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

Share price

$39.75

Market cap

$3,849.4M

Cash

$930.7M

Enterprise value

$2,918.7M

Balance sheet

Cash	$930.7M
Debt	$0.0M
Net cash	$930.7M
Enterprise value	$2,918.7M
Basic shares	96.8M shares
Fully diluted shares	97.6M shares
Fully diluted market cap	$3,879.5M
Cash per share	$9.61

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Oct 24, 2026	Azetukalner	Phase 3	Major Depressive Disorder	H1 2027
Nov 12 - Dec 24	XEN1101	Phase 3	Focal Onset Seizures	—
Feb 12 - Mar 26	Azetukalner	Phase 3	Major Depressive Disorder	H1 2027
May 13 - Jun 24	XEN1101	Phase 3	Primary Generalized Tonic-Clonic Seizures	—
Jun 12 - Jul 24	Azetukalner	Phase 3	Major Depressive Disorder	H1 2027
Jul 13 - Aug 24	Azetukalner	Phase 3	Bipolar Disorder; Bipolar Depression; Bipolar I Disorder	H1 2027
Jul 13 - Aug 24	Azetukalner	Phase 3	Bipolar Depression; Bipolar I Disorder; Bipolar Disorder	H1 2027
May 13 - Jun 24	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	XEN1101
Lead indication	Focal Onset Seizures
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	H1 2027
NCT05667142	Phase 3	Recruiting	Sponsor	XENE	—	Primary Generalized Tonic-Clonic Seizures	—
NCT07076407	Phase 3	Recruiting	Sponsor	XENE	—	Major Depressive Disorder	H1 2027
NCT07172516	Phase 3	Recruiting	Sponsor	XENE	—	Bipolar Disorder; Bipolar Depression; Bipolar I Disorder	H1 2027
NCT07217860	Phase 3	Enrolling by invitation	Sponsor	XENE	—	Bipolar Depression; Bipolar I Disorder; Bipolar Disorder	H1 2027
NCT05718817	Phase 3	Enrolling by invitation	Sponsor	XENE	—	Focal Epilepsy; Tonic-Clonic Seizures	—
NCT06775379	Phase 3	Recruiting	Sponsor	XENE	—	Major Depressive Disorder	H1 2027
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

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
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
ADAR1 Capital Management	166,550	-62,349	0.47%	2026-08-14
Sphera Biotech	105,000	-22,000	0.91%	2026-08-14

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

XENE — Xenon Pharmaceuticals Inc. Common Shares

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders