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Sep 30, 2025
Xenon Pharmaceuticals Q3 2025 Earnings Report
Xenon reported a larger net loss in Q3 2025, primarily driven by increased R&D spending on its late-stage azetukalner programs.
Key Takeaways
Xenon reported no revenue and a net loss of $90.9 million in Q3 2025, reflecting increased investment in late-stage trials. Cash and marketable securities totaled $555.3 million. The company expects to be funded into 2027.
Net loss for Q3 2025 was $90.9 million, driven by R&D and G&A spending
R&D expenses increased to $77.1 million due to Phase 3 trial progression
Xenon held $555.3 million in cash and marketable securities at quarter-end
No revenue was recognized this quarter as programs remain in clinical stages
Forward Guidance
Xenon expects continued R&D investment into late-stage programs with sufficient funding into 2027 and topline data from key trials in early 2026.
Positive Outlook
- Patient randomization completed for Phase 3 X-TOLE2 study in FOS
- Three Phase 3 MDD studies and two BPD studies actively enrolling
- Strong cash runway into 2027 supports trial completions and operations
- First-in-human Phase 1 studies underway for Nav1.7 and Kv7 programs
- Seven abstracts to be presented at AES 2025 highlighting clinical data
Challenges Ahead
- No recognized revenue during the quarter
- Net loss widened due to elevated trial and personnel costs
- Decline in other income attributed to lower interest income
- High R&D spending driven by multiple concurrent Phase 3 programs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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