Short answer
Xenon Pharmaceuticals Inc. (XENE) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $8M and net income of −$346M.
- Top risk flagged: Regulatory risk: alignment with Japan’s PMDA to enroll ~60 of 360 X-TOLE3 participants in Japan, affecting regulatory submission timing
FY2025 key financial metrics · XBRL
- Revenue
- $8M
- Net income
- −$346M
- −47.6% YoY
- Operating margin
- -4974.3%
- EPS (diluted)
- −$4.36
- −44.9% YoY
- ROE
- -59.5%
- −28.4 pp YoY
- Operating cash flow
- −$279M
- −53.9% YoY
Source: XBRL data from the Xenon Pharmaceuticals Inc. (XENE) FY2025 10-K on SEC EDGAR. USD.
Xenon Pharmaceuticals Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- 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
Generated from the filing text; verify against the original. How to read a 10-K
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