10-K · February 26, 2026
Xenon remains a late-stage neuroscience biopharma centered on azetukalner, with multiple Phase 3 programs progressing (X-TOLE2 enrollment complete at 380 patients and topline readout anticipated in the first half of…
Earnings analysis · 10-Q
XENE earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Xenon Pharmaceuticals reported Q1 2026 results with no revenue generated, significantly falling short of the estimated $3.8 million. The reported EPS of -$1.17 was better than the anticipated -$1.19. The company plans…
Read full summary
Xenon Pharmaceuticals reported Q1 2026 results with no revenue generated, significantly falling short of the estimated $3.8 million. The reported EPS of -$1.17 was better than the anticipated -$1.19. The company plans to submit a New Drug Application for azetukalner in Q3 2026, highlighting progress in clinical trials despite ongoing financial losses.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.17
What stood out
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Reported EPS Better Than Expected
The company reported EPS of -$1.17, beating the expected -$1.19.
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Significant Increase in R&D Expenses
R&D expenses surged to $88.5 million from $61.2 million year-over-year, a 44.7% increase.
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Strong Cash Position Maintained
As of March 31, 2026, cash and cash equivalents totaled $1,339.6 million.
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Delay of Revenue Generation
The company recognized nil revenue in Q1 2026 compared to $7.5 million in Q1 2025.
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Regulatory Submission Anticipated
Xenon expects to file a New Drug Application for azetukalner in Q3 2026.
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R&D Pipeline Focus on Azetukalner
Continued focus on azetukalner, with ongoing Phase 3 clinical studies.
What to watch
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No Revenue Generated in Q1 2026
The company reported $0 in revenue for Q1 2026, down from $7.5 million in Q1 2025.
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Increased Operating Loss
Net loss for Q1 2026 increased to $102.3 million compared to $65.0 million in Q1 2025.
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Dependency on Successful Regulatory Approval
The company's future growth relies on regulatory approval for azetukalner, with no previous market experience.
Management's outlook
Xenon anticipates submission of a New Drug Application (NDA) for azetukalner in Q3 2026.
Earlier filings 4
10-Q · November 3, 2025
Xenon Pharmaceuticals reported a net loss of $90.9 million for Q3 2025, slightly worse than the $62.8 million loss in the comparable quarter last year. Revenue remains at $0, while EPS also declined, reflecting…
10-Q · August 8, 2024
Xenon reported a net loss of $57,924k for the three months ended June 30, 2024 (EPS -$0.75), widening vs. the prior-year quarter loss of $47,461k (EPS -$0.72). Operating expenses rose to $69,104k driven by higher R&D of…
10-K · February 29, 2024
Xenon positions itself as a neuroscience-focused biotech building a proprietary pipeline led by XEN1101 for epilepsy and MDD, leveraging discovery capabilities and selective collaborations. The filing highlights robust…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.