Xenon Pharmaceuticals Inc. (XENE)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$0

Net income, last twelve months

-$409.2M

Earnings per share

-$4.74

Free cash flow

-$338.5M

Return on equity

-32.9%

Market value

$3.5B

Cash

$119.5M

Debt

$0

Debt to equity

0.00

Shares outstanding

96.8M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Second-quarter net loss rose. The company reported a basic and diluted loss per share of $(1.11), against $(1.07) a year earlier, on a net loss of $110.7 million, against $84.7 million.
• Six-month net loss widened. For the six months ended June 30, 2026, the net loss was $213.0 million, against $149.8 million a year earlier.
• Net loss up from first quarter. The first-quarter release reported a net loss of $102.3 million, compared with $110.7 million in the second quarter.
• Pre-NDA meeting completed with FDA. The company completed a pre-NDA meeting with the FDA for the azetukalner filing in focal onset seizures, which management cited as part of the quarter's execution.
• X-TOLE2 data shown at congresses. Topline efficacy and safety results from X-TOLE2 were presented at the AAN Annual Meeting (April 18-22) and the Epilepsy Foundation Pipeline Conference (June 18-19).
• X-TOLE3 still enrolling for non-US filings. The Phase 3 X-TOLE3 study in focal onset seizures continues to enroll, and is intended to support regulatory submissions outside the United States.
• X-ACKT enrolling for second epilepsy indication. The Phase 3 X-ACKT study in primary generalized tonic-clonic seizures continues to enroll, and is intended to support an additional epilepsy indication.
• X-NOVA2 and X-NOVA3 still enrolling. Enrollment continues in two Phase 3 MDD studies, X-NOVA2 and X-NOVA3, which evaluate azetukalner in patients with major depressive disorder.
• X-CEED bipolar study still enrolling. Enrollment continues in the Phase 3 X-CEED study in patients with bipolar depression I or II.
• MDD study design parameters. The X-NOVA studies give 20 mg azetukalner as monotherapy over a 6-week double-blind period, with the primary endpoint at week 6 on HAM-D17.
• XEN1720 Phase 1 now underway. XEN1720, a second Na V 1.7 candidate for pain, received CTA approval, and its Phase 1 SAD/MAD study in healthy adults is now underway.
• XEN1701 and XEN1120 Phase 1 ongoing. Phase 1 SAD/MAD studies in healthy adults are ongoing for XEN1701 (Na V 1.7) and XEN1120 (K V 7), with completion expected in the second half of 2026.
• Na V 1.1 program in IND-enabling work. IND-enabling studies continue for the oral small molecule Na V 1.1 program, which management said could potentially address the underlying cause and symptoms of Dravet syndrome.
• Partnered NBI-921355 Phase 1b ongoing. A Phase 1b study of NBI-921355, a selective Na V 1.2 and Na V 1.6 inhibitor, is ongoing with Neurocrine Biosciences for certain epilepsy types.

Company events

The newest 8-K filings of 144 held.

Every filing

The newest filings with the SEC of 291 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

338 funds held it at 30 Jun 2026: 168 added and 86 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Xenon Pharmaceuticals is a neuroscience-focused biopharmaceutical company based in Burnaby, British Columbia. It carries out drug discovery, clinical development and commercialization of therapeutics for neurological and psychiatric disorders. Its lead investigational candidate, azetukalner, is in multiple Phase 3 studies in epilepsy, major depressive disorder and bipolar depression. The company has no products approved for sale and has not generated revenue from product sales. It had 370 employees as of 31 December 2025, and its common shares trade on the Nasdaq Global Market under the symbol XENE.

The lead candidate

The filing says it is dosed once daily without titration in all Phase 2 and Phase 3 studies. The company calls it the most advanced, clinically-validated potassium channel modulator in late-stage clinical development. Xenon acquired all rights to it from 1st Order Pharmaceuticals in April 2017, and it owes no royalties to that company.

Epilepsy studies

Xenon is studying azetukalner in two kinds of epilepsy seizure. Focal onset seizures are the most common type. The filing says about 60% of people with epilepsy in the United States have them, a population of about 1.8 million. Primary generalized tonic-clonic seizures sit within the generalized group, which covers about 30% of people with epilepsy, or about 0.9 million.

Two Phase 3 studies, X-TOLE2 and X-TOLE3, test 15 mg or 25 mg of azetukalner as an add-on treatment in focal onset seizures. X-TOLE2 has randomized 380 patients. X-TOLE3 is intended to support regulatory submissions outside the United States, and about 60 of its planned 360 participants are to be enrolled in Japan. The Phase 3 X-ACKT study tests 25 mg in approximately 160 patients with primary generalized tonic-clonic seizures. Eligible patients in these studies may continue into an open label extension for up to three years.

In the earlier Phase 2b X-TOLE study, the median reduction in monthly focal seizures was 52.8% in the 25 mg group against 18.2% on placebo.

Depression studies

Xenon is also testing azetukalner in two mood disorders. The Phase 3 programme in major depressive disorder has two studies, X-NOVA2 and X-NOVA3. Each tests 20 mg as monotherapy over six weeks in approximately 450 patients with moderate-to-severe disease. The company says it expects topline data from X-NOVA2 in the first half of 2027.

The bipolar depression programme is one Phase 3 study, called X-CEED in the management discussion. It enrolls approximately 400 patients with bipolar I or II disorder. Depression patients who finish the double-blind period may continue into an open label extension for up to 12 months.

Earlier programmes and the Neurocrine partnership

Xenon's early-stage work centres on ion channels. In 2025 it began two Phase 1 studies in healthy adults for pain candidates. XEN1701 targets the sodium channel Nav1.7 and XEN1120 targets the Kv7 potassium channel. A Nav1.1 programme for Dravet syndrome is in studies that enable an Investigational New Drug application.

In December 2019 Xenon signed a license and collaboration agreement with Neurocrine Biosciences. Neurocrine holds an exclusive worldwide license to develop and commercialize certain sodium channel inhibitors. One of them, NBI-921355, which blocks Nav1.2 and Nav1.6, is in a Phase 1 study. Xenon is eligible for development, regulatory and sales-based milestone payments and for royalties. It also has an option to co-fund one product, which it had not exercised as of 26 February 2026.

Patents, manufacturing and competition

As of 31 December 2025, Xenon owned, co-owned or licensed 22 United States issued patents, 68 issued patents in foreign jurisdictions and over 295 pending patent applications. For azetukalner alone it owned 8 United States issued patents and 36 foreign issued patents. The issued patents are expected to expire between 2028 and 2046, absent any extensions.

Xenon has no manufacturing facilities of its own.

In epilepsy, azetukalner would compete with existing anti-seizure medicines such as cenobamate, lamotrigine and levetiracetam. In depression it would face antidepressants and, in bipolar depression, atypical antipsychotics and mood stabilizers. The filing names companies developing competing candidates, including Biohaven, Praxis Precision Medicines, Axsome Therapeutics and Eli Lilly and Company. It says many competitors have greater financial resources and experience than Xenon.

Its people

Of the 370 employees, 183 are in Canada and 175 are in the United States. A total of 263 work mainly in research and development, and 107 of those hold a Ph.D. or M.D. or equivalent. Another 107 work in general and administrative or commercial roles. None of the employees are represented by a labor union.

*From Xenon Pharmaceuticals's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1582313/000119312526076650/xene-20251231.htm)*

From the company's 10-K.