XENE Stock — Xenon Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

We are a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development and commercialization of life-changing therapeutics for patients in need. We are advancing a differentiated product pipeline led by our investigational candidate, azetukalner, which is being studied in multiple Phase 3 studies in epilepsy, major depressive disorder, or MDD, and bipolar depression, or BPD.

Source: 10-K FY2025 via SEC EDGAR

Share price

$39.17

Market cap

$3,793.2M

Cash

$1,245.1M

Enterprise value

$2,548.1M

Balance sheet

Cash	$1,245.1M
Debt	$0.0M
Net cash	$1,245.1M
Enterprise value	$2,548.1M
Basic shares	96.8M shares
Fully diluted shares	112.3M shares
Fully diluted market cap	$4,397.9M
Cash per share	$12.86
Quarterly burn	$95.4M
Cash runway	13.1 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

96.8M

Pre-funded warrants

—

Options

11.8M

RSUs

0.7M

Warrants

2.9M

Converts

—

Conv preferred

0.0M

ESPP reserve

—

FDSO

112.3M

Cap table as of 2026-08-03.

Price history

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Next catalyst

XEN1101 · Nov 12 - Dec 24 in 5d · Phase 3 · Focal Onset Seizures

Recently reported

Azetukalner Phase 3 Mixed · 2026-09-17

X-TOLE · major depressive disorder

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 12 - Dec 24 in 5d	XEN1101	Phase 3	Focal Onset Seizures	—
Feb 12 - Mar 26 in 14 wks	Azetukalner	Phase 3	Major Depressive Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
May 13 - Jun 24 in 6 mo	XEN1101	Phase 3	Primary Generalized Tonic-Clonic Seizures	—
Jun 12 - Jul 24 in 7 mo	Azetukalner	Phase 3	Major Depressive Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
Jul 13 - Aug 24 in 20 mo	Azetukalner	Phase 3	Bipolar Disorder; Bipolar Depression; Bipolar I Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
Jul 13 - Aug 24 in 33 mo	Azetukalner	Phase 3	Bipolar Depression; Bipolar I Disorder; Bipolar Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
May 13 - Jun 24 in 79 mo	XEN1101	Phase 3	Focal Epilepsy; Tonic-Clonic Seizures	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

azetukalner

Phase 3 · Active Modality: novel, potent Kv7 potassium channel opener

Aliases azetukalner

Target Kv7

Partnerships Acquired from 1st Order (asset purchase Apr 2017, amended Aug 2020). Neurocrine Biosciences: license and collaboration agreement (Dec 2019) to develop treatments for epilepsy, incl. multi-year research collaboration.

Indications

Focal onset seizures (FOS) (Phase 3)
Primary generalized tonic-clonic seizures (PGTCS) (Phase 3)
Major depressive disorder (MDD) (Phase 3)
Bipolar disorder I or II (BPD I/II) (Phase 3)

Catalysts

— None
— None
— None

Status note Late-stage development for FOS, PGTCS, MDD and BPD. X-ACKT (PGTCS), X-NOVA2/X-NOVA3 (MDD) and X-CEED (BPD I/II) Phase 3 studies ongoing.

XEN1701

Phase 1 · Active

Target Nav1.7

Indications

Acute pain (Phase 1)

Status note Phase 1 SAD/MAD study in healthy adults ongoing; completion expected H2 2026 to support a Phase 2 proof-of-concept study in acute pain.

XEN1120

Phase 1 · Active

Target Kv7

Indications

Acute pain (Phase 1)

Status note Phase 1 SAD/MAD study in healthy adults ongoing; completion expected H2 2026 to support a Phase 2 proof-of-concept study in acute pain.

XEN1720

Phase 1 · Active

Target Nav1.7

Indications

Acute pain (Phase 1)

Status note CTA approved; Phase 1 SAD/MAD study in healthy adults now underway.

Nav1.1 program

Preclinical · Active Modality: oral small molecule

Target Nav1.1

Indications

Dravet syndrome (Preclinical)

Status note IND-enabling studies ongoing.

NBI-921355

Phase 1 · Active Modality: selective inhibitor of voltage-gated sodium channels

Target Nav1.2/Nav1.6

Partnerships Neurocrine Biosciences: Phase 1b conducted in collaboration

Indications

Certain types of epilepsy (Phase 1)

Status note Partnered early-stage program under the Neurocrine collaboration.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Azetukalner
Lead indication	Major Depressive Disorder
Lead phase	Phase 3
Active trials	9

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT05716100	Phase 3	Recruiting	Sponsor	XENE	—	Focal Onset Seizures	—
NCT06922110	Phase 3	Enrolling by invitation	Sponsor	XENE	—	Major Depressive Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT05667142	Phase 3	Recruiting	Sponsor	XENE	—	Primary Generalized Tonic-Clonic Seizures	—
NCT07076407	Phase 3	Recruiting	Sponsor	XENE	—	Major Depressive Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT07172516	Phase 3	Recruiting	Sponsor	XENE	—	Bipolar Disorder; Bipolar Depression; Bipolar I Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT07217860	Phase 3	Enrolling by invitation	Sponsor	XENE	—	Bipolar Depression; Bipolar I Disorder; Bipolar Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT05718817	Phase 3	Enrolling by invitation	Sponsor	XENE	—	Focal Epilepsy; Tonic-Clonic Seizures	—
NCT06775379	Phase 3	Recruiting	Sponsor	XENE	—	Major Depressive Disorder	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT03796962	Phase 2	Active, not recruiting	Sponsor	XENE	—	Focal Epilepsy	—

Sponsor-matched active trials from ClinicalTrials.gov (9 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 9 active trials for Xenon Pharmaceuticals Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	5,777,777	no change	3.13%	2026-08-14
Deerfield Management	1,615,696	no change	1.02%	2026-08-14
Braidwell LP	1,131,452	-207,000	2.53%	2026-08-14
OrbiMed Advisors	892,471	-167,500	1.02%	2026-08-14
Logos Global Management	450,000	no change	1.17%	2026-08-14
Baker Bros. Advisors	370,208	no change	0.11%	2026-08-14
DAFNA Capital	250,772	no change	2.89%	2026-08-14
ADAR1 Capital Management	166,550	-62,349	0.47%	2026-08-14
Sphera Biotech	105,000	-22,000	0.91%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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XENE — Xenon Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

XENE — Xenon Pharmaceuticals Inc.