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Sep 30, 2022
Xenon Pharmaceuticals Q3 2022 Earnings Report
Xenon Pharmaceuticals reported financial results for the third quarter of 2022 and provided a corporate update.
Key Takeaways
Xenon Pharmaceuticals reported a net loss of $37.2 million for the third quarter of 2022, compared to a net loss of $15.4 million for the same period in 2021. The company's cash and cash equivalents and marketable securities were $752.2 million as of September 30, 2022, providing a cash runway into 2026.
XEN1101 Phase 3 program launched with initiation of X-TOLE2 clinical trial.
Strong financial position of approximately $752 million to fully support XEN1101 Phase 3 program development and expected cash runway into 2026.
XEN1101 represents the most advanced potassium channel modulator in clinical development.
Topline data from the XEN1101 MDD study is expected in the third quarter of 2023.
Xenon Pharmaceuticals
Xenon Pharmaceuticals
Forward Guidance
Xenon anticipates having sufficient cash to fund operations into 2026, excluding any revenue generated from existing partnerships or potential new partnering arrangements. Topline results from the X-NOVA study are anticipated in the third quarter of 2023.
Positive Outlook
- Sufficient cash to fund operations into 2026.
- Advancing a novel product pipeline of neurology therapies.
- Focus on epilepsy with XEN1101.
- Initiated XEN1101 Phase 3 development program.
- Partnered programs with Neurocrine Biosciences.
Challenges Ahead
- Clinical trials may not demonstrate safety and efficacy.
- Assumptions regarding planned expenditures and sufficiency of cash may be incorrect.
- Product candidates may fail in development or not receive regulatory approvals.
- Regulatory agencies may impose additional requirements or delay the initiation of clinical trials.
- Impact of the ongoing COVID-19 pandemic on research and clinical development plans.