Xenon Q1 net loss $65.0M; X-TOLE2 topline data shifted to early 2026

Xenon Pharmaceuticals Inc.

2025-Q1 EPS reported -$0.83 revenue$7,500,000

Net loss of $65.0M (vs $47.9M Q1 2024) on higher R&D spend of $61.2M; revenue $7.5M from Neurocrine milestone.
Cash and securities $691.1M (down from $754.4M Dec 2024); cash runway into 2027.
Phase 3 X-TOLE2 FOS study recruitment to complete in months; topline data now expected early 2026 (modest shift).
Phase 3 MDD (X-NOVA3) and bipolar depression studies on track to initiate mid-2025.
Phase 1 started for XEN1120 (Kv7); IND for XEN1701 (Nav1.7) expected Q3 2025.

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