$XENE
Xenon Pharmaceuticals Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023040681 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $536.0K
YoY Change -100.0% -100.0% -75.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.80M $11.58M $8.705M
YoY Change 44.98% 33.07% 37.32%
% of Gross Profit
Research & Development $42.88M $44.04M $22.15M
YoY Change 45.7% 98.86% 20.51%
% of Gross Profit
Depreciation & Amortization $1.730M $602.0K $375.0K
YoY Change 383.24% 60.53% 65.2%
% of Gross Profit
Operating Expenses $55.68M $55.62M $30.85M
YoY Change 45.54% 80.3% 24.82%
Operating Profit -$55.68M -$55.62M -$30.32M
YoY Change 46.04% 83.49%
Interest Expense $7.070M $7.943M -$883.0K
YoY Change 1708.18% -999.55% -613.37%
% of Operating Profit
Other Income/Expense, Net $7.065M $7.943M -$883.0K
YoY Change 1706.91% -999.55%
Pretax Income -$48.62M -$47.68M -$31.20M
YoY Change 28.84% 52.83% 39.74%
Income Tax -$157.0K -$220.0K -$40.00K
% Of Pretax Income
Net Earnings -$48.46M -$47.46M -$31.16M
YoY Change 30.45% 52.32% 40.93%
Net Earnings / Revenue -5813.06%
Basic Earnings Per Share -$0.73 -$0.72 -$0.55
Diluted Earnings Per Share -$0.73 -$0.72 -$554.5K
COMMON SHARES
Basic Shares Outstanding 64.15M 63.56M 56.19M
Diluted Shares Outstanding 66.00M 65.86M 56.19M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $526.7M $539.6M $788.2M
YoY Change -17.47% -31.54% 202.56%
Cash & Equivalents $99.57M $64.55M $370.0M
Short-Term Investments $427.1M $475.0M $418.3M
Other Short-Term Assets $3.500M $2.893M $4.041M
YoY Change -58.87% -28.41% 21.97%
Inventory
Prepaid Expenses
Receivables $805.0K $2.123M $2.524M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $531.0M $544.6M $794.8M
YoY Change -18.2% -31.48% 197.95%
LONG-TERM ASSETS
Property, Plant & Equipment $10.24M $9.563M $12.27M
YoY Change 123.74% -22.04% 65.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $112.4M $112.6M
YoY Change -1.39%
Other Assets $7.900M $8.329M $311.0K
YoY Change 1436.96% 2578.14% -42.83%
Total Long-Term Assets $140.1M $140.3M $12.58M
YoY Change 10.62% 1015.39% 58.08%
TOTAL ASSETS
Total Short-Term Assets $531.0M $544.6M $794.8M
Total Long-Term Assets $140.1M $140.3M $12.58M
Total Assets $671.1M $684.9M $807.4M
YoY Change -13.5% -15.17% 193.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.200M $12.12M $3.178M
YoY Change 101.17% 281.28% -3.05%
Accrued Expenses $18.50M $16.04M $10.32M
YoY Change 49.07% 55.48% 19.91%
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 $24.74M $28.16M $13.74M
YoY Change 59.26% 105.0% -8.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.800M $10.28M $7.851M
YoY Change 36.93% 30.98% 185.91%
Total Long-Term Liabilities $9.800M $10.28M $7.851M
YoY Change 36.93% 30.98% 185.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.74M $28.16M $13.74M
Total Long-Term Liabilities $9.800M $10.28M $7.851M
Total Liabilities $34.50M $38.44M $21.59M
YoY Change 52.03% 78.08% 21.77%
SHAREHOLDERS EQUITY
Retained Earnings -$620.4M -$571.9M
YoY Change 39.3%
Common Stock $1.260B $1.222B
YoY Change 4.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $636.6M $646.5M $785.8M
YoY Change
Total Liabilities & Shareholders Equity $671.1M $684.9M $807.4M
YoY Change -13.5% -15.17% 193.9%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$48.46M -$47.46M -$31.16M
YoY Change 30.45% 52.32% 40.93%
Depreciation, Depletion And Amortization $1.730M $602.0K $375.0K
YoY Change 383.24% 60.53% 65.2%
Cash From Operating Activities -$42.23M -$33.22M -$16.87M
YoY Change 38.91% 96.95% 29.01%
INVESTING ACTIVITIES
Capital Expenditures $1.200M $2.133M -$544.0K
YoY Change -410.88% -492.1% -40.42%
Acquisitions
YoY Change
Other Investing Activities $49.24M $30.03M $1.861M
YoY Change -121.07% 1513.92% -79.55%
Cash From Investing Activities $48.04M $27.90M $1.317M
YoY Change -120.52% 2018.6% -83.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $269.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.51M 0.000 269.9M
YoY Change 4121.75% -100.0% 240873.21%
NET CHANGE
Cash From Operating Activities -42.23M -33.22M -16.87M
Cash From Investing Activities 48.04M 27.90M 1.317M
Cash From Financing Activities 29.51M 0.000 269.9M
Net Change In Cash 35.32M -5.319M 254.3M
YoY Change -113.39% -102.09% -5426.47%
FREE CASH FLOW
Cash From Operating Activities -$42.23M -$33.22M -$16.87M
Capital Expenditures $1.200M $2.133M -$544.0K
Free Cash Flow -$43.43M -$35.35M -$16.32M
YoY Change 44.69% 116.58% 34.22%

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<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 and six month periods ended June 30, 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>
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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.
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