Xenon Pharmaceuticals Inc. (XENE), a clinical-stage neuroscience-focused biopharmaceutical company, announced the pricing of its upsized underwritten public offering of 10.53 million shares at $57 per share and the issuance of pre-funded warrants to certain investors to purchase up to 0.87 million shares at $56.99 per pre-funded warrant.
The gross proceeds from the offering are expected to be $650 million.
In addition, Xenon has granted the underwriters of the offering an option to purchase up to an additional 1.71 million common shares for a period of 30 days at the public offering price.
The offering is expected to close on or about March 12, 2026.
J.P. Morgan, Jefferies, TD Cowen, Stifel, RBC Capital Markets, and William Blair are acting as joint book-running managers, and Baird is acting as lead manager for the offering.
Xenon's lead investigation molecule, Azetukalner, is currently in Phase 3 clinical trials for the treatment of epilepsy, major depressive disorder (MDD) and bipolar depression (BPD).
Earlier this Monday, Xenon announced positive top-line data from the Phase 3 X-TOLE2 Study of Azetukalner in Focal Onset Seizures (FOS), stating that Azetukalner met its primary endpoint in both the 25 mg and 15 mg dose groups compared to placebo.
Notably, the results include a median per cent change from baseline in monthly FOS frequency of 53.2% with the 25 mg dose, compared with -10.4% for placebo. Azetukalner also demonstrated a safety and tolerability profile consistent with prior studies.
Xenon plans to submit an NDA for Azetukalner in FOS to the U.S. FDA in the third quarter of 2026. If approved, Azetukalner would be the only KV7 potassium channel opener available for the treatment of epilepsy.
Xenon is also advancing an early-stage portfolio of potassium and sodium channel modulators, including KV7 and NaV1.7 programs in Phase 1 development for the potential treatment of pain.
For the full year 2025, Xenon reported a wider net loss of $345.91 million, or $4.36 per share, compared with $234.33 million, or $3.01 per share, in the prior year.
XENE has traded between $26.74 and $63.95 in the last year. The stock closed Tuesday's trade at $60.61, down 3.43%.
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