Xenon(US:XENE)2025-05-12 20:07Revenue - Revenue for the first quarter of 2025 was $7.5 million, compared to nil for the same period in 2024, due to a milestone payment from the Neurocrine collaboration[18] - Revenue for Q1 2025 was $7.5 million, compared to $0 in Q1 2024[24] Expenses - Research and development expenses increased to $61.2 million in Q1 2025 from $44.3 million in Q1 2024, primarily due to ongoing Phase 3 clinical trials for azetukalner[18] - General and administrative expenses rose to $19.0 million in Q1 2025 from $14.8 million in Q1 2024, attributed to increased personnel-related costs[18] - Research and development expenses increased to $61.2 million in Q1 2025 from $44.25 million in Q1 2024, representing a 38.3% increase[24] - General and administrative expenses rose to $19.038 million in Q1 2025, up from $14.791 million in Q1 2024, a 28.5% increase[24] - Total operating expenses for Q1 2025 were $80.238 million, compared to $59.041 million in Q1 2024, reflecting a 36% increase[24] Net Loss - Net loss for Q1 2025 was $65.0 million, compared to $47.9 million in Q1 2024, driven by higher R&D expenses and lower interest income[18] - Loss from operations for Q1 2025 was $72.738 million, compared to a loss of $59.041 million in Q1 2024[24] - Net loss for Q1 2025 was $65.047 million, compared to a net loss of $47.931 million in Q1 2024, indicating a 36.0% increase in losses[24] - Basic and diluted net loss per common share for Q1 2025 was $0.83, compared to $0.62 in Q1 2024[24] - Comprehensive loss for Q1 2025 was $64.271 million, compared to $49.623 million in Q1 2024[24] Cash Position - Cash and cash equivalents and marketable securities totaled $691.1 million as of March 31, 2025, down from $754.4 million as of December 31, 2024[13] - The company expects to have sufficient cash to fund operations into 2027 based on current operating plans[13] Clinical Trials - Patient recruitment for the Phase 3 X-TOLE2 epilepsy study is expected to complete in the next few months, with topline results anticipated in early 2026[3] - The first Phase 3 MDD study, X-NOVA2, is currently enrolling patients, with the second study, X-NOVA3, expected to initiate mid-year 2025[14] - A Phase 1 study for the follow-on Kv7 candidate, XEN1120, has been initiated, with an IND filing for lead candidate XEN1701 anticipated in Q3 2025[4] - Azetukalner is the most advanced potassium channel modulator in late-stage clinical development for epilepsy and neuropsychiatric disorders[5] Share Information - Weighted average common shares outstanding increased to 78,687,503 in Q1 2025 from 77,594,599 in Q1 2024[24] Other Income - Other income decreased to $8.118 million in Q1 2025 from $11.522 million in Q1 2024[24]