Xenon(XENE) - 2024 Q3 - Quarterly Results

Financial Performance - Cash and cash equivalents and marketable securities were $803.3 million as of September 30, 2024, down from $930.9 million as of December 31, 2023[9] - Net loss for Q3 2024 was $62.8 million, compared to a net loss of $48.5 million in Q3 2023, driven by higher R&D expenses and personnel costs[9] - The comprehensive loss for Q3 2024 was $59,242,000, compared to a comprehensive loss of $48,116,000 in Q3 2023, reflecting a 23.1% increase[15] - Basic and diluted net loss per common share was $(0.81) in Q3 2024, compared to $(0.73) in Q3 2023, representing an increase in loss per share[15] - Loss from operations for the nine months ended September 30, 2024, was $(201,821,000), compared to $(160,359,000) for the same period in 2023, a 25.9% increase[15] Research and Development - Research and development expenses for Q3 2024 were $57.0 million, an increase of $14.1 million compared to $42.9 million in Q3 2023, primarily due to azetukalner Phase 3 clinical trials[9] - Research and development expenses increased to $56,970,000 in Q3 2024 from $42,880,000 in Q3 2023, representing a 32.5% increase[15] - Multiple candidates targeting Kv7, Nav1.7, and Nav1.1 are advancing towards IND filings in 2025[6] - Azetukalner has shown compelling double-blind efficacy data, believed to demonstrate the best placebo-adjusted results in focal onset seizure patients[1] - The company has generated over 600 patient-years of exposure data supporting azetukalner's efficacy and safety profile[4] - The first topline data readout from the Phase 3 X-TOLE2 study for focal onset seizures is anticipated in the second half of 2025[3] - The first Phase 3 trial in major depressive disorder (MDD), X-NOVA2, is expected to initiate by year-end 2024[5] Administrative Expenses - General and administrative expenses for Q3 2024 were $16.7 million, up from $12.8 million in Q3 2023, reflecting increased personnel-related costs[9] - General and administrative expenses rose to $16,706,000 in Q3 2024 compared to $12,804,000 in Q3 2023, marking a 30.5% increase[15] Other Financial Metrics - Other income for Q3 2024 was $10,566,000, up from $7,065,000 in Q3 2023, which is a 49.5% increase[15] - Income tax recovery for Q3 2024 was $320,000, compared to $157,000 in Q3 2023, showing a 103.2% increase[15] - Unrealized gain on available-for-sale securities was $3,548,000 in Q3 2024, up from $346,000 in Q3 2023, indicating a significant increase[15] Executive Changes - The company appointed Matt Ronsheim as Chief Operating Officer, enhancing its senior executive team[7] Shareholder Information - Weighted-average common shares outstanding increased to 77,926,205 in Q3 2024 from 66,002,163 in Q3 2023, a growth of 18%[15]