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

Rhea-AI Summary

Xenon Pharmaceuticals announced equity inducement grants to seven new non-officer employees, totaling 53,550 share options. The options, approved by the Compensation Committee with an effective date of May 29, 2025, have an exercise price of $29.04 per share, matching the closing price on the grant date. These grants vest over four years, with 25% vesting after one year and the remaining vesting monthly over three years. The options have a 10-year term and are subject to the 2025 Inducement Equity Incentive Plan. Xenon Pharmaceuticals is a neuroscience-focused biopharmaceutical company developing ion channel products for epilepsy and depression, with their lead candidate azetukalner, a Kv7 potassium channel opener, in late-stage clinical development.

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VANCOUVER, British Columbia and BOSTON, May 30, 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 seven new non-officer employees consisting of an aggregate of 53,550 share options. All of the foregoing share options were approved by the Compensation Committee of the Company’s Board of Directors with an effective date of May 29, 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 $29.04 per common share, which is equal to the closing price per share of Xenon’s common shares on the grant date of May 29, 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.

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 is the exercise price of XENE's May 2025 inducement share options?

The share options have an exercise price of $29.04 per common share, equal to Xenon's closing price on May 29, 2025.

How many employees received Xenon Pharmaceuticals' inducement grants in May 2025?

Seven new non-officer employees received inducement grants totaling 53,550 share options.

What is the vesting schedule for XENE's May 2025 inducement 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' lead drug candidate?

Azetukalner, a Kv7 potassium channel opener, is Xenon's most advanced drug candidate in late-stage clinical development for multiple indications.