Xenon Reports Q3 2026 Financial Results and Provides Business Update

Research and development spending rose to $95.6 million as epilepsy, psychiatric and pain programs advanced.

Rhea-AI Summary

Xenon Pharmaceuticals (XENE) reported a third-quarter net loss of $110.4 million while advancing azetukalner toward potential commercialization for focal seizures. The loss widened from $90.9 million a year earlier. Cash, cash equivalents and marketable securities totaled $1,153.5 million at September 30, 2026, versus $586.0 million at December 31, 2025; Xenon expects funding to last into 2029.

An FDA application for azetukalner in focal seizures was submitted in September 2026. Phase 3 X-NOVA2 enrollment in major depressive disorder finished at approximately 360 patients, with results now expected in December 2026. New enrollment in ongoing depression and bipolar depression studies remains voluntarily paused; enrolled patients remain active. Xenon plans the Phase 3b/4 X-FIRST epilepsy study for Q1 2027 and expects Phase 2 acute-pain studies of XEN1701 and XEN1120 to begin in H1 2027 following positive Phase 1 data.

18 points · 0 major

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0 major · 12 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointAzetukalner’s FDA application for focal seizures was submitted in September 2026.
• Moderate pointCash, equivalents and marketable securities reached $1,153.5 million, versus $586.0 million at December 31, 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Xenon expects its cash to fund operations into 2029, based on current operating plans.
• Moderate point. Forward-looking: it has not happened yet and may not happen.X-NOVA2 enrollment completed with approximately 360 patients; topline depression results are now expected in December 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.X-FIRST initiation is planned for Q1 2027, evaluating azetukalner as a first add-on antiseizure medication.

13 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.X-TOLE3 continues enrolling; completion outside Japan is expected in 2026 to support non-U.S. regulatory submissions.
• Minor point. Forward-looking: it has not happened yet and may not happen.X-ACKT continues enrolling for primary generalized tonic-clonic seizures, supporting a potential additional epilepsy indication.
• Minor pointXEN1701 achieved target receptor occupancy and was generally well-tolerated, with no notable autonomic cardiovascular effects in Phase 1.
• Minor point. Forward-looking: it has not happened yet and may not happen.XEN1701’s Phase 2 acute-pain proof-of-concept study is expected to start in H1 2027.
• Minor pointXEN1120 reached plasma levels predictive of analgesic effects in preclinical modeling and was generally well-tolerated in Phase 1.
• Minor point. Forward-looking: it has not happened yet and may not happen.XEN1120’s Phase 2 acute-pain proof-of-concept study is expected to start in H1 2027.
• Minor pointXEN1720’s Phase 1 single- and multiple-ascending-dose study remains ongoing in healthy adults.
• Minor pointThe oral NaV1.1 program has ongoing studies supporting an investigational-drug application.
• Minor point. Forward-looking: it has not happened yet and may not happen.Partnered NBI-921355 remains in Phase 1b, with data expected in 2027.
• Minor pointQ3 other income increased to $11.5 million from $6.1 million a year earlier.
• Minor pointQ3 basic and diluted loss per share narrowed to $1.11 from $1.15 a year earlier.
• Minor pointNine-month other income increased to $30.764 million from $23.132 million a year earlier.
• Minor pointNine-month income tax recovery was $1.313 million, versus a $0.478 million expense a year earlier.

Negative

• Moderate pointQ3 net loss widened to $110.4 million from $90.9 million a year earlier.
• Moderate pointNew patient enrollment remains voluntarily paused in ongoing Phase 3 major depressive disorder and bipolar depression studies.
• Minor pointQ3 research and development expenses rose to $95.6 million from $77.1 million a year earlier.
• Minor pointQ3 general and administrative expenses increased to $24.4 million from $19.3 million a year earlier.
• Minor pointQ3 income tax expense increased to $1.843 million from $0.677 million a year earlier.

7 minor points

• Minor pointNine-month revenue declined to zero from $7.5 million a year earlier.
• Minor pointNine-month net loss widened to $323.473 million from $240.649 million a year earlier.
• Minor pointNine-month basic and diluted loss per share widened to $3.38 from $3.05 a year earlier.
• Minor pointNine-month research and development expenses increased to $283.377 million from $213.239 million a year earlier.
• Minor pointNine-month general and administrative expenses rose to $72.173 million from $57.564 million a year earlier.
• Minor pointAvailable-for-sale securities recorded a Q3 unrealized loss of $2.397 million, versus a $0.364 million year-earlier gain.
• Minor pointAvailable-for-sale securities recorded a nine-month unrealized loss of $5.388 million, versus a $2.089 million year-earlier gain.

News Explained

As of September 30, 2026, Xenon reported 98,275,278 common shares and 1,507,885 pre-funded warrants outstanding; if exercised, the warrants would add shares to the common base and could dilute existing holders.

Key Figures

Cash, equivalents and marketable securities: $1,153.5 million Cash runway: Into 2029 NDA submission: September 2026 +5 more

Cash, equivalents and marketable securities

$1,153.5 million

As of September 30, 2026; compared with $586.0 million as of December 31, 2025

Cash runway

Into 2029

Based on current operating plans

NDA submission

September 2026

Azetukalner for focal seizures

X-NOVA2 enrollment

Approximately 360 patients

Phase 3 study in MDD; enrollment completed

X-NOVA2 topline readout

December 2026

Phase 3 study in MDD

Research and development expenses

$95.6 million vs. $77.1 million

Quarter ended September 30, 2026 vs. same period in 2025

General and administrative expenses

$24.4 million vs. $19.3 million

Quarter ended September 30, 2026 vs. same period in 2025

Net loss

$110.4 million vs. $90.9 million

Quarter ended September 30, 2026 vs. same period in 2025

Previous Earnings Reports

2 past events · Latest: May 07

Same Type 2 events

1. May 07

   Q1 earnings

   24h Move

   +0.8%

   NDA submission remained planned for Q3 2026; X-NOVA2 MDD topline was expected in H1 2027.

2. Aug 06

   Q2 earnings

   24h Move

   -1.8%

   NDA submission remained planned for Q3 2026, while X-NOVA2 MDD topline was expected in H1 2027.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

new drug application, open-label, proof-of-concept, receptor occupancy, +1 more

5 terms

new drug application regulatory

"New Drug Application (NDA) for azetukalner in FS to the U.S. Food & Drug Administration"

A new drug application is a formal request submitted to government regulators seeking approval to market a new medicine. It is like a detailed proposal that shows the drug has been tested for safety and effectiveness. For investors, receiving approval signals that the drug may soon become available for sale, potentially leading to revenue growth and impacting the company's value.

open-label medical

"a U.S.-based multicenter, open-label study with a 52-week treatment period"

Open-label describes a situation where everyone involved in a study or process knows the full details, such as who is receiving a treatment or intervention. For investors, understanding whether a project or product is open-label helps gauge the level of transparency and potential biases, influencing trust and decision-making. It’s like knowing whether a test or experiment is conducted openly or behind closed doors.

proof-of-concept medical

"Phase 2 proof-of-concept (POC) study for XEN1701 in acute pain"

A proof-of-concept is a demonstration that shows a new idea or method can work as intended, serving as a small-scale test before full development. For investors, it signals that a concept has been successfully tested in principle, reducing uncertainty about whether it can be practically implemented. This helps determine if further investment or effort is justified to develop the idea further.

receptor occupancy technical

"desired high levels of NaV1.7 receptor occupancy"

Receptor occupancy is the share of a target protein on cells that a drug is actually bound to at a given dose, often expressed as a percentage. Think of receptors as parking spaces and the drug as cars: higher occupancy means more spaces are filled, which helps predict how well the drug will work and how likely it is to cause side effects. Investors watch this measure because it links dose and clinical effects to regulatory success and commercial potential.

pre-funded warrants financial

"1,507,885 pre-funded warrants outstanding"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• New Drug Application for azetukalner in focal seizures submitted to U.S. Food & Drug Administration in September 2026
  
• Expanding potential opportunity in epilepsy through ongoing Phase 3 X-TOLE3 and X-ACKT studies and planned Q1 2027 initiation of Phase 3b/4 X-FIRST study evaluating azetukalner as first add-on ASM
  
• Enrollment in Phase 3 X-NOVA2 study of azetukalner in MDD completed with topline data readout now expected in December 2026
  
• Positive Phase 1 data for novel, non-opioid pain programs XEN1701 (Na_V1.7) and XEN1120 (K_V7) presented at IASP World Congress on Pain support initiating Phase 2 proof-of-concept studies in acute pain; studies expected to initiate in H1 2027
  
• Cash, cash equivalents and marketable securities of $1.2 billion with cash runway into 2029
  
• Conference call at 4:30 pm EST today
  
  

VANCOUVER, BC and BOSTON, MA, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Xenon Pharmaceuticals Inc. (Nasdaq: XENE), a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need, today reported financial results for the third quarter ended September 30, 2026 and provided a business update.

“We’ve made significant progress advancing azetukalner with our recent NDA submission to the FDA for focal seizures and through ongoing scientific exchange opportunities. We continue to have great confidence in azetukalner’s product profile in epilepsy based on strong efficacy and consistent safety across more than 1,500 patient-years of data, which has been reiterated in conversations with both epileptologists and neurologists,” said Ian Mortimer, President and Chief Executive Officer of Xenon. “Following the completion of enrollment in X-NOVA2, we are working toward our first Phase 3 data readout in psychiatry with topline results now expected in December 2026. We also are excited about the growing value of our earlier stage pipeline as seen through the recent announcement of positive Phase 1 data for our novel, non-opioid pain programs, XEN1701 and XEN1120, which we are planning to progress to Phase 2 proof-of-concept studies in acute pain in the first half of 2027.”

Business Highlights and Anticipated Milestones

Azetukalner Development Program
Azetukalner is a novel, potent K_V7 potassium channel opener in late-stage development for multiple potential indications, including two in epilepsy – focal seizures (FS) and primary generalized tonic-clonic seizures (PGTCS) – as well as neuropsychiatric disorders, including major depressive disorder (MDD) and bipolar depression (BPD).

Epilepsy Programs

• Xenon submitted its New Drug Application (NDA) for azetukalner in FS to the U.S. Food & Drug Administration (FDA) in September 2026.
• Xenon presented six abstracts at the 16^th European Epilepsy Congress (EEC) in September 2026, including an encore oral presentation of the X-TOLE2 topline efficacy and safety data, as well as a new poster highlighting azetukalner’s differentiated K_V7 mechanism of action and rational polytherapy potential.
  
• The Company expects multiple new azetukalner and epilepsy data presentations at the American Epilepsy Society (AES) 2026 Annual Meeting, taking place December 4-8, 2026, in Denver, Colorado.
  
• The Company expects to initiate X-FIRST, a new Phase 3b/4 study, which is designed to evaluate azetukalner as a first adjunctive antiseizure medication (ASM) in patients with FS. X-FIRST is a U.S.-based multicenter, open-label study with a 52-week treatment period, where azetukalner would be added into the treatment regimens of patients who are already taking an SV2A modulator or sodium channel blocker, and are less refractory relative to the X-TOLE and X-TOLE2 study populations with a lower baseline seizure frequency. The study is planned for initiation in Q1 2027.
  
• The Phase 3 X-TOLE3 study of azetukalner in FS continues to enroll and is intended to support regulatory submissions outside of the U.S. X-TOLE3 enrollment outside of Japan is expected to complete in 2026.
  
• The Phase 3 X-ACKT study of azetukalner in PGTCS continues to enroll and is intended to support regulatory submissions for an additional epilepsy indication.
  
  

Neuropsychiatry Programs

• Xenon completed enrollment in the Phase 3 X-NOVA2 study in MDD with approximately 360 total patients; the topline data readout is now expected in December 2026.
  
• The Company announced in September that it had initiated a voluntary pause on new patient enrollment in the ongoing Phase 3 clinical studies of azetukalner in MDD and BPD. Patients currently enrolled in the ongoing studies, including both open label extension studies, remain active.
  
  

Clinical Programs for Pain
Xenon continues to expand its portfolio of potent, selective ion channel modulators using the Company’s strong heritage in human genetics, deep understanding of ion channel biology, and expertise in novel chemistries. This includes clinical-stage candidates targeting Na_V1.7 and K_V7, which are important novel targets for non-opioid pain therapeutics.

Na_V1.7 Programs

• At the International Association for the Study of Pain (IASP) 2026 World Congress on Pain in October 2026, Xenon presented positive data from its Phase 1 Single Ascending Dose (SAD)/Multiple Ascending Dose (MAD) study in healthy adult participants for XEN1701 targeting Na_V1.7. XEN1701 achieved Xenon’s target profile, including desired high levels of Na_V1.7 receptor occupancy in both the peripheral and central nervous system, and was generally well-tolerated with no notable autonomic cardiovascular effects. Additionally, new preclinical data in cynomolgus monkeys demonstrated that a Na_V1.7 inhibitor provided significant pain reductions in capsaicin-evoked heat pain. Based on the positive Phase 1 results, Xenon expects to initiate a Phase 2 proof-of-concept (POC) study for XEN1701 in acute pain in H1 2027.
  
• A Phase 1 SAD/MAD study in healthy adult participants is ongoing for XEN1720, Xenon’s second clinical-stage candidate targeting Na_V1.7.
  
  

K_V7 Program

• At the IASP 2026 World Congress on Pain, Xenon presented positive data from its Phase 1 SAD/MAD study in healthy adult participants for XEN1120 targeting K_V7. XEN1120 achieved plasma levels predictive of analgesic effects based on preclinical modeling and was generally well-tolerated. Additionally, new preclinical data in cynomolgus monkeys demonstrated that a K_V7 modulator provided significant pain reductions in capsaicin-evoked heat pain. Based on the positive Phase 1 results, Xenon expects to initiate a Phase 2 POC study for XEN1120 in acute pain in H1 2027.
  
  

Early-Stage R&D and Partnered Programs for Epilepsy
Beyond azetukalner, Xenon is committed to advancing additional novel treatment approaches to address significant unmet needs in epilepsy.

• IND-enabling studies are ongoing for the Company’s oral small molecule Na_V1.1 program. Preclinical data suggest that targeting Na_V1.1 could potentially address the underlying cause and symptoms of Dravet syndrome.
  
• In collaboration with Neurocrine Biosciences, a Phase 1b study is ongoing for NBI-921355, an investigational, selective inhibitor of voltage-gated sodium channels Na_V1.2 and Na_V1.6 in development for the potential treatment of certain types of epilepsy. Data from the Phase 1b study are expected in 2027.
  
  

Upcoming Investor Conferences

• Xenon will attend four upcoming investor conferences in Q4 2026, including the Guggenheim 3^rd Annual Healthcare Innovation Conference on November 10 in Boston, MA, the Stifel 2026 Healthcare Conference on November 11 in New York, NY, the 2026 Jefferies Global Healthcare Conference on November 18 in London, UK, and the 9^th Annual Evercore Healthcare Conference on December 1 in Coral Gables, FL. Details about the presentations and webcast information are available on the Investors section of Xenon's website. Webcasts are posted for replay following the event, as available. All dates and times are subject to change.
  
  

Q3 2026 Financial Results

• Cash, cash equivalents and marketable securities were $1,153.5 million as of September 30, 2026, compared to $586.0 million as of December 31, 2025. Based on current operating plans, Xenon anticipates having sufficient cash to fund operations into 2029. As of September 30, 2026, there were 98,275,278 common shares and 1,507,885 pre-funded warrants outstanding.
  
• Research and development expenses were $95.6 million for the quarter ended September 30, 2026, compared to $77.1 million for the same period in 2025. The increase in research and development expenses for the period was primarily attributable to the ongoing azetukalner Phase 3 clinical studies in MDD and BPD and manufacturing activities to support potential commercialization and launch readiness of azetukalner, the ongoing XEN1720 Phase 1 clinical study, as well as increased personnel-related costs due to an increase in employee headcount and stock-based compensation expense.
  
• General and administrative expenses were $24.4 million for the quarter ended September 30, 2026, compared to $19.3 million for the same period in 2025. The increase in general and administrative expenses for the period was primarily attributable to personnel-related costs due to an increase in employee headcount and stock-based compensation expense and an increase in professional and consulting fees.
  
• Other income was $11.5 million for the quarter ended September 30, 2026, compared to $6.1 million for the same period in 2025. The increase in other income for the period was primarily attributable to higher interest income.
  
• Net loss was $110.4 million for the quarter ended September 30, 2026, compared to $90.9 million for the same period in 2025. The increase in net loss for the period was primarily attributable to higher research and development expenses driven by the azetukalner and pain programs and higher personnel-related costs, higher general and administrative expenses driven by higher personnel-related costs and professional and consulting fees, partially offset by higher interest income.
  
  

Conference Call Information
Xenon will host a conference call and webcast today at 4:30 pm EST (2:30 pm PCT) to discuss its third quarter 2026 results. A listen-only webcast can be accessed on the Investors section of the Xenon website, with a replay available following the event. Participants can access the conference call by dialing (800) 715-9871 or (646) 307-1963 for international callers and referencing conference ID 8984105.

About Azetukalner
Azetukalner is a novel, potent K_V7 potassium channel opener currently in development for the treatment of epilepsy, major depressive disorder and bipolar depression. It represents the most advanced, clinically validated potassium channel modulator in late-stage clinical development. Azetukalner is designed to open potassium channels in the central nervous system, allowing potassium ions to flow and hyperpolarizing neurons. This process helps reduce excessive neuronal firing, which is a key contributor to several neurologic and psychiatric disorders.

About Xenon Pharmaceuticals Inc.
Xenon Pharmaceuticals (Nasdaq: XENE) is a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need. Xenon’s lead molecule, azetukalner, is a novel, potent K_V7 potassium channel opener in late-stage clinical development for the treatment of epilepsy, major depressive disorder and bipolar depression. Xenon is also advancing an early-stage portfolio of multiple promising potassium and sodium channel modulators, including K_V7 and Na_V1.7 programs in Phase 1 development for the potential treatment of pain. Xenon has offices in Vancouver, British Columbia and Boston, Massachusetts. For more information, visit www.xenon-pharma.com and follow us on LinkedIn and X.

Xenon and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in the U.S., Canada and elsewhere. All other trademarks belong to their respective owner.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and Canadian securities laws. These forward-looking statements are not based on historical fact, and include statements regarding the status of and potential results from clinical studies; the potential efficacy, safety profile, future development plans in current and anticipated indications, addressable market, regulatory success and commercial potential of our and our partners’ product candidates; the efficacy of our clinical study designs; our ability to achieve milestones in our azetukalner and other pipeline and development programs, including the anticipated filing of INDs (or equivalent) and NDAs, initiation of clinical studies, completion of trial enrollment and timing of topline data readout from any clinical studies; the timing and results of our interactions with regulators; and our ability to successfully develop, obtain regulatory approval for, and commercialize azetukalner and our other product candidates. These forward-looking statements are based on current assumptions that involve risks, uncertainties and other factors that may cause the actual results, events, or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: clinical studies may not demonstrate safety and efficacy of any of our or our collaborators’ product candidates; promising results from preclinical development activities or early clinical study results may not be replicated in later clinical studies; our assumptions regarding our planned expenditures and sufficiency of our cash to fund operations may be incorrect; our ongoing discovery and preclinical efforts may not yield additional product candidates; any of our or our collaborators’ product candidates, including azetukalner, may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; we may not achieve additional milestones in our proprietary or partnered programs; regulatory agencies may delay the initiation or completion of clinical studies or impose additional requirements prior to approval; the impact of market, industry, and regulatory conditions on clinical study enrollment; the impact of competition; the impact of expanded product development and clinical activities on operating expenses; the impact of new or changing laws and regulations; the impact of unstable economic conditions in the general domestic and global economic markets; adverse conditions from geopolitical events; as well as the other risks identified in our filings with the U.S. Securities and Exchange Commission and the securities commissions in British Columbia, Alberta, and Ontario. These forward-looking statements speak only as of the date hereof and we assume no obligation to update these forward-looking statements, and readers are cautioned not to place undue reliance on such forward-looking statements.

Contacts
For Investors:
Laura Perry/Emily Huang
Argot Partners
Xenon@argotpartners.com

For Media:
Colleen Alabiso
Senior Vice President, Corporate Affairs
media@xenon-pharma.com

XENON PHARMACEUTICALS INC.
Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)

		September 30,			December 31,
		2026			2025
Assets
Current assets:
Cash, cash equivalents and marketable securities		$	950,798		$	548,886
Other current assets			9,267			11,763
Marketable securities, non-current			202,680			37,152
Other non-current assets			37,130			35,362
Total assets		$	1,199,875		$	633,163
Liabilities
Current liabilities:
Accounts payable and accrued liabilities		$	44,154		$	40,260
Other current liabilities			1,150			1,532
Other non-current liabilities			8,189			9,611
Total liabilities			53,493			51,403
Shareholders’ equity			1,146,382			581,760
Total liabilities and shareholders’ equity		$	1,199,875		$	633,163

XENON PHARMACEUTICALS INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Expressed in thousands of U.S. dollars except share and per share amounts)

		Three Months Ended September 30,										Nine Months Ended September 30,
		2026					2025					2026					2025
Revenue		$		—			$		—			$		—			$		7,500
Operating expenses:
Research and development				95,645					77,054					283,377					213,239
General and administrative				24,422					19,282					72,173					57,564
Total operating expenses				120,067					96,336					355,550					270,803
Loss from operations				(120,067	)				(96,336	)				(355,550	)				(263,303	)
Other income				11,475					6,117					30,764					23,132
Loss before income taxes				(108,592	)				(90,219	)				(324,786	)				(240,171	)
Income tax recovery (expense)				(1,843	)				(677	)				1,313					(478	)
Net loss		$		(110,435	)		$		(90,896	)		$		(323,473	)		$		(240,649	)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities				(2,397	)				364					(5,388	)				2,089
Comprehensive loss		$		(112,832	)		$		(90,532	)		$		(328,861	)		$		(238,560	)
Net loss per common share:
Basic and diluted		$		(1.11	)		$		(1.15	)		$		(3.38	)		$		(3.05	)
Weighted-average common shares outstanding:
Basic and diluted				99,765,663					79,247,976					95,573,728					78,962,975

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Xenon’s Q3 2026 financial results?

Xenon reported a $110.4 million net loss for the quarter ended September 30, 2026, compared with $90.9 million a year earlier. Basic and diluted loss per share was $1.11, versus $1.15. Research and development expenses were $95.6 million, while general and administrative expenses were $24.4 million.

When does Xenon expect X-NOVA2 depression trial results?

Xenon now expects topline X-NOVA2 results in December 2026. Enrollment in the Phase 3 study of azetukalner for major depressive disorder completed with approximately 360 total patients. Patients already enrolled in the ongoing psychiatric studies, including both open-label extension studies, remain active despite the voluntary pause on new enrollment.

How will Xenon’s X-FIRST epilepsy study be designed?

X-FIRST is a U.S.-based, multicenter, open-label study with a 52-week treatment period, evaluating azetukalner as a first add-on antiseizure medication. Participants will already be taking an SV2A modulator or sodium channel blocker. The study targets patients with less treatment-resistant focal seizures and lower baseline seizure frequency than the X-TOLE and X-TOLE2 populations.