XENE · Xenon Pharmaceuticals Inc.

Xenon Pharmaceuticals reported a Q1 2026 net loss of $102.3 million, up from $65.0 million in Q1 2025, primarily due to increased research and development expenses of $88.5 million (vs. $61.2 million prior year), driven by ongoing Phase 3 azetukalner studies in MDD and BPD, Phase 1 studies for XEN1701 and XEN1120, and higher personnel costs from headcount growth and stock-based compensation. General and administrative expenses rose to $23.8 million (vs. $19.0 million), reflecting increased headcount and professional fees. Other income declined slightly to $7.5 million from $8.1 million due to lower interest income. The balance sheet strengthened significantly with cash, cash equivalents, and marketable securities reaching $1,339.6 million as of March 31, 2026, up from $586.0 million at year-end 2025, bolstered by $130.0 million net proceeds from ATM offerings and $707.6 million from a public offering, extending runway into 2029. CEO Ian Mortimer highlighted the positive Phase 3 X-TOLE2 results exceeding expectations, with 25 mg azetukalner achieving -53.2% median percent change in monthly FOS frequency (placebo-adjusted -42.7%), the highest in any pivotal FOS study to the company's knowledge, supporting Q3 2026 NDA submission and ongoing commercial preparations. Multiple Phase 3 studies continue enrolling in epilepsy (X-TOLE3, X-ACKT) and depression (X-NOVA2/3, X-CEED), with X-NOVA2 topline in H1 2027. Early-stage pain programs (XEN1701 NaV1.7, XEN1120 KV7) expect Phase 1 completion in H2 2026 for Phase 2 initiation.