莱斯康制药 2025年度报告

The Woodlands,TX77381(281) 863-3000(Address of Principal Executive Offices and Zip Code)(Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each ClassTradingSymbol(s)Name of Each Exchange on which RegisteredCommon Stock, par value $0.001 per shareLXRXNasdaq Capital Market Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act of 1933.Yes☐No☑ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Securities Exchange Act of 1934.Yes☐No☑ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filingrequirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company.See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” inRule 12b-2 of the Securities Exchange Act of 1934.(check one):Large accelerated filer☐Accelerated filer☐Non-accelerated filer☑Smaller reportingcompany☑Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).Yes☐No☑ The aggregate market value of voting stock held by non-affiliates of the registrant as of the last day of the registrant’s most recently completed secondquarter was approximately $170.0 million, based on the closing price of the common stock on the Nasdaq Global Select Market on June30, 2025 of $0.95 pershare.For purposes of the preceding sentence only, our directors, executive officers and controlling stockholders are assumed to be affiliates.As of March4,2026, 423,680,611 shares of common stock were outstanding. Documents Incorporated by Reference Certain sections of the registrant’s definitive proxy statement relating to the registrant’s 2026 annual meeting of stockholders, which proxy statement will befiled under the Securities Exchange Act of 1934 within 120 days of the end of the registrant’s fiscal year ended December31, 2025, are incorporated byreference into Part III of this annual report on Form 10-K. Table of Contents ItemPART I1.Business11A.Risk Factors171B.Unresolved Staff Comments341C.Cybersecurity342.Properties353.Legal Proceedings354.Mine Safety Disclosures35PART II5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities366.[Reserved]367.Management’s Discussion and Analysis of Financial Condition and Results of Operations377A.Quantitative and Qualitative Disclosures About Market Risk448.Financial Statements and Supplementary Data449.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure449A.Controls and Procedures449B.Other Information449C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections45PART III10.Directors, Executive Officers and Corporate Governance4611.Executive Compensation4612.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters4613.Certain Relationships and Related Transactions, and Director Independence4614.Principal Accountant Fees and Servi