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Mar 31, 2023
Xenon Pharmaceuticals Q1 2023 Earnings Report
Reported financial results for the first quarter of 2023 and provided a corporate update.
Key Takeaways
Xenon Pharmaceuticals reported first quarter 2023 financial results with no revenue recognized compared to $8.8 million for the same period in 2022. Research and development expenses were $39.5 million, and general and administrative expenses were $9.5 million. The net loss for the quarter was $41.7 million. Cash and cash equivalents and marketable securities were $687.3 million as of March 31, 2023.
XEN1101 Phase 3 epilepsy program continues to make significant progress across all ongoing clinical trials.
The last patient is expected to be screened next month in the XEN1101 Phase 2 X-NOVA clinical trial in major depressive disorder, with topline data expected in the fourth quarter.
Based on FDA feedback, the X-ACKT Phase 3 clinical trial will be expanded to include patients as young as 12 years of age.
Xenon will no longer pursue the clinical development of XEN496 and will prioritize XEN1101 pediatric epilepsy development plans.
Forward Guidance
Xenon anticipates having sufficient cash to fund operations into 2026, including the completion of the XEN1101 Phase 3 epilepsy studies.
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