Xenon Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Xenon Pharmaceuticals (NASDAQ: XENE) has announced equity inducement grants to four new non-officer employees, consisting of 78,600 share options and 1,800 performance share units (PSUs). The grants, effective May 2, 2025, were approved by the Compensation Committee and comply with Nasdaq Listing Rule 5635(c)(4). The share options have an exercise price of $38.28 per common share, vesting over four years with a 10-year term. The PSUs will vest based on achieving predefined milestone-based objectives over approximately three years.

Xenon Pharmaceuticals is a neuroscience-focused biopharmaceutical company developing ion channel products for epilepsy and depression. Their lead product, azetukalner, is a Kv7 potassium channel opener in late-stage clinical development for multiple indications.

VANCOUVER, British Columbia and BOSTON, May 02, 2025 (GLOBE NEWSWIRE) -- Xenon Pharmaceuticals Inc. (Nasdaq: XENE), a neuroscience-focused biopharmaceutical company dedicated to discovering, developing, and delivering life-changing therapeutics for patients in need, today announced equity inducement grants to four new non-officer employees consisting of an aggregate of 78,600 share options and 1,800 performance share units (“PSUs”). All of the foregoing share options and PSUs were approved by the Compensation Committee of the Company’s Board of Directors with an effective date of May 2, 2025 and were granted as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The share options have an exercise price of $38.28 per common share, which is equal to the closing price per share of Xenon’s common shares on the grant date of May 2, 2025. The share option grants vest over four years, with 25% vesting on the one-year anniversary of the respective employee’s start date and 1/36th of the remaining options vesting monthly thereafter on the last day of each month, subject to such option recipient’s continued service relationship with the Company. Each option has a 10-year term and is subject to the terms and conditions of the share option agreement and the terms of the Company’s 2025 Inducement Equity Incentive Plan. The PSUs will vest (if at all) based on the achievement of certain predefined milestone-based objectives over an approximately three-year performance period, subject to such PSU recipient’s continued service relationship with the Company. Each PSU grant is subject to the terms and conditions of the performance share unit award agreement and the terms of the Company’s 2025 Inducement Equity Incentive Plan.

About Xenon Pharmaceuticals Inc.

Xenon Pharmaceuticals (Nasdaq: XENE) is a neuroscience-focused biopharmaceutical company dedicated to discovering, developing, and delivering life-changing therapeutics. We are advancing an ion channel product portfolio to address areas of high unmet medical need, including epilepsy and depression. Azetukalner, a novel, highly potent, selective Kv7 potassium channel opener, represents the most advanced, clinically validated potassium channel modulator in late-stage clinical development for multiple indications. For more information, please visit www.xenon-pharma.com.

“Xenon” and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in various jurisdictions. All other trademarks belong to their respective owner.

Contacts:
For Investors:
Chad Fugere
Vice President, Investor Relations
(857) 675-7275
investors@xenon-pharma.com

For Media:
Colleen Alabiso
Senior Vice President, Corporate Affairs
(617) 671-9238
media@xenon-pharma.com

FAQ

What type of equity grants did Xenon Pharmaceuticals (XENE) announce on May 2, 2025?

Xenon announced inducement grants of 78,600 share options and 1,800 performance share units (PSUs) to four new non-officer employees.

What is the exercise price for XENE's newly granted share options?

The share options have an exercise price of $38.28 per common share, equal to Xenon's closing price on May 2, 2025.

What is the vesting schedule for Xenon Pharmaceuticals' new share options?

The options vest over 4 years, with 25% vesting after one year and 1/36th of remaining options vesting monthly thereafter.

What is Xenon Pharmaceuticals' (XENE) main product in development?

Azetukalner, a Kv7 potassium channel opener, is their most advanced product in late-stage clinical development for multiple indications.