$LXEO

Lexeo Therapeutics, Inc.

CIK:0001907108|SEC Filings

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Research and development	$ 19,027	$ 14,721	$ 34,730	$ 31,892
General and administrative	8,993	15,967	15,623	32,601
Total operating expenses	28,020	30,688	50,353	64,493
Operating loss	(28,020)	(30,688)	(50,353)	(64,493)
Other income and expense
Gain on long-term investment	0	3,390	0	3,390
Other expense, net	(6)	(14)	(7)	(18)
Interest expense	(14)	(25)	(31)	(53)
Interest income	2,194	1,268	4,307	2,461
(Amortization of premium) accretion of discount on investments in U.S. Treasury securities, net	(21)	(34)	21	(46)
Total other income and expense	2,153	4,585	4,290	5,734
Loss from operations before income taxes	(25,867)	(26,103)	(46,063)	(58,759)
Net loss	(25,867)	(26,103)	(46,063)	(58,759)
Net unrealized gain (loss) on investments in U.S. Treasury securities	(156)	41	(486)	90
Total other comprehensive gain (loss)	(156)	41	(486)	90
Comprehensive loss	$ (26,023)	$ (26,062)	$ (46,549)	$ (58,669)
Net loss per common share, basic	$ (0.3)	$ (0.6)	$ (0.55)	$ (1.53)
Net loss per common share, diluted	$ (0.3)	$ (0.6)	$ (0.55)	$ (1.53)
Weighted-average number of shares outstanding used in computation of net loss per common share, basic	85,626,751	43,573,628	83,417,555	38,372,704
Weighted-average number of shares outstanding used in computation of net loss per common share,diluted	85,626,751	43,573,628	83,417,555	38,372,704

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net loss					$ (46,063)	$ (58,759)
Adjustments to reconcile net loss to net cash used in operating activities:
Reduction in the carrying amount of ROU assets, operating					795	729
Reduction in the carrying amount of ROU assets, finance	$ 80		$ 80		160	160
Stock based compensation expense					8,445	6,768
Depreciation and amortization expense					147	122
Non-cash gain on long-term investment in preferred stock					0	(3,390)
Amortization of premium (accretion of discount) on investments in U.S. Treasury securities					(21)	46
Changes in operating assets and liabilities:
Prepaid expenses and other current assets					(221)	(2,566)
Accounts payable					(768)	13,507
Accrued expenses and other current liabilities					(403)	(4,822)
Lease liabilities, operating					(814)	(721)
Lease liabilities, finance					2	(9)
Net cash used in operating activities					(38,741)	(48,935)
Cash flows from investing activities:
Proceeds from sales or maturities of investments					53,735	31,900
Purchases of investments					(11,969)	(55,366)
Purchase of property and equipment					(42)	(108)
Net cash provided by (used in) investing activities					41,724	(23,574)
Cash flows from financing activities:
Proceeds from issuance of common stock under the ATM Program, pre-funded warrants and warrants to purchase common stock upon May 2025 Private Placement Offering, gross					25,000	0
Offering costs incurred and paid to third parties in association with the ATM Program					(804)
Proceeds from exercise of common warrants					2,446	0
Proceeds from exercise of stock options					329	0
Proceeds from common stock issuances under 2023 ESPP					143	170
Payments on finance leases	(142)		(122)		(263)	(281)
Net cash provided by financing activities					26,851	72,971
Net change in cash, cash equivalents and restricted cash					29,834	462
Cash, cash equivalents and restricted cash at beginning of period		$ 66,248		$ 38,266	66,248	38,266	$ 38,266
Cash, cash equivalents and restricted cash at end of period	96,082		38,728		96,082	38,728	66,248
Supplemental disclosure of non-cash activities
Unrealized gain (loss) on investments in U.S. Treasury securities	$ (156)	$ (330)	$ 41	$ 49	(486)	90
Offering costs reclassified from other current assets to additional paid-in capital					645	0
Amounts reclassified from deposit liabilities to additional paid-in capital upon the vesting of early-exercised stock options previously subject to repurchase					2	25
Unpaid offering costs included in accounts payable and accrued expenses					4	905
Unpaid property and equipment purchases included in accounts payable					87	101
May 2025 Private Placement [Member]
Cash flows from financing activities:
Proceeds from issuance of common stock under the ATM Program, pre-funded warrants and warrants to purchase common stock upon May 2025 Private Placement Offering, gross					0	79,999
Offering costs incurred and paid to third parties in association with the ATM Program							$ (6,900)
Third-party commissions and offering costs incurred upon May 2025 Private Placement Offering					$ 0	$ (6,917)

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 92,834	$ 63,000
Current portion of investments in U.S. Treasury securities, net	118,869	118,767
Prepaid expenses and other current assets	6,205	6,625
Total current assets	217,908	188,392
Non-current portion of investments in U.S. Treasury securities, net	22,468	64,801
Long-term investment	3,390	3,390
Restricted cash	3,248	3,248
Property and equipment, net	1,121	1,139
Lease right-of-use assets - finance	980	1,140
Lease right-of-use assets - operating	5,783	6,578
Total assets	254,898	268,688
Current liabilities:
Accounts payable	4,179	4,856
Accrued expenses and other current liabilities	8,847	9,277
Current portion of lease liabilities - finance	489	518
Current portion of lease liabilities - operating	2,177	2,157
Total current liabilities	15,692	16,808
Non-current liabilities
Non-current portion of lease liabilities - finance	95	327
Non-current portion of lease liabilities - operating	4,050	4,884
Total liabilities	19,837	22,019
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized as of June 30, 2026; 78,622,870 shares issued and 78,622,604 shares outstanding as of June 30, 2026; 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	8	7
Treasury stock, at cost, 3,827 common shares as of June 30, 2026 and as of December 31, 2025	(17)	(17)
Additional paid-in capital	661,565	626,625
Accumulated other comprehensive gain (loss)	(298)	188
Accumulated deficit	(426,197)	(380,134)
Total stockholders' equity	235,061	246,669
Total liabilities and stockholders' equity	$ 254,898	$ 268,688