Xenon Pharmaceuticals Inc.
XENE · Pharmaceutical Preparations · 96.7M shares · +25%/yr ↑ dilution · EDGAR filings ↗
Reference price $53.14 · est. market cap ~$5.1B — last insider sale, 2026-06-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C63Well-capitalized neuroscience clinical-stage name with a validated lead (azetukalner) but no revenue and a pivotal readout still pending.
Strengths
- Strong liquidity: cash $586M (85.8 pct), current/quick ratio 13.4 (87th pct)
- Positive Phase 2b XEN1101/azetukalner in focal epilepsy (52.8% vs 18.2% reduction, p<0.001) supports the Phase 3 program
Risks
- Deep losses ($345.9M net loss, accumulated deficit $1.25B) and FCF -$280M (5.4 pct); runway ~8.4 quarters
- Two terminated Phase 3 XEN496 KCNQ2-DEE pediatric studies and older negative pain trials; lead Phase 3 epilepsy data not yet read out
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-279.9M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +25%/yr over 3y (dilution, book value/share -58%)
- Strong balance sheetStrong balance sheet — $586M cash & investments, ~8 quarters of runway
- AccumulatingInstitutional holders rose 11→16 QoQ (2025-12-31→2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Insider sellingInsider selling — 19 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$20M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-08 — PHASE3 · Major Depressive Disorder
- Notable holderHeld by 5 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, STATE STREET CORP +2 more (as of 2026-03-31)
- Revenue declineRevenue -93.9% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-59.5%
Return on assets
-54.6%
Revenue growth (QoQ)
-93.9%
Current ratio
13.4×
Free cash flow
-$280M
EBITDA
-$371M
Tangible book value
$582M
Cash & investments
$586M
Cash runway
8q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-05 | PATOU GARY | Sell | 1.3K | $53.14 |
| 2026-06-05 | Cannon Gillian | Sell | 1.2K | $53.14 |
| 2026-06-01 | Gover Justin D. | Option exercise | 2.6K | — |
| 2026-06-01 | GAROFALO ELIZABETH A. | Option exercise | 2.6K | — |
| 2026-06-01 | GANNON STEVEN | Option exercise | 2.6K | — |
| 2026-06-01 | Cannon Gillian | Option exercise | 2.6K | — |
| 2026-06-01 | Svoronos Dawn | Option exercise | 2.6K | — |
| 2026-06-01 | Svoronos Dawn | Tax withheld | 1.4K | $53.41 |
| 2026-06-01 | GANNON STEVEN | Tax withheld | 1.4K | $53.41 |
| 2026-06-01 | Machado Patrick | Option exercise | 2.6K | — |
| 2026-06-01 | PATOU GARY | Option exercise | 2.6K | — |
| 2026-05-12 | GANNON STEVEN | Option exercise | 3.5K | $7.38 |
| 2026-03-13 | KENNEY CHRISTOPHER JOHN | Sell | 1.4K | $55.23 |
| 2026-03-13 | MORTIMER IAN | Sell | 7.3K | $55.23 |
| 2026-03-13 | DiFabio Andrea | Sell | 1.3K | $55.23 |
| 2026-03-12 | KENNEY CHRISTOPHER JOHN | Option exercise | 3.8K | — |
| 2026-03-12 | DiFabio Andrea | Option exercise | 3.8K | — |
| 2026-03-12 | MORTIMER IAN | Option exercise | 12K | — |
| 2026-03-10 | MORTIMER IAN | Sell | 11K | $60.11 |
| 2026-03-10 | KENNEY CHRISTOPHER JOHN | Sell | 2.8K | $60.11 |
| 2026-03-10 | DiFabio Andrea | Sell | 2.6K | $60.11 |
| 2026-03-09 | MORTIMER IAN | Option exercise | 20K | — |
| 2026-03-09 | KENNEY CHRISTOPHER JOHN | Option exercise | 7.5K | — |
| 2026-03-09 | DiFabio Andrea | Option exercise | 7.5K | — |
| 2026-03-09 | MORTIMER IAN | Option exercise | 75K | $8.40 |
| 2026-03-09 | MORTIMER IAN | Sell | 22K | $58.81 |
| 2026-03-09 | MORTIMER IAN | Sell | 32K | $59.88 |
| 2026-03-09 | MORTIMER IAN | Sell | 22K | $60.49 |
| 2026-03-09 | MORTIMER IAN | Option exercise | 25K | $3.10 |
| 2026-03-09 | MORTIMER IAN | Sell | 12K | $59.50 |
| 2026-03-09 | MORTIMER IAN | Sell | 10K | $60.47 |
| 2026-03-09 | MORTIMER IAN | Sell | 2.4K | $61.26 |
| 2026-03-09 | MORTIMER IAN | Option exercise | 105K | $4.75 |
| 2026-03-09 | MORTIMER IAN | Sell | 43K | $59.26 |
| 2026-03-09 | MORTIMER IAN | Sell | 62K | $60.08 |
| 2026-03-09 | MORTIMER IAN | Option exercise | 65K | $9.44 |
| 2026-03-09 | MORTIMER IAN | Sell | 65K | $62.06 |
| 2026-01-02 | MORTIMER IAN | Option exercise | 40K | $7.49 |
| 2026-01-02 | MORTIMER IAN | Sell | 38K | $44.40 |
| 2026-01-02 | MORTIMER IAN | Sell | 2.1K | $44.93 |
| 2025-12-08 | MORTIMER IAN | Sell | 8.8K | $45.59 |
| 2025-12-08 | MORTIMER IAN | Sell | 2.0K | $46.32 |
| 2025-12-05 | MORTIMER IAN | Sell | 14K | $45.03 |
| 2025-11-28 | MORTIMER IAN | Sell | 97 | $45.01 |
| 2025-10-01 | MORTIMER IAN | Sell | 25K | $40.16 |
| 2025-10-01 | MORTIMER IAN | Option exercise | 25K | $7.69 |
| 2025-06-05 | GANNON STEVEN | Sell | 3 | $30.48 |
| 2025-05-14 | GANNON STEVEN | Option exercise | 5.1K | $12.57 |
| 2025-01-27 | MORTIMER IAN | Sell | 1.1K | $41.07 |
| 2025-01-27 | MORTIMER IAN | Option exercise | 15K | $17.76 |
| 2025-01-27 | MORTIMER IAN | Sell | 15K | $40.46 |
| 2025-01-27 | MORTIMER IAN | Option exercise | 1.1K | $17.76 |
| 2025-01-24 | MORTIMER IAN | Option exercise | 22K | $17.76 |
| 2025-01-24 | MORTIMER IAN | Sell | 22K | $40.20 |
| 2025-01-23 | MORTIMER IAN | Option exercise | 16K | $17.76 |
| 2025-01-23 | MORTIMER IAN | Sell | 16K | $40.08 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT05718817 ↗ | An Open-label Study of XEN1101 in Epilepsy Focal Epilepsy, Tonic-Clonic Seizures | PHASE3 | Enrolling By Invitation | 2033-04-01 |
| NCT07217860 ↗ | An Open-label Study of Azetukalner in Bipolar I or II Depression (X-CEED-OLE) Bipolar Depression, Bipolar I Disorder | PHASE3 | Enrolling By Invitation | 2029-06-01 |
| NCT07172516 ↗ | A Randomized Study of Azetukalner Versus Placebo in Depressive Episodes Associated With Bipolar I or II Disorder (Bipolar Depression) Bipolar Disorder, Bipolar Depression | PHASE3 | Recruiting | 2028-06-01 |
| NCT07076407 ↗ | A Randomized Study of Azetukalner Versus Placebo in Major Depressive Disorder (X-NOVA3) Major Depressive Disorder | PHASE3 | Recruiting | 2027-05-01 |
| NCT05667142 ↗ | A Study to Evaluate XEN1101 as Adjunctive Therapy in Primary Generalized Tonic-Clonic Seizures Primary Generalized Tonic-Clonic Seizures | PHASE3 | Recruiting | 2027-04-01 |
| NCT06922110 ↗ | An Open-Label Study of Azetukalner in Major Depressive Disorder Major Depressive Disorder | PHASE3 | Enrolling By Invitation | 2027-01-01 |
| NCT05716100 ↗ | A Randomized Study of XEN1101 Versus Placebo in Focal-Onset Seizures (X-TOLE3) Focal Onset Seizures | PHASE3 | Recruiting | 2026-10-01 |
| NCT06775379 ↗ | A Randomized Study of Azetukalner Versus Placebo in Major Depressive Disorder Major Depressive Disorder | PHASE3 | Recruiting | 2026-08-01 |
| NCT03796962 ↗ | A Study to Evaluate XEN1101 as Adjunctive Therapy in Focal Epilepsy Focal Epilepsy | PHASE2 | Active Not Recruiting | 2021-09-02 |
| NCT05614063 ↗ | A Randomized Study of XEN1101 Versus Placebo in Focal-Onset Seizures Focal Onset Seizures | PHASE3 | Completed | 2026-01-12 |
| NCT04912856 ↗ | An Open-Label Extension of the Study XEN496 (Ezogabine) in Children With KCNQ2-DEE Epilepsy, Epilepsy in Children | PHASE3 | Terminated | 2023-11-17 |
| NCT05376150 ↗ | A Study to Evaluate the Safety, Tolerability and Efficacy of XEN1101 in Major Depressive Disorder Major Depressive Disorder | PHASE2 | Completed | 2023-09-18 |
| NCT04639310 ↗ | XEN496 (Ezogabine) in Children With KCNQ2 Developmental and Epileptic Encephalopathy Epilepsy, Epilepsy in Children | PHASE3 | Terminated | 2023-05-16 |
| NCT03340220 ↗ | Safety, Tolerability, and Pharmacokinetics (PK) of Single and Multiple Ascending Oral Doses of XEN1101. Healthy Volunteers | PHASE1 | Completed | 2021-11-26 |
| NCT04952467 ↗ | Single-dose Mass Balance Recovery and Metabolite Profile and Identification of 14C-XEN1101 Healthy Volunteers | PHASE1 | Completed | 2021-10-04 |
| NCT03467100 ↗ | Safety, Tolerability, and Pharmacokinetics of Single and Multiple Ascending Oral Doses of XEN901 Healthy Volunteers | PHASE1 | Completed | 2018-12-19 |
| NCT03468725 ↗ | Safety, Tolerability, Pharmacokinetics and Effects on Transcranial Magnetic Stimulation of Oral Doses of XEN1101 Healthy Male Volunteers | PHASE1 | Completed | 2018-07-31 |
| NCT02656043 ↗ | A Safety, Tolerability, Efficacy and Exposure Study of XEN801 Topical Gel Acne Vulgaris | PHASE1/PHASE2 | Completed | 2017-02-16 |
| NCT01486446 ↗ | Phase 2a, Exploratory Study to Evaluate the Safety, Efficacy, Tolerability and Pharmacokinetics of XPF-002 in Patients With Primary/Inherited Erythromelalgia Primary Erythromelalgia, Inherited Erythromelalgia | PHASE1/PHASE2 | Completed | 2012-04-01 |
| NCT01195636 ↗ | A Crossover Study to Evaluate the Safety, Tolerability and Efficacy of XPF-002 in Subjects With Postherpetic Neuralgia (PHN) Postherpetic Neuralgia | PHASE2 | Completed | 2011-03-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-03 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-07 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-13 | Exec/director changeExhibits | filing ↗ |
| 2026-03-13 | OtherExhibits | filing ↗ |
| 2026-03-12 | Material agreementOtherExhibits | filing ↗ |
| 2026-03-09 | Reg FDExhibits | filing ↗ |
| 2026-02-27 | OtherExhibits | filing ↗ |
| 2026-02-26 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-06-02 | 0001193125-26-255396 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211843 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-212153 ↗ |
| 8-K | 2026-04-13 | 2026-04-07 | 0001193125-26-152834 ↗ |
| 8-K | 2026-03-13 | 2026-03-13 | 0001193125-26-106144 ↗ |
| 8-K | 2026-03-12 | 2026-03-10 | 0001193125-26-104199 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001193125-26-097577 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001193125-26-082520 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-076530 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076650 ↗ |
| 8-K | 2025-12-01 | 2025-11-24 | 0001193125-25-303862 ↗ |
| 10-Q | 2025-11-03 | 2025-09-30 | 0001193125-25-262646 ↗ |