Xenon Pharmaceuticals Inc (XENE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the XENE SEC filings page.
Xenon Pharmaceuticals Inc (XENE) reported $7.5M in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Xenon is funding a rapidly expanding drug-development program with external capital while revenue remains too small to offset research spending.
FY2025 R&D reached$301M against$7.5M of revenue, making this a development-stage cost structure rather than a scaled operating business. Operating cash outflow of$279M nearly matched free cash flow of$280M , showing that cash consumption is primarily tied to ongoing operations, not heavy physical reinvestment.
R&D intensity increased sharply: spending rose from
FY2025 liabilities were
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Xenon Pharmaceuticals Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Xenon Pharmaceuticals Inc held $586.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $279.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Xenon Pharmaceuticals Inc scores 50/100 among other emerging companies.
Xenon Pharmaceuticals Inc had 83M shares outstanding at the end of fiscal year 2025, against 77M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Xenon Pharmaceuticals Inc scores 57/100 among other emerging companies.
Xenon Pharmaceuticals Inc spent $300.9M on research and development in fiscal year 2025, which was 79.1% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Xenon Pharmaceuticals Inc scores 97/100 among other emerging companies.
Not available for Xenon Pharmaceuticals Inc, and counted as zero in the overall score.
Xenon Pharmaceuticals Inc's operations used $279.1M of cash in fiscal year 2025, against $181.4M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Xenon Pharmaceuticals Inc scores 21/100 among other emerging companies.
Xenon Pharmaceuticals Inc's cash, cash equivalents and investments came to $586.0M at the end of fiscal year 2025, against $51.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Xenon Pharmaceuticals Inc scores 97/100 among other emerging companies.
Xenon Pharmaceuticals Inc scores 36.78, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.5B) relative to total liabilities ($51.4M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Xenon Pharmaceuticals Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Xenon Pharmaceuticals Inc reported a net loss of $345.9M while operations used $279.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Xenon Pharmaceuticals Inc generated $0 in revenue in Q2 2026.
Xenon Pharmaceuticals Inc's EBITDA was -$122.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 31.0% from the same quarter a year earlier. Against the prior quarter it is down 9.7%.
Xenon Pharmaceuticals Inc reported -$110.7M in net income in Q2 2026. This represents a decrease of 30.7% from the same quarter a year earlier. Against the prior quarter it is down 8.2%.
Xenon Pharmaceuticals Inc earned -$1.11 per diluted share (EPS) in Q2 2026. This represents a decrease of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 5.1%.
Cash & Balance Sheet
Xenon Pharmaceuticals Inc recorded an outflow of $95.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 48.6% from the same quarter a year earlier. Against the prior quarter it is down 7.5%.
Xenon Pharmaceuticals Inc held $119.5M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Xenon Pharmaceuticals Inc's ROE was -8.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 4.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Xenon Pharmaceuticals Inc invested $99.2M in research and development in Q2 2026. This represents an increase of 32.3% from the same quarter a year earlier. Against the prior quarter it is up 12.1%.
Xenon Pharmaceuticals Inc invested $275K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 75.2% from the same quarter a year earlier. Against the prior quarter it is up 106.8%.
Not reported for Q2 2026.
XENE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0-100.0% | N/A | $0 | $0 | $7.5M | N/A | $0 |
| R&D Expenses | $99.2M+32.3% | $88.5M+44.6% | N/A | $77.1M+35.3% | $75.0M+50.9% | $61.2M+38.3% | N/A | $57.0M+32.9% |
| SG&A Expenses | $23.9M+24.4% | $23.8M+25.1% | N/A | $19.3M+15.4% | $19.2M-0.8% | $19.0M+28.7% | N/A | $16.7M+30.5% |
| Operating Income | -$123.2M-30.7% | -$112.3M-54.4% | N/A | -$96.3M-30.8% | -$94.2M-36.4% | -$72.7M-23.2% | N/A | -$73.7M-32.3% |
| EBITDA | -$122.6M-31.0% | -$111.7M-55.0% | N/A | -$95.7M-31.1% | -$93.6M-36.7% | -$72.1M-23.3% | N/A | -$73.0M-35.3% |
| Income Tax | -$585K+6.5% | -$2.6M-702.1% | N/A | $677K+311.6% | -$626K-88.0% | $427K+3.6% | N/A | -$320K-103.8% |
| Net Income | -$110.7M-30.7% | -$102.3M-57.3% | N/A | -$90.9M-44.8% | -$84.7M-46.2% | -$65.0M-35.7% | N/A | -$62.8M-29.6% |
| EPS (Basic) | -$1.11-3.7% | -$1.17-41.0% | -$1.31-56.0% | -$1.15-42.0% | -$1.07-42.7% | -$0.83-33.9% | -$0.84-31.2% | -$0.81-11.0% |
| EPS (Diluted) | -$1.11-3.7% | -$1.17-41.0% | -$1.31-56.0% | -$1.15-42.0% | -$1.07-42.7% | -$0.83-33.9% | -$0.84-31.2% | -$0.81-11.0% |
| Diluted Shares (Avg) | 100M+26.2% | 87M+11.0% | N/A | 79M+1.7% | 79M+1.7% | 79M+1.4% | N/A | 78M+18.1% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
XENE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+92.2% | $1.4B+86.6% | $633.2M-20.7% | $607.8M-27.3% | $674.3M-23.7% | $743.3M-19.1% | $798.1M-17.3% | $835.9M+24.6% |
| Current Assets | $945.9M+89.1% | $1.1B+95.7% | $560.6M-11.7% | $480.1M-27.2% | $500.3M-31.3% | $565.5M-20.0% | $635.3M-1.5% | $659.6M+24.2% |
| Cash & Equivalents | $119.5M-11.7% | $545.9M+367.9% | $199.2M+39.6% | $104.5M+19.3% | $135.4M-1.0% | $116.7M+98.1% | $142.7M-4.0% | $87.6M-12.0% |
| Short-Term Investments | $811.2M+130.3% | $548.9M+26.8% | $349.7M-27.8% | $357.8M-36.8% | $352.2M-39.8% | $433.0M-32.4% | $484.2M-1.1% | $566.4M+32.6% |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $1.5M+68.1% | $938K+16.5% |
| Long-Term Investments | $314.4M+129.0% | $244.9M+73.1% | $37.2M-70.9% | $93.0M-37.7% | $137.3M+6.4% | $141.5M-23.9% | $127.5M-56.5% | $149.3M+32.8% |
| Total Liabilities | $53.4M+32.4% | $49.0M+24.6% | $51.4M+18.9% | $48.3M+26.9% | $40.3M+0.8% | $39.3M+25.5% | $43.2M+17.2% | $38.1M+10.4% |
| Current Liabilities | $45.0M+36.2% | $39.8M+24.3% | $41.8M+17.4% | $38.3M+29.1% | $33.0M+5.6% | $32.0M+44.1% | $35.6M+30.5% | $29.7M+20.0% |
| Non-Current Liabilities | $8.4M+15.3% | $9.2M+25.8% | $9.6M+25.7% | $10.0M+18.9% | $7.3M-16.4% | $7.3M-19.9% | $7.6M-20.4% | $8.4M-13.9% |
| Total Equity | $1.2B+96.0% | $1.3B+90.0% | $581.8M-22.9% | $559.5M-29.9% | $634.0M-24.9% | $704.0M-20.7% | $754.9M-18.6% | $797.8M+25.3% |
| Retained Earnings | -$1.5B-39.0% | -$1.3B-39.7% | -$1.2B-38.5% | -$1.1B-36.7% | -$1.0B-36.1% | -$964.5M-35.3% | -$899.5M-35.2% | -$833.8M-34.4% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
XENE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$95.4M-48.5% | -$88.9M-44.2% | -$81.5M-49.8% | -$71.8M-44.5% | -$64.2M-106.2% | -$61.7M-33.5% | -$54.4M-53.6% | -$49.7M-3.3% |
| Depreciation & Amortization | $558K-11.7% | $587K-10.9% | $611K-8.3% | $641K-3.9% | $632K-1.4% | $659K+12.5% | $666K+205.9% | $667K-61.5% |
| Stock-Based Compensation | $16.7M+22.0% | $16.9M+38.8% | N/A | $13.7M+5.4% | $13.7M-6.8% | $12.2M+29.5% | N/A | $13.0M |
| Capital Expenditures | $275K+75.2% | $133K+209.3% | $318K-59.4% | $281K-52.4% | $157K-89.6% | $43K-77.1% | $783K+903.8% | $590K-50.8% |
| Free Cash Flow | -$95.7M-48.6% | -$89.0M-44.3% | -$81.8M-48.3% | -$72.0M-43.3% | -$64.4M-97.1% | -$61.7M-33.0% | -$55.2M-55.5% | -$50.3M-2.0% |
| Investing Cash Flow | -$331.2M-502.7% | -$407.3M-1280.2% | $62.7M-36.4% | $38.5M+7637.1% | $82.3M-24.7% | $34.5M+179.9% | $98.5M+141.1% | $498K-99.1% |
| Financing Cash Flow | $26K-60.0% | $843.0M+73141.8% | $113.5M+836.0% | $2.4M | $65K | $1.2M | $12.1M-96.3% | $0 |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
XENE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | N/A | N/A | N/A | N/A | N/A | -969.8% | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | -867.3% | N/A | N/A |
| Return on Equity | -8.9%+4.5pp | -7.6%+1.6pp | N/A | -16.3%-8.4pp | -13.4%-6.5pp | -9.2%-3.8pp | N/A | -7.9%-0.3pp |
| Return on Assets | -8.6%+4.0pp | -7.4%+1.4pp | N/A | -14.9%-7.4pp | -12.6%-6.0pp | -8.8%-3.5pp | N/A | -7.5%-0.3pp |
| Current Ratio | 21.02+5.9x | 27.79+10.1x | 13.42-4.4x | 12.52-9.7x | 15.14-8.1x | 17.66-14.2x | 17.85-5.8x | 22.21+0.8x |
| Debt-to-Equity | 0.040.0x | 0.040.0x | 0.090.0x | 0.090.0x | 0.060.0x | 0.060.0x | 0.060.0x | 0.050.0x |
| Asset Turnover | 0.000.0x | 0.000.0x | N/A | 0.000.0x | 0.000.0x | 0.010.0x | N/A | 0.00 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | -822.6% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Xenon Pharmaceuticals Inc XENE | FY2025 | $7.5M | -$345.9M | N/A | $3.5B | 54/100 |
| Ultragenyx Pharmaceutical Inc. RARE | FY2025 | $673.0M | -$575.0M | -85.4% | $1.5B | 56/100 |
| Viking Therapeutics, Inc VKTX | FY2025 | $0 | -$359.6M | N/A | $3.6B | — |
| Scholar Rock Holding Corporation SRRK | FY2025 | $0 | -$378.0M | N/A | $5.1B | — |
| Soleno Therapeutics, Inc. SLNO | FY2025 | $190.4M | $20.9M | 11.0% | $2.8B | 59/100 |
| Immunovant, Inc. IMVT | FY2026 | N/A | -$505.6M | N/A | $6.3B | — |
Where Xenon Pharmaceuticals Inc Ranks
Frequently Asked Questions
What is Xenon Pharmaceuticals Inc's annual revenue?
Xenon Pharmaceuticals Inc (XENE) reported $7.5M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Xenon Pharmaceuticals Inc profitable?
No, Xenon Pharmaceuticals Inc (XENE) reported a net income of -$345.9M in fiscal year 2025.
What is Xenon Pharmaceuticals Inc's EBITDA?
Xenon Pharmaceuticals Inc (XENE) had EBITDA of -$370.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Xenon Pharmaceuticals Inc's return on equity (ROE)?
Xenon Pharmaceuticals Inc (XENE) has a return on equity of -59.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Xenon Pharmaceuticals Inc's free cash flow?
Xenon Pharmaceuticals Inc (XENE) recorded an outflow of $279.9M in free cash flow during fiscal year 2025. This represents a -51.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Xenon Pharmaceuticals Inc's operating cash flow?
Xenon Pharmaceuticals Inc (XENE) recorded an outflow of $279.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Xenon Pharmaceuticals Inc's total assets?
Xenon Pharmaceuticals Inc (XENE) had $633.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Xenon Pharmaceuticals Inc's capital expenditures?
Xenon Pharmaceuticals Inc (XENE) invested $799K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Xenon Pharmaceuticals Inc spend on research and development?
Xenon Pharmaceuticals Inc (XENE) invested $300.9M in research and development during fiscal year 2025.
What is Xenon Pharmaceuticals Inc's current ratio?
Xenon Pharmaceuticals Inc (XENE) had a current ratio of 13.42 as of fiscal year 2025, which is generally considered healthy.
What is Xenon Pharmaceuticals Inc's debt-to-equity ratio?
Xenon Pharmaceuticals Inc (XENE) had a debt-to-equity ratio of 0.09 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Xenon Pharmaceuticals Inc's return on assets (ROA)?
Xenon Pharmaceuticals Inc (XENE) had a return on assets of -54.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Xenon Pharmaceuticals Inc's P/E ratio?
Xenon Pharmaceuticals Inc (XENE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.5B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Xenon Pharmaceuticals Inc's price-to-sales ratio?
Xenon Pharmaceuticals Inc (XENE) trades at 462x sales, its market capitalization divided by revenue of $7.5M revenue, FY2025. The market capitalization is $3.5B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Xenon Pharmaceuticals Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Xenon Pharmaceuticals Inc (XENE) held $586.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $279.1M over that year. Dividing the one by the other, the reported balance equals about 25 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Xenon Pharmaceuticals Inc's Altman Z-Score?
Xenon Pharmaceuticals Inc (XENE) has an Altman Z-Score of 36.78, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Xenon Pharmaceuticals Inc's Piotroski F-Score?
Xenon Pharmaceuticals Inc (XENE) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Xenon Pharmaceuticals Inc's earnings high quality?
Xenon Pharmaceuticals Inc (XENE) reported a net loss of $345.9M while operations used $279.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Xenon Pharmaceuticals Inc?
Xenon Pharmaceuticals Inc (XENE) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.