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Lexeo Therapeutics, Inc., a clinical stage genetic medicine company, focuses on hereditary and acquired diseases with high unmet need in the United States. Its product pipeline comprises LX2006, an AAVrh10-based gene therapy candidate, which is in phase 1/2 clinical trial to treat friedreich ataxia cardiomyopathy; LX2020, an AAVrh10-based gene therapy candidate, which is in phase 1/2 to deliver a functional plakophilin-2 (PKP2) gene to cardiac muscle for the treatment of PKP2-ACM; and LX2021, a gene therapy candidate, which is in preclinical trial to deliver the coding sequence for the functional connexin 43, or Cx43, protein for a group of inherited cardiac muscle disorders associated with a high risk of sudden death, including arrhythmogenic cardiomyopathy (ACM) and certain forms of dilated cardiomyopathy. The company is also developing LX2022, a gene therapy candidate, which is in preclinical trial to deliver a functional TNNI3 gene to myocardial cells to treat a distinct form of hypertrophic cardiomyopathy. In addition, it is developing LX1001, LX1020, and LX1021, an AAVrh10-based gene therapy candidate, which has completed phase 1/2 clinical trial for the treatment of APOE4-associated Alzheimer's disease. The company has a license agreement with Cornell University to conduct the Phase 1/2 clinical trial of LX1001, as well as support the development of the LX1004 program; a research collaboration agreement with Cornell University to conduct preclinical research to develop the licensed technology; and third license agreement which obtained certain rights for FA cardiomyopathy, including rights to current and future clinical data from an ongoing Cornell University investigator-initiated Phase 1A trial of a gene therapy candidate. The company was founded in 2017 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-98M | $-100M | $-99M | -40.5% | - | - |
| 2024 | $0M | $-96M | $-98M | $-82M | -84.2% | - | - |
| 2023 | $0M | $-64M | $-66M | $-60M | -58.5% | -100.0% | - |
| 2022 | $1M | $-58M | $-59M | $-55M | 52.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 0.65 | 0 | 0 | 0 |
| Operating Expense | 61.16 | 68.51 | 105.77 | 109.26 |
| Operating Income | -60.51 | -68.51 | -105.77 | -109.26 |
| EBITDA | -58.04 | -64.35 | -96.19 | -97.68 |
| EBIT | -59.19 | -66.19 | -98.20 | -99.75 |
| Pretax Income | -59.28 | -66.39 | -98.33 | -99.96 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Net Income | -59.28 | -66.39 | -98.33 | -99.96 |
| Net Income Common Stockholders | -59.28 | -66.39 | -98.33 | -99.96 |
| Total Expenses | 61.16 | 68.51 | 105.77 | 109.26 |
| Interest Expense | 0.09 | 0.20 | 0.14 | 0.21 |
| Interest Income | 1.32 | 2.87 | 7.58 | 6.13 |
| Research And Development | 49.16 | 53.13 | 74.09 | 63.80 |
| Selling General And Administration | 12 | 15.38 | 31.68 | 45.46 |
| Normalized EBITDA | -58.04 | -63.82 | -96.19 | -101.07 |
| Normalized Income | -59.28 | -65.86 | -98.33 | -103.35 |
| Basic EPS | -2.36 | -12.40 | -3.09 | 0 |
| Diluted EPS | -2.36 | -12.40 | -3.09 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 0 | -0.53 | 0 | 3.39 |
| Total Unusual Items Excluding Goodwill | 0 | -0.53 | 0 | 3.39 |
| Net Income From Continuing Operation Net Minority Interest | -59.28 | -66.39 | -98.33 | -99.96 |
| Reconciled Depreciation | 1.15 | 1.84 | 2 | 2.08 |
| Net Interest Income | 1.23 | 2.66 | 7.44 | 5.92 |
| Net Income From Continuing And Discontinued Operation | -59.28 | -66.39 | -98.33 | -99.96 |
| Total Operating Income As Reported | -60.51 | -68.51 | -105.77 | -109.26 |
| Diluted Average Shares | 25.17 | 5.35 | 31.79 | 0 |
| Basic Average Shares | 25.17 | 5.35 | 31.79 | 0 |
| Diluted NI Availto Com Stockholders | -59.28 | -66.39 | -98.33 | -99.96 |
| Net Income Including Noncontrolling Interests | -59.28 | -66.39 | -98.33 | -99.96 |
| Net Income Continuous Operations | -59.28 | -66.39 | -98.33 | -99.96 |
| Other Income Expense | 0 | -0.54 | -0.01 | 3.37 |
| Other Non Operating Income Expenses | 0 | -0.01 | -0.01 | -0.02 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | 0 | -0.53 | 0 | 3.39 |
| Net Non Operating Interest Income Expense | 1.23 | 2.66 | 7.44 | 5.92 |
| Total Other Finance Cost | 0 | 0 | 0 | 0 |
| Interest Expense Non Operating | 0.09 | 0.20 | 0.14 | 0.21 |
| Interest Income Non Operating | 1.32 | 2.87 | 7.58 | 6.13 |
| General And Administrative Expense | 12 | 15.38 | 31.68 | 45.46 |
| Other Gand A | 12 | 15.38 | 31.68 | 45.46 |
| Operating Revenue | 0.65 | 0 | 0 | 0 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lexeo Therapeutics, Inc.this co. | LXEO | $421M | - | 1.68 | -40.5% | -2.27 |
| Evolent Health, Inc. | EVH | $432M | - | 1.02 | -128.7% | 14.29 |
| Aura Biosciences, Inc. | AURA | $432M | - | 3.13 | -77.6% | -2.73 |
| Fulgent Genetics, Inc. | FLGT | $427M | - | 0.41 | -5.5% | -1.98 |
| Vanda Pharmaceuticals Inc. | VNDA | $424M |
| - |
| 1.27 |
| -67.4% |
| -1.16 |
| Strata Critical Medical, Inc. | SRTA | $424M | - | 1.52 | 14.8% | -64.52 |
| Benitec Biopharma Inc. | BNTC | $416M | - | 2.22 | -39.0% | -4.75 |
| Neurogene Inc. | NGNE | $414M | - | 1.55 | -34.1% | -1.53 |
| Emergent BioSolutions Inc. | EBS | $413M | 8.59 | 0.80 | 10.1% | 3.79 |
| Peer Median | - | 8.59 | 1.40 | -36.5% | -1.76 | |