Xenon Pharmaceuticals Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Xenon Pharmaceuticals Reports Q2 2024 Financial Results
Xenon Pharmaceuticals Inc. (NASDAQ: XENE), a neuroscience-focused biopharmaceutical company, has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Earnings Per Share (EPS) | -0.7 | - | - | -0.7 |
| Research & Development Expenses | $49.7M | $44.0M | 13.0% | |
| General & Administrative Expenses | $19.4M | $11.6M | 67.2% | |
| Other Income | $10.8M | $7.9M | 36.7% | |
| Net Loss | $57.9M | $47.5M | 21.8% |
Interpretation: Xenon Pharmaceuticals' R&D and G&A expenses increased notably year-over-year, primarily attributable to advancing multiple drug candidates and increased personnel costs. Other income also saw a significant rise, driven by higher interest income.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| Kv7 Program | N/A | N/A | - |
| Nav1.7 Program | N/A | N/A | - |
| Partnerships | N/A | N/A | - |
Interpretation: Detailed revenue segmentation financials were not provided in the report.
Comments from Company Officers
Ian Mortimer, CEO, stated, “We are proud to have the only Kv7 potassium channel opener in development with Phase 2b efficacy and long-term safety data in epilepsy patients. We continue to progress our epilepsy program with plans to deliver X-TOLE2 topline data in H2 2025.”
He added, “We are advancing our Kv7 leadership with a broad portfolio to support our ‘pipeline in a mechanism' approach and positioning Xenon with one of the most exciting CNS portfolios that exists today.”
Dividend and Share Repurchase Programs
No dividends or share repurchase programs were announced.
Forward Guidance
Xenon anticipates having sufficient cash to fund operations into 2027 based on current operating plans, including the completion of Phase 3 epilepsy studies and supporting the late-stage clinical development of azetukalner in MDD.
Stock Price Movement
Following the earnings release, Xenon's stock price saw a percentage change of 1.58%.
Summary
Xenon Pharmaceuticals continues to advance its clinical programs with significant milestones anticipated in the coming years. The company remains well-funded to support its pipeline initiatives into 2027, despite reporting a greater net loss due to increased R&D and G&A expenses. Stock price saw a moderate uptick post-release, reflecting market confidence in future prospects.
