XENE Xenon Pharmaceuticals Inc.

Overview and Growth

Xenon Pharmaceuticals Inc. generated $7.50M of revenue in fiscal 2025, with net loss of $345.91M and an operating cash outflow of $279.12M. At $7.50M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The company reported diluted EPS of -$4.36, adding a shareholder-level measure to the absolute income figures considered below. A diluted share base of 79.25M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Compared with 77.89M diluted shares in fiscal 2024, the current 79.25M base was 1.7% higher. Total assets stood at $633.16M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.01x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced a $373.07M operating loss before non-operating and tax effects. The company ended the period with a net loss of $345.91M, extending the operating result through all remaining items. EBITDA was negative $370.53M, showing a deficit before interest, taxes, depreciation, and amortization. The company reported a pretax loss of $344.89M, before the effect of income taxes. Income tax expense totaled $1.02M, providing the reported tax component that separates pretax and after-tax earnings. Relative to period-end equity, the net loss represented 59.5%. Relative to total assets, the net loss represented 54.6%. The bottom-line deficit increased from $234.33M in fiscal 2024 to $345.91M.

Liquidity and Capital Structure

Total assets were $633.16M, supported by $51.40M of liabilities and $581.76M of shareholder equity. The near-term balance sheet paired $560.65M of current assets with $41.79M of current liabilities at the reporting date. The current ratio was 13.42x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $199.16M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 476.6%, excluding receivables and other current assets. Equity equaled 91.9% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 8.1%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 31.5%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $798.14M in fiscal 2024, the current asset base moved 20.7% and finished lower. Book equity was 22.9% lower than fiscal 2024 equity of $754.90M, showing how shareholder capital changed year over year. Compared with $142.71M in fiscal 2024, the current cash balance moved 39.6% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $279.12M, rather than cash generation from operations. The company spent $799.00K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $279.92M cash deficit after capital spending for the period. The free-cash-flow deficit equaled 44.2% of total assets, placing the cash shortfall against the company’s resource base. Compared with a $181.39M operating cash outflow in fiscal 2024, the current outflow increased to $279.12M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.