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Xenon(XENE) - 2025 Q1 - Quarterly Results
XENEXenon(XENE)2025-05-12 20:07

Revenue - Revenue for the first quarter of 2025 was 7.5million,comparedtonilforthesameperiodin2024,duetoamilestonepaymentfromtheNeurocrinecollaboration[18]−RevenueforQ12025was7.5 million, compared to nil for the same period in 2024, due to a milestone payment from the Neurocrine collaboration[18] - Revenue for Q1 2025 was 7.5 million, compared to 0inQ12024[24]Expenses−Researchanddevelopmentexpensesincreasedto0 in Q1 2024[24] Expenses - Research and development expenses increased to 61.2 million in Q1 2025 from 44.3millioninQ12024,primarilyduetoongoingPhase3clinicaltrialsforazetukalner[18]−Generalandadministrativeexpensesroseto44.3 million in Q1 2024, primarily due to ongoing Phase 3 clinical trials for azetukalner[18] - General and administrative expenses rose to 19.0 million in Q1 2025 from 14.8millioninQ12024,attributedtoincreasedpersonnel−relatedcosts[18]−Researchanddevelopmentexpensesincreasedto14.8 million in Q1 2024, attributed to increased personnel-related costs[18] - Research and development expenses increased to 61.2 million in Q1 2025 from 44.25millioninQ12024,representinga38.344.25 million in Q1 2024, representing a 38.3% increase[24] - General and administrative expenses rose to 19.038 million in Q1 2025, up from 14.791millioninQ12024,a28.514.791 million in Q1 2024, a 28.5% increase[24] - Total operating expenses for Q1 2025 were 80.238 million, compared to 59.041millioninQ12024,reflectinga3659.041 million in Q1 2024, reflecting a 36% increase[24] Net Loss - Net loss for Q1 2025 was 65.0 million, compared to 47.9 million in Q1 2024, driven by higher R&D expenses and lower interest income[18] - Loss from operations for Q1 2025 was 72.738 million, compared to a loss of 59.041millioninQ12024[24]−NetlossforQ12025was59.041 million in Q1 2024[24] - Net loss for Q1 2025 was 65.047 million, compared to a net loss of 47.931millioninQ12024,indicatinga36.047.931 million in Q1 2024, indicating a 36.0% increase in losses[24] - Basic and diluted net loss per common share for Q1 2025 was 0.83, compared to 0.62inQ12024[24]−ComprehensivelossforQ12025was0.62 in Q1 2024[24] - Comprehensive loss for Q1 2025 was 64.271 million, compared to 49.623millioninQ12024[24]CashPosition−Cashandcashequivalentsandmarketablesecuritiestotaled49.623 million in Q1 2024[24] Cash Position - Cash and cash equivalents and marketable securities totaled 691.1 million as of March 31, 2025, down from 754.4millionasofDecember31,2024[13]−Thecompanyexpectstohavesufficientcashtofundoperationsinto2027basedoncurrentoperatingplans[13]ClinicalTrials−PatientrecruitmentforthePhase3X−TOLE2epilepsystudyisexpectedtocompleteinthenextfewmonths,withtoplineresultsanticipatedinearly2026[3]−ThefirstPhase3MDDstudy,X−NOVA2,iscurrentlyenrollingpatients,withthesecondstudy,X−NOVA3,expectedtoinitiatemid−year2025[14]−APhase1studyforthefollow−onKv7candidate,XEN1120,hasbeeninitiated,withanINDfilingforleadcandidateXEN1701anticipatedinQ32025[4]−Azetukalneristhemostadvancedpotassiumchannelmodulatorinlate−stageclinicaldevelopmentforepilepsyandneuropsychiatricdisorders[5]ShareInformation−Weightedaveragecommonsharesoutstandingincreasedto78,687,503inQ12025from77,594,599inQ12024[24]OtherIncome−Otherincomedecreasedto754.4 million as of December 31, 2024[13] - The company expects to have sufficient cash to fund operations into 2027 based on current operating plans[13] Clinical Trials - Patient recruitment for the Phase 3 X-TOLE2 epilepsy study is expected to complete in the next few months, with topline results anticipated in early 2026[3] - The first Phase 3 MDD study, X-NOVA2, is currently enrolling patients, with the second study, X-NOVA3, expected to initiate mid-year 2025[14] - A Phase 1 study for the follow-on Kv7 candidate, XEN1120, has been initiated, with an IND filing for lead candidate XEN1701 anticipated in Q3 2025[4] - Azetukalner is the most advanced potassium channel modulator in late-stage clinical development for epilepsy and neuropsychiatric disorders[5] Share Information - Weighted average common shares outstanding increased to 78,687,503 in Q1 2025 from 77,594,599 in Q1 2024[24] Other Income - Other income decreased to 8.118 million in Q1 2025 from $11.522 million in Q1 2024[24]