Lexeo Therapeutics, Inc.

Listed Company

LXEOCIK 0001907108NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBiological Products, (No Diagnostic Substances)FY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-100.00M

Total Assets

$268.69M

Equity

$246.67M

Shares Out

74.09M

Op. Cash Flow

$-98.56M

Business

Lexeo Therapeutics, Inc. is a clinical-stage genetic medicine company developing gene therapies to treat cardiovascular and other genetically driven diseases. It develops AAVrh10-based gene therapy product candidates designed to deliver functional genes to myocardial or CNS tissue, including candidates targeting Friedreich ataxia cardiomyopathy, PKP2-associated arrhythmogenic cardiomyopathy, connexin 43 and TNNI3-related cardiomyopathies, and APOE4-associated Alzheimer’s disease. Its business is organized around cardiovascular and neurodegenerative development programs and a unified manufacturing platform. It conducts clinical trials and advances programs through academic collaborations and global regulatory pathways.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Research and development expenses	64	74	53	49
General and administrative	45	32	15	12
Total operating expenses	109	106	69	61
Operating loss	−109	−106	−69	−61
Gain on long-term investment	3	0	—	—
Other expense, net	−18,000	−9,000	−13,000	−2,000
Interest expense	−95,000	−137,000	−205,000	—
Interest income	6	8	3	1
(Amortization of premium) accretion of discount on investments in U.S. Treasury securities, net	−111,000	23,000	—	—
Total other income and expense	9	7	2	1
Loss from operations before income taxes	−100	−98	—	—
Income taxes	0	0	—	—
Net loss	−100	−98	−66	−59
Net unrealized gain (loss) on investments	291,000	−103,000	—	—
Total other comprehensive gain (loss)	291,000	−103,000	—	—
Comprehensive loss	−100	−98	−66	—
Net loss per common share, basic	−1.86	−3.09	−12.4	−36.36
Net loss per common share, diluted	−1.86	−3.09	−12.4	−36.36
Weighted average number of shares outstanding used in computation of net loss per common share, basic	54	32	5	2
Weighted average number of shares outstanding used in computation of net loss per common share, diluted	54	32	5	2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	63	35	121	77	136
Current portion of investments in U.S. Treasury securities	119	87	—	—	—
Prepaid expenses and other current assets	7	5	3	—	—
Total current assets	188	126	124	80	—
Non-current portion of investments in U.S. Treasury securities	65	7	—	—	—
Long-term investment	3	0	—	—	—
Restricted cash	3	3	3	3	—
Property and equipment, net	1	1	1	998,000	—
Lease right-of-use assets - finance	1	1	2	2	—
Lease right-of-use assets - operating	7	8	9	11	—
Total assets	269	147	140	97	—
Accounts payable	5	6	4	3	—
Accrued expenses and other current liabilities	9	14	11	6	—
Current portion of lease liabilities - finance	518,000	570,000	518,000	547,000	—
Current portion of lease liabilities - operating	2	2	2	2	—
Total current liabilities	17	23	17	14	—
Non-current portion of lease liabilities - finance	327,000	817,000	1	2	—
Non-current portion of lease liabilities - operating	5	6	8	9	—
Total liabilities	22	30	26	25	—
Commitments and contingencies (Note 11)	—	—	—	—	—
Common stock, $0.0001 par value, 500,000,000 shares authorized as of December 31, 2025; 73,001,766 shares issued and 73,001,350 shares outstanding as of December 31, 2025; 500,000,000 shares authorized as of December 31, 2024; 33,079,209 shares issued and 33,071,261 shares outstanding as of December 31, 2024	7,000	3,000	3,000	0	—
Treasury stock, at cost, 3,827 common shares as of December 31, 2025 and as of December 31, 2024	−17,000	−17,000	—	—	—
Additional paid-in capital	627	397	295	2	—
Accumulated other comprehensive gain (loss)	188,000	−103,000	—	—	—
Accumulated deficit	−380	−280	−182	−115	—
Total stockholders' equity	247	117	114	−113	−56
Total liabilities and stockholders' equity	269	147	140	97	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Reduction in the carrying amount of ROU assets, operating	1	1	1	877,000
Reduction in the carrying amount of ROU assets, finance	320,000	325,000	306,000	148,000
Stock based compensation expense	12	12	3	2
Depreciation and amortization expense	268,000	304,000	271,000	120,000
Non-cash gain on long-term investment	−3	—	—	—
Net realized gain on investments in U.S. Treasury securities	−17,000	—	—	—
Amortization of premium (accretion of discount) on investments in U.S. Treasury securities	111,000	−23,000	—	—
Prepaid expenses and other current assets	−2	−2	990,000	−2
Accounts payable	−2	2	−180,000	−426,000
Accrued expenses and other current liabilities	−4	3	2	4
Lease liabilities, operating	−1	−1	−1	−298,000
Lease liabilities, finance	−9,000	10,000	−5,000	−6,000
Net cash used in operating activities	−99	−81	−59	−55
Purchase of property and equipment	−397,000	−481,000	−115,000	−672,000
Purchases of investments	−195	−94	—	—
Proceeds from sales or maturities of investments	106	—	—	—
Net cash used in investing activities	−90	−94	−165,000	−901,000
Proceeds from exercise of stock options	59,000	491,000	51,000	332,000
Payments on finance leases	−533,000	−410,000	−425,000	−163,000
Treasury stock repurchases	—	−17,000	—	—
Proceeds from common stock issuances under 2023 ESPP	270,000	—	—	—
Proceeds from issuance of common stock upon private placement offering, net of commissions and offering costs	—	95	—	—
Proceeds from issuance of common stock, pre-funded warrants and warrants to purchase common stock upon May 2025 Private Placement	80	—	100	—
Proceeds from issuance of common stock and pre-funded warrants to purchase common stock upon October 2025 Financing Transactions	154	—	—	—
Third-party commissions and offering costs incurred upon October 2025 Financing Transactions	−10	—	—	—
Net cash provided by financing activities	217	89	104	189,000
Net change in cash, cash equivalents and restricted cash	28	−86	44	−55
Interest paid	104,000	127,000	176,000	77,000
Reclassification of internal use software into prepaid expenses	18,000	98,000	—	—
(Property and equipment purchased in the prior period and paid in the current period), net of property and equipment purchased in the current period included in accounts payable	—	120,000	141,000	—
Finance lease right-of use assets and finance lease liabilities recognized	—	22,000	—	2
Amounts reclassified from deposit liabilities upon the vesting of early-exercised stock options previously subject to repurchase, net of proceeds received from early exercise of unvested stock options subject to repurchase and recorded as deposit liabilities	37,000	59,000	87,000	−188,000
Unpaid offering costs included in accounts payable and accrued expenses	25,000	—	—	—

Filings

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