Xenon Pharmaceuticals Inc. reported significant financial developments in its latest 10-Q filing for the third quarter of 2024. As of September 30, 2024, the company had cash and cash equivalents of $87.6 million, a decrease from $148.6 million at the end of 2023. However, marketable securities increased to $566.4 million from $489.4 million over the same period. Total assets fell to $835.9 million from $964.8 million, while total shareholders' equity decreased to $797.8 million from $927.9 million.
The company experienced a net loss of $62.8 million for Q3 2024, compared to a loss of $48.5 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $168.6 million, up from $137.7 million in the prior year. Research and development expenses rose significantly, totaling $57.0 million for Q3 2024, an increase of $14.1 million year-over-year, and $150.9 million for the nine months, up from $126.4 million. General and administrative expenses also increased to $16.7 million for Q3 2024 from $12.8 million in Q3 2023, reflecting a total of $50.9 million for the nine months compared to $33.9 million in the previous year.
Interest income improved, reaching $10.3 million for Q3 2024, up from $7.0 million in Q3 2023, attributed to a higher average balance of marketable securities and increased market yields. The company reported an unrealized gain on available-for-sale securities of $3.5 million for Q3 2024, compared to $0.3 million in the same quarter of 2023.
Strategically, Xenon is focused on advancing its lead product candidate, azetukalner, which is in late-stage clinical development for epilepsy and major depressive disorder. The company is currently conducting Phase 3 trials for azetukalner, with topline data from the X-TOLE2 study expected in the second half of 2025. Additionally, the company is developing next-generation ion channel modulators and has plans for multiple Investigational New Drug (IND) applications in 2025.
Despite these advancements, Xenon has not generated any revenue from product sales to date and anticipates continued significant losses as it prepares for potential commercialization and further product development. The company has raised over $1.3 billion in net cash proceeds since its IPO, primarily through equity securities, and expects its existing cash and marketable securities to fund operations for at least the next 12 months.
About Xenon Pharmaceuticals Inc.
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