Xenon Pharmaceuticals Inc.
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Range $60 – $100
Price Chart
About the company
Xenon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company dedicated to discovering and advancing innovative treatments for individuals living with neurological disorders. The company operates primarily from its headquarters in Burnaby, Canada.
- CEO
- Ian C. Mortimer
- IPO
- 2014
- Employees
- 364
- HQ
- Burnaby, BC, CA
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- Market Cap
- $5.96B
- P/E
- -13.01
- Fwd P/E
- 94.47
- PEG
- 0.48
- P/S
- 0.00
- P/B
- 4.94
- EV/EBITDA
- -14.03
- Div Yield
- 0.00%
- Gross Margin
- 0.00%
- Op Margin
- 0.00%
- Net Margin
- 0.00%
- ROE
- -43.98%
- ROIC
- -35.10%
Latest fiscal year · YoY change
- Revenue
- $7.50M+0.0%
- Gross Profit
- $4.96M+293.6%
- Op Income
- $-373,070,000
- Net Income
- $-345,910,000-47.6%
- EPS
- $-4.36-44.9%
- OCF Growth
- -53.9%
- FCF Growth
- -51.7%
- 52W High
- $72.66
- 52W Low
- $35.60
- 50D MA
- $61.80
- 200D MA
- $51.53
- Beta
- 0.63
- RSI (14)
- 44
- Avg Volume
- 1.33M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Xenon said it is on track to file AZK’s NDA this quarter, with strong epilepsy enthusiasm, continued pipeline progress in pain and psychiatry, and a cash runway into 2029.· August 6, 2026
- AZK’s NDA for focal seizures is on track for submission later this quarter after a productive pre-NDA meeting with FDA.
- Management said X-TOLE2 showed the “best placebo-adjusted response” in a pivotal focal seizure study, with rapid onset and a generally well-tolerated profile.
- Commercial preparation is accelerating, with the company building sales, marketing, field strategy, payer and distribution capabilities ahead of a potential launch.
- Pain programs remain active: XEN1701 and XEN1120 are nearing completion of Phase 1, and XEN1720 has started Phase 1.
- Xenon reiterated a cash balance of $1.2 billion and said that should fund operations into 2029.
Xenon ended Q2 with cash, cash equivalents and marketable securities of $1.2 billion, which management said funds operations into 2029. No revenue, EPS, or gross margin figures were provided in the call transcript. On guidance, management said the AZK NDA remains on track for submission this quarter; first Phase 3 MDD data are still expected in the first half of 2027, and XEN1701/XEN1120 Phase 1 studies are nearing completion with Phase 2 acute pain proof-of-concept studies planned afterward.
Ian Mortimer framed the quarter as another productive step toward becoming a fully integrated neuroscience company. He emphasized three priorities: preparing AZK’s NDA and launch, advancing five additional AZK Phase 3 studies in epilepsy and neuropsychiatry, and expanding the pain portfolio with multiple shots on goal. His tone was confident on AZK’s differentiation, citing strong community feedback, a novel mechanism, rapid onset, once-daily dosing and no titration, while also highlighting long-term optionality in depression and pain.
Tucker Kelly highlighted the balance sheet, saying Xenon had $1.2 billion of cash, cash equivalents and marketable securities at quarter end and enough runway to fund operations into 2029. He said that support positions the company to fund AZK’s U.S. launch, multiple registrational programs, and continued development in pain and early research. He reiterated upcoming milestones: the NDA submission this quarter, commercial readiness work, and X-NOVA2 data expected in the first half of 2027.
Analysts focused heavily on AZK launch readiness, pain development, and future clinical design. Management said the pre-NDA FDA meeting was productive, that the package is “pretty straightforward,” and that there were no agency concerns about inadequate exposure for the doses intended to support the label. On pain, management said safety looked comfortable enough to move XEN1701 into Phase 2 proof-of-concept, but declined to give detailed safety data before unblinding; they also said XEN1720 is a differentiated second Nav1.7 chemistry, not a change to the lead program.
The bull case from this call is that AZK appears to have strong clinical and commercial momentum ahead of launch, with management repeatedly citing differentiated efficacy, rapid onset and a well-tolerated profile. Xenon also has a large capital base, multiple follow-on indications in epilepsy and psychiatry, and several pain programs that could create additional value if any one succeeds.
The main risks are execution and timing: AZK still needs an NDA approval before launch, and the company is making multiple assumptions about broad adoption and payer acceptance. The psychiatry and pain programs are earlier-stage, with MDD data not expected until the first half of 2027 and acute pain proof-of-concept designs still being finalized, so there is substantial clinical and regulatory risk before those programs contribute meaningfully.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.9%
- Shares Outstanding
- 96.67M
- Float Shares
- 90.76M
of shares held by institutions
306 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Fmr LLC | 9.65M | ▼ 1.17M |
| Blackrock, Inc. | 7.52M | ▲ 1.88M |
| Avoro Capital Advisors LLC | 5.78M | 0 |
| Polar Capital Holdings PLC | 4.57M | ▲ 165.24K |
| Driehaus Capital Management LLC | 4.42M | ▼ 73.10K |
| Janus Henderson Group PLC | 4.18M | ▲ 91.95K |
| Price T Rowe Associates Inc | 3.25M | ▲ 1.92M |
| Jpmorgan Chase & Co | 2.62M | ▲ 693.75K |
| Capital International Investors | 2.36M | ▼ 313.09K |
| T. Rowe Price Investment Management, Inc. | 2.17M | ▲ 1.22M |
| State Street Corp | 1.97M | ▲ 249.10K |
| Two Sigma Investments, LP | 1.64M | ▲ 1.04M |
Held by 223 ETFs
Biggest fund positions in XENE by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 11, 26 | GANNON STEVEN | sell | 10,000 |
| Jun 5, 26 | PATOU GARY | sell | 1,322 |
| Jun 5, 26 | Cannon Gillian | sell | 1,190 |
| Jun 1, 26 | PATOU GARY | other | 2,645 |
| Jun 3, 26 | PATOU GARY | other | 10,507 |
| Jun 3, 26 | PATOU GARY | other | 1,593 |
| Jun 1, 26 | PATOU GARY | other | 2,645 |
| Jun 3, 26 | Machado Patrick | other | 10,507 |
| Jun 1, 26 | Machado Patrick | other | 2,645 |
| Jun 3, 26 | Machado Patrick | other | 1,593 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our XENE coverage
Recent articles, reports, and earnings notes.
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seekingalpha.com · Aug 11
Xenon Pharmaceuticals Q2 Earnings Call Highlights
marketbeat.com · Aug 7
XENE's Q2 Loss Narrower Than Expected, Sales Nil, Pipeline in Focus
zacks.com · Aug 7
Xenon Pharmaceuticals Inc. (XENE) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 7
Xenon Reports Q2 2026 Financial Results and Provides Business Update
globenewswire.com · Aug 6
Xenon Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
globenewswire.com · Jul 31
Xenon to Report Q2 2026 Financial Results on August 6, 2026
globenewswire.com · Jul 30
Bank of New York Mellon Corp Grows Stock Holdings in Xenon Pharmaceuticals Inc. $XENE
defenseworld.net · Jul 29
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