Home › Companies › XENE

Pipeline (9 active programs)

Capital (as filed)

Cash

$120M cash and cash equivalents · Jun 30, 2026 (10-Q)

Short-term investments

$811M Jun 30, 2026

Long-term investments

$314M Jun 30, 2026

Operating cash flow

−$95.4M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$1.25B cash, runway 2029 per the update of Oct 29, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (4)

• 2026-10-30 UPDATE: Xenon Pharmaceuticals (XENE) - The Nav1.7 Ticket Gets Scratched 🔒 Paid
• 2026-09-17 UPDATE: Xenon Pharmaceuticals (XENE) - The NDA Goes In, The Psychiatry Story Gets a Safety Problem 🔒 Paid
• 2026-08-07 UPDATE: Xenon Pharmaceuticals (XENE) - The Filing Window Opens 🔒 Paid
• 2026-05-02 Xenon Pharmaceuticals (XENE) - Scientific Deep Dive for Azetukalner and Pipeline Products 🔒 Paid

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (4 calls)

Every verdict Biotech Distilled has published on Xenon Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-05-02 Buy core Xenon Pharmaceuticals (XENE) - Scientific Deep Dive for Azetukalner and Pipeline Products Azetukalner's Phase 3 epilepsy data is effectively de-risked, the balance sheet is a fortress with ~$1.4B cash, and the MDD/BPD indications represent free call options on top of an already-justified enterprise value.
2. 2026-08-07 Buy core UPDATE: Xenon Pharmaceuticals (XENE) - The Filing Window Opens Pre-NDA meeting completed and Q3 filing on track, $1,245.1M cash runway into 2029 eliminates dilution risk, and a second Nav1.7 candidate in the clinic adds optionality; epilepsy fortress thesis intact.
3. 2026-09-17 Hold UPDATE: Xenon Pharmaceuticals (XENE) - The NDA Goes In, The Psychiatry Story Gets a Safety Problem NDA submitted on schedule and epilepsy fortress is unchanged, but voluntary enrollment pause across all MDD/BPD studies due to neuropsychiatric adverse events adds a new tolerability risk axis and reduces conviction on the psychiatry upside.
4. 2026-10-30 Hold UPDATE: Xenon Pharmaceuticals (XENE) - The Nav1.7 Ticket Gets Scratched XEN1701 Phase 1 data shows clean cardiac profile with >75% Nav1.7 occupancy, improving pain portfolio optionality, but no change to core thesis pending FDA NDA acceptance and psychiatry event details.

• Long call · opened May 4, 2026 at $57.40 · -31.8% vs XBI +14.0% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (7 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-08-06 10-Q in filings ↓

  • “We remain on track to submit our New Drug Application (NDA) for azetukalner in FOS in the third quarter of 2026, having completed a pre-NDA meeting with the U.S. Food and Drug Administration (FDA).”

    matched to Azetukalner · regulatory submission · read as third quarter of 2026 / matched to Azetukalner (MDD, X-NOVA2) · topline data · read as third quarter of 2026

  • “Enrollment is ongoing in the Phase 3 X-NOVA2 and X-NOVA3 studies evaluating azetukalner in patients with MDD, with topline data from X-NOVA2 expected in H1 2027.”

    matched to Azetukalner (MDD, X-NOVA2) · topline data · read as H1 2027
• 2026-08-06 8-K in filings ↓

  • ““The second quarter of 2026 was marked by strong execution, including a successful pre-NDA meeting, and the NDA submission for azetukalner remains on track for the third quarter of 2026.”

    matched to Azetukalner · regulatory submission · read as third quarter of 2026 / matched to Azetukalner (MDD, X-NOVA2) · topline data · read as third quarter of 2026

  • ““We also remain focused on broadening azetukalner’s opportunity to neuropsychiatry and expect topline Phase 3 X-NOVA2 data in the first half of 2027.”

    matched to Azetukalner (MDD, X-NOVA2) · topline data · read as first half of 2027
• 2026-08-06 10-Q in filings ↓

  • ““The second quarter of 2026 was marked by strong execution, including a successful pre-NDA meeting, and the NDA submission for azetukalner remains on track for the third quarter of 2026.”

    matched to Azetukalner · regulatory submission · read as third quarter of 2026

  • “Enrollment is ongoing in the Phase 3 X-NOVA2 and X-NOVA3 studies evaluating azetukalner in patients with MDD, with topline data from X-NOVA2 expected in H1 2027.”

    matched to Azetukalner (MDD, X-NOVA2) · topline data · read as H1 2027

  • ““We also remain focused on broadening azetukalner’s opportunity to neuropsychiatry and expect topline Phase 3 X-NOVA2 data in the first half of 2027.”

    matched to Azetukalner (MDD, X-NOVA2) · topline data · read as first half of 2027

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (23)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 30, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 3, 2026ReleaseXenon to Present at Upcoming Investor Conferences
• Nov 2, 2026ReleaseXenon to Report Q3 2026 Financial Results on November 9, 2026
• Oct 29, 2026ReleaseXenon Announces Positive Phase 1 and New Preclinical Data at IASP 2026 Supporting Advancement of XEN1701 and XEN1120 to Phase 2 Proof-of-Concept Studies in Acute Pain→ BD updateXEN1701's Phase 1 data show >75% Nav1.7 receptor occupancy with no cardiovascular signal — the exact selectivity benchmark Big Pharma couldn't crack — while the stock sits -34.5% from its September high on psychiatry fears, making the pain pipeline's first real validation a potentially underappreciated signal.BD extracted 2 program updates from this document → XENE pipeline
• Sep 21, 2026ReleaseXenon to Present at TD Cowen Novel Mechanisms in Neuropsychiatry & Epilepsy Summit
• Sep 17, 2026ReleaseXenon Announces Azetukalner NDA Submission to FDA for Focal Seizures and Provides Update on Psychiatry Clinical Program→ BD updateThe azetukalner NDA is officially in — the epilepsy fortress keeps its walls — but a voluntary enrollment pause in the psychiatry studies due to unexpected neuropsychiatric AEs just made the "free call option" thesis look more complicated than free.BD extracted 1 program update from this document → XENE pipeline
• Sep 3, 2026ReleaseXenon to Present at Wells Fargo Healthcare Conference
• Aug 26, 2026ReleaseXenon to Highlight Phase 3 X-TOLE2 Clinical Data and Rational Polytherapy Potential for Azetukalner at EEC 2026BD extracted 1 program update from this document → XENE pipeline
• Aug 6, 2026ReleaseXenon Reports Q2 2026 Financial Results and Provides Business Update
• Aug 6, 20268-KCurrent report: results of operations, Reg FD disclosure · EX-99.1
• Aug 6, 202610-QQuarterly reportBD extracted 1 program update from this document → XENE pipeline
• Jul 30, 2026ReleaseXenon to Report Q2 2026 Financial Results on August 6, 2026
• Jun 3, 20268-KCurrent report: officer / director change, shareholder vote
• May 7, 20268-KCurrent report: results of operations, Reg FD disclosure · EX-99.1
• May 7, 202610-QQuarterly report
• Apr 22, 2026DEFA14AProxy soliciting material
• Apr 22, 2026DEF 14AProxy statement
• Apr 13, 20268-KCurrent report: officer / director change
• Mar 13, 20268-KCurrent report: other events · EX-99.1
• Mar 12, 20268-KCurrent report: material agreement, other events
• Mar 12, 2026424B5Prospectus supplement (offering)
• Mar 11, 2026FWPFree writing prospectus (offering terms)
• Mar 9, 20268-KCurrent report: Reg FD disclosure · EX-99.1
• Mar 9, 2026424B5Prospectus supplement (offering)