The company lacks a sustainable commercial revenue model, evidenced by a total absence of recurring sales and quarterly operating losses that have widened to over $100M as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 0 | 7.5M | 0 | 0 | 9.43M | 18.44M | 32.17M | 6.83M | 0 | 311K | 1.8M | 15.58M | 28.37M | 27.36M | 14.31M |
| Revenue Growth % | -100% | - | - | -100% | -48.83% | -42.68% | 371.02% | - | -100% | -82.75% | -88.43% | -45.09% | 3.71% | 91.19% | - |
| Cost of Goods Sold | 78.3M | 2.54M | 2.56M | 167.51M | 0 | 0 | 0 | 0 | 6M | 25.57M | 1.11M | 2.76M | 5.9M | 6.21M | 7.32M |
| COGS % of Revenue | - | 33.91% | - | - | - | - | - | - | - | 8222.83% | 61.79% | 17.73% | 20.81% | 22.7% | 51.16% |
| Gross Profit | -78.3M | 4.96M | -2.56M | -167.51M | 9.43M | 18.44M | 32.17M | 6.83M | -6M | -25.26M | 689K | 12.81M | 22.47M | 21.15M | 6.99M |
| Gross Margin % | - | 66.09% | - | - | 100% | 100% | 100% | 100% | - | -8122.83% | 38.21% | 82.27% | 79.19% | 77.3% | 48.84% |
| Gross Profit Growth % | - | 293.63% | 98.47% | -1875.62% | -48.83% | -42.68% | 371.02% | 213.82% | 76.25% | -3766.47% | -94.62% | -42.96% | 6.25% | 202.6% | - |
| Operating Expenses | 334.36M | 378.03M | 276.74M | 46.54M | 138.58M | 97.43M | 63.47M | 49.65M | 32.02M | 32.89M | 26.62M | 24.94M | 17.26M | 17.64M | 17.46M |
| OpEx % of Revenue | - | 5040.36% | - | - | 1468.91% | 528.45% | 197.31% | 727.02% | - | 10574.28% | 1476.43% | 160.09% | 60.85% | 64.5% | 122.04% |
| Selling, General & Admin | 84.41M | 79.63M | 68.9M | 46.54M | 32.81M | 21.97M | 12.94M | 10.8M | 8.38M | 7.31M | 6.79M | 9.79M | 5.5M | 5.34M | 7.01M |
| SG&A % of Revenue | - | 1061.76% | - | - | 347.78% | 119.15% | 40.24% | 158.19% | - | 2351.45% | 376.71% | 62.82% | 19.37% | 19.52% | 48.97% |
| Research & Development | 328.25M | 300.94M | 210.39M | 167.51M | 105.77M | 75.46M | 50.52M | 38.84M | 23.63M | 25.57M | 19.83M | 15.15M | 11.77M | 12.3M | 10.46M |
| R&D % of Revenue | - | 4012.51% | - | - | 1121.13% | 409.3% | 157.07% | 568.82% | - | 8222.83% | 1099.72% | 97.27% | 41.48% | 44.97% | 73.07% |
| Other Operating Expenses | -2.24M | -2.54M | -2.56M | -167.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.39M | 0 | 0 | 0 |
| Operating Income | -412.66M | -373.07M | -279.3M | -214.05M | -129.14M | -78.99M | -31.3M | -42.82M | -38.02M | -32.58M | -24.82M | -9.36M | 11.11M | 9.71M | -3.15M |
| Operating Margin % | - | -4974.27% | - | - | -1368.91% | -428.45% | -97.31% | -627.02% | - | -10474.28% | -1376.43% | -60.09% | 39.15% | 35.5% | -22.04% |
| Operating Income Growth % | - | -33.57% | -30.48% | -65.75% | -63.49% | -152.37% | 26.9% | -12.63% | -16.7% | -31.26% | -165.11% | -184.29% | 14.35% | 408.02% | - |
| EBITDA | -410.19M | -370.53M | -276.74M | -210.51M | -127.74M | -78.09M | -30.66M | -42.39M | -37.43M | -31.93M | -23.95M | -8.32M | 11.84M | 10.42M | -2.37M |
| EBITDA Margin % | - | -4940.36% | - | - | -1354.02% | -423.53% | -95.31% | -620.74% | - | -10265.59% | -1328.51% | -53.43% | 41.75% | 38.08% | -16.54% |
| EBITDA Growth % | -41.27% | -33.89% | -31.46% | -64.8% | -63.58% | -154.71% | 27.68% | -13.25% | -17.24% | -33.29% | -187.79% | -170.27% | 13.7% | 540.09% | - |
| D&A (Non-Cash Add-back) | 2.47M | 2.54M | 2.56M | 3.54M | 1.41M | 906K | 644K | 429K | 586K | 649K | 864K | 1.04M | 738K | 705K | 786K |
| EBIT | -401.5M | -344.89M | -238.42M | -214.05M | -129.14M | -78.99M | -28.61M | -40.18M | -33.13M | -30.7M | -24.82M | -9.36M | 11.11M | 9.71M | -4.21M |
| Net Interest Income | 26.52M | 26.83M | 41.94M | 27.62M | 8.71M | 466K | 1.79M | 919K | -178K | 477K | 504K | 542K | 568K | 274K | 51K |
| Interest Income | 26.52M | 26.83M | 41.94M | 27.62M | 8.71M | 466K | 2.28M | 2.35M | 1.22M | 477K | 504K | 542K | 568K | 338K | 144K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 484K | 1.43M | 1.39M | 0 | 0 | 0 | 0 | 64K | 93K |
| Other Income/Expense | 27.51M | 28.18M | 40.88M | 31.37M | 3.89M | 105K | 2.21M | 1.2M | 6.4M | 1.87M | 1.82M | -6.39M | 1.91M | 2.32M | -1.15M |
| Pretax Income | -385.15M | -344.89M | -238.42M | -182.69M | -125.25M | -78.89M | -29.09M | -41.62M | -34.5M | -30.7M | -23M | -15.75M | 13.02M | 12.03M | -4.3M |
| Pretax Margin % | - | -4598.59% | - | - | -1327.7% | -427.88% | -90.45% | -609.43% | - | -9872.67% | -1275.49% | -101.12% | 45.89% | 43.98% | -30.06% |
| Income Tax | -1.98M | 1.02M | -4.09M | -292K | 118K | -6K | -257K | -23K | 4.91M | 0 | 0 | 0 | 0 | 64K | 0 |
| Effective Tax Rate % | 0.51% | -0.29% | 1.72% | 0.16% | -0.09% | 0.01% | 0.88% | 0.06% | -14.24% | 0% | 0% | 0% | 0% | 0.53% | 0% |
| Net Income | -383.17M | -345.91M | -234.33M | -182.39M | -125.37M | -78.88M | -28.84M | -41.59M | -34.5M | -30.7M | -23M | -15.75M | 13.02M | 12.03M | -4.3M |
| Net Margin % | - | -4612.13% | - | - | -1328.95% | -427.85% | -89.65% | -609.09% | - | -9872.67% | -1275.49% | -101.12% | 45.89% | 43.98% | -30.06% |
| Net Income Growth % | -52.38% | -47.62% | -28.48% | -45.48% | -58.94% | -173.54% | 30.67% | -20.58% | -12.35% | -33.51% | -45.99% | -221% | 8.19% | 379.75% | - |
| Net Income (Continuing) | -383.17M | -345.91M | -234.33M | -182.39M | -125.37M | -78.88M | -28.84M | -41.59M | -34.5M | -30.7M | -23M | -15.75M | 13.02M | 12.03M | -4.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.39 | -4.36 | -3.01 | -2.73 | -2.06 | -1.77 | -0.83 | -1.54 | -1.78 | -1.71 | -1.48 | -1.10 | 0.94 | 0.39 | -3.23 |
| EPS Growth % | -45.51% | -44.85% | -10.26% | -32.52% | -16.38% | -113.25% | 46.1% | 13.48% | -4.09% | -15.54% | -34.55% | -217.02% | 141.03% | 112.07% | - |
| EPS (Basic) | - | -4.36 | -3.01 | -2.73 | -2.06 | -1.77 | -0.83 | -1.54 | -1.78 | -1.71 | -1.48 | -1.10 | 0.94 | 0.42 | -3.23 |
| Diluted Shares Outstanding | 87.35M | 79.25M | 77.89M | 66.89M | 60.54M | 43.63M | 34.54M | 25.94M | 19.43M | 18M | 15.49M | 14.28M | 13.9M | 9.83M | 1.33M |
| Basic Shares Outstanding | 87.35M | 79.25M | 77.89M | 66.89M | 60.54M | 43.63M | 34.54M | 25.94M | 19.43M | 17.99M | 15.49M | 14.28M | 13.88M | 9.09M | 1.33M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution dependency
As reported in financial statements, Xenon’s revenue trajectory is characterized by a total absence of recurring commercial sales, with the company’s top-line performance entirely dependent on sporadic milestone payments, such as the $7.5M recognized in 2025Q1, rather than any sustainable or predictable organic growth model.
The lack of consistent revenue confirms that the firm remains in a pre-commercial stage where financial performance is decoupled from market demand. Investors should interpret these periodic inflows as indicators of partnership progress rather than evidence of a scalable business model.
Based on recent SEC filings, Xenon’s cost structure is dominated by a relentless expansion in R&D spending, which climbed from $41.1M in 2023Q4 to $88.5M by 2026Q1, reflecting the significant capital intensity required to support the company's late-stage clinical trial infrastructure and patient recruitment efforts.
This upward trend in R&D expenditure suggests that the company is prioritizing the acceleration of its XEN1101 program at the expense of short-term profitability. The lack of expense discipline is a structural necessity for a clinical-stage biotech, yet it underscores the firm's total reliance on external capital.
According to the provided income statement data, Xenon consistently records significant stock-based compensation, with quarterly figures frequently exceeding $13M, which serves to dilute existing shareholders while failing to offset the underlying operational losses that have widened to over $100M per quarter in recent periods.
The reliance on equity-based incentives appears to be a primary mechanism for talent retention in a cash-constrained environment. Analysts should adjust net loss figures to account for these non-cash charges to better understand the true economic cost of the company's current operational trajectory.
As evidenced by the persistent quarterly operating losses exceeding $100M, Xenon faces a precarious financial position where the absence of commercial revenue creates a structural vulnerability, forcing the company to rely on capital markets to fund its ongoing clinical development and high-cost research operations.
The current burn rate suggests that the company may face significant liquidity pressure if clinical milestones are delayed or if market conditions for biotech equity raises deteriorate. This reliance on external financing represents the most significant threat to the company's long-term viability and strategic independence.
Quick answers to the most common questions about buying XENE stock.
For fiscal year 2025, Xenon Pharmaceuticals Inc. (XENE) reported total revenue of $7.5M. This represents a 47.6% decline compared to $14.3M in 2012.
Xenon Pharmaceuticals Inc. (XENE) reported a net loss of $345.9M for the fiscal year ending 2025.
Xenon Pharmaceuticals Inc. (XENE) reported an operating income of $-373.1M, resulting in an operating profit margin of -4974.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Xenon Pharmaceuticals Inc. (XENE) generated $5.0M in gross profit for the year, representing a gross profit margin of 66.1%. This demonstrates the company's core pricing power and production efficiency.