Xenon Q1 2026 net loss widens to $102.3 million as revenue falls to zero
Xenon Pharmaceuticals reported a first-quarter 2026 net loss of $102.3 million, up from $65.0 million a year earlier, and no revenue compared with $7.5 million in the prior-year quarter. The company attributed the larger loss mainly to higher research and development spending on its Phase 3 azetukalner studies, higher personnel costs, and lower collaboration revenue from Neurocrine Biosciences. Cash, cash equivalents and marketable securities of $1.3 billion are expected to fund operations into 2029, and the company plans to submit a New Drug Application for azetukalner in focal onset seizures in the third quarter of 2026.
Key points
- Net loss was $102.3 million, or $1.17 per share, for the three months ended March 31, 2026, versus $65.0 million, or $0.83 per share, a year earlier.
- Revenue was $0 in the quarter, compared with $7.5 million in the first quarter of 2025.
- Research and development expenses rose to $88.5 million from $61.2 million, and general and administrative expenses rose to $23.8 million from $19.0 million.
- Cash and marketable securities were $1,339.6 million at March 31, 2026, including $707.6 million from a public offering and $130.0 million from the ATM program during the quarter.
The filing
Written by AI on Nov 9, 2026, 8:38 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 07, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.