Xenon Pharmaceuticals
Develops azetukalner and ion-channel medicines for epilepsy, depression, and pain.
Something off on this page? Send us feedback.
Profile
Develops ion-channel medicines for epilepsy, depression, and pain, led by late-stage Kv7 opener azetukalner. With no approved products or product-sales revenue, its business depends on clinical development, regulatory approval, and collaboration milestones and royalties.
Develops small-molecule ion-channel therapies for epilepsy, depression, and pain from operations in Canada and the United States. Azetukalner, a Kv7 potassium-channel opener, is the lead program: a pivotal focal-onset-seizure study met its primary endpoint, while additional late-stage studies cover focal and generalized seizures, major depressive disorder, and bipolar depression.
Extends the same ion-channel expertise into XEN1701 and XEN1720, selective Nav1.7 inhibitors, and XEN1120, a Kv7 opener, all aimed at pain. A Neurocrine Biosciences collaboration advances NBI-921355, a Nav1.2/Nav1.6 inhibitor for epilepsy, with potential milestone and royalty income.
Has no approved product or product-sales revenue. Commercial prospects depend heavily on azetukalner securing regulatory approval, and clinical development and manufacturing rely on third parties.
Company facts
Key statistics
Year to date +34.8% · Average volume (30d) 650.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 10, 2026 | H.C. Wainwright | Reiterate | Buy | $53 | $74 |
| Aug 7, 2026 | RBC Capital | Reiterate | Outperform | $80 | $81 |
| May 10, 2026 | Wells Fargo | Target | $44 | $69 | |
| May 8, 2026 | Needham | Reiterate | Buy | $78 | |
| Mar 10, 2026 | Deutsche Bank | Reiterate | Buy | $90 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$1.14 | −$1.11 | +2.6% | $1.7M | — | — | −1.84% |
| May 7, 2026Q1 FY26 | −$1.17 | −$1.17 | 0.0% | $1.4M | — | — | +0.79% |
| Feb 26, 2026Q4 FY25 | −$1.20 | −$1.31 | −9.2% | −$178.6K | — | — | −3.76% |
| Nov 3, 2025Q3 FY25 | −$1.16 | −$1.15 | +0.9% | — | — | — | −4.94% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.5M | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $7.5M | −$632.0K | −$77.1M | −$611.0K | $0 | $0 | |
| Operating income | −$72.7M | −$94.2M | −$96.3M | −$109.8M | −$112.3M | −$123.2M | |
| Net income | −$65.0M | −$84.7M | −$90.9M | −$105.3M | −$102.3M | −$110.7M | |
| Diluted EPS | −$0.83 | −$1.07 | −$1.15 | −$1.31 | −$1.17 | −$1.11 | |
| Gross margin | 100.0% | — | — | — | — | — | |
| Operating margin | -969.8% | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $18.4M · FY22 $9.4M · FY23 $0 · FY24 $0 · FY25 $7.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $930.7M · Total debt $6.4M · Total assets $1.30B · Shareholders' equity $1.24B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 96.67M · Float 90.76M · 93.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 9.65M | 9.98% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 7.52M | 7.78% | 13F | Aug 7, 2026 |
| Avoro Capital Advisors LLC | 5.78M | 5.98% | 13F | Aug 14, 2026 |
| Polar Capital Holdings PLC | 4.57M | 4.73% | 13F | Aug 14, 2026 |
| Driehaus Capital Management LLC | 4.42M | 4.57% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Steven Gannon | director | −10,000 | $64.06 |
| Jun 5, 2026 | Gillian Cannon | director | −1,190 | $53.14 |
| Jun 5, 2026 | Gary Patou | director | −1,322 | $53.14 |
| Mar 13, 2026 | Ian Mortimer | director, officer: PRESIDENT & CEO | −7,308 | $55.23 |
| Mar 13, 2026 | Andrea DiFabio | officer: Chief Legal Officer | −1,342 | $55.23 |
Peers
- Praxis Precision Medicines
Vormatrigine in Phase 3 FOS directly challenges azetukalner's NDA timeline.
- Axsome Therapeutics
Auvelity is the commercially approved novel-mechanism MDD rival to X-NOVA.
- Jazz Pharmaceuticals
Epidiolex spans adjacent epilepsy indications via the same prescriber base.
- Vertex Pharmaceuticals
Journavx (suzetrigine) launched the selective Nav-channel pain inhibitor class.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Xenon Pharmaceuticals | $59.99 | 0.00% | $5.80B | — | — | — | — |
| Praxis Precision Medicines | $344.75 | −0.11% | $9.61B | — | — | — | — |
| Axsome Therapeutics | $199.00 | −0.04% | $10.24B | — | 1,707.6 | 13.2 | +44.2% |
| Jazz Pharmaceuticals | $244.54 | +0.02% | $15.36B | 16.7 | 9.7 | 3.3 | +15.6% |
| Vertex Pharmaceuticals | $540.78 | −0.17% | $137.48B | 31.5 | 27.8 | 10.9 | +12.5% |
| Median | 24.1 | 27.8 | 10.9 | +15.6% |