majority stockholder of Westend S.A., controls Westend S.A. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Westend S.A. may be deemed to beneficially own. Mr. Amaury Wittouck, as the sole member of the board of the Stichting, controls the Stichting and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that the Stichting may be deemed to beneficially own. Each of Artal International S.C.A., Artal International Management S.A., Artal Group S.A., Westend S.A., the Stichting and Mr. Amaury Wittouck disclaims such beneficial ownership. Invus US Partners LLC is the record and beneficial owner of 5,451,204 shares of Issuer Common Stock, representing approximately 1.2% of the outstanding shares of Issuer Common Stock. Ulys, L.L.C., as the managing member of Invus US Partners LLC, controls Invus US Partners LLC and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock held by Invus US Partners LLC. As the managing member of Ulys, L.L.C., Mr. Raymond Debbane controls Ulys, L.L.C. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Ulys, L.L.C. may be deemed to beneficially own. Each of Ulys, L.L.C. and Mr. Debbane disclaims such beneficial ownership. Avicenna Life Sci Master Fund LP is the record and beneficial owner of 1,538,462 shares of Issuer Common Stock, representing approximately 0.3% of the outstanding shares of Issuer Common Stock. Avicenna Life Sci Master GP LLC, as the general partner of Avicenna Life Sci Master Fund LP, controls Avicenna Life Sci Master Fund LP and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock held by Avicenna Life Sci Master Fund LP. Ulys, L.L.C., as the managing member of Avicenna Life Sci Master GP LLC, controls Avicenna Life Sci Master GP LLC and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Avicenna Life Sci Master GP LLC may be deemed to beneficially own. As the managing member of Ulys, L.L.C., Mr. Raymond Debbane controls Ulys, L.L.C. and, accordingly, may be deemed to beneficially own the shares of Issuer Common Stock that Ulys, L.L.C. may be deemed to beneficially own. Each of Avicenna Life Sci Master GP LLC, Ulys, L.L.C. and Mr. Debbane disclaims such beneficial ownership. Mr. Debbane is the beneficial owner of 51,878,643 shares of Issuer Common Stock representing approximately 11.7% of the outstanding shares of Issuer Common Stock including 1,906,186 shares of Issuer Common Stock owned directly by Mr. Debbane, representing approximately 0.4% of the outstanding shares of Issuer Common Stock and an additional 217,734 shares of Issuer Common Stock issuable pursuant to options and restricted stock units that have vested or will vest and are exercisable within 60 days. Mr. Debbane also holds unvested stock options to purchase an additional 127,651 shares of Issuer Common Stock scheduled to vest on various vesting dates and 35,714 restricted stock units that are scheduled to vest on May 1, 2027. The Reporting Persons collectively beneficially own 227,034,705 shares of Issuer Common Stock, representing approximately 51.1% of the outstanding shares of Issuer Common Stock. Calculations of the percentage of shares of Issuer Common Stock beneficially owned are based on 444,196,390 shares of Issuer Common Stock outstanding as of May 4, 2026 as reported in the Quarterly Report on Form 10-Q filed by the Issuer with the Securities Exchange Commission on May 7, 2026. Mr. Amouyal beneficially owns 285,174 shares of Issuer Common Stock held directly and an additional 217,734 shares of Issuer Common Stock issuable pursuant to options and restricted stock units that have vested or will vest and are exercisable within 60 days. Mr. Guimaraes beneficially owns 714 shares of Issuer Common Stock. Mr. Sobecki beneficially owns 203,865 shares of Issuer Common Stock held directly and an additional 217,734 shares of Issuer Common Stock issuable pursuant to options and restricted stock units that have vested or will vest and are exercisable within 60 days. Each of Messrs. Amouyal and Sobecki also holds unvested stock options to purchase an additional 127,651 shares of Issuer Common Stock scheduled to vest on various vesting dates and 35,714 restricted stock units that are scheduled to vest on May 1, 2027. Shares of Issuer Common Stock beneficially owned by each of Messrs. Amouyal, Guimaraes and Sobecki represent less than 1% of the number of outstanding shares of Issuer Common Stock. Except as set forth in this Statement, there have been no transactions in shares of Issuer Common Stock by any of the Reporting Persons in the past 60 days. Invus, L.P. /s/ Raymond Debbane Raymond Debbane, President of Invus Advisors L.L.C., its general partner 05/08/2026 Invus Advisors, L.L.C. /s/ Raymond Debbane Raymond Debbane, President 05/08/2026 Invus Public Equities, L.P. /s/ Raymond Debbane Raymond Debbane, President of Invus Public Equities Advisors, LLC, its general partner 05/08/2026 Invus Public Equities Advisors, LLC /s/ Raymond Debbane Raymond Debbane, President 05/08/2026 Invus Global Management, LLC /s/ Raymond Debbane Raymond Debbane, President 05/08/2026 Siren, L.L.C. /s/ Raymond Debbane Raymond Debbane, President 05/08/2026 Avicenna Life Sci Master Fund LP /s/ Raymond Debbane Raymond Debbane, Chief Executive Officer of Avicenna Life Sci Master GP LLC, its general partner 05/08/2026 Avicenna Life Sci Master GP LLC /s/ Raymond Debbane Raymond Debbane, Chief Executive Officer 05/08/2026 Invus US Partners LLC /s/ Raymond Debbane Raymond Debbane, President 05/08/2026 Ulys, L.L.C. /s/ Raymond Debbane Raymond Debbane, President 05/08/2026 Raymond Debbane /s/ Raymond Debbane Raymond Debbane 05/08/2026 Artal Participations S.a r.l. /s/ Pierre Claudel Pierre Claudel, Manager 05/08/2026 Artal International S.C.A. /s/ Anne Goffard Anne Goffard, Managing Director of Artal International Management S.A., its managing partner 05/08/2026 Artal International Management S.A. /s/ Anne Goffard Anne Goffard, Managing Director 05/08/2026 Artal Group S.A. /s/ Anne Goffard Anne Goffard, Authorized Person 05/08/2026 Westend S.A. /s/ Anne Goffard Anne Goffard, Managing Director 05/08/2026 Stichting Administratiekantoor Westend /s/ Amaury Wittouck Amaury Wittouck, Sole Member of the Board 05/08/2026 Amaury Wittouck /s/ Amaury Wittouck Amaury Wittouck 05/08/2026