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Xenon Pharmaceuticals Inc., a neuroscience-focused biopharmaceutical company, engages in the discovery, development, and delivery of therapeutics to treat patients with neurological and psychiatric disorders. Its product candidates include Azetukalner, a novel, potent Kv7 potassium channel opener which is in Phase 3 clinical development for the treatment of epilepsy, including focal onset seizures, and primary generalized tonic-clonic seizures, as well as neuropsychiatric disorders, such as major depressive disorder and bipolar depression. In addition, the company's Phase 1 Single Ascending Dose/Multiple Ascending Dose products include XEN1701 targeting the sodium channel and XEN1120 targeting the Kv7 potassium channel for the treatment of pain. The company has a license and collaboration agreement with Neurocrine Biosciences, Inc. for the development of NBI-921355, a Nav1.2/1.6 sodium channel inhibitor that is in Phase 1 clinical trials for the treatment of certain types of epilepsy. Xenon Pharmaceuticals Inc. was incorporated in 1996 and is headquartered in Burnaby, Canada.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $8M | $-371M | $-346M | $-280M | -59.5% | - | 47.6% |
| 2024 | $0M | $-277M | $-234M | $-184M | -31.0% | - | 28.5% |
| 2023 | $0M | $-212M | $-182M | $-157M | -19.7% | -100.0% | 45.5% |
| 2022 | $9M | $-128M | $-125M | $-104M | -17.4% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 9.43 | 0 | 0 | 7.50 |
| Operating Revenue | - | 9.43 | 0 | 0 | 7.50 |
| Operating Expense | - | 138.58 | 214.05 | 279.30 | 380.57 |
| Research And Development | - | 105.77 | 167.51 | 210.39 | 300.94 |
| Selling General And Administration | - | 32.81 | 46.54 | 68.90 | 79.63 |
| Total Expenses | - | 138.58 | 214.05 | 279.30 | 380.57 |
| Operating Income | - | -129.14 | -214.05 | -279.30 | -373.07 |
| Total Operating Income As Reported | - | -129.14 | -214.05 | -279.30 | -373.07 |
| EBITDA | - | -127.74 | -211.99 | -276.74 | -370.53 |
| Normalized EBITDA | - | -122.91 | -215.74 | -275.67 | -371.88 |
| EBIT | - | -129.14 | -214.05 | -279.30 | -373.07 |
| Interest Income | - | 8.71 | 27.62 | 41.94 | 26.83 |
| Interest Expense | 0 | 0 | - | - | - |
| Net Interest Income | - | 8.71 | 27.62 | 41.94 | 26.83 |
| Other Income Expense | - | -4.82 | 3.75 | -1.06 | 1.35 |
| Interest Income Non Operating | - | 8.71 | 27.62 | 41.94 | 26.83 |
| Interest Expense Non Operating | 0 | 0 | - | - | - |
| Net Non Operating Interest Income Expense | - | 8.71 | 27.62 | 41.94 | 26.83 |
| Pretax Income | - | -125.26 | -182.68 | -238.42 | -344.89 |
| Tax Provision | - | 0.12 | -0.29 | -4.09 | 1.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.26 | 0.01 | -0.02 | 0.20 |
| Net Income Continuous Operations | - | -125.37 | -182.39 | -234.33 | -345.91 |
| Net Income From Continuing And Discontinued Operation | - | -125.37 | -182.39 | -234.33 | -345.91 |
| Net Income From Continuing Operation Net Minority Interest | - | -125.37 | -182.39 | -234.33 | -345.91 |
| Net Income | - | -125.37 | -182.39 | -234.33 | -345.91 |
| Net Income Common Stockholders | - | -124.94 | -182.39 | -234.33 | -345.91 |
| Net Income Including Noncontrolling Interests | - | -125.37 | -182.39 | -234.33 | -345.91 |
| Normalized Income | - | -121.81 | -186.13 | -233.28 | -347.06 |
| Diluted NI Availto Com Stockholders | - | -124.94 | -182.39 | -234.33 | -345.91 |
| Basic Average Shares | - | 60.54 | 66.89 | 77.89 | 79.25 |
| Diluted Average Shares | - | 60.54 | 66.89 | 77.89 | 79.25 |
| Reconciled Depreciation | - | 1.40 | 2.06 | 2.56 | 2.54 |
| Total Unusual Items | - | -4.82 | 3.75 | -1.06 | 1.35 |
| Total Unusual Items Excluding Goodwill | - | -4.82 | 3.75 | -1.06 | 1.35 |
| Preferred Stock Dividends | -1.80 | -0.44 | - | - | - |
| Special Income Charges | 0 | 0 | - | - | - |
| Gain On Sale Of Security | - | -4.82 | 3.75 | -1.06 | 1.35 |
| General And Administrative Expense | - | 32.81 | 46.54 | 68.90 | 79.63 |
| Other Gand A | - | 32.81 | 46.54 | 68.90 | 79.63 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Xenon Pharmaceuticals Inc.this co. | XENE | $5.1B | -14.81 | 8.80 | -59.5% | -13.31 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.6B | -241.41 | 17.92 | -7.4% | 329.12 |
| Cogent Biosciences, Inc. | COGT | $5.6B | -17.03 | 10.24 | -60.1% | -17.21 |
| Liquidia Corporation | LQDA | $5.6B | -80.69 | 124.29 | -154.0% | -128.84 |
| CRISPR Therapeutics AG | CRSP |
| - |
| - |
| - |
| - |
| - |
| $5.5B |
| - |
| 2.86 |
| -30.3% |
| - |
| Scholar Rock Holding Corporation | SRRK | $5.4B | - | 22.13 | -154.0% | - |
| CG Oncology, Inc. | CGON | $4.9B | -30.73 | 6.57 | -21.4% | -26.00 |
| Twist Bioscience Corporation | TWST | $4.6B | -59.27 | 9.73 | -16.4% | -40.36 |
| Dianthus Therapeutics, Inc. | DNTH | $4.6B | -28.33 | 9.32 | -32.9% | -25.63 |
| Peer Median | - | -45.00 | 9.99 | -31.6% | -25.81 | |