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- Qualified Audit Opinion (unchanged) — Auditor issued a qualified (or adverse/disclaimer) opinion — a GAAP departure from a clean / unqualified report. Treat earnings quality claims that rely on the qualified amounts with caution. The same qualification appeared in the baseline filing.
Xenon raises $838M, advances azetukalner NDA to Q3 2026; operating loss widens 31% YoY
Filed August 6, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 11, 2025 · ~2 min read
Key Changes
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Operating loss widened 31% YoY to $123.2M (Q2 2026) from $94.2M (Q2 2025), driven by 38% higher R&D spending on Phase 3 programs (azetukalner MDD/BPD, pain candidates) and 25% higher G&A for commercialization readiness.
MD&A: Operating Results verify on EDGAR → -
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Company raised $838M net in Q1 2026 ($708M underwritten offering at $57/share + $130M ATM), lifting cash and marketable securities to $1,245M (vs $625M June 2025). Six-month operating cash burn rose 46% to $184M.
Notes: Equity Raise & Cash Flow view on EDGAR → -
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Azetukalner NDA submission for focal onset seizures on track for Q3 2026 following pre-NDA meeting with FDA. Phase 3 X-NOVA2 topline data in MDD expected H1 2027; X-TOLE3 enrollment (ex-Japan) to complete 2026.
MD&A: Clinical Programs verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 7, 2026 · How we verify