Xenon Reports First Quarter 2025 Financial Results and Provides Business Update

Core Insights - Xenon Pharmaceuticals is making steady progress in its Phase 3 epilepsy program, with patient recruitment for the X-TOLE2 study expected to complete in the coming months, leading to topline results anticipated in early 2026 [2][8] - The company is also advancing its pipeline in neuropsychiatry, with multiple studies in major depressive disorder (MDD) and bipolar depression (BPD) on track for initiation [3][7] - Financial results for Q1 2025 show a revenue of $7.5 million, primarily due to a milestone payment, while the net loss increased to $65.0 million compared to $47.9 million in Q1 2024, driven by higher research and development expenses [13][19] Clinical Development Highlights - Azetukalner is a selective Kv7 potassium channel opener in late-stage clinical development for epilepsy and neuropsychiatric disorders, with significant advancements in its clinical trials [4][17] - The Phase 3 X-NOVA2 study for MDD is currently enrolling patients, and the X-NOVA3 study is expected to initiate mid-year [12][7] - A Phase 1 study for the follow-on Kv7 candidate, XEN1120, has been initiated, and an IND filing for the lead Nav1.7 candidate, XEN1701, is anticipated in Q3 2025 [3][12] Financial Overview - As of March 31, 2025, cash and cash equivalents were $691.1 million, down from $754.4 million at the end of 2024, with sufficient funds projected to support operations into 2027 [13] - Research and development expenses for Q1 2025 were $61.2 million, an increase from $44.3 million in Q1 2024, reflecting ongoing clinical trials and increased personnel costs [13][19] - The company reported a net loss of $65.0 million for Q1 2025, compared to a net loss of $47.9 million for the same period in 2024, attributed to higher operating expenses [19][24]