XENE

MKT CAP:$4B

Xenon Pharmaceuticals Inc.

Market Cap

$4B

Healthcare·Biotechnology·🇨🇦 Canada·NASDAQ

Healthcare·Biotechnology·🇨🇦·NASDAQ

Stock Price

$56.65+$12.16 (+27.33%)

Apr 22, 2026

Company Details

Xenon Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN496, A Kv7 potassium channel o...

CEO

Ian C. Mortimer

IPO Date

Nov 5, 2014

Website

www.xenon-pharma.com

Key Metrics TTM

Revenue

$8M

— YoY

Net Income

-$346M

EPS (Diluted)

-$4.36

Free Cash Flow

-$280M

Revenue / Share

$0.09

Gross Margin

-944.0%

Operating Margin

-4974.3%

Net Margin

-4612.1%

FCF Margin

-3732.2%

P/S

580.9x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Feb 26, 2026

$8MEPS -$4.36

Q4 2025

Feb 26, 2026

$0EPS -$1.31

Q3 2025

Nov 3, 2025

$0EPS -$1.15

Q2 2025

Aug 11, 2025

$0EPS -$1.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$9M	-$11M	-$17M
Q2 22	$536.0K	-$22M	-$30M
Q3 22	$132.0K	-$29M	-$38M
Q4 22	$0	$0	-$43M
Q1 23	$0	$0	-$49M
Q2 23	$0	$0	-$56M
Q3 23	$0	$0	-$56M
Q4 23	$0	$0	-$54M
Q1 24	$0	-$599.0K	-$59M
Q2 24	$0	$0	-$69M
Q3 24	$0	$0	-$74M
Q4 24	$0	$0	-$77M
Q1 25	$8M	$8M	-$73M
Q2 25	$0	-$632.0K	-$94M
Q3 25	$0	-$77M	-$96M
Q4 25	$0	-$611.0K	-$110M

Valuation

Quarter	P/S	P/E
Q1 22	190.7x	—
Q2 22	205.9x	—
Q3 22	330.8x	—
Q4 22	461.9x	—
Q1 23	6522.6x	—
Q2 23	33008.4x	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	580.9x	—
Q2 25	580.9x	—
Q3 25	580.9x	—
Q4 25	580.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$18M	-$19M
Q2 22	-$17M	-$17M
Q3 22	-$30M	-$31M
Q4 22	-$33M	-$34M
Q1 23	-$34M	-$37M
Q2 23	-$33M	-$35M
Q3 23	-$42M	-$43M
Q4 23	-$35M	-$36M
Q1 24	-$46M	-$46M
Q2 24	-$33M	-$34M
Q3 24	-$50M	-$50M
Q4 24	-$54M	-$55M
Q1 25	-$62M	-$62M
Q2 25	-$64M	-$64M
Q3 25	-$72M	-$72M
Q4 25	-$81M	-$82M

Capital Expenditures

Quarter	CapEx
Q1 22	$212.0K
Q2 22	$544.0K
Q3 22	$386.0K
Q4 22	$2M
Q1 23	$2M
Q2 23	$2M
Q3 23	$1M
Q4 23	$78.0K
Q1 24	$188.0K
Q2 24	$2M
Q3 24	$590.0K
Q4 24	$783.0K
Q1 25	$43.0K
Q2 25	$157.0K
Q3 25	$281.0K
Q4 25	$318.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+101.1%	+28.0%
Q2 22	-75.8%	+24.8%
Q3 22	-98.4%	+61.3%
Q4 22	-100.0%	+51.6%
Q1 23	-100.0%	+87.7%
Q2 23	-100.0%	+80.3%
Q3 23	-100.0%	+45.5%
Q4 23	—	+23.9%
Q1 24	—	+20.4%
Q2 24	—	+24.2%
Q3 24	—	+32.3%
Q4 24	—	+44.3%
Q1 25	—	+35.9%
Q2 25	—	+36.4%
Q3 25	—	+30.8%
Q4 25	—	+41.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	41.2%
Q2 22	$5M	971.6%
Q3 22	$6M	4350.0%
Q4 22	$6M	—
Q1 23	$6M	—
Q2 23	$8M	—
Q3 23	$9M	—
Q4 23	$9M	—
Q1 24	$9M	—
Q2 24	$15M	—
Q3 24	$13M	—
Q4 24	$14M	—
Q1 25	$12M	162.3%
Q2 25	$14M	—
Q3 25	$14M	—
Q4 25	$14M	—

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$19M	$7M
Q2 22	$22M	$9M
Q3 22	$29M	$9M
Q4 22	$35M	$9M
Q1 23	$40M	$10M
Q2 23	$44M	$12M
Q3 23	$43M	$13M
Q4 23	$41M	$13M
Q1 24	$44M	$15M
Q2 24	$50M	$19M
Q3 24	$57M	$17M
Q4 24	$59M	$18M
Q1 25	$61M	$19M
Q2 25	$75M	$19M
Q3 25	$77M	$19M
Q4 25	$88M	$22M

Revenue Segments

Quarter	License And Service
Q1 22	$9M
Q2 22	$536.0K
Q3 22	$132.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$117M	$421M	$538M
Q2 22	$370M	$418M	$788M
Q3 22	$103M	$535M	$638M
Q4 22	$57M	$535M	$592M
Q1 23	$70M	$458M	$527M
Q2 23	$65M	$475M	$540M
Q3 23	$100M	$427M	$527M
Q4 23	$149M	$489M	$638M
Q1 24	$59M	$641M	$700M
Q2 24	$137M	$585M	$722M
Q3 24	$88M	$566M	$654M
Q4 24	$143M	$484M	$627M
Q1 25	$117M	$433M	$550M
Q2 25	$135M	$352M	$488M
Q3 25	$105M	$358M	$462M
Q4 25	$199M	$350M	$549M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	55M	+33.2%	+49.0%
Q2 22	56M	+2.4%	+33.5%
Q3 22	65M	+16.5%	+54.9%
Q4 22	66M	+0.3%	+59.4%
Q1 23	66M	+0.1%	+19.8%
Q2 23	66M	+0.2%	+17.2%
Q3 23	66M	+0.2%	+0.8%
Q4 23	70M	+6.0%	+6.6%
Q1 24	78M	+10.9%	+18.1%
Q2 24	78M	+0.1%	+17.9%
Q3 24	78M	+0.3%	+18.1%
Q4 24	78M	+0.6%	+12.0%
Q1 25	79M	+0.4%	+1.4%
Q2 25	79M	+0.3%	+1.7%
Q3 25	79M	+0.4%	+1.7%
Q4 25	79M	+0.0%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$57.3K	153
Q2 22	$3.5K	153
Q3 22	$863	153
Q4 22	$0	213
Q1 23	$0	213
Q2 23	$0	213
Q3 23	$0	213
Q4 23	$0	259
Q1 24	$0	259
Q2 24	$0	259
Q3 24	$0	259
Q4 24	$0	327
Q1 25	$22.9K	327
Q2 25	$0	327
Q3 25	$0	327
Q4 25	$0	10K

Revenue / Employee