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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% | - | - |
| 2024 | $0M | $-277M | $-234M | $-184M | -31.0% | - | - |
| 2023 | $0M | $-212M | $-182M | $-157M | -19.7% | -100.0% | - |
| 2022 | $9M | $-128M | $-125M | $-104M | -17.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 9.43 | 0 | 0 | 7.50 |
| Operating Expense | 138.58 | 214.05 | 279.30 | 380.57 |
| Operating Income | -129.14 | -214.05 | -279.30 | -373.07 |
| EBITDA | -127.74 | -211.99 | -276.74 | -370.53 |
| EBIT | -129.14 | -214.05 | -279.30 | -373.07 |
| Pretax Income | -125.25 | -182.69 | -238.42 | -344.89 |
| Tax Provision | 0.12 | -0.29 | -4.09 | 1.02 |
| Net Income | -125.37 | -182.39 | -234.33 | -345.91 |
| Net Income Common Stockholders | -124.94 | -182.39 | -234.33 | -345.91 |
| Total Expenses | 138.58 | 214.05 | 279.30 | 380.57 |
| Interest Expense | 0 | 0 | 0 | 0 |
| Interest Income | 8.71 | 27.62 | 41.94 | 26.83 |
| Research And Development | 105.77 | 167.51 | 210.39 | 300.94 |
| Selling General And Administration | 32.81 | 46.54 | 68.90 | 79.63 |
| Normalized EBITDA | -122.91 | -215.74 | -275.67 | -371.88 |
| Normalized Income | -121.81 | -186.13 | -233.28 | -347.06 |
| Basic EPS | -2.06 | -2.73 | -3.01 | -4.36 |
| Diluted EPS | -2.06 | -2.73 | -3.01 | -4.36 |
| Tax Effect Of Unusual Items | -1.26 | 0.01 | -0.02 | 0.20 |
| Tax Rate For Calcs | 0.26 | 0 | 0.02 | 0.15 |
| Total Unusual Items | -4.83 | 3.75 | -1.06 | 1.35 |
| Total Unusual Items Excluding Goodwill | -4.83 | 3.75 | -1.06 | 1.35 |
| Net Income From Continuing Operation Net Minority Interest | -125.37 | -182.39 | -234.33 | -345.91 |
| Reconciled Depreciation | 1.41 | 2.06 | 2.56 | 2.54 |
| Net Interest Income | 8.71 | 27.62 | 41.94 | 26.83 |
| Net Income From Continuing And Discontinued Operation | -125.37 | -182.39 | -234.33 | -345.91 |
| Total Operating Income As Reported | -129.14 | -214.05 | -279.30 | -373.07 |
| Diluted Average Shares | 60.54 | 66.89 | 77.89 | 79.25 |
| Basic Average Shares | 60.54 | 66.89 | 77.89 | 79.25 |
| Diluted NI Availto Com Stockholders | -124.94 | -182.39 | -234.33 | -345.91 |
| Preferred Stock Dividends | -0.44 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -125.37 | -182.39 | -234.33 | -345.91 |
| Net Income Continuous Operations | -125.37 | -182.39 | -234.33 | -345.91 |
| Other Income Expense | -4.83 | 3.75 | -1.06 | 1.35 |
| Special Income Charges | 0 | 0 | 0 | 0 |
| Gain On Sale Of Security | -4.83 | 3.75 | -1.06 | 1.35 |
| Net Non Operating Interest Income Expense | 8.71 | 27.62 | 41.94 | 26.83 |
| Interest Expense Non Operating | 0 | 0 | 0 | 0 |
| Interest Income Non Operating | 8.71 | 27.62 | 41.94 | 26.83 |
| General And Administrative Expense | 32.81 | 46.54 | 68.90 | 79.63 |
| Other Gand A | 32.81 | 46.54 | 68.90 | 79.63 |
| Operating Revenue | 9.43 | 0 | 0 | 7.50 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Xenon Pharmaceuticals Inc.this co. | XENE | $5.4B | - | 7.67 | -59.5% | -11.06 |
| Mirum Pharmaceuticals, Inc. | MIRM | $5.7B | - | 15.53 | -7.4% | 2666.18 |
| CG Oncology, Inc. | CGON | $5.7B | - | 6.94 | -21.4% | -24.99 |
| Rhythm Pharmaceuticals, Inc. | RYTM | $5.6B | - | 39.69 | -72.8% | -28.64 |
| Scholar Rock Holding Corporation | SRRK |
| $5.5B |
| - |
| 20.46 |
| -154.0% |
| -13.21 |
| Immunovant, Inc. | IMVT | $5.5B | - | 5.56 | -58.5% | -9.23 |
| Oscar Health, Inc. | OSCR | $5.4B | - | 5.45 | -45.2% | -5.02 |
| Lantheus Holdings, Inc. | LNTH | $5.3B | 23.80 | 4.81 | 21.4% | 14.41 |
| PACS Group, Inc. | PACS | $5.2B | 27.38 | 5.53 | 20.1% | 23.70 |
| Peer Median | - | 25.59 | 6.25 | -33.3% | -7.12 | |