UPDATE: Lexicon Pharmaceuticals Shares Surge On Upbeat Q4 Results

Shares of

jumped more than 8% in pre-market trading after the company reported stronger-than-expected results for the fourth quarter. Lexicon Pharma posted a quarterly loss of $2.9 million, or $0.00 per share, versus a year-ago net loss of $17.4 million, or $0.03 per share. The latest quarter net loss included non-cash, stock-based compensation expense of $1.5 million, versus $1.7 million in the year-ago period. Its revenue climbed to $21.5 million from $1.4 million. However, analysts were expecting a loss of $0.03 per share on revenue of $12.2 million. Research and development expenses slipped 1% to $20.0 million from $20.3 million, while general and administrative expenses rose 17% to $4.0 million from $3.4 million. As of December 31, 2014, the company had $339.3 million in cash and investments, versus $129.1 million as of December 31, 2013. Lexicon Pharmaceuticals shares jumped 8.19% to $1.06 in pre-market trading.