Xenon Pharmaceuticals Inc.

Listed Company

XENECIK 0001582313NasdaqLarge AcceleratedPharmaceutical PreparationsA1CAFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-345.91M

Total Assets

$633.16M

Equity

$581.76M

Shares Out

83.19M

Op. Cash Flow

$-279.12M

Business

Xenon Pharmaceuticals Inc. is a neuroscience-focused biopharmaceutical company that discovers, develops and commercializes small-molecule therapeutics to treat neurological and psychiatric disorders. It develops proprietary product candidates—most prominently azetukalner, a Kv7 potassium channel opener in late-stage clinical development for epilepsy and neuropsychiatric indications—and earlier-stage Kv and Nav ion channel modulators, and it maintains partnered programs with academic and industry collaborators including Neurocrine Biosciences. Key business activities include discovery, preclinical and clinical development, regulatory interactions, intellectual property management, and collaborations/licensing. Xenon conducts global clinical trials and seeks to commercialize products alone or through collaborations across the U.S., Europe and other international markets via standard regulatory and distribution channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration revenue (note 10)	8	0	0	9	18
Research and development	301	210	168	106	75
General and administrative	80	69	47	33	22
Total operating expenses	381	279	214	139	97
Loss from operations	−373	−279	−214	−129	−79
Interest income	27	42	28	9	466,000
Unrealized fair value gain on trading securities	0	0	4	−3	−719,000
Foreign exchange gain (loss)	1	−1	199,000	−2	358,000
Total other income	28	41	31	4	105,000
Loss before income taxes	−345	−238	−183	−125	−79
Income tax recovery (expense) (note 14)	−1	4	292,000	−118,000	6,000
Net loss	−346	−234	−182	−125	−79
Unrealized gain (loss) on available-for-sale securities (note 5)	2	−2	3	−2	—
Comprehensive loss	−344	−236	−179	−127	−79
Basic (per share)	−4.36	−3.01	−2.73	−2.06	−1.77
Diluted (per share)	−4.36	−3.01	−2.73	−2.06	−1.77
Basic (shares)	79	78	67	61	44
Diluted (shares)	79	78	67	61	44

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	199	143	149	57	176
Marketable securities (note 5)	350	484	489	535	376
Other receivables	1	1	—	—	—
Prepaid expenses and other current assets	10	7	6	7	4
Total current assets	561	635	645	600	559
Marketable securities, long-term (note 5)	37	127	293	129	0
Operating lease right-of-use asset, net (note 7)	7	8	9	10	8
Property, plant and equipment, net (note 6)	9	10	10	7	4
Deferred tax assets (note 14)	13	10	802,000	509,000	465,000
Prepaid expenses, long-term	7	7	7	8	0
Total assets	633	798	965	754	572
Accounts payable and accrued liabilities (note 8)	40	34	26	22	14
Operating lease liability (note 7)	2	1	1	488,000	605,000
Total current liabilities	42	36	27	23	14
Operating lease liability, long-term (note 7)	6	8	10	10	8
Other liabilities, long-term	3	0	—	—	—
Total liabilities	51	43	37	33	22
Common shares, without par value; unlimited shares authorized; issued and outstanding: 80,010,790 (December 31, 2024 - 76,413,086) (note 9)	1,599	1,457	1,436	1,065	783
Additional paid-in capital	228	199	157	142	117
Accumulated deficit	−1,245	−899	−665	−483	−357
Accumulated other comprehensive income (loss)	335,000	−2	−77,000	−3	−990,000
Total shareholders' equity	582	755	928	721	550
Total liabilities and shareholders equity	633	798	965	754	572
Commitments and contingencies (note 12)	—	—	—	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−346	−234	−182	−125	−79
Interest receivable and accretion of discounts on marketable securities	7	816,000	−6	−3	—
Depreciation of property, plant and equipment	3	3	2	1	906,000
Non-cash operating lease expense	1	1	1	819,000	—
Deferred income tax recovery	−3	−9	−292,000	−44,000	58,000
Stock-based compensation	54	51	32	20	10
Realized loss on marketable securities	625,000	0	0	—	—
Unrealized foreign exchange (gain) loss	73,000	745,000	−640,000	3	327,000
Other receivables	104,000	−614,000	130,000	—	—
Prepaid expenses and other assets	−3	−984,000	2	−10	−2
Accounts payable and accrued liabilities	6	9	4	8	3
Operating lease liability	−1	−1	267,000	−600,000	—
Other liabilities	3	—	—	—	—
Net cash used in operating activities	−279	−181	−151	−101	−70
Purchases of property, plant and equipment	−799,000	−3	−6	−3	−2
Purchase of marketable securities	−356	−532	−794	−551	−389
Proceeds from marketable securities	574	700	688	261	145
Net cash provided by (used in) investing activities	218	165	−111	−293	−247
Proceeds from offerings, net	112	12	353	—	—
Proceeds from exercise of stock options	5	47,000	35,000	705,000	—
Net cash provided by financing activities	117	12	354	278	448
Effect of exchange rate changes on cash and cash equivalents	458,000	−2	376,000	−2	−592,000
Increase (decrease) in cash and cash equivalents	56	−6	91	−118	131
Cash paid for operating lease	2	2	2	919,000	824,000
Cash received for lease incentives	—	—	1	—	—
Fair Value of Stock Options and Warrants Exercised on a Cashless Basis	21	8	5	—	—
Fair Value of Warrant and Pre-funded Warrants Exercised	291,000	—	36	—	—

Filings

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