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Xenon Pharmaceuticals
Xenon Pharmaceuticals (XENE) investor relations material
Xenon Pharmaceuticals Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved significant progress in multiple Phase 3 clinical trials for azetukalner in epilepsy and neuropsychiatry indications, with key topline data readouts and NDA submission anticipated in 2026.
Expanded early-stage pipeline with two novel ion channel modulators for pain, with Phase 1 data expected in 2026 to support Phase 2 studies.
Raised $242.2 million through ATM offerings, extending cash runway into the second half of 2027.
Financial highlights
Cash, cash equivalents, and marketable securities totaled $586.0 million as of December 31, 2025, down from $754.4 million at year-end 2024; pro forma cash including Q1 2026 ATM proceeds is $716.0 million.
Research and development expenses rose to $300.9 million for 2025, up from $210.4 million in 2024, driven by Phase 3 studies and increased personnel costs.
General and administrative expenses increased to $79.6 million for 2025 from $68.9 million in 2024, mainly due to higher headcount and professional fees.
Net loss for 2025 was $345.9 million, compared to $234.3 million in 2024, reflecting higher R&D and G&A expenses and lower interest income.
Net loss per share was $4.36 for 2025, compared to $3.01 in 2024.
Outlook and guidance
Topline data from Phase 3 X-TOLE2 study in focal onset seizures expected in March 2026, with NDA submission planned for the second half of 2026.
Phase 3 X-NOVA2 study in major depressive disorder expected to deliver topline data in H1 2027.
Cash runway projected to fund operations into the second half of 2027.
Azetukalner's OLE data differentiation?
Burn rate outlook given current cash runway?
Market potential for pain programs?
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Next Xenon Pharmaceuticals earnings date
Q1 202611 May, 2026
Xenon Pharmaceuticals
Next Xenon Pharmaceuticals earnings date
Q1 202611 May, 2026
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Frequently asked questions
Xenon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company focused on developing innovative therapeutics for neurological disorders. The company leverages its expertise in ion channel biology to advance a pipeline of small-molecule therapies aimed at treating conditions such as epilepsy, rare neurological diseases, and other central nervous system disorders. The company is headquartered in Burnaby, Canada, and its shares are listed on the NASDAQ.
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