On May 1, 2023, Lexicon and one of its subsidiaries reported to have entered into a second amendment to its loan and security agreement with Oxford Finance LLC (the "Second Amendment") increasing the amount available for draw at Lexicon’s option under the third tranche from $50 million to $75 million and decreasing the amount available for draw at Lexicon’s option, subject to Oxford’s consent, under the fourth tranche from $50 million to $25 million (Press release, Lexicon Pharmaceuticals, MAY 2, 2023, View Source [SID1234630846]). Under the terms of the Second Amendment, Lexicon and its subsidiaries are subject to an additional financial covenant relating to minimum cash balance requirements following funding of the third tranche and an unused fee will be due in the event Lexicon does not draw the full amount available under the third tranche.

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The foregoing summary does not purport to be complete and is qualified in its entirety by the Second Amendment, a copy of which is attached to this report as Exhibit 10.1 and incorporated herein by reference.