Xenon Pharmaceuticals Inc. (XENE) FY2025 10-K Annual Report
Xenon Pharmaceuticals Inc. (XENE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Xenon Pharmaceuticals Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: neuroscience-focused biopharma discovering and commercializing novel ion channel modulators for neurological and psychiatric disorders
- • New emphasis on azetukalner in Phase 3 for epilepsy (FOS and PGTCS) and depression (MDD and BPD), with multiple late-stage studies ongoing
- • Strategic shift: advancing first Kv7 potassium channel opener with potential rapid onset and once-daily dosing, targeting difficult-to-treat epilepsy and neuropsychiatric indications
- • Notable metric: 380 patients enrolled in pivotal Phase 3 FOS study (X-TOLE2), seizure reduction up to 52.8% at 25 mg dose, ongoing 7-year open label extension with 46% retention at 48 months
- • Early-stage pipeline expansion into pain with initiation of Phase 1 studies for two novel candidates targeting Nav1.7 and Kv7 channels, exploiting genetic validation for new pain treatments
Management Discussion & Analysis
- • Revenue and profitability details not disclosed in provided section
- • No segment performance data available
- • Cash flow, buybacks, dividends, or capital expenditure figures not included
- • Forward-looking statements involve risks and uncertainties, no specific guidance or outlook provided
Risk Factors
- • Regulatory risk: alignment with Japan’s PMDA to enroll ~60 of 360 X-TOLE3 participants in Japan, affecting regulatory submission timing
- • Macroeconomic risk: foreign exchange exposure to Canadian dollar fluctuations impacting monetary assets and liabilities
- • Operational risk: reliance on successful completion of late-stage Phase 3 clinical trials for azetukalner, including X-TOLE2 topline data expected March 2026
- • Competitive risk: collaboration with Neurocrine Biosciences on NBI-921355, targeting epilepsy, poses potential competitive or partnership dependency risks
- • Financial risk: accumulated deficit $1.245 billion, net losses increasing to $345.9 million in 2025, requiring ongoing equity/debt financing with no product sales revenue yet
Xenon Pharmaceuticals Inc. FY2025 Key Financial MetricsXBRL
Revenue
$8M
Net Income
-$346M
▼ -47.6% YoY
Operating Margin
-4974.3%
Net Margin
-4612.1%
ROE
-59.5%
▼ -2842bp YoY
Total Assets
$633M
▼ -20.7% YoY
EPS (Diluted)
$-4.36
▼ -44.9% YoY
Operating Cash Flow
-$279M
▼ -53.9% YoY
Source: XBRL data from Xenon Pharmaceuticals Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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