Xenon Pharmaceut Financials
Xenon Pharmaceut (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 intensifying development program with external capital while operating cash use expands without commercial scale.
As the reported period progressed, R&D spending reached$300.9M while operating cash outflow reached$279.1M , showing that development investment—not commercial scale—is the main operating cash demand. FY2025 financing cash flow of$117.1M alongside 80.0M shares outstanding is consistent with a business funding that demand through capital markets rather than internally generated cash.
FY2025 R&D spending of
Total liabilities of
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 Pharmaceut'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 Pharmaceut scores 64.11, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.8B) 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 Pharmaceut 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 Pharmaceut 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 Pharmaceut generated $7.5M in revenue in fiscal year 2025.
Xenon Pharmaceut's EBITDA was -$370.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 33.9% from the prior year.
Xenon Pharmaceut reported -$345.9M in net income in fiscal year 2025. This represents a decrease of 47.6% from the prior year.
Xenon Pharmaceut earned -$4.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 44.9% from the prior year.
Cash & Balance Sheet
Xenon Pharmaceut recorded an outflow of $279.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 51.7% from the prior year.
Xenon Pharmaceut held $199.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Xenon Pharmaceut's ROE was -59.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Xenon Pharmaceut invested $300.9M in research and development in fiscal year 2025. This represents an increase of 43.0% from the prior year.
Xenon Pharmaceut invested $799K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 74.0% from the prior year.
Not reported for fiscal year 2025.
XENE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | N/A | $0 | $0-100.0% | $7.5M | N/A | $0 |
| R&D Expenses | $99.2M+12.1% | $88.5M | N/A | $77.1M+2.8% | $75.0M+22.5% | $61.2M | N/A | $57.0M |
| SG&A Expenses | $23.9M+0.5% | $23.8M | N/A | $19.3M+0.2% | $19.2M+1.1% | $19.0M | N/A | $16.7M |
| Operating Income | -$123.2M-9.6% | -$112.3M | N/A | -$96.3M-2.2% | -$94.2M-29.5% | -$72.7M | N/A | -$73.7M |
| Income Tax | -$585K+77.2% | -$2.6M | N/A | $677K+208.1% | -$626K-246.6% | $427K | N/A | -$320K |
| Net Income | -$110.7M-8.2% | -$102.3M | N/A | -$90.9M-7.3% | -$84.7M-30.2% | -$65.0M | N/A | -$62.8M |
| EPS (Diluted) | -$1.11+5.1% | -$1.17+10.7% | -$1.31-13.9% | -$1.15-7.5% | -$1.07-28.9% | -$0.83+1.2% | -$0.84-3.7% | -$0.81 |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B-6.6% | $1.4B+119.0% | $633.2M+4.2% | $607.8M-9.9% | $674.3M-9.3% | $743.3M-6.9% | $798.1M-4.5% | $835.9M |
| Current Assets | $945.9M-14.5% | $1.1B+97.4% | $560.6M+16.8% | $480.1M-4.0% | $500.3M-11.5% | $565.5M-11.0% | $635.3M-3.7% | $659.6M |
| Cash & Equivalents | $119.5M-78.1% | $545.9M+174.1% | $199.2M+90.6% | $104.5M-22.8% | $135.4M+16.1% | $116.7M-18.3% | $142.7M+62.9% | $87.6M |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $1.5M+56.6% | $938K |
| Total Liabilities | $53.4M+9.0% | $49.0M-4.7% | $51.4M+6.4% | $48.3M+19.9% | $40.3M+2.5% | $39.3M-9.1% | $43.2M+13.5% | $38.1M |
| Current Liabilities | $45.0M+13.0% | $39.8M-4.7% | $41.8M+9.0% | $38.3M+16.0% | $33.0M+3.2% | $32.0M-10.0% | $35.6M+19.9% | $29.7M |
| Total Equity | $1.2B-7.1% | $1.3B+130.0% | $581.8M+4.0% | $559.5M-11.7% | $634.0M-9.9% | $704.0M-6.7% | $754.9M-5.4% | $797.8M |
| Retained Earnings | -$1.5B-8.2% | -$1.3B-8.2% | -$1.2B-9.2% | -$1.1B-8.7% | -$1.0B-8.8% | -$964.5M-7.2% | -$899.5M-7.9% | -$833.8M |
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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$95.4M-7.3% | -$88.9M-9.1% | -$81.5M-13.6% | -$71.8M-11.7% | -$64.2M-4.2% | -$61.7M-13.4% | -$54.4M-9.5% | -$49.7M |
| Capital Expenditures | $275K+106.8% | $133K-58.2% | $318K+13.2% | $281K+79.0% | $157K+265.1% | $43K-94.5% | $783K+32.7% | $590K |
| Free Cash Flow | -$95.7M-7.5% | -$89.0M-8.8% | -$81.8M-13.6% | -$72.0M-11.9% | -$64.4M-4.4% | -$61.7M-11.8% | -$55.2M-9.8% | -$50.3M |
| Investing Cash Flow | -$331.2M+18.7% | -$407.3M-749.6% | $62.7M+62.7% | $38.5M-53.2% | $82.3M+138.4% | $34.5M-65.0% | $98.5M+19679.7% | $498K |
| Financing Cash Flow | $26K-100.0% | $843.0M+642.5% | $113.5M+4710.9% | $2.4M+3530.8% | $65K-94.4% | $1.2M-90.5% | $12.1M | $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.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| 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%-1.3pp | -7.6% | N/A | -16.3%-2.9pp | -13.4%-4.1pp | -9.2% | N/A | -7.9% |
| Return on Assets | -8.6%-1.2pp | -7.4% | N/A | -14.9%-2.4pp | -12.6%-3.8pp | -8.8% | N/A | -7.5% |
| Current Ratio | 21.02-6.8x | 27.79+14.4x | 13.42+0.9x | 12.52-2.6x | 15.14-2.5x | 17.66-0.2x | 17.85-4.4x | 22.21 |
| Debt-to-Equity | 0.040.0x | 0.04-0.1x | 0.090.0x | 0.090.0x | 0.060.0x | 0.060.0x | 0.060.0x | 0.05 |
| 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.
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Where Xenon Pharmaceut Ranks
Frequently Asked Questions
What is Xenon Pharmaceut's annual revenue?
Xenon Pharmaceut (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 Pharmaceut profitable?
No, Xenon Pharmaceut (XENE) reported a net income of -$345.9M in fiscal year 2025.
What is Xenon Pharmaceut's EBITDA?
Xenon Pharmaceut (XENE) had EBITDA of -$370.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Xenon Pharmaceut's return on equity (ROE)?
Xenon Pharmaceut (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 Pharmaceut's free cash flow?
Xenon Pharmaceut (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 Pharmaceut's operating cash flow?
Xenon Pharmaceut (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 Pharmaceut's total assets?
Xenon Pharmaceut (XENE) had $633.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Xenon Pharmaceut's capital expenditures?
Xenon Pharmaceut (XENE) invested $799K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Xenon Pharmaceut spend on research and development?
Xenon Pharmaceut (XENE) invested $300.9M in research and development during fiscal year 2025.
What is Xenon Pharmaceut's current ratio?
Xenon Pharmaceut (XENE) had a current ratio of 13.42 as of fiscal year 2025, which is generally considered healthy.
What is Xenon Pharmaceut's debt-to-equity ratio?
Xenon Pharmaceut (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 Pharmaceut's return on assets (ROA)?
Xenon Pharmaceut (XENE) had a return on assets of -54.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Xenon Pharmaceut's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Xenon Pharmaceut (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 Pharmaceut's Altman Z-Score?
Xenon Pharmaceut (XENE) has an Altman Z-Score of 64.11, 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 Pharmaceut's Piotroski F-Score?
Xenon Pharmaceut (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 Pharmaceut's earnings high quality?
Xenon Pharmaceut (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 Pharmaceut?
Xenon Pharmaceut (XENE) scores 48 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.