Overview
Xenon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing medicines for neurological and psychiatric disorders. Its research is grounded in human genetics and ion-channel biology, and its stated mission is to deliver innovative medicines for people living with these conditions.[1][2]
The company’s lead program is azetukalner, an investigational Kv7 potassium-channel opener. As of September 2026, Xenon had submitted an FDA application for azetukalner to treat focal-onset seizures; its pipeline also includes clinical-stage programs targeting Nav1.7 and Kv7 for pain.[3][4][5][6] Xenon is headquartered in Burnaby, British Columbia, and lists offices in Vancouver and Boston.[7][8]
Founded in 1996, Xenon reported $7.5 million in collaboration revenue for 2025 and stated in its Q2 2026 filing that it had no marketed proprietary products.[9][10] An employee count was not identified in the cited company sources. [1][3][4][5][7][9][10][2][6][8]
Products & services
Xenon’s lead candidate is azetukalner (formerly XEN1101), an oral Kv7 potassium-channel opener being developed for focal-onset seizures (FOS), primary generalized tonic-clonic seizures (PGTCS), major depressive disorder and bipolar depression. For FOS, the studied adjunctive doses are 15 mg and 25 mg taken with food. Xenon submitted an FDA application for azetukalner for focal seizures on September 17, 2026; as of the company’s Q2 2026 filing, Phase 3 studies were also underway in FOS and PGTCS, with Phase 3 studies in major depressive disorder and bipolar depression.[4][11][12][13][14][15][16][6]
The clinical-stage pain pipeline includes XEN1701 and XEN1720, both NaV1.7 inhibitors, and XEN1120, a Kv7 opener. As of Q2 2026, XEN1701 and XEN1120 were in Phase 1 single- and multiple-ascending-dose studies, while XEN1720’s Phase 1 study was underway following regulatory approval to begin the trial.[17][18][19][20] Xenon also has a partnered epilepsy candidate, NBI-921355, described as a NaV1.6 and dual NaV1.2/1.6 inhibitor; the program entered human testing in 2025, and a Phase 1b study was reported ongoing in 2026.[21][22]
The portfolio draws on human genetics, ion-channel biology and medicinal chemistry to develop selective ion-channel modulators. Xenon had no products approved for commercial sale as of June 30, 2026, and had generated no product-sales revenue; product sales therefore represented 0% of reported revenue to that date.[5][23] [4][11][12][13][14][15][16][17][18][19][21][5][23][6][20][22]
Geographic presence
Xenon Pharmaceuticals is headquartered in Burnaby, British Columbia, and identifies offices in the Vancouver area and Boston, Massachusetts; its listed office addresses are in Burnaby and Needham, Massachusetts. At year-end 2025, the company reported 183 employees in Canada and 175 in the United States.[24][8][25][26]
Its clinical studies include multicenter trials, with enrollment in the X-TOLE3 study ongoing in countries other than Japan at year-end 2025; the annual report does not enumerate all trial-site countries. Xenon relies on third-party manufacturers and does not disclose their locations. It had no approved products or product-sales revenue in the latest reported period, so no product-sales revenue by geography is available.[27][28][29][23] [24][8][25][26][27][28][29][23][8][25]
Business segments
Xenon Pharmaceuticals reports one operating and reportable segment: the company-wide business of discovering, clinically developing and commercializing therapeutics. Its chief operating decision maker manages the business and allocates resources on a consolidated basis, so the sole segment represents 100% of reported operations; the company does not report separate business-segment contribution percentages.[30][31]
For additional context—not as separate segments—2025 direct external R&D costs were concentrated in azetukalner (about 55% of total R&D), pain programs (about 2%), and preclinical, discovery and other programs (about 8%). These are expenditure categories within the single reportable segment, rather than segment-level contributions.[32][33] [30][31][32][32][32][32][33]
Company history
Xenon Pharmaceuticals was incorporated in British Columbia on November 5, 1996, as Xenon Bioresearch Inc.; it adopted the name Xenon Pharmaceuticals Inc. in 2004.[34] The company completed its initial public offering in November 2014 and began trading on Nasdaq.[35][36]
In 2017, Xenon acquired the epilepsy drug candidate XEN1101, later called azetukalner, from 1st Order Pharmaceuticals.[37] In 2019, it entered a collaboration with Neurocrine Biosciences to develop epilepsy treatments, including XEN901, and research sodium-channel inhibitors.[38] After reporting positive Phase 2b results for XEN1101 in focal epilepsy in 2021, Xenon began its Phase 3 program in 2022.[39][40] In March 2026, the company reported positive topline results from the Phase 3 X-TOLE2 study.[41] [34][37][38][35][36][39][40][41]
Sources
- Xenon Pharmaceuticals Inc. — Full financial report (2026 Q 2)
- xenon-pharma.com[2]
- investor.xenon-pharma.com[6]
- xenon-pharma.com[8]
- Xenon Pharmaceuticals Inc. — Full financial report (2025 Y)
- Xenon Pharmaceuticals Inc. — Press release (2026 Q 2)[16]
- xenon-pharma.com[20]
- investor.xenon-pharma.com[22]
- xenon-pharma.com[25]
- www.biospace.com[35]
- investor.xenon-pharma.com[36]
- Xenon Pharmaceuticals Inc. — Full financial report (2024 Y)[38]
- investor.xenon-pharma.com[39]
- investor.xenon-pharma.com[40]
- investor.xenon-pharma.com[41]
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