What Xenon Pharmaceuticals does

Xenon Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering and developing therapeutics for neurological and psychiatric disorders. Founded in 1996 and headquartered in Burnaby, British Columbia, with a U.S. office in Needham, Massachusetts, the company trades on NASDAQ under the ticker XENE following its 2014 U.S. IPO. Xenon leverages decades of research in human genetics and ion channel biology to develop a pipeline of small molecule modulators targeting potassium (KV7) and sodium (NaV) channels in the central and peripheral nervous systems.

The company's lead product candidate is azetukalner (XEN1101), a novel, potent KV7 potassium channel opener currently in Phase 3 clinical trials across multiple indications including focal onset seizures (X-TOLE2/X-TOLE3), primary generalized tonic-clonic seizures (X-ACKT), major depressive disorder (X-NOVA2/X-NOVA3), and bipolar depression (X-CEED). Positive Phase 3 X-TOLE2 results announced in March 2026 demonstrated 53.2% median reduction in monthly seizure frequency at the 25mg dose versus 10.4% for placebo, positioning azetukalner as a potential first-in-class potassium channel opener among antiseizure medications. The early-stage pipeline includes XEN1120 (KV7 for pain) and XEN1701 (NaV1.7 for pain) in Phase 1, plus the partnered program NBI-921355 (NaV1.2/1.6 inhibitor) developed with Neurocrine Biosciences.

As a pre-commercial company, Xenon does not yet generate product revenue and funds operations through equity financings. Cumulative disclosed public offerings total over $1.7 billion across 2021–2026, most recently a $747.5 million upsized offering in March 2026 that valued the company at approximately $5.3 billion. The planned FDA New Drug Application submission in Q3 2026 is the binary catalyst for transitioning to commercial revenue, supported by an active commercial infrastructure buildout including a Chief Commercial Officer (June 2025), Chief Financial Officer (October 2025), and Chief Operating Officer (August 2024). Distribution is expected to flow through specialty pharmacies, hospital buying groups, and retail networks, with Medical Science Liaisons engaging epileptologists and psychiatrists ahead of launch.

Name

Xenon Pharmaceuticals

Legal name

Xenon Pharmaceuticals Inc.

Website

https://xenon-pharma.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

251–500 employees

Short description

Xenon Pharmaceuticals is a clinical-stage biopharmaceutical company developing ion channel modulators for neurological and psychiatric disorders, with lead candidate azetukalner in Phase 3 trials for epilepsy and depression ahead of a planned 2026 FDA submission.

Ownership category

akta.pro rank

Product category

Neurology Pharmaceuticals

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

akta.pro secondary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

Keywords

• Neuroscience drug development
• Ion channel modulators
• Epilepsy therapeutics
• Potassium channel openers
• Central nervous system pharmaceuticals

Headquarters

HQ city

Burnaby

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Revenue model

1. Pharmaceutical Product Sales: Pre-revenue company. Once azetukalner receives FDA approval, the company plans to commercialize its lead candidate for epilepsy and depression indications. Revenue will come from prescription drug sales through pharmacy channels.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels7 records

Core offering

Xenon Pharmaceuticals is a clinical-stage neuroscience biopharmaceutical company developing proprietary small-molecule ion channel modulators for neurological and psychiatric disorders. Its lead candidate, azetukalner, is a first-in-class KV7 potassium channel opener in Phase 3 trials for focal onset seizures, generalized tonic-clonic seizures, major depressive disorder, and bipolar depression, with a planned FDA New Drug Application in Q3 2026. The pipeline also includes Phase 1 candidates XEN1120 (KV7 for pain) and XEN1701 (NaV1.7 for pain), plus the partnered NBI-921355 sodium channel inhibitor program with Neurocrine Biosciences.

Product overview

Xenon Pharmaceuticals is a neuroscience-focused biopharmaceutical company developing a pipeline of ion channel modulators for neurological and psychiatric disorders. The company's lead product candidate is azetukalner (XEN1101), a KV7 potassium channel opener in Phase 3 clinical trials for focal onset seizures (X-TOLE2, X-TOLE3), generalized tonic-clonic seizures (X-ACKT), major depressive disorder (X-NOVA2, X-NOVA3), and bipolar depression (X-CEED). The early-stage pipeline includes XEN1120 (KV7 for pain) and XEN1701 (NaV1.7 for pain) in Phase 1, plus partnered program NBI-921355 with Neurocrine Biosciences. The company operates from offices in Vancouver, British Columbia and Boston, Massachusetts.

Differentiator

Problem solved

Functional benefit

Products and services

• Azetukalner (XEN1101) Novel, potent, selective KV7 potassium channel opener in Phase 3 clinical trials for focal onset seizures, generalized tonic-clonic seizures, major depressive disorder, and bipolar depression; if approved, would be the only potassium channel opener among antiseizure medications.
• XEN1120 KV7 potassium channel opener in Phase 1 development for pain indications, leveraging Xenon's ion channel chemistry platform.
• XEN1701 Selective NaV1.7 sodium channel inhibitor in Phase 1 development for pain, leveraging Xenon's extensive NaV1.7 human genetics and pain research heritage.
• NBI-921355 Selective NaV1.2/1.6 sodium channel inhibitor for epilepsy partnered with Neurocrine Biosciences, currently in Phase 1 clinical trials.

Quantifiable outcome

• 53.2% median reduction in monthly seizure frequency at 25mg dose vs 10.4% for placebo (p<0.0001)
• +4 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Neurocrine BiosciencescoreStrategic or Co-development Partner · 1 January 2020Strategic partnership established in 2020 to develop selective sodium channel inhibitors for epilepsy. The partnered program NBI-921355 (NaV1.2/1.6 Inhibitor) is currently in Phase 1 clinical trials for epilepsy. This collaboration leverages Xenon's ion channel expertise with Neurocrine's development and commercialization capabilities.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• UCB: Large established CNS biopharma with a deep epilepsy portfolio (Keppra, Vimpat, Briviact). Sets the standard for ASM competition that any new epilepsy entrant like azetukalner must displace.
• Jazz Pharmaceuticals: Global specialty biopharma with major CNS/epilepsy franchise including Xywav/Epidiolex (acquired via GW Pharmaceuticals for $7.2B). A larger established player in the same epilepsy/CNS commercial arena.
• Neurocrine Biosciences: Established CNS biopharma and Xenon's 2020 sodium channel collaboration partner for NBI-921355. Comparable as a large CNS-focused commercial-stage company with overlapping ion channel and neurology R&D interests.
• Acadia Pharmaceuticals: CNS specialty biopharma with commercial products in neurology/psychiatry (e.g., Daybue, Nuplazid). Comparable as a focused CNS commercializer competing for the same specialty neurologist and psychiatrist audiences.
• Biogen: Major neurology-focused biopharma with established CNS portfolio and a depression pipeline (Zurzuvae commercialized with Sage). Relevant incumbent for any potential strategic interest in Xenon.

Direct peers

• Sage Therapeutics: Clinical-stage CNS biopharma with Zurzuvae (zuranolone) approved for postpartum depression and prior work in epilepsy/seizure disorders. Directly comparable as a small, focused CNS developer commercializing a first-in-class neuropsychiatric mechanism.
• Marinus Pharmaceuticals: Specialty CNS biopharma focused on seizure disorders with Ztalmy (ganaxolone) approved for CDKL5 deficiency disorder and in trials for refractory status epilepticus. Most directly comparable commercial-stage epilepsy specialist to Xenon.
• Supernus Pharmaceuticals: CNS specialty pharma commercializing branded antiseizure and movement disorder products (Oxtellar XR, Trokendi XR, Apokyn). Closely aligned as a smaller commercial-stage neurology company targeting the same epilepsy and adjacent CNS prescriber base.
• SK Life Science: Developer and commercializer of cenobamate (Xcopri) for focal-onset seizures. Direct competitor in the partial-onset epilepsy space that azetukalner will also target.

Emerging players

• Longboard Pharmaceuticals: Clinical-stage CNS developer with lead programs in severe epilepsy syndromes including Dravet syndrome. Comparable as a small-cap, CNS-focused epilepsy developer competing for the same patient and prescriber audiences as Xenon.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/XenonPharma
• LinkedInlinkedin.com/company/xenonpharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds13 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Xenon Pharmaceuticals