Xenon Pharmaceuticals Inc. reported financial results for the first quarter ended March 31, 2025. The company recognized revenue of $7.5 million for this period, compared to no revenue in the same period in 2024, primarily due to a milestone payment from the Neurocrine collaboration. The net loss for the quarter increased to $65.0 million from $47.9 million in the previous year, driven by higher research and development expenses related to the azetukalner program and increased personnel-related costs. General and administrative expenses rose to $19.0 million from $14.8 million in the first quarter of 2024, attributed to an increase in employee headcount. Research and development expenses were $61.2 million, up from $44.3 million, due to ongoing clinical trials and pre-clinical programs. Xenon continues to advance its pipeline, with patient recruitment for the Phase 3 azetukalner X-TOLE2 study expected to complete in the coming months and topline results anticipated in early 2026. Additionally, the company plans to initiate Phase 3 studies for azetukalner in MDD and BPD mid-year and expects to start a Phase 1 study for XEN1701 in Q3 2025.
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