$XENE
Xenon Pharmaceuticals Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024023177 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.62M $46.54M
YoY Change 48.44% 41.85%
% of Gross Profit
Research & Development $44.25M $41.08M $167.5M
YoY Change 11.98% 17.93% 58.38%
% of Gross Profit
Depreciation & Amortization $599.0K $851.0K $3.541M
YoY Change 69.21% 65.24% 118.04%
% of Gross Profit
Operating Expenses $59.04M $53.70M $214.1M
YoY Change 20.37% 23.92% 54.47%
Operating Profit -$59.04M -$214.1M
YoY Change 20.37% 65.75%
Interest Expense $8.747M $31.37M
YoY Change 23.63% 706.82%
% of Operating Profit
Other Income/Expense, Net $11.52M $31.37M
YoY Change 51.33% 706.82%
Pretax Income -$47.52M -$44.95M -$182.7M
YoY Change 14.68% 23.97% 45.85%
Income Tax $412.0K -$205.0K -$292.0K
% Of Pretax Income
Net Earnings -$47.93M -$44.74M -$182.4M
YoY Change 14.87% 19.7% 45.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.62 -$2.73
Diluted Earnings Per Share -$0.62 -$0.64 -$2.73
COMMON SHARES
Basic Shares Outstanding 75.43M 65.43M 66.89M
Diluted Shares Outstanding 77.59M 66.89M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $699.6M $638.1M $638.1M
YoY Change 32.74% 7.77% 7.77%
Cash & Equivalents $58.90M $148.6M $148.6M
Short-Term Investments $640.7M $489.4M $489.4M
Other Short-Term Assets $6.769M $6.006M $6.006M
YoY Change 65.66% -16.87% -16.87%
Inventory
Prepaid Expenses
Receivables $833.0K $874.0K $874.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $707.2M $645.0M $645.0M
YoY Change 32.6% 7.44% 7.44%
LONG-TERM ASSETS
Property, Plant & Equipment $9.393M $9.653M $18.85M
YoY Change 17.78% 48.51% 11.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $185.8M $292.8M $292.8M
YoY Change 15.96% 127.53% 127.53%
Other Assets $7.706M $8.198M $8.198M
YoY Change -5.79% -0.75% -0.75%
Total Long-Term Assets $211.8M $319.8M $319.8M
YoY Change 13.57% 107.89% 107.89%
TOTAL ASSETS
Total Short-Term Assets $707.2M $645.0M $645.0M
Total Long-Term Assets $211.8M $319.8M $319.8M
Total Assets $919.0M $964.8M $964.8M
YoY Change 27.67% 27.93% 27.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.536M $8.945M $8.945M
YoY Change -46.32% 1.28% 1.28%
Accrued Expenses $15.69M $18.33M $18.33M
YoY Change 52.08% 32.14% 32.14%
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 $22.22M $27.27M $27.27M
YoY Change -1.19% 20.13% 20.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.102M $9.604M $9.604M
YoY Change -12.76% -3.45% -3.45%
Total Long-Term Liabilities $9.102M $9.604M $9.604M
YoY Change -12.76% -3.45% -3.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.22M $27.27M $27.27M
Total Long-Term Liabilities $9.102M $9.604M $9.604M
Total Liabilities $31.33M $36.88M $36.88M
YoY Change -4.86% 12.95% 12.95%
SHAREHOLDERS EQUITY
Retained Earnings -$713.1M -$665.1M
YoY Change 35.96% 37.78%
Common Stock $1.603B $1.593B
YoY Change 32.09% 31.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $887.7M $927.9M $927.9M
YoY Change
Total Liabilities & Shareholders Equity $919.0M $964.8M $964.8M
YoY Change 27.67% 27.93% 27.93%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$47.93M -$44.74M -$182.4M
YoY Change 14.87% 19.7% 45.48%
Depreciation, Depletion And Amortization $599.0K $851.0K $3.541M
YoY Change 69.21% 65.24% 118.04%
Cash From Operating Activities -$43.18M -$35.46M -$145.3M
YoY Change 25.48% 8.35% 47.65%
INVESTING ACTIVITIES
Capital Expenditures $188.0K $78.00K $5.617M
YoY Change -91.48% -95.55% 94.09%
Acquisitions
YoY Change
Other Investing Activities -$46.01M -$239.6M -$111.6M
YoY Change -194.24% 1804.54% -61.94%
Cash From Investing Activities -$46.20M -$239.7M -$117.2M
YoY Change -199.1% 1572.31% -60.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 324.0M 353.5M
YoY Change 5400133.33% 26.95%
NET CHANGE
Cash From Operating Activities -43.18M -35.46M -145.3M
Cash From Investing Activities -46.20M -239.7M -117.2M
Cash From Financing Activities 324.0M 353.5M
Net Change In Cash -89.75M 48.82M 91.40M
YoY Change -831.43% -203.74% -177.17%
FREE CASH FLOW
Cash From Operating Activities -$43.18M -$35.46M -$145.3M
Capital Expenditures $188.0K $78.00K $5.617M
Free Cash Flow -$43.37M -$35.54M -$150.9M
YoY Change 18.43% 3.07% 48.97%

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CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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CY2021 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2023 us-gaap Payments To Acquire Marketable Securities
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CY2022 us-gaap Payments To Acquire Marketable Securities
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CY2021 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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CY2023 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 xene Proceeds From Issuance Of Common Shares And Pre Funded Warrants Net Of Issuance Costs
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CY2022 xene Proceeds From Issuance Of Common Shares And Pre Funded Warrants Net Of Issuance Costs
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CY2021 xene Proceeds From Issuance Of Common Shares And Pre Funded Warrants Net Of Issuance Costs
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CY2023 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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OperatingLeasePayments
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CY2022 xene Purchases Of Property Plant And Equipment Included In Accounts Payable And Accrued Expenses
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493000
CY2021 xene Increase In Operating Lease Right Of Use Asset And Operating Lease Liability Related To Lease Amendment
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5248000
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CY2023 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:4.537%;display:inline-flex;justify-content:flex-start;">2.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Basis of presentation:</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></div></div><p style="margin-left:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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”).</span></p><p style="margin-left:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has one wholly-owned subsidiary as of December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, Xenon Pharmaceuticals USA Inc., which was incorporated in Delaware on </span><span style="font-size:10pt;font-family:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">December 2, 2016</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p><p style="margin-left:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:3.491405046981553%;display:inline-flex;justify-content:flex-start;">(a)</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates: </span></div></div><p style="margin-left:9.067%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2023 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
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-left:4.537%;display:flex;margin-top:6pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:3.491405046981553%;display:inline-flex;justify-content:flex-start;">(h)</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentration of credit risk and of significant customers: </span></div></div><p style="margin-left:9.067%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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 to preserve capital and maintain liquidity. Cash and cash equivalents were held at major financial institutions in Canada and the United States which may at times be in excess of federally insured limits. The Company does not believe that it is subject to credit risk beyond the standard credit risk associated with commercial banking relationships.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:9.067%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Neurocrine Biosciences, Inc. ("Neurocrine Biosciences") accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of revenue recognized for the year ended December 31, 2022. Neurocrine Biosciences and Pacira BioSciences, Inc. (“Pacira BioSciences”) accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">84</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of revenue recognized for the year ended December 31, 2021, respectively.</span></p>
CY2023 us-gaap Number Of Operating Segments
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1
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CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021 us-gaap Operating Lease Cost
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CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
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CY2021 us-gaap Variable Lease Cost
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CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0397
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0342
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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13.01
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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18.75
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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35.29
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
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13.58
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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14526000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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