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XENE

Xenon Pharmaceuticals Inc.

XENE

Xenon Pharmaceuticals Inc. • NASDAQ
$44.72 ▲ 0.52% (+0.23)
Market Cap $3.46 B
52w High $45.01
52w Low $26.74
Dividend Yield 0%
P/E -11.5
Volume 183.23K
Outstanding Shares 77.28M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $19.282M ▼ $-90.896M ▼ 0% $-1.15 ▼ $-89.578M ▲
Q2-2025 $0 ▼ $93.597M ▲ $-84.706M ▼ 0% ▲ $-1.07 ▼ $-93.597M ▼
Q1-2025 $7.5M ▲ $80.238M ▲ $-65.047M ▲ -867.293% ▼ $-0.83 ▲ $-72.079M ▲
Q4-2024 $0 $77.477M ▲ $-65.685M ▼ 0% $-0.84 ▼ $-76.844M ▼
Q3-2024 $0 $73.676M $-62.79M 0% $-0.81 $-72.976M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $462.268M ▼ $607.836M ▼ $48.325M ▲ $559.511M ▼
Q2-2025 $487.545M ▼ $674.281M ▼ $40.303M ▲ $633.978M ▼
Q1-2025 $549.629M ▼ $743.28M ▼ $39.323M ▼ $703.957M ▼
Q4-2024 $626.905M ▼ $798.139M ▼ $43.236M ▲ $754.903M ▼
Q3-2024 $654.015M $835.901M $38.094M $797.807M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-90.896M ▼ $-71.752M ▼ $38.531M ▼ $2.36M ▲ $-30.867M ▼ $-72.033M ▼
Q2-2025 $-84.706M ▼ $-64.233M ▼ $82.26M ▲ $65K ▼ $18.724M ▲ $-64.39M ▼
Q1-2025 $-65.047M ▲ $-61.652M ▼ $34.51M ▼ $1.151M ▼ $-26.055M ▼ $-61.695M ▼
Q4-2024 $-65.685M ▼ $-54.385M ▼ $98.503M ▲ $12.13M ▲ $55.091M ▲ $-55.168M ▼
Q3-2024 $-62.79M $-49.665M $498K $0 $-49.113M $-50.255M

Revenue by Products

Product Q4-2021Q1-2022Q2-2022Q3-2022
License And Service
License And Service
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Xenon is still a classic clinical‑stage biotech: it has essentially no product revenue and is fully dependent on funding to support research and development. Operating and net losses have widened over the last several years as the company has stepped up spending on late‑stage clinical trials and expanded its pipeline. The cost base is now quite heavy relative to the current lack of revenue, which is normal for this type of company but means profitability is likely years away and highly dependent on successful drug approvals. Reported margins look weak or negative simply because there is no commercial product yet to spread fixed costs over.

Balance Sheet

Balance Sheet The balance sheet shows a solid asset and equity base for a company without approved products, supported by a meaningful cash position and only minimal debt. Equity has grown significantly compared with earlier years, suggesting repeated capital raises to fund development rather than borrowing heavily. Leverage risk is low today, but the company remains reliant on the capital markets to bridge the gap until potential commercialization. Any setback in clinical trials or funding conditions could tighten this cushion, so balance sheet strength is an important but not permanent safety buffer.

Cash Flow

Cash Flow Cash flow is consistently negative, reflecting ongoing research, clinical trial expenses, and corporate overhead without offsetting product sales. Free cash flow tracks closely with operating cash flow, and investment in physical assets is modest, which is typical for a science‑driven business more focused on people and trials than factories. The current pattern implies a steady cash burn that will likely continue or even rise as late‑stage programs advance and commercialization plans develop. Future cash needs will depend heavily on trial outcomes, partnership funding, and the timing of any potential regulatory approvals.

Competitive Edge

Competitive Edge Xenon is carving out a specialized position in neurology by focusing on ion channels, a technically demanding area where deep expertise matters. Its lead drug, azetukalner, is in late‑stage trials for epilepsy and mood disorders, aiming to offer benefits over existing therapies in markets that are large but also highly competitive and crowded with generics and branded drugs. The company’s know‑how, patents, and progress in clinical trials form a meaningful early moat, reinforced by collaborations with larger players like Genentech. However, it still faces intense competition from big pharmaceutical and biotech firms, and its long‑term position will depend on whether its drugs show clearly differentiated benefits in real‑world use.

Innovation and R&D

Innovation and R&D Innovation is the clear core strength: Xenon is built around advanced ion channel biology and a genetics‑driven discovery engine that links human mutations to drug targets. The Extreme Genetics platform and emphasis on sodium and potassium channels give it a distinctive angle in epilepsy, depression, and pain, where there are significant unmet needs. Azetukalner is a good example of this strategy, pursuing a novel mechanism that aims for faster onset and a cleaner side‑effect profile than many current options. The early‑stage pipeline, especially in non‑opioid pain, adds optionality but also raises the ongoing R&D spend and execution risk, since each program must prove itself in expensive, uncertain trials.

Summary

Xenon is a research‑heavy biotech with a focused strategy in neurological disorders and a flagship drug in late‑stage development, but it is still pre‑revenue and deeply loss‑making. Its financial story is one of deliberate cash burn funded primarily through equity, backed by a relatively clean balance sheet with little debt. The company’s value proposition rests on converting its scientific edge in ion channels and genetics into approved drugs in epilepsy, depression, and pain, areas where better treatments could be commercially significant. The main opportunities lie in successful Phase 3 outcomes, regulatory approvals, and potential partnerships or commercialization, while the main risks are clinical failure, delays, or a tougher funding environment before products can generate meaningful cash. Overall, this is a high‑innovation, high‑uncertainty profile typical of clinical‑stage biotech, where future outcomes depend heavily on trial data and regulatory decisions over the next several years.

NEWS

November 25, 2025 · 8:30 AM UTC

Xenon to Present New Azetukalner OLE Study Data in Epilepsy at AES 2025

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November 6, 2025 · 8:30 AM UTC

Xenon to Present at Upcoming Investor Conferences

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November 3, 2025 · 4:01 PM UTC

Xenon Reports Third Quarter 2025 Financial Results & Business Update

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October 27, 2025 · 8:30 AM UTC

Xenon to Report Q3 2025 Financial Results on November 3, 2025

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October 16, 2025 · 8:30 AM UTC

Xenon Announces Appointment of Tucker Kelly as Chief Financial Officer

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