Xenon (XENE) Form 144 Notice — Insider Option Exercise and Proposed Sale

Rhea-AI Filing Summary

Xenon Pharmaceuticals Inc. (XENE) filed a Form 144 notice reporting a proposed sale of 2,548 common shares through Morgan Stanley Wealth Management Canada Inc. on the NASDAQ with an aggregate market value of $94,490. The shares were acquired on 09/19/2025 by exercise of options from the issuer and were paid via a net exercise on the same date. The filing shows 77,105,799 shares outstanding and reports no securities sold in the past three months by the selling person. The notice includes the standard representation that the seller is not aware of undisclosed material adverse information about the issuer.

Insights

Securities Analyst

TL;DR: Small insider option exercise and planned sale, immaterial relative to outstanding share count.

The filing documents a routine insider exercise of options followed by a proposed sale of 2,548 common shares valued at $94,490. Compared with the reported 77,105,799 shares outstanding, the position represents a de minimis percentage and is unlikely to affect market liquidity or valuation. The transaction was routed through Morgan Stanley Wealth Management Canada Inc. and executed as a net exercise on the acquisition date, indicating a typical option settlement and sale process rather than a large-scale disposition.

Corporate Governance Expert

TL;DR: Filing appears compliant with Rule 144 disclosure requirements; no red flags in the notice.

The Form 144 includes required fields: issuer, broker, number of shares, aggregate market value, acquisition method, and certification about material information. It notes no other sales in the past three months and states the shares were acquired by exercise of options with net settlement. There is no indication of undisclosed information or procedural irregularities in the notice itself.

09/19/2025 - 09:10 PM

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Shares	Morgan Stanley Wealth Management Canada Inc. Suite 1500, 600 - 3 Avenue SW Calgary Z4 T2P 0G5	2548	94490	77105799	09/19/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common Shares	09/19/2025	Exercise of Options	Issuer			9172	09/19/2025	Net exercise

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 for XENE disclose?

The Form 144 discloses a proposed sale of 2,548 common shares (aggregate value $94,490) to be sold through Morgan Stanley Wealth Management Canada Inc. on NASDAQ.

When were the shares acquired that are subject to sale?

The shares were acquired on 09/19/2025 by exercise of options and settled via net exercise on the same date.

How many shares outstanding does the filing report for XENE?

The filing reports 77,105,799 shares outstanding.

Has the seller reported other sales in the past three months?

The filing states Nothing to Report for securities sold during the past three months by the person for whose account the securities are to be sold.

Which broker is handling the proposed sale?

The broker named in the filing is Morgan Stanley Wealth Management Canada Inc.