Xenon Pharmaceuticals Inc. reported a net loss of $90.9 million, or $1.15 per share, for the quarter ended September 30 2025. The loss widened from $62.8 million, or $0.81 per share, in the same quarter of 2024, and was driven by a $70.2 million increase in research and development expenses, up from $55.3 million in Q2 2025. The company recorded no revenue during the quarter, consistent with its status as a clinical‑stage biopharmaceutical focused on collaboration and grant income.
Cash, cash equivalents, and market‑able securities totaled $555.3 million as of September 30 2025, providing a runway through 2027. The liquidity position is supported by a $555.3 million balance, which is expected to fund ongoing clinical development and potential commercialization activities.
Management reiterated guidance for the remainder of 2025, noting that enrollment in the Phase 3 X‑TOLE2 epilepsy study will be completed and that progress will continue in the major depressive disorder and bipolar depression programs. The company also expects topline data from the X‑TOLE2 study in early 2026, a milestone that could support a new drug application for azetukalner in focal‑onset seizures. In addition, the company appointed Tucker Kelly as chief financial officer to strengthen financial planning ahead of a potential launch.
Competitive context: Xenon’s lead molecule, azetukalner, is a Kv7 potassium channel opener that is being advanced through Phase 3 trials for epilepsy, major depressive disorder, and bipolar depression. The epilepsy market is highly competitive, with several other companies developing novel treatments. Xenon’s strategy to pursue multiple neuropsychiatric indications aims to broaden the therapeutic reach of azetukalner and enhance its commercial potential.
Management highlighted headwinds such as increased R&D costs driven by higher personnel expenses and expanded trial activities, but emphasized that the company’s focus on late‑stage clinical programs positions it for a potential breakthrough in the epilepsy and neuropsychiatric markets. The company remains committed to maintaining its cash runway and advancing its clinical pipeline.
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