Xenon Pharmaceuticals (NasdaqGM:XENE) FY Conference Transcript

Xenon Pharmaceuticals FY Conference Summary Company Overview - Company: Xenon Pharmaceuticals (NasdaqGM:XENE) - Event: 44th Annual J.P. Morgan Healthcare Conference - Date: January 12, 2026 - Key Presenters: Ian Mortimer (President and CEO), Chris Kenny (Chief Medical Officer), Darren Kline (Chief Commercial Officer), Tucker Kelly (CFO) [1][2] Core Focus Areas Lead Molecule: Azetukalner - Indications: Developed for epilepsy and neuropsychiatry - Clinical Development: Most advanced potassium channel modulator in late-stage clinical development with over 800 patient years of efficacy and safety data [3][4] - Dosing: Once-daily dosing with no titration required, which is a significant advantage over other CNS drugs [5] Epilepsy Market Insights - Prevalence: Epilepsy is the fourth most common neurological condition, with a lifetime risk of 1 in 26 [6] - Patient Population: Approximately 3 million Americans have epilepsy, with focal onset seizures representing about 60% of the market [6][7] - Unmet Need: About half of epilepsy patients are not receiving adequate treatment, indicating a significant market opportunity for azetukalner [7][8] Clinical Trial Updates - Phase IIb Trial (X-TOLE): Randomized 325 subjects, showing a 52.8% reduction in seizures at the highest dose (25 mg) with significant statistical significance (P < 0.05) [9][10] - Open-Label Extension: Patients showed over 90% reduction in seizure burden over 48 months, with nearly 40% achieving 12 months of seizure freedom [13][15] - Phase III Trials: Two parallel trials (X-TOLE2 and X-TOLE3) for focal onset seizures, with the first readout expected in March 2026 [19][20] Neuropsychiatry Development - Major Depressive Disorder (MDD): A smaller phase II study showed a clear dose response with rapid onset of efficacy, leading to ongoing phase III trials [22][27] - Bipolar Depression: New study (EXCED) initiated to address this significant unmet need [27] Early-Stage Pipeline - Nav1.7 Program: Focused on a novel analgesic targeting pain pathways, currently in phase I clinical trials [28][29] - Genetic Insights: The program leverages genetic findings related to the SCN9A gene, which is linked to pain perception [29][30] Strategic Objectives - Integration: Aim to become a fully integrated biopharma company, focusing on discovering, developing, and commercializing proprietary molecules [36][38] - Market Positioning: Emphasis on building a strong commercial team with deep epilepsy experience to ensure successful product launch [55][56] Key Takeaways - Market Opportunity: Significant unmet medical needs in both epilepsy and neuropsychiatry present a strong market opportunity for azetukalner [8][27] - Clinical Confidence: Robust clinical data supports the efficacy and safety of azetukalner, positioning it as a potential first-line treatment in its categories [18][19] - Future Outlook: Successful outcomes in ongoing trials could lead to a substantial expansion of Xenon's portfolio and market presence in the coming years [59][62]