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Dec 31, 2024
Xenon Pharmaceuticals Q4 2024 Earnings Report
Xenon Pharmaceuticals reported its financial results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
Xenon Pharmaceuticals reported a net loss of $65.7 million for Q4 2024, an increase from $44.7 million in Q4 2023, primarily due to higher research and development expenses. The company anticipates having sufficient cash to fund operations into 2027.
Net loss for Q4 2024 was $65.7 million, compared to $44.7 million for the same period in 2023.
Research and development expenses increased to $59.5 million in Q4 2024 from $41.1 million in Q4 2023.
General and administrative expenses rose to $18.0 million in Q4 2024 from $12.6 million in Q4 2023.
Cash and cash equivalents and marketable securities stood at $754.4 million as of December 31, 2024.
Xenon Pharmaceuticals
Xenon Pharmaceuticals
Forward Guidance
Xenon Pharmaceuticals anticipates a catalyst-rich period over the next 12 to 24 months, with significant advancements in its pipeline and potential commercial launch of azetukalner.
Positive Outlook
- Phase 3 topline data from azetukalner FOS epilepsy program planned for H2 2025, supporting NDA filing and potential commercial launch.
- First of three planned Phase 3 azetukalner MDD studies underway, with a second study on track to initiate mid-year.
- Phase 3 azetukalner bipolar depression program planned for clinical trial initiation mid-year.
- Early-stage portfolio advancing with Kv7 and Nav1.7 IND filings anticipated in 2025.
- Neurocrine collaboration achieved a milestone with the initiation of a Phase 1 study of Nav1.2/Nav 1.6 inhibitor, triggering a $7.5 million milestone payment.
Challenges Ahead
- Sherry Aulin, CFO, plans to step down by June 30, 2025, which may lead to a transition period.
- Clinical trials may not demonstrate safety and efficacy of product candidates.
- Promising preclinical or early clinical trial results may not be replicated in later clinical trials.
- Assumptions regarding planned expenditures and cash sufficiency may be incorrect.
- Regulatory agencies may impose additional requirements or delay clinical trial initiation/completion.