---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-069183"
form_type: "8-K"
ticker: "XENE"
cik: "0001582313"
company_name: "Xenon Pharmaceuticals Inc."
filed_at: "2025-05-12T23:59:59+00:00"
generated_at: "2026-05-21T23:37:53.530652+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-069183
- form_type: 8-K
- ticker: XENE
- cik: 0001582313
- company_name: Xenon Pharmaceuticals Inc.
- filed_at: 2025-05-12T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1582313/000095017025069183/0000950170-25-069183-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1582313/000095017025069183/xene-20250512.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-069183
- JSON: https://secwatch.observer/filing/0000950170-25-069183.json
- Plain text: https://secwatch.observer/filing/0000950170-25-069183.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.