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Xenon(XENE) - 2025 Q1 - Quarterly Report
XENEXenon(XENE)2025-05-12 20:40
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Financial Performance - For the three months ended March 31, 2025, the company recognized revenue of 7.5million,comparedtonilforthesameperiodin2024[57].−Thecompanyincurredanetlossof7.5 million, compared to nil for the same period in 2024[57]. - The company incurred a net loss of 65.0 million for the three months ended March 31, 2025, compared to a net loss of 47.9millionforthesameperiodin2024[58].−AsofMarch31,2025,thecompanyhadanaccumulateddeficitof47.9 million for the same period in 2024[58]. - As of March 31, 2025, the company had an accumulated deficit of 964.5 million[58]. - Collaboration revenue for the three months ended March 31, 2025, was 7.5million,asignificantincreasefrom7.5 million, a significant increase from 0 in the same period in 2024[77]. - Net cash used in operating activities was 61.65millionforthethreemonthsendedMarch31,2025,comparedto61.65 million for the three months ended March 31, 2025, compared to 46.19 million in the same period in 2024, reflecting higher expenses[90]. - The accumulated deficit as of March 31, 2025, was 964.5million,indicatingongoingsignificantoperatinglossessinceinception[85].−Thecompanyexpectstoincursignificantexpensesandoperatinglossesinthecomingyearsasitpreparesforthepotentialcommerciallaunchofazetukalner[85].ResearchandDevelopment−ThecompanyisadvancingthePhase3X−TOLE2/3clinicalstudiesforazetukalner,withtoplinedatareadoutanticipatedinearly2026[56].−APhase1studyofNBI−921355,aninvestigationalsodiumchannelinhibitor,iscurrentlyunderway,whichtriggereda964.5 million, indicating ongoing significant operating losses since inception[85]. - The company expects to incur significant expenses and operating losses in the coming years as it prepares for the potential commercial launch of azetukalner[85]. Research and Development - The company is advancing the Phase 3 X-TOLE2/3 clinical studies for azetukalner, with topline data readout anticipated in early 2026[56]. - A Phase 1 study of NBI-921355, an investigational sodium channel inhibitor, is currently underway, which triggered a 7.5 million milestone recognized as revenue[63]. - The company plans to file multiple INDs for new product candidates in 2025, expanding its portfolio of potassium and sodium channel therapeutics[55]. - The company expects substantial increases in research and development expenses as it continues to invest in clinical trials and product development[66]. - Research and development expenses rose to 61.2millionforthethreemonthsendedMarch31,2025,upby61.2 million for the three months ended March 31, 2025, up by 16.95 million from 44.25millionin2024,primarilyduetoincreasedcostsassociatedwithclinicaltrials[78].GeneralandAdministrativeExpenses−Thecompanyanticipatesanincreaseingeneralandadministrativeexpensesasitexpandsoperationstosupportresearchandcommercializationefforts[69].−Generalandadministrativeexpensesincreasedto44.25 million in 2024, primarily due to increased costs associated with clinical trials[78]. General and Administrative Expenses - The company anticipates an increase in general and administrative expenses as it expands operations to support research and commercialization efforts[69]. - General and administrative expenses increased to 19.04 million in the first quarter of 2025, up by 4.25millionfrom4.25 million from 14.79 million in 2024, driven by higher personnel-related costs[79]. Cash and Securities - As of March 31, 2025, the company had cash and cash equivalents and marketable securities totaling 691.1million[82].−Thecompanyhasraisedover691.1 million[82]. - The company has raised over 1.4 billion in net cash proceeds primarily from equity securities since its initial public offering[82]. - A 100 basis point increase in interest rates would have resulted in approximately a $3.6 million decrease in the fair value of the company's marketable securities as of March 31, 2025[100]. Intellectual Property and Commercialization - The company is focused on maintaining and expanding its intellectual property portfolio while preparing for potential commercialization of its product candidates[62]. Share Information - As of May 8, 2025, the company had 76,733,599 common shares issued and outstanding[95].