Xenon Pharmaceuticals Inc. XENE
We are a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development and commercialization of life-changing therapeutics for patients in need. We are advancing a differentiated product pipeline led by our investigational candidate, azetukalner, which is being studied in multiple Phase 3 studies in epilepsy, major depressive disorder, or MDD, and bipolar depression, or BPD. Our early-stage pipeline includes Kv7 potassium channel openers and Nav sodium channel modulators being advanced for select high‑need indications, including pain.
Our goal is to build a fully-integrated and profitable biopharmaceutical company that discovers, develops, and commercializes innovative therapeutics to treat a range of neurological and psychiatric disorders.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5M | $0 | $0 | $9.4M | $18.4M | $32.2M | $6.8M | — | $311.0K | $1.8M |
| R&D | $300.9M | $210.4M | $167.5M | $105.8M | $75.5M | $50.5M | $38.8M | $23.6M | $25.6M | $19.8M |
| SG&A | $79.6M | $68.9M | $46.5M | $32.8M | $22.0M | $12.9M | $10.8M | $8.4M | $7.3M | $6.8M |
| Total operating expenses | $380.6M | $279.3M | $214.1M | $138.6M | $97.4M | $63.5M | $49.6M | $38.0M | $32.9M | $26.6M |
| Operating income | -$373.1M | -$279.3M | -$214.1M | -$129.1M | -$79.0M | -$31.3M | -$42.8M | -$38.0M | -$32.6M | -$24.8M |
| Interest expense | — | — | — | — | — | $484.0K | $1.4M | $1.4M | — | — |
| Pre-tax income | -$344.9M | -$238.4M | -$182.7M | -$125.3M | -$78.9M | -$29.1M | -$41.6M | -$34.5M | — | — |
| Income tax | $1.0M | $4.1M | $292.0K | $118.0K | $6.0K | $257.0K | $23.0K | $24.0K | — | — |
| Net income | -$345.9M | -$234.3M | -$182.4M | -$125.4M | -$78.9M | -$28.8M | -$41.6M | -$34.5M | -$30.7M | -$23.0M |
| EPS, basic | -4.36 | -3.01 | -2.73 | -2.06 | -1.77 | -0.81 | — | -1.63 | -1.71 | -1.48 |
| EPS, diluted | -4.36 | -3.01 | -2.73 | -2.06 | -1.77 | -0.81 | -1.54 | -1.63 | -1.72 | -1.48 |
| Shares, diluted (wtd. avg.) | $79.3M | $77.9M | $66.9M | $60.5M | $43.6M | $34.5M | — | $19.4M | $18.0M | $15.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $199.2M | $142.7M | $148.6M | $57.2M | $175.7M | $45.0M | $24.8M | $67.8M | $20.5M | $17.1M |
| Short-term investments | $349.7M | $484.2M | $489.4M | $534.8M | $376.1M | $132.0M | $116.6M | $51.6M | $23.2M | $47.1M |
| Receivables | — | $1.5M | $874.0K | $986.0K | $2.8M | $1.8M | $813.0K | $151.0K | $438.0K | $200.0K |
| Total current assets | $560.6M | $635.3M | $645.0M | $600.3M | $559.0M | $181.8M | $144.9M | $121.3M | $44.8M | $65.7M |
| Property, plant and equipment | $8.7M | $10.3M | $9.7M | $6.5M | $4.5M | $3.6M | $1.7M | $991.0K | $1.1M | $1.4M |
| Total assets | $633.2M | $798.1M | $964.8M | $754.1M | $572.0M | $189.2M | $147.7M | $122.4M | $46.1M | $67.5M |
| Accounts payable | $40.3M | $34.2M | $26.0M | $22.2M | $13.7M | $10.9M | $8.8M | $4.1M | $3.4M | $3.6M |
| Short-term debt | — | — | — | — | — | — | $4.7M | — | $700.0K | — |
| Total current liabilities | $41.8M | $35.6M | $27.3M | $22.7M | $14.3M | $14.8M | $43.4M | $4.1M | $4.1M | $3.6M |
| Long-term debt | — | — | — | — | — | — | $10.9M | $15.0M | $6.1M | — |
| Total liabilities | $51.4M | $43.2M | $36.9M | $32.6M | $22.0M | $17.8M | $55.7M | $19.1M | $10.2M | $3.6M |
| Retained earnings | -$1.25B | -$899.5M | -$665.1M | -$482.7M | -$357.4M | -$278.5M | -$249.7M | -$207.9M | -$173.4M | -$142.7M |
| Total equity | $581.8M | $754.9M | $927.9M | $721.5M | $550.0M | $171.4M | $92.0M | $103.3M | $35.9M | $63.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$279.1M | -$181.4M | -$151.1M | -$101.0M | -$69.5M | -$48.1M | -$4.7M | -$34.7M | -$28.7M | -$19.6M |
| Stock-based compensation | $53.7M | $50.7M | $32.4M | $20.4M | $10.0M | $5.7M | $2.9M | $2.6M | $2.2M | $2.2M |
| Capital expenditure | $799.0K | $3.1M | $5.6M | $2.9M | $2.0M | $2.6M | $1.2M | $507.0K | $315.0K | $279.0K |
| Investing cash flow | $218.0M | $165.0M | -$111.4M | -$293.4M | -$246.8M | -$16.8M | -$66.2M | -$29.0M | $24.3M | -$47.8M |
| Financing cash flow | $117.1M | $12.1M | $353.5M | $278.5M | $447.5M | $85.8M | $27.5M | $111.6M | $7.1M | $24.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170320.
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