---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-076530"
form_type: "8-K"
ticker: "XENE"
cik: "0001582313"
company_name: "Xenon Pharmaceuticals Inc."
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:36:44.321422+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Xenon reports 2025 net loss of $345.9M; Phase 3 X-TOLE2 data expected in March 2026

## Summary
- Net loss $345.9M in 2025 vs $234.3M in 2024; R&D expense rose to $300.9M on azetukalner Phase 3 trials.
- Pro forma cash $716M (incl. $130M ATM in Q1 2026) extends runway into H2 2027.
- Phase 3 X-TOLE2 topline data for azetukalner in focal onset seizures due first half of March 2026.
- NDA submission for azetukalner in FOS planned H2 2026; 5 additional Phase 3 studies in epilepsy and depression enrolling.
- Early-stage pipeline: Phase 1 data for XEN1701 (NaV1.7) and XEN1120 (KV7) pain candidates expected in 2026.

## SEC filing metadata
- accession: 0001193125-26-076530
- form_type: 8-K
- ticker: XENE
- cik: 0001582313
- company_name: Xenon Pharmaceuticals Inc.
- filed_at: 2026-02-26T23:59:59+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/1582313/000119312526076530/0001193125-26-076530-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1582313/000119312526076530/xene-20260226.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-076530
- JSON: https://secwatch.observer/filing/0001193125-26-076530.json
- Plain text: https://secwatch.observer/filing/0001193125-26-076530.txt

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