Revenue is essentially nil (only $7.5M in 2025Q1), while R&D expenses have escalated 124% from $44.2M in 2024Q1 to $99.2M in 2026Q2, driving net losses to -$110.7M in 2026Q2.
Xenon Pharmaceuticals Inc. (XENE) annual income statement — 14-year revenue, gross profit & net income history
| 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 | 77.67M | 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 | -77.67M | 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 | 363.92M | 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 | 89.1M | 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 | 352.49M | 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 | -1.61M | -2.54M | -2.56M | -167.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.39M | 0 | 0 | 0 |
| Operating Income | -441.59M | -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 | -427.91M | -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 % | -35.63% | -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) | 1.84M | 2.54M | 2.56M | 3.54M | 1.41M | 906K | 644K | 429K | 586K | 649K | 864K | 1.04M | 738K | 705K | 786K |
| EBIT | -418.59M | -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 | 31.46M | 26.83M | 41.94M | 27.62M | 8.71M | 466K | 1.79M | 919K | -178K | 477K | 504K | 542K | 568K | 274K | 51K |
| Interest Income | 31.46M | 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 | 30.45M | 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 | -411.14M | -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 | -1.94M | 1.02M | -4.09M | -292K | 118K | -6K | -257K | -23K | 4.91M | 0 | 0 | 0 | 0 | 64K | 0 |
| Effective Tax Rate % | 0.47% | -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 | -409.19M | -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 % | -47.07% | -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) | -409.19M | -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) | -4.11 | -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 % | -33.52% | -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 | 99.61M | 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 | 99.61M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
R&D spend escalation without revenue
Metrics are mathematically derived from official filings.
Revenue Absence Masks Pipeline Progress
Xenon's revenue is essentially nil, with only $7.5M recognized in 2025Q1, reflecting a pre-commercial biotech. According to the income statement data, revenue growth is not applicable, and the company relies on external financing.
The company has no recurring product revenue, with the only reported revenue of $7.5M in 2025Q1 likely from a one-time collaboration or licensing event. This suggests that the company's value is tied to its pipeline, not current sales. Investors should monitor clinical trial readouts and partnership announcements as key catalysts.
R&D Escalation Drives Cost Structure
R&D expenses have grown from $44.2M in 2024Q1 to $99.2M in 2026Q2, a 124% increase over ten quarters, as reported in the income statement. This aggressive investment underscores a clinical-stage focus.
The doubling of R&D spend indicates an acceleration in clinical development, likely for late-stage trials. SG&A has remained relatively stable, growing from $14.2M to $23.9M, suggesting disciplined overhead management. The cost structure is heavily weighted toward R&D, which is typical for a biotech but raises the burn rate.
Pre-Revenue Margins Reflect Investment Phase
Gross margins are not meaningful as revenue is negligible, with COGS occasionally exceeding revenue due to one-time items. Operating margins are deeply negative, averaging around -100% of revenue, based on the reported figures.
The lack of product revenue means gross margin analysis is irrelevant; the company is in an investment phase. The occasional negative gross profit (e.g., 2025Q3) likely stems from cost of product sales related to a collaboration. As the pipeline matures, margins will depend on the commercial success of any approved products.
Operating Leverage Absent in Pre-Commercial Stage
Operating losses have widened from -$59.0M in 2024Q1 to -$123.2M in 2026Q2, a 109% increase, as per the income statement. This reflects rising R&D without corresponding revenue, indicating no operating leverage yet.
The company's operating income is scaling negatively with R&D investment, which is expected pre-commercialization. SG&A has grown modestly, but the primary driver of losses is R&D. Once a product is approved, operating leverage could emerge if revenue grows faster than fixed costs, but that is speculative at this stage.
Net Losses Deepen with SBC Burden
Net losses have expanded from -$47.9M in 2024Q1 to -$110.7M in 2026Q2, with stock-based compensation (SBC) ranging from $9.4M to $33.6M per quarter, as reported. SBC represents a significant non-cash expense.
The quality of earnings is low as the company is pre-revenue and relies on equity-based compensation to attract talent. SBC as a percentage of net loss has varied, but in 2026Q2 it was about 30% of the net loss, indicating a meaningful dilution impact. Investors should consider the dilutive effect of SBC on future EPS.
2025Q1 Marks Revenue Recognition Anomaly
The only quarter with revenue was 2025Q1, showing $7.5M, which stands out in an otherwise zero-revenue history, according to the income statement. This likely reflects a one-time collaboration milestone.
This inflection point is not indicative of a sustainable revenue stream but rather a discrete event. The subsequent quarters returned to zero revenue, confirming the pre-commercial status. The lasting impact is minimal, but it highlights the potential for future partnership income.
Cash Burn Sustainability Questioned
With quarterly operating losses exceeding $100M and no revenue, Xenon's cash runway is a concern. Based on the income statement, cumulative losses over ten quarters exceed $800M, raising questions about funding.
The company's burn rate is accelerating, with 2026Q2 operating loss of $123.2M, up from $59.0M in 2024Q1. Without a clear path to revenue, the company will need to raise capital, potentially diluting shareholders. Short-sellers might argue that the R&D spend is not yielding commensurate value, and the lack of revenue makes valuation speculative.