Xenon Pharmaceuticals Inc
XENEHealthcare|Biotechnology|Canada
$68.94
-2.05 (-2.89%)
Tangible Book
$13.85
Financials
Financial Snapshot
Market Cap
$6.66B
Enterprise Value
$1.09B
Revenue (TTM)
$7.5M
Net Income (TTM)
$-383.2M
Cash & Equivalents
—
Net Cash/Share
$10.82
Free Cash Flow (TTM)
$-307.3M
Operating CF (TTM)
$-306.4M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$76.6M
Monthly Burn
$25.5M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $64.1M | $43.7M | $119.3M | $141.4M | $177.0M | $551.8M | $592.1M | $638.1M | $626.9M | $548.9M | $1.09B | |
| Operating Cash Flow | $-19.6M | $-28.7M | $-34.7M | $-4.7M | $-48.1M | $-69.5M | $-101.0M | $-151.1M | $-181.4M | $-279.1M | $-306.4M | |
| Free Cash Flow | $-19.8M | $-29.0M | $-35.2M | $-6.0M | $-50.8M | $-71.6M | $-103.9M | $-156.7M | $-184.5M | $-279.9M | $-307.3M | |
| Capital Expenditure | $-279.0K | $-315.0K | $-507.0K | $-1.2M | $-2.6M | $-2.0M | $-2.9M | $-5.6M | $-3.1M | $-799.0K | $-889.0K | |
| Financing Cash Flow | $24.0M | $7.1M | $111.6M | $27.5M | $85.8M | $447.5M | $278.5M | $353.5M | $12.1M | $117.1M | $959.0M |
R&D Spending
R&D (TTM)
$328.2M
R&D Intensity
—
R&D Growth YoY
+9.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M | $311.0K | $0.00 | $6.8M | $32.2M | $18.4M | $9.4M | $0.00 | $0.00 | $7.5M | $0.00 | |
| R&D Expense | $19.8M | $25.6M | $23.6M | $38.8M | $50.5M | $75.5M | $105.8M | $167.5M | $210.4M | $300.9M | $328.2M | |
| R&D % of Revenue | 1099.7% | 8222.8% | — | 568.8% | 157.1% | 409.3% | 1121.1% | — | — | 4012.5% | — | |
| SG&A | $6.8M | $7.3M | $8.4M | $10.8M | $12.9M | $22.0M | $32.8M | $46.5M | $68.9M | $79.6M | $84.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M | $311.0K | $0.00 | $6.8M | $32.2M | $18.4M | $9.4M | $0.00 | $0.00 | $7.5M | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $6.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $1.8M | $311.0K | $-6.0M | $6.8M | $32.2M | $18.4M | $9.4M | $0.00 | $0.00 | $7.5M | $0.00 | |
| R&D | $19.8M | $25.6M | $23.6M | $38.8M | $50.5M | $75.5M | $105.8M | $167.5M | $210.4M | $300.9M | $328.2M | |
| SG&A | $6.8M | $7.3M | $8.4M | $10.8M | $12.9M | $22.0M | $32.8M | $46.5M | $68.9M | $79.6M | $84.4M | |
| Operating Income | $-24.8M | $-32.6M | $-38.0M | $-42.8M | $-31.3M | $-79.0M | $-129.1M | $-214.1M | $-279.3M | $-373.1M | $-412.7M | |
| Interest Expense | $0.00 | $0.00 | $-1.4M | $-1.4M | $-484.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-23.0M | $-30.7M | $-34.5M | $-41.6M | $-29.1M | $-78.9M | $-125.3M | $-182.7M | $-238.4M | $-344.9M | $-385.1M | |
| Net Income | $-23.0M | $-30.7M | $-34.5M | $-41.6M | $-28.8M | $-78.9M | $-125.4M | $-182.4M | $-234.3M | $-345.9M | $-383.2M | |
| EPS (Diluted) | -1.48 | -1.72 | -1.63 | -1.54 | -0.81 | -1.77 | -2.06 | -2.73 | -3.01 | -4.36 | -4.70 | |
| EBITDA | $-24.0M | $-30.1M | $-32.5M | $-39.8M | $-28.0M | $-78.1M | $-127.7M | $-212.0M | $-276.7M | $-370.5M | $-410.2M | |
| Shares Out. (M) | 15.49 | 18.00 | 19.43 | 25.94 | 34.54 | 43.63 | 60.54 | 66.89 | 77.89 | 79.25 | 87.35 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.1M | $20.5M | $67.8M | $24.8M | $45.0M | $175.7M | $57.2M | $148.6M | $142.7M | $199.2M | $545.9M | |
| Marketable Securities | $47.1M | $23.2M | $51.6M | $116.6M | $132.0M | $376.1M | $534.8M | $489.4M | $484.2M | $349.7M | $548.9M | |
| Total Current Assets | $65.7M | $44.8M | $121.3M | $144.9M | $181.8M | $559.0M | $600.3M | $645.0M | $635.3M | $560.6M | $1.11B | |
| Total Assets | $67.5M | $46.1M | $122.4M | $147.7M | $189.2M | $572.0M | $754.1M | $964.8M | $798.1M | $633.2M | $1.39B | |
| Total Current Liabilities | $3.6M | $4.1M | $4.1M | $43.4M | $14.8M | $14.3M | $22.7M | $27.3M | $35.6M | $41.8M | $39.8M | |
| Long-Term Debt | $0.00 | $6.1M | $15.0M | $10.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.6M | $10.2M | $19.1M | $55.7M | $17.8M | $22.0M | $32.6M | $36.9M | $43.2M | $51.4M | $49.0M | |
| Stockholders' Equity | $63.9M | $35.9M | $103.3M | $92.0M | $171.4M | $550.0M | $721.5M | $927.9M | $754.9M | $581.8M | $1.34B | |
| Retained Earnings | $-142.7M | $-173.4M | $-207.9M | $-249.7M | $-278.5M | $-357.4M | $-482.7M | $-665.1M | $-899.5M | $-1.25B | $-1.35B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-19.6M | $-28.7M | $-34.7M | $-4.7M | $-48.1M | $-69.5M | $-101.0M | $-151.1M | $-181.4M | $-279.1M | $-306.4M | |
| Capital Expenditure | $-279.0K | $-315.0K | $-507.0K | $-1.2M | $-2.6M | $-2.0M | $-2.9M | $-5.6M | $-3.1M | $-799.0K | $-889.0K | |
| Free Cash Flow | $-19.8M | $-29.0M | $-35.2M | $-6.0M | $-50.8M | $-71.6M | $-103.9M | $-156.7M | $-184.5M | $-279.9M | $-307.3M | |
| Investing Cash Flow | $-47.8M | $24.3M | $-29.0M | $-66.2M | $-16.8M | $-246.8M | $-293.4M | $-111.4M | $165.0M | $218.0M | $-223.8M | |
| Financing Cash Flow | $24.0M | $7.1M | $111.6M | $27.5M | $85.8M | $447.5M | $278.5M | $353.5M | $12.1M | $117.1M | $959.0M | |
| Issuance of Stock | $23.8M | $0.00 | $102.8M | $27.4M | $102.5M | $447.3M | $277.8M | $353.5M | $12.1M | $112.2M | $837.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $6.9M | $8.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $-16.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.2M | $2.2M | $2.6M | $2.9M | $5.7M | $10.0M | $20.4M | $32.4M | $50.7M | $53.7M | $58.4M | |
| Net Change in Cash | $-41.6M | $3.4M | $47.3M | $-43.0M | $20.3M | $130.7M | $-118.4M | $91.4M | $-5.9M | $56.5M | $429.2M |
Dilution Tracker
Shares outstanding grew 100.2% over 5 years — significant dilution
Shares Outstanding
87M
5-Year Share Growth
+100.2%
Stock Issuance (TTM)
$837.5M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 15.49 | 18.00 | 19.43 | 25.94 | 34.54 | 43.63 | 60.54 | 66.89 | 77.89 | 79.25 | 87.35 | |
| YoY Change % | — | 16.2% | 7.9% | 33.5% | 33.2% | 26.3% | 38.8% | 10.5% | 16.5% | 1.7% | 10.2% | |
| Stock Issuance | $23.8M | $0.00 | $102.8M | $27.4M | $102.5M | $447.3M | $277.8M | $353.5M | $12.1M | $112.2M | $837.5M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.2M | $2.2M | $2.6M | $2.9M | $5.7M | $10.0M | $20.4M | $32.4M | $50.7M | $53.7M | $58.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -1376.4% | -10474.3% | 0.0% | -627.0% | -97.3% | -428.4% | -1368.9% | 0.0% | 0.0% | -4974.3% | - | |
| Net Margin % | -1275.5% | -9872.7% | 0.0% | -609.1% | -89.7% | -427.8% | -1328.9% | 0.0% | 0.0% | -4612.1% | - | |
| EBITDA Margin % | -1328.5% | -9664.0% | 0.0% | -582.1% | -86.9% | -423.5% | -1354.0% | 0.0% | 0.0% | -4940.4% | - | |
| FCF Margin % | -1100.7% | -9337.9% | 0.0% | -87.2% | -157.8% | -388.1% | -1101.6% | 0.0% | 0.0% | -3732.2% | -4096.7% | |
| ROE % | -36.8% | -61.5% | -49.6% | -42.6% | -21.9% | -21.9% | -19.7% | -22.1% | -27.9% | -51.8% | -50.2% | |
| ROA % | -35.0% | -54.1% | -40.9% | -30.8% | -17.1% | -20.7% | -18.9% | -21.2% | -26.6% | -48.3% | -47.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S725.74
Historical10.69 / 217.04 / 25020.00
Industry Med.9.51
P/B4.98
Historical1.30 / 3.38 / 19.53
Industry Med.2.93
EV/EBITDA-13.60
Historical-19.79 / -8.89 / -0.43
Industry Med.13.14
EV/Revenue743.65
Historical5.20 / 238.17 / 20966.59
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$13.85
Net Current Assets
$10.950
Net-Net Working Capital
$10.83
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 66.38 | 166.18 | - | 49.85 | 16.52 | 73.85 | 252.76 | - | - | 471.79 | 725.74 | |
| PB Ratio | 2.16 | 1.41 | 1.70 | 4.38 | 3.29 | 2.97 | 3.42 | 3.74 | 3.97 | 6.16 | 4.98 | |
| EV/EBITDA | -3.09 | -0.47 | -2.03 | -6.33 | -13.32 | -13.80 | -14.77 | -13.42 | -8.59 | -8.22 | -13.60 | |
| EV/Revenue | 41.00 | 44.96 | 0.00 | 36.86 | 11.58 | 58.43 | 199.94 | 0.00 | 0.00 | 406.02 | 743.65 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $4.29M | $52.50M | $260.08M |
| Net Income | $-435.49M | $-477.69M | $-316.55M |
| EPS | -4.76 | -5.03 | -3.23 |
| Book Value per Share | 11.81 | 6.82 | 3.30 |
| Operating Cash Flow per Share | -4.74 | -4.34 | -3.61 |
| Operating CF | $-413.73M | $-379.37M | $-315.32M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovering, developing, and delivering life-changing therapeutics for patients in need | $7.5M |
By Geography
| Segment | 2025 |
|---|---|
| Canada | $7.5M |