Xenon reports Phase 3 epilepsy win, raises $837M, targets Q3 NDA filing

Filed May 7, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

• high

  Phase 3 X-TOLE2 study met primary endpoint with 42.7% placebo-adjusted seizure reduction at 25mg dose—highest efficacy ever observed in a pivotal focal onset seizure study. Company now targets Q3 2026 NDA submission to FDA.

  MD&A: X-TOLE2 Phase 3 topline results verify on EDGAR →
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  Raised $837M in Q1 2026 equity capital ($708M underwritten offering plus $130M ATM sales), boosting cash and marketable securities to $1.34B from $691M year-ago. Provides runway through potential commercialization.

  MD&A: Equity financing completed verify on EDGAR →
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  Q1 2026 net loss increased 57% to $102M from $65M year-ago, driven by $27M higher R&D spend on Phase 3 MDD/BPD studies and $9M higher personnel costs as company scales for late-stage development and pre-commercial activities.

  MD&A: Quarterly net loss verify on EDGAR →