# Xenon Pharmaceuticals Inc. (XENE)

> Source: Nexqual · https://nexqual.com/XENE · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Xenon Pharmaceuticals Inc. (XENE), nexqual.com/XENE" · informational, not investment advice.

**Price:** USD 37.54 (+3.30% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 36.34 · day 36.49–37.69 · 52w 33.38–72.66 · market cap $3.64B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $0K, net income -$409M, free cash flow -$339M (SEC filings).
- Analysts: Buy (mean 1.89 on a 1–5 scale) (19 analysts), mean target USD 71.94 (range 46–90).
- Total return with dividends: 1Y -14.8% vs S&P 500 +14.8%; 5Y +20.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-02, EPS estimate USD -1.15, revenue estimate $0K. All companies reporting that day: https://nexqual.com/earnings/2026-11-02
- Dividend: XENE paid no cash dividend in the last five years.
- Short interest: 7.60% of float (as of 2026-10-15), 2.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.4M | $9.4M | $0K | $0K | $7.5M | $0K |
| Operating income | -$79.0M | -$129M | -$214M | -$279M | -$373M | -$442M |
| Net income | -$78.9M | -$125M | -$182M | -$234M | -$346M | -$409M |
| EPS (diluted) | -$1.77 | -$2.06 | -$2.73 | -$3.01 | -$4.36 | — |
| Free cash flow | -$71.6M | -$104M | -$157M | -$184M | -$280M | -$339M |
| Operating margin | -428.4% | -1368.9% | — | — | -4974.3% | — |
| Net margin | -427.8% | -1328.9% | — | — | -4612.1% | — |
| Revenue growth | -42.7% | -48.8% | -100.0% | — | — | — |
| Cash + short-term investments | $552M | $592M | $638M | $627M | $549M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 2.9x · FCF yield -9.31% · Earnings yield -11.26%

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 19 analysts; mean target USD 71.94 (low 46, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | RBC Capital | Target lowered | Outperform | $81 → $70 |
| 2026-09-18 | Wedbush | Target lowered | Outperform | $71 → $55 |
| 2026-09-18 | Wells Fargo | Target lowered | Overweight | $69 → $64 |
| 2026-09-18 | Deutsche Bank | Downgrade | Buy → Hold | $90 → $46 |
| 2026-09-18 | Needham | Target lowered | Buy | $78 → $60 |
| 2026-09-18 | Baird | Target lowered | Outperform | $97 → $90 |
| 2026-08-07 | RBC Capital | Target lowered | Outperform | $82 → $81 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -14.8% | +20.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -14.9% | +3.8% |
| Volatility (annualized) | 64.8% | 45.7% |
| Max drawdown | -52.8% (Jul 2026→Oct 2026) | -51.4% (Jul 2026→Oct 2026) |

## Dividends
XENE paid no cash dividend in the last five years.

## Short interest
7,348,577 shares sold short, 7.60% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 6,444,815 shares (+14.0%). Days to cover: 2.6 (short shares ÷ average daily volume).

## Peers (Biotechnology)
KOD (Kodiak Sciences Inc) USD 100.4 +3.46% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · PRAX (Praxis Precision Medicines, Inc) USD 288.62 +1.10%

## More
Full page: https://nexqual.com/XENE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name XENE in their own reports (relationship from XENE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | NEUROCRINE BIOSCIENCES INC (NBIX) | 10-K 2026-02-11 | "In 2019, we entered into a collaboration and license agreement with Xenon to identify, research, and develop sodium channel inhibitors, including NBI-921352 and three preclinical candidates, which com…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.15 | $-1.19 | +$0.04 | $0 | 13 |
| Next quarter (ends 2026-12-31) | $-1.17 | $-1.23 | +$0.06 | $840,930 | 13 |
| Current fiscal year (ends 2026-12-31) | $-4.63 | $-4.81 | +$0.18 | $1.3M | 14 |
| Next fiscal year (ends 2027-12-31) | $-4.72 | $-5.01 | +$0.28 | $27.0M | 14 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$1.11 | −$1.16 | Beat +4.3% | — |
| — | Quarter ended Mar 31, 2026 | −$1.17 | −$1.20 | Beat +2.5% | — |
| — | Quarter ended Dec 31, 2025 | −$1.31 | −$1.21 | Miss −8.3% | — |
| — | Quarter ended Sep 30, 2025 | −$1.15 | −$1.16 | Beat +0.9% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).