$XENE
Xenon Pharmaceuticals Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023005582 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $9.434M
YoY Change -100.0% -100.0% -48.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.535M $8.501M $32.81M
YoY Change 40.74% 27.11% 49.36%
% of Gross Profit
Research & Development $39.52M $34.83M $105.8M
YoY Change 104.11% 59.14% 40.16%
% of Gross Profit
Depreciation & Amortization $354.0K $515.0K $1.624M
YoY Change -5.85% 90.74% 79.25%
% of Gross Profit
Operating Expenses $49.05M $43.33M $138.6M
YoY Change 153.36% 51.64% 42.23%
Operating Profit -$49.05M -$129.1M
YoY Change 182.41% 63.49%
Interest Expense $7.614M $7.075M $3.888M
YoY Change -382.52% -3023.55% 3602.86%
% of Operating Profit
Other Income/Expense, Net $7.614M $3.888M
YoY Change -382.52% 3602.86%
Pretax Income -$41.44M -$36.26M -$125.3M
YoY Change 106.52% 44.56% 58.78%
Income Tax $290.0K $1.139M $118.0K
% Of Pretax Income
Net Earnings -$41.73M -$37.38M -$125.4M
YoY Change 112.14% 46.21% 58.94%
Net Earnings / Revenue -1328.95%
Basic Earnings Per Share -$0.63 -$2.06
Diluted Earnings Per Share -$0.63 -$0.57 -$2.06
COMMON SHARES
Basic Shares Outstanding 63.04M 62.54M 60.54M
Diluted Shares Outstanding 65.72M 60.54M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $527.0M $592.1M $592.1M
YoY Change -2.03% 7.31% 7.31%
Cash & Equivalents $69.51M $57.24M $57.24M
Short-Term Investments $457.5M $534.8M $534.8M
Other Short-Term Assets $4.086M $7.225M $7.225M
YoY Change -14.03% 61.24% 61.24%
Inventory
Prepaid Expenses
Receivables $2.222M $986.0K $986.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $533.4M $600.3M $600.3M
YoY Change -2.25% 7.38% 7.38%
LONG-TERM ASSETS
Property, Plant & Equipment $7.975M $6.500M $16.91M
YoY Change -34.82% 45.54% 35.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $160.3M $128.7M $128.7M
YoY Change
Other Assets $8.180M $8.260M $8.260M
YoY Change 3851.69% 1676.34% 1676.34%
Total Long-Term Assets $186.5M $153.8M $153.8M
YoY Change 1398.97% 1084.63% 1084.63%
TOTAL ASSETS
Total Short-Term Assets $533.4M $600.3M $600.3M
Total Long-Term Assets $186.5M $153.8M $153.8M
Total Assets $719.9M $754.1M $754.1M
YoY Change 28.99% 31.84% 31.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.18M $8.832M $8.832M
YoY Change 633.94% 130.96% 130.96%
Accrued Expenses $10.32M $13.87M $13.87M
YoY Change 70.75% 33.62% 33.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.49M $22.70M $22.70M
YoY Change 181.77% 58.51% 58.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.43M $9.947M $9.947M
YoY Change 26.86% 29.99% 29.99%
Total Long-Term Liabilities $10.43M $9.947M $9.947M
YoY Change 26.86% 29.99% 29.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.49M $22.70M $22.70M
Total Long-Term Liabilities $10.43M $9.947M $9.947M
Total Liabilities $32.92M $32.65M $32.65M
YoY Change 103.16% 48.58% 48.58%
SHAREHOLDERS EQUITY
Retained Earnings -$524.5M -$482.7M
YoY Change 39.1% 35.08%
Common Stock $1.213B $1.207B
YoY Change 31.89% 34.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $686.9M $721.5M $721.5M
YoY Change
Total Liabilities & Shareholders Equity $719.9M $754.1M $754.1M
YoY Change 28.99% 31.84% 31.84%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$41.73M -$37.38M -$125.4M
YoY Change 112.14% 46.21% 58.94%
Depreciation, Depletion And Amortization $354.0K $515.0K $1.624M
YoY Change -5.85% 90.74% 79.25%
Cash From Operating Activities -$34.41M -$32.73M -$98.43M
YoY Change 86.73% 58.05% 41.62%
INVESTING ACTIVITIES
Capital Expenditures $2.206M $1.752M $2.894M
YoY Change 940.57% -440.86% -241.17%
Acquisitions
YoY Change
Other Investing Activities $48.83M -$12.58M -$293.1M
YoY Change -200.31% -94.15% 19.77%
Cash From Investing Activities $46.62M -$14.33M -$296.0M
YoY Change -195.36% -93.35% 19.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 6.000K 278.5M
YoY Change -100.0% -100.0% -37.78%
NET CHANGE
Cash From Operating Activities -34.41M -32.73M -98.43M
Cash From Investing Activities 46.62M -14.33M -296.0M
Cash From Financing Activities 0.000 6.000K 278.5M
Net Change In Cash 12.27M -47.06M -118.4M
YoY Change -120.74% -153.59% -190.64%
FREE CASH FLOW
Cash From Operating Activities -$34.41M -$32.73M -$98.43M
Capital Expenditures $2.206M $1.752M $2.894M
Free Cash Flow -$36.62M -$34.48M -$101.3M
YoY Change 96.44% 70.75% 50.22%

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-2934000
CY2021 us-gaap Debt Securities Trading Unrealized Gain Loss
DebtSecuritiesTradingUnrealizedGainLoss
-719000
CY2020 us-gaap Debt Securities Trading Unrealized Gain Loss
DebtSecuritiesTradingUnrealizedGainLoss
4000
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2020 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-988000
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1757000
CY2021 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
459000
CY2020 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1032000
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
10495000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1517000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
269000
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
8062000
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2971000
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2022000
CY2022 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3642000
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-26810000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-98430000
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-69502000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-48124000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2894000
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2050000
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2637000
CY2022 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
551137000
CY2021 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
389474000
CY2020 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
228897000
CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
258028000
CY2021 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
144754000
CY2020 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
214710000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-296003000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-246770000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-16824000
CY2022 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0
CY2021 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
0
CY2020 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-16743000
CY2022 xene Proceeds From Issuance Of Common Shares And Pre Funded Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfCommonSharesAndPreFundedWarrantsNetOfIssuanceCosts
277766000
CY2021 xene Proceeds From Issuance Of Common Shares And Pre Funded Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfCommonSharesAndPreFundedWarrantsNetOfIssuanceCosts
447283000
CY2020 xene Proceeds From Issuance Of Common Shares And Pre Funded Warrants Net Of Issuance Costs
ProceedsFromIssuanceOfCommonSharesAndPreFundedWarrantsNetOfIssuanceCosts
102456000
CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
705000
CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
260000
CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
82000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
278471000
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
447543000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
85795000
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-2484000
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-592000
CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-593000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-118446000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
130679000
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
20254000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
175688000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45009000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24755000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
57242000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
175688000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
45009000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
0
CY2021 us-gaap Interest Paid Net
InterestPaidNet
0
CY2020 us-gaap Interest Paid Net
InterestPaidNet
339000
CY2022 xene Interest Received
InterestReceived
8694000
CY2021 xene Interest Received
InterestReceived
3517000
CY2020 xene Interest Received
InterestReceived
4115000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
919000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
824000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
634000
CY2022 xene Fair Value Of Stock Options Exercised On Cashless Basis
FairValueOfStockOptionsExercisedOnCashlessBasis
4491000
CY2021 xene Fair Value Of Stock Options Exercised On Cashless Basis
FairValueOfStockOptionsExercisedOnCashlessBasis
3349000
CY2020 xene Fair Value Of Stock Options Exercised On Cashless Basis
FairValueOfStockOptionsExercisedOnCashlessBasis
887000
CY2022 xene Purchases Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses
PurchasesOfPropertyPlantAndEquipmentIncludedInAccountsPayableAndAccruedExpenses
391000
CY2021 xene Purchases Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses
PurchasesOfPropertyPlantAndEquipmentIncludedInAccountsPayableAndAccruedExpenses
0
CY2020 xene Purchases Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses
PurchasesOfPropertyPlantAndEquipmentIncludedInAccountsPayableAndAccruedExpenses
0
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3019000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022 xene Increase In Operating Lease Liability And Accounts Receivable Related To Lease Incentives Claimed In The Period
IncreaseInOperatingLeaseLiabilityAndAccountsReceivableRelatedToLeaseIncentivesClaimedInThePeriod
0
CY2021 xene Increase In Operating Lease Liability And Accounts Receivable Related To Lease Incentives Claimed In The Period
IncreaseInOperatingLeaseLiabilityAndAccountsReceivableRelatedToLeaseIncentivesClaimedInThePeriod
493000
CY2020 xene Increase In Operating Lease Liability And Accounts Receivable Related To Lease Incentives Claimed In The Period
IncreaseInOperatingLeaseLiabilityAndAccountsReceivableRelatedToLeaseIncentivesClaimedInThePeriod
0
CY2022 xene Increase In Operating Lease Right Of Use Asset And Operating Lease Liability Related To Lease Amendment
IncreaseInOperatingLeaseRightOfUseAssetAndOperatingLeaseLiabilityRelatedToLeaseAmendment
0
CY2021 xene Increase In Operating Lease Right Of Use Asset And Operating Lease Liability Related To Lease Amendment
IncreaseInOperatingLeaseRightOfUseAssetAndOperatingLeaseLiabilityRelatedToLeaseAmendment
5248000
CY2020 xene Increase In Operating Lease Right Of Use Asset And Operating Lease Liability Related To Lease Amendment
IncreaseInOperatingLeaseRightOfUseAssetAndOperatingLeaseLiabilityRelatedToLeaseAmendment
2907000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-482747000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-125373000
CY2022 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="text-indent:0.0%;display:flex;margin-top:12.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">2.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Basis of presentation:</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></div></div><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Certain information has been reclassified to conform with the financial statement presentation adopted for the current year.</span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company has one wholly-owned subsidiary as of December 31, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, Xenon Pharmaceuticals USA Inc., which was incorporated in Delaware on </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">December 2, 2016</span></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated on consolidation.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-left:4.537%;text-indent:0.0%;display:flex;margin-top:6.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.491405046981553%;">(a)</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of estimates: </span></div></div><p style="margin-left:9.067%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas of estimates include, but are not limited to, revenue recognition including estimated timing of completion of performance obligations and the determination of stock-based compensation. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Estimates and assumptions are reviewed quarterly. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span></p>
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-left:4.537%;text-indent:0.0%;display:flex;margin-top:6.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.491405046981553%;">(h)</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentration of credit risk and of significant customers: </span></div></div><p style="margin-left:9.067%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company's investments are limited to investment-grade securities with strong credit ratings with the objective of maintaining safety and liquidity. Cash and cash equivalents were held at major financial institutions in Canada and the United States. Such deposits may be in excess of insured limits in the event of non-performance by the institutions; however, the Company does not anticipate non-performance.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:9.067%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Neurocrine Biosciences, Inc. ("Neurocrine Biosciences") accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of revenue recognized for the year ended December 31, 2022 and December 31, 2020. Neurocrine Biosciences and Pacira BioSciences, Inc. (“Pacira BioSciences”) accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">84</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">16</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of revenue recognized for the year ended December 31, 2021, respectively.</span></p>
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q4 us-gaap Change In Accounting Principle Accounting Standards Update Early Adoption
ChangeInAccountingPrincipleAccountingStandardsUpdateEarlyAdoption
true
CY2022Q4 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2022-07-01
CY2022Q4 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
true
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1126000
CY2022Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
276642000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
386885000
CY2021Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
376086000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
388895000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2010000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
386885000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8705000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13350000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6500000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4466000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
591000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
536000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
774000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
751000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
549000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y25D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y6M
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y6M
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0397
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0342
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0245
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1622000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1677000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1745000
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1813000
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1800000
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5286000
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13943000
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10435000
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8491000
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30464000
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19.82
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13.01
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5638232
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12.55
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105405000
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2315645
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CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
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9.47
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11.40
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19.78
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1344490
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
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14.43
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3587374
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8271000
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0072
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0.70
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0.68
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.68
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P6Y1M28D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y9M14D
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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12.54
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7.46
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CY2021 us-gaap Allocated Share Based Compensation Expense
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10017000
CY2020 us-gaap Allocated Share Based Compensation Expense
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5677000
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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3103864
CY2022 xene Warrants Exercise Description
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The Company may not affect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of common shares beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the total number of common shares outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the combined voting power of all of the Company’s securities immediately outstanding after giving effect to the exercise, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
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3103864
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
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2775996
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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21354000
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Reconciliation Tax Credits Investment
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3086000
CY2021 us-gaap Income Tax Reconciliation Tax Credits Investment
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2279000
CY2020 us-gaap Income Tax Reconciliation Tax Credits Investment
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CY2022 xene Income Tax Reconciliation Tax Attributes Expired Utilized
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CY2021 xene Income Tax Reconciliation Tax Attributes Expired Utilized
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-692000
CY2020 xene Income Tax Reconciliation Tax Attributes Expired Utilized
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
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2033000
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense
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1135000
CY2022 us-gaap Income Tax Reconciliation Other Reconciling Items
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-506000
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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IncomeTaxExpenseBenefit
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CY2022Q4 xene Deferred Tax Assets Scientific Research And Development
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34891000
CY2021Q4 xene Deferred Tax Assets Scientific Research And Development
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32505000
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29580000
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28835000
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27365000
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25440000
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8912000
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7667000
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7252000
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CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
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10850000

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