$XENE
Xenon Pharmaceuticals Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019775 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $8.766M
YoY Change -100.0% -100.0% 101.06%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.58M $9.535M $6.775M
YoY Change 33.07% 40.74% 64.84%
% of Gross Profit
Research & Development $44.04M $39.52M $19.36M
YoY Change 98.86% 104.11% 18.7%
% of Gross Profit
Depreciation & Amortization $602.0K $354.0K $376.0K
YoY Change 60.53% -5.85% 88.0%
% of Gross Profit
Operating Expenses $55.62M $49.05M $19.36M
YoY Change 80.3% 153.36% -5.18%
Operating Profit -$55.62M -$49.05M -$17.37M
YoY Change 83.49% 182.41%
Interest Expense $7.943M $7.614M -$2.695M
YoY Change -999.55% -382.52% -1271.74%
% of Operating Profit
Other Income/Expense, Net $7.943M $7.614M -$2.695M
YoY Change -999.55% -382.52%
Pretax Income -$47.68M -$41.44M -$20.06M
YoY Change 52.83% 106.52% 26.73%
Income Tax -$220.0K $290.0K -$394.0K
% Of Pretax Income
Net Earnings -$47.46M -$41.73M -$19.67M
YoY Change 52.32% 112.14% 24.78%
Net Earnings / Revenue -224.39%
Basic Earnings Per Share -$0.72 -$0.63 -$0.35
Diluted Earnings Per Share -$0.72 -$0.63 -$352.1K
COMMON SHARES
Basic Shares Outstanding 63.56M 63.04M 54.85M
Diluted Shares Outstanding 65.86M 65.72M 54.85M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $539.6M $527.0M $537.9M
YoY Change -31.54% -2.03% 95.83%
Cash & Equivalents $64.55M $69.51M $116.5M
Short-Term Investments $475.0M $457.5M $421.4M
Other Short-Term Assets $2.893M $4.086M $4.753M
YoY Change -28.41% -14.03% 35.8%
Inventory
Prepaid Expenses
Receivables $2.123M $2.222M $2.923M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $544.6M $533.4M $545.6M
YoY Change -31.48% -2.25% 92.59%
LONG-TERM ASSETS
Property, Plant & Equipment $9.563M $7.975M $12.24M
YoY Change -22.04% -34.82% 77.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $112.6M $160.3M
YoY Change
Other Assets $8.329M $8.180M $207.0K
YoY Change 2578.14% 3851.69% -58.6%
Total Long-Term Assets $140.3M $186.5M $12.44M
YoY Change 1015.39% 1398.97% 68.15%
TOTAL ASSETS
Total Short-Term Assets $544.6M $533.4M $545.6M
Total Long-Term Assets $140.3M $186.5M $12.44M
Total Assets $684.9M $719.9M $558.1M
YoY Change -15.17% 28.99% 91.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.12M $12.18M $1.659M
YoY Change 281.28% 633.94% -21.0%
Accrued Expenses $16.04M $10.32M $6.041M
YoY Change 55.48% 70.75% 7.88%
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 $28.16M $22.49M $7.982M
YoY Change 105.0% 181.77% -30.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.28M $10.43M $8.224M
YoY Change 30.98% 26.86% 183.59%
Total Long-Term Liabilities $10.28M $10.43M $8.224M
YoY Change 30.98% 26.86% 183.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.16M $22.49M $7.982M
Total Long-Term Liabilities $10.28M $10.43M $8.224M
Total Liabilities $38.44M $32.92M $16.21M
YoY Change 78.08% 103.16% 12.54%
SHAREHOLDERS EQUITY
Retained Earnings -$571.9M -$524.5M -$377.0M
YoY Change 39.1% 28.13%
Common Stock $1.222B $1.213B $919.9M
YoY Change 31.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $646.5M $686.9M $541.9M
YoY Change
Total Liabilities & Shareholders Equity $684.9M $719.9M $558.1M
YoY Change -15.17% 28.99% 91.97%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$47.46M -$41.73M -$19.67M
YoY Change 52.32% 112.14% 24.78%
Depreciation, Depletion And Amortization $602.0K $354.0K $376.0K
YoY Change 60.53% -5.85% 88.0%
Cash From Operating Activities -$33.22M -$34.41M -$18.43M
YoY Change 96.95% 86.73% -11.01%
INVESTING ACTIVITIES
Capital Expenditures $2.133M $2.206M $212.0K
YoY Change -492.1% 940.57% -153.0%
Acquisitions
YoY Change
Other Investing Activities $30.03M $48.83M -$48.68M
YoY Change 1513.92% -200.31% -11.01%
Cash From Investing Activities $27.90M $46.62M -$48.89M
YoY Change 2018.6% -195.36% -11.28%
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 0.000 7.876M
YoY Change -100.0% -100.0% -93.37%
NET CHANGE
Cash From Operating Activities -33.22M -34.41M -18.43M
Cash From Investing Activities 27.90M 46.62M -48.89M
Cash From Financing Activities 0.000 0.000 7.876M
Net Change In Cash -5.319M 12.27M -59.15M
YoY Change -102.09% -120.74% -237.63%
FREE CASH FLOW
Cash From Operating Activities -$33.22M -$34.41M -$18.43M
Capital Expenditures $2.133M $2.206M $212.0K
Free Cash Flow -$35.35M -$36.62M -$18.64M
YoY Change 116.58% 96.44% -8.21%

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FairValueOfStockOptionsExercisedOnCashlessBasis
1529000
CY2023Q1 xene Fair Value Of Pre Funded Warrants Exercised
FairValueOfPreFundedWarrantsExercised
7379000
CY2023Q1 xene Increase In Operating Lease Liability And Accounts Receivable Related To Lease Incentives Claimed In The Period
IncreaseInOperatingLeaseLiabilityAndAccountsReceivableRelatedToLeaseIncentivesClaimedInThePeriod
1482000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-524474000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-41727000
CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="text-indent:0.0%;display:flex;margin-top:18.0pt;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></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 unaudited interim consolidated financial statements are presented in U.S. dollars and include the accounts of the Company and its wholly-owned subsidiary, Xenon Pharmaceuticals USA Inc., a Delaware corporation. All intercompany transactions and balances have been eliminated on consolidation.</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 accompanying unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these consolidated financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2022 included in the Company’s 2022 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on March 1, 2023.</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 unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2023 and 2022 are not necessarily indicative of results that can be expected for a full year. These unaudited interim consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company’s 2022 Annual Report on Form 10-K for the year ended 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;">.</span></p>
CY2023Q1 us-gaap Trading Securities Debt
TradingSecuritiesDebt
170184000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
447612000
CY2022Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
276642000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
386885000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
448442000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
830000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
447612000
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
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
412000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
238000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
197000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
192000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y11M23D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y3M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0392
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0342
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1218000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1680000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1748000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1816000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1803000
CY2023Q1 xene Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
5300000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13565000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1938000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11627000
CY2023Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
11412000
CY2022Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
8491000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2668000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5823000
CY2023Q1 xene Accrued Consulting And Contracted Research Current
AccruedConsultingAndContractedResearchCurrent
5617000
CY2022Q4 xene Accrued Consulting And Contracted Research Current
AccruedConsultingAndContractedResearchCurrent
7148000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
836000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
411000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
764000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
341000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
21297000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
22214000
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2775996
CY2022Q1 xene Number Of Warrants Exercised
NumberOfWarrantsExercised
0
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2775996
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3103864
CY2023Q1 xene Number Of Warrants Exercised
NumberOfWarrantsExercised
-425003
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2678861
CY2023Q1 xene Warrants Exercise Description
WarrantsExerciseDescription
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.
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
2678861
CY2022Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
2775996
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7117782
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5638232
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1866548
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1659845
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
113677
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
219107
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
73400
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
3897
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8797253
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7075073
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4104317
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3231657
CY2023Q1 xene Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
94319
CY2022Q1 xene Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
149311
CY2023Q1 xene Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
113677
CY2022Q1 xene Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
219107
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0387
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0194
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.69
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.70
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M17D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M10D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.19
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
19.23

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