Xenon Pharmaceuticals Inc.

xenon-pharma.com

What Do They Do?

Develops potential medicines for people with epilepsy, depression, and pain, led by azetukalner and early-stage potassium- and sodium-channel drug candidates.

How Do They Make Money?

Revenue comes from collaboration agreements: partners can pay upfront for rights or services, fund research and development, make milestone payments, and pay royalties.

FY2025 revenue

Who Are Their Customers?

Pharmaceutical collaborators obtain rights and research and development services through collaboration agreements; Neurocrine Biosciences collaborates on an epilepsy program.

Do Revenues Turn Into Profits?

No. It lost $345.9M in FY2025.

Operating income, FY2025

−4974% of revenue

▲ +34% (Loss) vs FY2024 (−$279.3M)

Net income, FY2025

−4612% of revenue

▲ +48% (Loss) vs FY2024 (−$234.3M)

Free cash flow, FY2025

−3732% of revenue

▲ +52% (Loss) vs FY2024 (−$184.5M)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: vs $0 in Q2 FY2025
Net income: ▲ +31% (Loss); vs −$84.7M in Q2 FY2025

Shrinking. Revenue fell 59% in 4 years, from $18.4M in FY2021 to $7.5M in FY2025, about 20% a year.

Broader treatment areas The earlier report centered on epilepsy and described an MDD program; the latest also describes azetukalner for bipolar depression and early-stage potassium- and sodium-channel programs for pain.

Who Do They Compete With?

Competes with Biohaven, Jazz Pharmaceuticals, Neurona Therapeutics, NeuShen Therapeutics, Otsuka Pharmaceutical, Praxis Precision Medicines, QurAlis, Rapport Therapeutics, SK Life Science, Supernus Pharmaceuticals, AbbVie, Alto Neuroscience, Axsome Therapeutics, Johnson & Johnson Innovative Medicine, Neumora Therapeutics, Neurocrine Biosciences, Vanda Pharmaceuticsals, Autobahn Therapeutics, Eli Lilly and, and NeuroRx

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