0000950170-25-029149 | 10-K | XBRL Viewer | Xenon Pharmaceuticals INC

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Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 1,690
2026	1,755
2027	1,739
2028	1,037
2029	1,085
2030 and thereafter	2,861
Total future minimum lease payments	10,167
Less: imputed interest	(1,152)
Present value of lease liabilities	$ 9,015

Leases - Schedule of Cost Components of Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease expense	$ 1,646	$ 1,645	$ 1,126
Variable lease expense	$ 826	$ 787	$ 774
Weighted average remaining lease term (years)	6 years 4 months 24 days	7 years 3 months 18 days	8 years 1 month 6 days
Weighted average discount rate	3.80%	3.90%	4.00%

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair value of financial instruments:

The level of the fair value hierarchy utilized to determine the fair value of cash and cash equivalents and marketable securities consisted of the following:


	December 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Cash and money market fund	$	142,712	$	—	$	—	$	142,712	$	148,643	$	—	$	—	$	148,643
Marketable securities
Guaranteed investment certificates		16,147		—		—		16,147		7,684		—		—		7,684
U.S. treasuries		130,948		—		—		130,948		252,982		—		—		252,982
U.S. government securities		—		—		—		—		—		97,912		—		97,912
Commercial paper		—		66,905		—		66,905		—		119,108		—		119,108
Corporate debt securities		—		397,689		—		397,689		—		304,545		—		304,545
Total	$	289,807	$	464,594	$	—	$	754,401	$	409,309	$	521,565	$	—	$	930,874

The fair values of the Company’s U.S. government securities, commercial paper and corporate debt securities are based on prices obtained from independent pricing sources. Securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates.

As of December 31, 2024 and December 31, 2023, the Company does not hold any securities classified as Level 3 and there were no securities transferred between Level 1 and 2.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common shares, without par value
Common shares, shares authorized	Unlimited	Unlimited
Common shares, Issued	76,416,086	75,370,977
Common shares, Outstanding	76,416,086	75,370,977

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (234,330)	$ (182,393)	$ (125,373)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Share Capital (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation Expenses

The following table presents the components and classification of stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Stock-based compensation expense by award type:
Stock options	$	48,384	$	32,372	$	20,376
PSUs		2,333		—		—
	$	50,717	$	32,372	$	20,376
Stock-based compensation expense in operating expenses:
Research and development	$	22,088	$	13,067	$	7,766
General and administrative		28,629		19,305		12,610
	$	50,717	$	32,372	$	20,376

Stock Option Activity

The following table presents the summary of stock option activity for the period:


	Number of			Weighted Average Exercise		Aggregate
	Options			Price ($)(1)		Intrinsic Value
Outstanding, December 31, 2021		5,638,232			12.55		105,405
Granted		2,315,645			30.90
Exercised(1)		(780,725	)		9.47		19,651
Forfeited, cancelled or expired		(55,370	)		24.50
Outstanding, December 31, 2022		7,117,782			18.75		147,214
Granted		2,542,473			35.29
Exercised(1)		(587,536	)		13.58		14,526
Forfeited, cancelled or expired		(178,217	)		31.49
Outstanding, December 31, 2023		8,894,502			23.56		200,122
Granted		3,062,819			42.93
Exercised(1)		(1,040,136	)		12.43		30,416
Forfeited, cancelled or expired		(207,896	)		38.18
Outstanding, December 31, 2024		10,709,289			29.90		111,202
Exercisable, December 31, 2024		5,927,638			22.30		100,214

(1)

During the year ended December 31, 2024, 5,144 (2023 – 4,320 and 2022 – 68,930) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 729,965 (2023 – 377,114 and 2022 – 510,671) common shares for the cashless exercise of 1,034,992 (2023 – 583,216 and 2022 – 711,795) stock options.

Fair Value Assumptions for Stock Options

The weighted average option pricing assumptions are as follows:


	Year Ended December 31,
	2024			2023			2022
Average risk-free interest rate		4.05	%		3.93	%		2.39	%
Expected volatility		66	%		69	%		70	%
Average expected term (in years)		5.75			5.94			6.16
Expected dividend yield		0.00	%		0.00	%		0.00	%
Weighted average fair value of stock options granted	$	26.48		$	22.52		$	19.78

Schedule of Unvested Stock Option Activity

A summary of the Company’s unvested stock option activity and related information for the year ended December 31, 2024 is as follows:


	Number of Options			Weighted Average Grant Date Fair Value ($)
Unvested, January 1, 2024		4,105,324			20.53
Granted		3,062,819			26.48
Vested		(2,178,816	)		19.91
Forfeited or cancelled		(207,676	)		22.04
Unvested, December 31, 2024		4,781,651			24.56

Schedule Of Pre-Funded Warrants Activity

The following table summarizes the pre-funded warrants activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Pre-funded
	warrants outstanding
Outstanding, December 31, 2021		2,775,996
Issued		327,868
Exercised		—
Outstanding, December 31, 2022		3,103,864
Issued		769,230
Exercised(1)		(1,700,013	)
Outstanding, December 31, 2023		2,173,081
Issued		—
Exercised		—
Outstanding, December 31, 2024		2,173,081

(1)

During the year ended December 31, 2023, the Company issued 1,700,000 common shares upon the exercise of 1,700,013 pre-funded warrants pursuant to a net exercise mechanism under the warrants.

Net Loss Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Common Share

11.

Net loss per common share:

The following table presents the calculation of basic and diluted net loss per common share for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024			2023			2022
Numerator:
Net loss	$	(234,330	)	$	(182,393	)	$	(125,373	)
Net loss attributable to preferred shareholders		-			-			(437	)
Net loss attributable to common shareholders	$	(234,330	)	$	(182,393	)	$	(124,936	)
Denominator:
Common shares (weighted average)		75,721,562			64,739,678			57,599,510
Pre-funded warrants (weighted average)		2,173,081			2,149,327			2,942,632
Weighted average common shares outstanding – basic and diluted		77,894,643			66,889,005			60,542,142
Net loss per common share – basic and diluted	$	(3.01	)	$	(2.73	)	$	(2.06	)

The weighted average number of common shares used in the basic and diluted net loss per common share calculations includes the weighted average pre-funded warrants outstanding during the period as they are exercisable at any time for nominal cash consideration (note 9e).

The Company reported net losses for each of the years ended December 31, 2024, 2023 and 2022, and therefore excluded all potentially dilutive outstanding securities from the computation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect.

Collaboration Agreements - Schedule of Collaboration Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total revenue			$ 9,434
Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total revenue	$ 0	$ 0	9,434
Neurocrine Biosciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Recognition of the transaction price	0	0	372
Research and development services	0	0	1,938
Milestone payments	$ 0	$ 0
Pacira BioSciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments			$ 7,124

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


	December 31,
	2024		2023
Accounts payable	$	5,070	$	8,598
Accrued liabilities
Employee compensation, benefits, and related accruals		9,928		7,425
Research and development		12,061		8,824
Income and other taxes		5,686		347
Professional fees		762		780
Other		714		-
Total	$	34,221	$	25,974

Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 5,070	$ 8,598
Accrued Liabilities
Employee compensation, benefits, and related accruals	9,928	7,425
Research and development	12,061	8,824
Income and other taxes	5,686	347
Professional fees	762	780
Other	714	0
Total	$ 34,221	$ 25,974

Income Taxes - Schedule of Income Tax Recovery (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
United States	$ (4,775)		$ (162)
Current income tax recovery (expense)	(4,775)		(162)
Deferred:
United States	8,864	$ 292	44
Deferred income tax recovery (expense)	8,864	292	44
Income tax recovery (expense)	$ 4,089	$ 292	$ (118)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share Capital - Schedule of Pre-Funded Warrants (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Capital [Line Items]
Outstanding, beginning	2,173,081	3,103,864	2,775,996
Issued	0	769,230	327,868
Exercised	0	(1,700,013)	0
Outstanding, ending	2,173,081	2,173,081	3,103,864

Commitments and Contingencies (Details) - Asset Purchase Agreement [Member] - 1st Order Pharmaceuticals, Inc. [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Commitments And Contingencies [Line Items]
Milestone payment paid	$ 2,000
Royalty obligations	0
Regulatory Milestone [Member] \| Maximum [Member]
Commitments And Contingencies [Line Items]
Future potential payments	$ 6,000

Basis of Presentation

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation:

These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP").

The Company has one wholly-owned subsidiary as of December 31, 2024, Xenon Pharmaceuticals USA Inc., which was incorporated in Delaware on December 2, 2016.

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated on consolidation. Certain information has been reclassified to conform with the financial presentation adopted for the current year.

Correction of prior period error

During the year ended December 31, 2024, the Company identified a presentation error related to the accretion of discounts on marketable securities, which was incorrectly presented within proceeds from marketable securities as part of net cash provided by (used in) investing activities in the consolidated statements of cash flows. As a result, a correction was made to the prior periods to reclassify the amount of accretion of discounts on marketable securities within net cash used in operating activities, resulting in an increase in net cash used in operating activities and a corresponding decrease in net cash used in investing activities for the years ended December 31, 2023 and 2022 of $5,785 and $2,598, respectively, from the previously reported amounts. The Company evaluated the materiality of the presentation error, both quantitatively and qualitatively, and concluded it was not material to the consolidated financial statements for any prior period. These presentation changes had no effect on the previously reported consolidated balance sheets, consolidated statements of operations and comprehensive loss, or consolidated statements of shareholders’ equity.

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Tax Credit Carryforward [Line Items]
Unclaimed Tax Deductions Related To Scientific Research And Experimental Development Expenditures	$ 158,629	$ 142,925
Non-capital losses carried forward for tax purposes	$ 642,043	422,822
Tax Credit Carry forward, Expiration Date	Dec. 31, 2045
Unrecognized tax benefits of uncertain tax positions	$ 10,850	10,850
Canada and United States Revenue Agency [Member]
Tax Credit Carryforward [Line Items]
Tax year open for income tax examination	2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Investment Tax credit [Member]
Tax Credit Carryforward [Line Items]
Tax credit available to offset taxes payable	$ 29,284	29,074
Provincial Tax Credit [Member]
Tax Credit Carryforward [Line Items]
Tax credit available to offset taxes payable	$ 8,518	$ 8,099

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.

Commitments and contingencies:

(a)

Asset purchase agreement with 1st Order Pharmaceuticals, Inc. (“1st Order”):

In April 2017, the Company acquired azetukalner from 1st Order pursuant to an asset purchase agreement. In August 2020, the Company and 1st Order amended the asset purchase agreement to amend certain definitions in the agreement and to modify the payment schedule for certain milestones. Through December 31, 2024, the Company has paid $2,000 based on progress against these milestones. Future potential payments to 1st Order include up to $6,000 in regulatory milestones. There are no royalty obligations to 1st Order.

(b)

Guarantees and indemnifications:

The Company has entered into license and research agreements with third parties that include indemnification provisions that are customary in the industry. These indemnification provisions generally require the Company to compensate the other party for certain damages and costs incurred as a result of third-party claims or damages arising from these transactions.

The maximum amount of potential future indemnification is unlimited; however, the Company currently holds commercial and product liability insurance. This insurance limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and the Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ (234,330)	$ (182,393)	$ (125,373)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest receivable and accretion of discounts on marketable securities	816	(5,785)	(2,598)
Depreciation of property, plant and equipment	2,560	2,061	1,405
Non-cash operating lease expense	1,254	1,213	819
Deferred income tax recovery	(8,864)	(292)	(44)
Stock-based compensation	50,717	32,372	20,376
Unrealized foreign exchange (gain) loss	745	(640)	2,729
Unrealized fair value (gain) loss on trading securities		(3,550)	2,934
Changes in operating assets and liabilities:
Accounts receivable	(614)	130	1,757
Prepaid expenses and other current assets	(984)	1,574	(10,495)
Accounts payable and accrued liabilities	8,531	3,931	8,062
Operating lease liability	(1,220)	267	(600)
Net cash used in operating activities	(181,389)	(151,112)	(101,028)
Investing activities:
Purchases of property, plant and equipment	(3,075)	(5,617)	(2,894)
Purchase of marketable securities	(532,268)	(793,907)	(551,137)
Proceeds from marketable securities	700,343	688,139	260,626
Net cash provided by (used in) investing activities	165,000	(111,385)	(293,405)
Financing activities:
Proceeds from public offerings, net	12,083	353,487	277,766
Proceeds from exercise of stock options	47	35	705
Net cash provided by financing activities	12,130	353,522	278,471
Effect of exchange rate changes on cash and cash equivalents	(1,672)	376	(2,484)
Increase (decrease) in cash and cash equivalents	(5,931)	91,401	(118,446)
Cash and cash equivalents, beginning of year	148,643	57,242	175,688
Cash and cash equivalents, end of year	142,712	148,643	57,242
Supplemental disclosures:
Cash paid for operating lease	1,672	1,624	919
Cash received for lease incentives		1,489
Supplemental disclosures of non-cash transactions:
Fair value of stock options exercised on a cashless basis	$ 8,305	5,250	4,491
Fair value of pre-funded warrants exercised		$ 35,913
Purchases of property, plant and equipment included in accounts payable and accrued liabilities			391
Right-of-use asset obtained in exchange for new operating lease liability			$ 3,019

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Property Plant and Equipment Estimated Useful Lives

Property, plant and equipment are amortized over their estimated useful lives using the straight-line method based on the following rates:


Asset		Rate
Research equipment		5 years
Office furniture and equipment		5 years
Computer equipment		3 years
Leasehold improvements		Over the lesser of lease term or estimated useful life

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Convertible Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2021	$ 550,033	$ 7,732	$ 783,170	$ 117,495	$ (357,374)	$ (990)
Balance (in Shares) at Dec. 31, 2021		1,016,000	51,634,752
Net loss for the year	(125,373)				(125,373)
Issuance of common shares and pre-funded warrants, net (note 9a and note 9e)	277,766		$ 268,379	9,387
Issuance of common shares and pre-funded warrants, net (note 9a and note 9e) (in shares)			9,357,348
Conversion of preferred shares (note 9d)		$ (7,732)	$ 7,732
Conversion of preferred shares (note 9d) (in shares)		(1,016,000)	1,016,000
Stock-based compensation expense (note 9c)	20,376			20,376
Exercise of stock options	$ 705		$ 5,855	(5,150)
Exercise of stock options (in Shares)	780,725		579,601
Other comprehensive (loss) income	$ (2,010)					(2,010)
Balance at Dec. 31, 2022	721,497		$ 1,065,136	142,108	(482,747)	(3,000)
Balance (in Shares) at Dec. 31, 2022			62,587,701
Net loss for the year	(182,393)				(182,393)
Issuance of common shares and pre-funded warrants, net (note 9a and note 9e)	353,487		$ 330,010	23,477
Issuance of common shares and pre-funded warrants, net (note 9a and note 9e) (in shares)			10,701,842
Conversion of pre-funded warrants (note 9e)			$ 35,913	(35,913)
Conversion of pre-funded warrants (note 9e) (in shares)			1,700,000
Stock-based compensation expense (note 9c)	32,372			32,372
Exercise of stock options	$ 35		$ 5,315	(5,280)
Exercise of stock options (in Shares)	587,536		381,434
Other comprehensive (loss) income	$ 2,923					2,923
Balance at Dec. 31, 2023	927,921		$ 1,436,374	156,764	(665,140)	(77)
Balance (in Shares) at Dec. 31, 2023			75,370,977
Net loss for the year	(234,330)				(234,330)
Issuance of common shares and pre-funded warrants, net (note 9a and note 9e)	12,083		$ 12,083
Issuance of common shares and pre-funded warrants, net (note 9a and note 9e) (in shares)			310,000
Stock-based compensation expense (note 9c)	50,717			50,717
Exercise of stock options	$ 47		$ 8,379	(8,332)
Exercise of stock options (in Shares)	1,040,136		735,109
Other comprehensive (loss) income	$ (1,535)					(1,535)
Balance at Dec. 31, 2024	$ 754,903		$ 1,456,836	$ 199,149	$ (899,470)	$ (1,612)
Balance (in Shares) at Dec. 31, 2024			76,416,086

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities:

Accounts payable and accrued liabilities consisted of the following:


	December 31,
	2024		2023
Accounts payable	$	5,070	$	8,598
Accrued liabilities
Employee compensation, benefits, and related accruals		9,928		7,425
Research and development		12,061		8,824
Income and other taxes		5,686		347
Professional fees		762		780
Other		714		-
Total	$	34,221	$	25,974

Collaboration Agreements (Details) - USD ($)	1 Months Ended		12 Months Ended
Collaboration Agreements (Details) - USD ($)	Feb. 27, 2025	Jan. 31, 2022	Dec. 31, 2024	Dec. 31, 2022
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue				$ 9,434,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential milestone payments receivable			$ 1,667,500,000
Percentage of option to co-fund development costs upon achievement of certain milestones			50.00%
Milestone Payment Received		$ 15,000,000
Milestone Payment Received in Cash		6,750,000
Milestone Payment Received in Equity Investment		8,250,000
Equity investment measure at fair value		7,876,000
Premium		374,000
Performance obligation related to milestone		0
Revenue		$ 6,750,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Subsequent Event [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments	$ 7,500,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Regulatory Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential milestone payments receivable			$ 1,067,500,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Sales Based Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential milestone payments receivable			$ 600,000,000

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax at statutory income tax rate	27.00%	27.00%	27.00%
Change in valuation allowance	(22.00%)	(24.00%)	(24.50%)
Research and development and other credits	1.30%	1.60%	2.50%
Tax attributes expired/utilized	(1.10%)	(0.80%)	(1.20%)
Stock-based compensation	(3.40%)	(3.20%)	(2.60%)
Other non-deductible expenses	(0.40%)	(0.30%)	(0.20%)
Other	0.30%	(0.10%)	(1.10%)
Effective income tax rate	1.70%	0.20%	(0.10%)

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (13,464)	$ (11,251)
Net book value	10,278	9,653
Research Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	11,631	9,111
Office Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	1,285	1,285
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	1,463	1,489
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 9,363	$ 9,019

Segment Disclosure - Additional Information (Details)	12 Months Ended
Segment Disclosure - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting Information [Line Items]
Segment Reporting, Expense Information Used by CODM, Description	The Company’s Chief Executive Officer acts as the CODM and manages the Company’s operations on a consolidated basis. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration]	Chief Executive Officer [Member]
Number of reportable segments	1

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2024 Lease Option	Oct. 31, 2022
Burnaby, British Columbia [Member]
Lessee Lease Description [Line Items]
Number of operating leases \| Lease	1
Operating lease, number of renewal options \| Option	2
Operating lease expiration date	Jun. 30, 2032
Operating lease, description	The Company has an operating lease for research laboratories and office space in Burnaby, British Columbia which expires on June 30, 2032, and two renewal options for 5-years each which were not considered in the determination of the right-of-use asset and lease liability. The Company has an additional operating lease for office space in Needham, Massachusetts (“Needham Lease”), which commenced in October 2022. The Needham Lease is for a 62-month term and an option to terminate one year prior to the expiry date, which was not considered in the determination of the right-of-use asset and lease liability.
Burnaby, British Columbia [Member] \| First Renewal Option [Member]
Lessee Lease Description [Line Items]
Operating lease extension term	5 years
Burnaby, British Columbia [Member] \| Second Renewal Option [Member]
Lessee Lease Description [Line Items]
Operating lease extension term	5 years
Needham Massachusetts [Member]
Lessee Lease Description [Line Items]
Operating lease term		62 months
Operating lease, description	The Company has an additional operating lease for office space in Needham, Massachusetts (“Needham Lease”), which commenced in October 2022. The Needham Lease is for a 62-month term and an option to terminate one year prior to the expiry date, which was not considered in the determination of the right-of-use asset and lease liability.
Operating lease, option to terminate	option to terminate one year prior to the expiry date

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Feb. 24, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Entity Registrant Name	XENON PHARMACEUTICALS INC.
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		76,542,811
Entity Public Float			$ 2,946.2
Amendment Flag	false
Trading Symbol	XENE
Entity Central Index Key	0001582313
Document Annual Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Shares, without par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Tax Identification Number	98-0661854
Entity Address, Address Line One	200-3650 Gilmore Way
Entity Address, City or Town	Burnaby
Entity Address, State or Province	BC
City Area Code	604
Local Phone Number	484-3300
Entity File Number	001-36687
Entity Address, Postal Zip Code	V5G 4W8
Entity Incorporation, State or Country Code	Z4
Entity Address, Country	CA
ICFR Auditor Attestation Flag	true
Auditor Name	KPMG LLP
Auditor Firm ID	85
Auditor Location	Vancouver, BC, Canada
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement relating to the 2024 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission subsequent to the date hereof, are incorporated by reference into Part III of this Report. Such Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the Registrant’s fiscal year ended December 31, 2024.
Auditor Opinion [Text Block]	Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of Xenon Pharmaceuticals Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, shareholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2024 and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 27, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Use of estimates

(a)

Use of estimates:

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas of estimates include, but are not limited to, revenue recognition including estimated timing of completion of performance obligations and the determination of stock-based compensation. These estimates and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Estimates and assumptions are reviewed quarterly. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Cash and cash equivalents

(b)

Cash and cash equivalents:

Cash equivalents are highly liquid investments that are readily convertible into cash with terms to maturity of three months or less when acquired. Cash equivalents are recorded at cost plus accrued interest, which approximates the fair value.

Marketable Securities

(c)

Marketable securities:

Marketable securities are debt securities with original maturities exceeding three months and accrue interest based on a fixed interest rate for the term. Effective July 1, 2022, the Company classifies its marketable securities as either trading securities or available-for-sale securities. Marketable securities are carried at fair value.

Fair value gains and losses for marketable securities classified as trading securities are recorded through the consolidated statement of operations. These securities are classified as current assets as the Company has the intent and ability to convert these securities into cash without penalty within the next 12 months.

Unrealized fair value gains and losses for marketable securities classified as available-for-sale are recorded through other comprehensive income (loss) in shareholders' equity. When the fair value of an available-for-sale security falls below the amortized cost basis, it is evaluated to determine if any of the decline in value is attributable to credit loss. Decreases in fair value attributable to credit loss are recorded directly to the consolidated statement of operations with a corresponding allowance for credit losses, limited to the amount that the fair value is less than the amortized cost basis. If the credit quality subsequently improves the allowance is reversed up to a maximum of the previously recorded credit losses. When the Company intends to sell an impaired available-for-sale security, or if it is more likely than not that the Company will be required to sell the security prior to recovering the amortized cost basis, the entire fair value adjustment will immediately be recognized in the consolidated statement of operations with no corresponding allowance for credit losses. Realized gains and losses and credit losses, if any, on available-for-sale securities are included in interest income, based on the specific identification method. Available-for-sale securities are also adjusted for amortization of premiums and accretion of discounts to maturity, with such amortization and accretion included within interest income. Available-for-sale securities with a remaining maturity date greater than one year are classified as non-current assets.

Intellectual property

(d)

Intellectual property:

The costs incurred in establishing and maintaining patents for intellectual property developed internally are expensed in the period incurred.

Property, plant and equipment

(e)

Property, plant and equipment:

Property, plant and equipment are stated at cost less accumulated depreciation and/or accumulated impairment losses, if any. Repairs and maintenance costs, which do not improve or extend the life of the respective asset, are expensed in the period incurred. Upon retirement or sale, the cost of the disposed asset and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized as a component of income or loss for the period.

Property, plant and equipment are amortized over their estimated useful lives using the straight-line method based on the following rates:


Asset		Rate
Research equipment		5 years
Office furniture and equipment		5 years
Computer equipment		3 years
Leasehold improvements		Over the lesser of lease term or estimated useful life

Impairment of long-lived assets

(f)

Impairment of long-lived assets:

The Company monitors its long-lived assets for indicators of impairment. If such indicators are present, the Company assesses the recoverability of affected assets by determining whether the carrying value of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found not to be recoverable, the Company measures the amount of such impairment by comparing the carrying value of the assets to the fair value of the assets, with the fair value generally determined based on the present value of the expected future cash flows associated with the assets. The Company did not recognize any impairment charges through December 31, 2024.

Leases

(g)

Leases:

The Company determines if an arrangement contains a lease at the inception of a contract. The lease classification is determined at lease commencement, which is the date the underlying asset is available for use by the Company. Leases classified as operating leases are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms twelve months or less are expensed on a straight-line basis over the lease term. The Company has elected to not separate non-lease elements embedded in its lease agreements.

Concentration of credit risk:

(h)

Concentration of credit risk:

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company's investments are limited to investment-grade securities with strong credit ratings with the objective to preserve capital and maintain liquidity. Cash and cash equivalents were held at major financial institutions in Canada and the United States which may at times be in excess of federally insured limits. The Company does not believe that it is subject to credit risk beyond the standard credit risk associated with commercial banking relationships.

Financial instruments and fair value

(i)

Financial instruments and fair value:

The Company measures certain financial instruments and other items at fair value.

To determine the fair value, the Company uses the fair value hierarchy for inputs used to measure fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority).

•

Level 1 - Unadjusted quoted prices in active markets for identical instruments.

•

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•

Level 3 - Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available.

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The carrying amount of accounts receivable, accounts payable and accrued liabilities approximates fair value due to the nature and short-term of those instruments. The Company’s cash and cash equivalents and marketable securities are measured at fair value on a recurring basis and the level of fair value hierarchy utilized is described in note 4.

Revenue recognition

(j)

Revenue recognition:

The Company recognizes the amount of revenue to which it expects to be entitled, for the transfer of promised goods or services to customers under a five-step model: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as a performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

Collaboration agreements may require the Company to deliver various rights and/or services, including intellectual property rights or licenses and research and development services. Under such collaboration agreements, the Company is generally eligible to receive non-refundable upfront payments, funding for research and development services, milestone payments, and royalties.

In contracts where the Company has more than one performance obligation to provide its customer with goods or services, each performance obligation is evaluated to determine whether it is distinct based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the contract is then allocated between the distinct performance obligations based on their respective relative standalone selling prices. The estimated standalone selling price of each deliverable reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold on a standalone basis and is determined by reference to market rates for the good or service when sold to others or by using an adjusted market assessment approach if selling price on a standalone basis is not available.

The consideration allocated to each distinct performance obligation is recognized as revenue when control is transferred to the customer for the related goods or services. The Company generally recognizes revenue from non-refundable upfront payments over the estimated term of the performance obligation or period in which the underlying benefit is transferred to the customer. If non-refundable license fees have value to the customer on a standalone basis, separate from the undelivered performance obligations, they are recognized upon delivery. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Consideration in exchange for research and development services performed by the Company on behalf of the licensee is recognized upon performance of such activities at rates consistent with prevailing market rates. Consideration associated with at-risk substantive performance milestones, including sales-based milestones, is recognized as revenue using the most likely amount method when it is probable that a significant reversal of the cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones, and if necessary, adjusts its estimate of the overall transaction price. Sales-based royalties received in connection with licenses of intellectual property are subject to a specific exception in the revenue standards, whereby the consideration is not included in the transaction price and recognized in revenue until the customer’s subsequent sales or usages occur.

Research and development costs

(k)

Research and development costs:

Research and development costs are expensed in the period incurred.

Research and development expenses consist of costs incurred in performing research and development activities, including personnel-related expenses, consisting of salaries, benefits and stock-based compensation for employees engaged in scientific research and development, third-party expenses incurred in connection with the pre-clinical and clinical development of product candidates including under agreements with clinical research organizations, third-party expenses relating to formulation, process development and manufacture of drug substance and drug product for use in pre-clinical testing, clinical trials and potential commercial supply, third-party acquisition, license and collaboration fees, laboratory consumables and certain indirect costs incurred in support of overall research and development activities, including facilities, depreciation and information technology costs. The amount of expenses recognized in a period related to service agreements is based on the work performed using the accrual basis of accounting. Third-party service providers generally provide estimates of proportionate performance to allow the Company to determine an appropriate accrual. When determining the adequacy of an accrual, the Company analyzes progress based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. Payments made to third parties under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses until the services are rendered.

Stock-based compensation

(l)

Stock-based compensation:

Stock-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense, net of actual forfeitures, over the requisite service period with a corresponding increase in additional paid-in capital.

The Company grants stock options to employees, consultants, directors and officers pursuant to equity incentive plans described in note 9c. Stock-based compensation expense for stock options is amortized on a straight-line basis over the requisite service period for the entire award, which is generally the vesting period of the award. Any consideration received on exercise of stock options is credited to share capital.

The Company grants performance share units (“PSUs”) to certain employees and officers pursuant to equity incentive plans described in note 9c. PSUs vest upon the achievement of certain predefined company-specific performance-based criteria. PSUs are measured at the closing market price of the Company’s common shares on the date of grant. Stock-based compensation expense for PSUs is amortized on a straight-line basis over the requisite service period of each separately vesting tranche of the award once it is probable that the performance condition will be achieved.

Foreign currency translation

(m)

Foreign currency translation:

The functional and reporting currency of the Company and its subsidiary is the U.S. dollar. Monetary assets and liabilities denominated in a currency other than the U.S. dollar are re-measured into U.S. dollars at the exchange rate prevailing as of the balance sheet date. Non-monetary assets and liabilities acquired in a currency other than U.S. dollars are translated at historical exchange rates prevailing at each transaction date.

Revenue and expense transactions are translated at the approximate exchange rate prevailing on the date of transaction. Exchange gains and losses on translation are included in the consolidated statements of operations and comprehensive income (loss) as foreign exchange gain (loss).

Income taxes

(n)

Income taxes:

Deferred income taxes are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases, net operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured at enacted rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect of a change in tax rates on deferred income tax assets and liabilities is recognized in the consolidated statement of operations and comprehensive income (loss) in the period that includes the enactment date. A valuation allowance is provided when realization of deferred income tax assets does not meet the more-likely-than-not criterion for recognition.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position as well as consideration of the available facts and circumstances. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The interest accrued related to unrecognized tax benefits and penalties is recognized as income tax expense.

Net income (loss) per common share

(o)

Net income (loss) per common share:

Basic net income (loss) per common share is calculated using the two-class method required for participating securities. Undistributed earnings (losses) are allocated to common shares and participating securities based on the weighted average shares of each class outstanding during the period.

The treasury stock method is used to compute the dilutive effect of the Company’s stock options, PSUs and warrants. Under this method, the incremental number of common shares used in computing diluted net income (loss) per common share is the difference between the number of common shares assumed issued and purchased using assumed proceeds.

The if-converted method is used to compute the dilutive effect of the Company’s convertible preferred shares. Under the if-converted method, dividends on the preferred shares, if applicable, are added back to earnings attributable to common shareholders, and the preferred shares and paid-in kind dividends are assumed to have been converted at the share price applicable at the end of the period. The if-converted method is applied only if the effect is dilutive.

Segment and geographic information

(p)

Segment and geographic information:

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment discovering and developing a portfolio of treatments in neurological and psychiatric disorders.

Recently adopted accounting pronouncements/Accounting pronouncements not yet adopted

(q)

Recently adopted accounting pronouncements:

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosures required for operating segments on an interim and annual basis. The Company adopted this ASU in the fourth quarter of 2024 retrospectively to all prior periods presented in the consolidated financial statements. While the Company continues to operate as a single reportable segment, additional disclosures have been incorporated in note 14.

(r)

Accounting pronouncements not yet adopted:

Accounting standards that have been issued by the Financial Accounting Standards Board or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on our financial statements upon adoption.

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2024 USD ($) Segment
Significant Accounting Policies [Line Items]
Impairment charges recognized \| $	$ 0
Number of operating segment \| Segment	1

Net Loss Per Common Share - Schedule of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss)	$ (234,330)	$ (182,393)	$ (125,373)
Net loss attributable to preferred shareholders			(437)
Net loss attributable to common shareholders	$ (234,330)	$ (182,393)	$ (124,936)
Denominator:
Common shares (weighted average)	75,721,562	64,739,678	57,599,510
Pre-funded warrants (weighted average)	2,173,081	2,149,327	2,942,632
Weighted average common shares outstanding - basic	77,894,643	66,889,005	60,542,142
Weighted average common shares outstanding - diluted	77,894,643	66,889,005	60,542,142
Net loss per common share - basic	$ (3.01)	$ (2.73)	$ (2.06)
Net loss per common share - diluted	$ (3.01)	$ (2.73)	$ (2.06)

Share Capital - Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 50,717	$ 32,372	$ 20,376
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	48,384	32,372	20,376
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	2,333
Research and development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	22,088	13,067	7,766
General and administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 28,629	$ 19,305	$ 12,610

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Cost Components of Operating Lease

The cost components of the operating leases were as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024			2023			2022
Lease cost
Operating lease expense	$	1,646		$	1,645		$	1,126
Variable lease expense(1)		826			787			774
Lease term and discount rate
Weighted average remaining lease term (years)		6.4			7.3			8.1
Weighted average discount rate		3.8	%		3.9	%		4.0	%

(1)

Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of minimum lease payments.

Future Minimum Lease Payments

Future minimum lease payments as of December 31, 2024 were as follows:


Year ending December 31:
2025	$	1,690
2026		1,755
2027		1,739
2028		1,037
2029		1,085
2030 and thereafter		2,861
Total future minimum lease payments	$	10,167
Less: imputed interest		(1,152	)
Present value of lease liabilities	$	9,015

Segment Disclosure (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Net Loss Related To Segment Expenses

The following table presents information about reported segment revenues, significant segment expenses, and segment loss:


	Year Ended December 31,
	2024			2023			2022
Revenue	$	—		$	—		$	9,434

Less:
Direct external research and development costs
Azetukalner		106,806			89,303			37,367
XEN 496		—			5,152			14,765
Pre-clinical, discovery and other programs		21,546			15,552			12,711
Personnel-related expenses		68,340			47,739			36,088
Stock-based compensation		50,717			32,372			20,376
Other research and development costs		11,232			9,560			7,274
Other general and administrative costs		20,657			14,376			9,996
Interest income		(41,943	)		(27,620	)		(8,713	)
Other segment items(1)		(3,025	)		(4,041	)		4,943
Net loss		(234,330	)		(182,393	)		(125,373	)

(1)

Other segment items include foreign exchange gain (loss), unrealized fair value gain (loss) on trading securities, and income tax recovery (expense).

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Schedule of Basic and Diluted Net Loss Per Common Share

The following table presents the calculation of basic and diluted net loss per common share for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024			2023			2022
Numerator:
Net loss	$	(234,330	)	$	(182,393	)	$	(125,373	)
Net loss attributable to preferred shareholders		-			-			(437	)
Net loss attributable to common shareholders	$	(234,330	)	$	(182,393	)	$	(124,936	)
Denominator:
Common shares (weighted average)		75,721,562			64,739,678			57,599,510
Pre-funded warrants (weighted average)		2,173,081			2,149,327			2,942,632
Weighted average common shares outstanding – basic and diluted		77,894,643			66,889,005			60,542,142
Net loss per common share – basic and diluted	$	(3.01	)	$	(2.73	)	$	(2.06	)

Share Capital

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Share Capital

Share capital:

(a)

Financing:

In August 2020, the Company entered into an “at-the-market” equity offering sales agreement, amended as of March 2022, with Jefferies LLC and Stifel, Nicolaus & Company, Incorporated pursuant to which the Company may sell common shares from time to time (the “ATM Program”). In September 2023, pursuant to a prospectus supplement filed in March 2022 (“March 2022 Prospectus”), the Company sold an aggregate of 855,685 common shares for proceeds of $29,508, net of commissions and transaction expenses. In August 2024, a new prospectus supplement was filed replacing the March 2022 Prospectus, pursuant to which the Company refreshed the ATM Program and may sell common shares having gross proceeds of up to $350,000, from time to time. As of December 31, 2024, the Company has sold an aggregate of 310,000 common shares for proceeds of $12,083, net of commissions and transaction expenses under the ATM Program.

In January 2022, in connection with the License and Collaboration Agreement with Neurocrine Biosciences entered in December 2019 and amended in January 2021 (the “Neurocrine Collaboration Agreement”), the Company executed a Share Purchase Agreement (“SPA”) pursuant to which the Company issued 258,986 common shares for an aggregate purchase price of $8,250, or $31.855 per common share, which represents a premium of $374 when compared to the fair value of common shares on the date of issuance. The SPA contain certain other customary terms and conditions, including mutual representations, warranties and covenants. For additional information regarding the Neurocrine Collaboration Agreement, refer to note 10.

In June 2022, the Company completed an underwritten public offering of 9,098,362 common shares, including 1,229,508 shares sold upon the full exercise of the underwriters’ over-allotment option, at a public offering price of $30.50 per common share and pre-funded warrants to purchase 327,868 common shares at $30.4999 per pre-funded warrant (note 9e), with each pre-funded warrant having an exercise price of $0.0001. The public offering was completed in June 2022, and the Company received proceeds of $269,890, net of underwriting discounts, commissions and offering expenses.

In November 2023, the Company completed an underwritten public offering of 9,846,157 common shares, including 1,384,615 shares sold upon the full exercise of the underwriters' over-allotment option, at a public offering price of $32.50 per common share and pre-funded warrants to purchase 769,230 common shares at $32.4999 per pre-funded warrant (note 9e), with each pre-funded warrant having an exercise price of $0.0001. The public offering was completed in December 2023, and the Company received proceeds of $323,979, net of underwriting discounts, commissions and offering expenses.

(b)

Authorized share capital:

The Company’s authorized share capital consists of an unlimited number of common and preferred shares without par value.

(c)

Stock-based compensation:

The Company has two equity incentive plans: (i) the 2014 Equity Incentive Plan which was amended and restated in June 2020, June 2022 and June 2024 (the “Amended and Restated 2014 Plan”), and (ii) the 2019 Inducement Equity Incentive Plan (the “2019 Inducement Plan”).

In September 2019, the board of directors of the Company adopted the 2019 Inducement Plan and, subject to the adjustment provisions of the 2019 Inducement Plan, reserved 400,000 of the Company’s common shares for issuance pursuant to equity awards granted under the 2019 Inducement Plan. The 2019 Inducement Plan was adopted without shareholder approval in accordance with the applicable Nasdaq Listing Rules. The 2019 Inducement Plan provided for the grant of equity-based awards, including share options, share appreciation rights, restricted share awards, restricted share unit awards and performance share awards, and its terms are substantially similar to the Company’s Amended and Restated 2014 Plan, including with respect to treatment of equity awards in the event of a “merger” or “change of control” as defined under the 2019 Inducement Plan, but with such other terms and conditions intended to comply with the Nasdaq inducement award exception or to comply with the Nasdaq acquisition and merger exception. The 2019 Inducement Plan was terminated in June 2020. No further options will be granted under the 2019 Inducement Plan, and the 2019 Inducement Plan will continue to govern the options granted thereunder.

The shareholders of the Company approved the Amended and Restated 2014 Plan amended in June 2020, June 2022 and June 2024, amending certain provisions of the Company’s 2014 Plan. The Amended and Restated 2014 Plan permits the grant of stock-based compensation awards to directors, officers, employees and consultants of the Company and the issuance of restricted shares, restricted share units, share appreciation rights and PSUs. Under the Amended and Restated 2014 Plan, options granted generally vest on a graduated basis over a four-year periods. The exercise price of the options is determined by the board of directors but must at least be equal to the fair market value of the common shares on the date of grant. Options may be exercised over a maximum term of ten years. The vesting conditions, vesting period and expiry terms of the PSUs are determined by the board of directors. As of December 31, 2024, a total of 5,882,842 common shares remain available for issuance pursuant to the Amended and Restated 2014 Plan. Of this total, the number of common shares that can be issued through restricted share awards, restricted share unit awards, or performance share awards is limited to the aggregate of 1,000,000 common shares.

The following table presents the components and classification of stock-based compensation expense for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Stock-based compensation expense by award type:
Stock options	$	48,384	$	32,372	$	20,376
PSUs		2,333		—		—
	$	50,717	$	32,372	$	20,376
Stock-based compensation expense in operating expenses:
Research and development	$	22,088	$	13,067	$	7,766
General and administrative		28,629		19,305		12,610
	$	50,717	$	32,372	$	20,376

Stock options

The following table presents the summary of stock option activity for the period:


	Number of			Weighted Average Exercise		Aggregate
	Options			Price ($)(1)		Intrinsic Value
Outstanding, December 31, 2021		5,638,232			12.55		105,405
Granted		2,315,645			30.90
Exercised(1)		(780,725	)		9.47		19,651
Forfeited, cancelled or expired		(55,370	)		24.50
Outstanding, December 31, 2022		7,117,782			18.75		147,214
Granted		2,542,473			35.29
Exercised(1)		(587,536	)		13.58		14,526
Forfeited, cancelled or expired		(178,217	)		31.49
Outstanding, December 31, 2023		8,894,502			23.56		200,122
Granted		3,062,819			42.93
Exercised(1)		(1,040,136	)		12.43		30,416
Forfeited, cancelled or expired		(207,896	)		38.18
Outstanding, December 31, 2024		10,709,289			29.90		111,202
Exercisable, December 31, 2024		5,927,638			22.30		100,214

(1)

At December 31, 2024, stock options outstanding and exercisable had a weighted average remaining contractual life of 7.28 years and 6.21 years, respectively.

The fair value of stock options at the date of grant is estimated using the Black-Scholes option-pricing model which requires multiple subjective inputs. The risk-free interest rate of the options is based on the U.S. Treasury yield curve in effect at the date of grant for a term similar to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common shares calculated based on a period of time commensurate with the expected term assumption. Expected life assumptions are based on the Company’s historical data. The dividend yield is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. Forfeitures are recognized as they occur.

The weighted average option pricing assumptions are as follows:


	Year Ended December 31,
	2024			2023			2022
Average risk-free interest rate		4.05	%		3.93	%		2.39	%
Expected volatility		66	%		69	%		70	%
Average expected term (in years)		5.75			5.94			6.16
Expected dividend yield		0.00	%		0.00	%		0.00	%
Weighted average fair value of stock options granted	$	26.48		$	22.52		$	19.78

A summary of the Company’s unvested stock option activity and related information for the year ended December 31, 2024 is as follows:


	Number of Options			Weighted Average Grant Date Fair Value ($)
Unvested, January 1, 2024		4,105,324			20.53
Granted		3,062,819			26.48
Vested		(2,178,816	)		19.91
Forfeited or cancelled		(207,676	)		22.04
Unvested, December 31, 2024		4,781,651			24.56

The aggregate fair value of options vested during the year ended December 31, 2024 was $43,375 (2023 – $29,233 and 2022 – $13,752).

As of December 31, 2024, the unrecognized stock-based compensation expense related to the unvested stock options was $99,779 which is expected to be recognized over a weighted average period of 2.64 years.

Performance share units

During the year ended December 31, 2024, the Company granted 210,000 PSUs to officers and certain employees with a weighted average grant date fair value of $43.90 per unit. PSUs vest upon the achievement of certain predefined company-specific performance-based criteria on or before December 31, 2027, subject to continued employment to each performance objective achievement date. No PSUs vested during the year ended December 31, 2024.

As of December 31, 2024, the unrecognized stock-based compensation expense related to the unvested PSUs that is probable to be achieved was $2,267. The recognition of this expense is subject to the achievement of the performance-based criteria, which are reassessed at each reporting date. There is $4,609 of unrecognized stock-based compensation expense related to the PSUs that is not probable to be achieved.

(d)

Exchange agreement with certain funds affiliated with BVF Partners L.P. (collectively, “BVF”):

In March 2018, the Company and BVF entered into an exchange agreement pursuant to which the Company issued to BVF 2,868,000 Series 1 Preferred Shares in exchange for 2,868,000 common shares which were subsequently cancelled by the Company. The Series 1 Preferred Shares were convertible into common shares on a one-for-one basis, subject to certain restrictions.

The Series 1 Preferred Shares ranked equally to the common shares in the event of liquidation, dissolution or winding up or other distribution of the assets of the Company among its shareholders and the holders of the Series 1 Preferred Shares were entitled to vote together with the common shares on an as-converted basis and as a single class, subject to certain restrictions.

The Series 1 Preferred Shares were recorded wholly as equity under ASC 480, with no bifurcation of conversion feature from the host contract, given that the Series 1 Preferred Shares cannot be cash settled and have no redemption features.

During the year ended December 31, 2018, BVF converted 1,852,000 Series 1 Preferred Shares in exchange for an equal number of common shares. In March 2022, the remaining outstanding 1,016,000 Series 1 Preferred Shares were exchanged for an equal number of common shares.

(e)

Pre-funded warrants:

The following table summarizes the pre-funded warrants activity for the years ended December 31, 2024, 2023, and 2022:


	Number of Pre-funded
	warrants outstanding
Outstanding, December 31, 2021		2,775,996
Issued		327,868
Exercised		—
Outstanding, December 31, 2022		3,103,864
Issued		769,230
Exercised(1)		(1,700,013	)
Outstanding, December 31, 2023		2,173,081
Issued		—
Exercised		—
Outstanding, December 31, 2024		2,173,081

(1)

During the year ended December 31, 2023, the Company issued 1,700,000 common shares upon the exercise of 1,700,013 pre-funded warrants pursuant to a net exercise mechanism under the warrants.

Each pre-funded warrant is exercisable for the purchase of a common share at the holder's discretion at an exercise price of $0.0001, subject to certain post-exercise beneficial ownership limitations as provided under the terms of the pre-funded warrant.

The Company may not affect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of common shares beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the total number of common shares outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the combined voting power of all of the Company’s securities immediately outstanding after giving effect to the exercise, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.

Since the pre-funded warrants meet the condition for equity classification, proceeds from issuances of the pre-funded warrants for the year ended December 31, 2023, of $23,477 (2022 – $9,387), net of underwriting discounts, commissions and offering expenses, are recorded in additional paid-in capital. Upon exercise of the pre-funded warrants, the historical costs recorded in additional paid-in capital along with the exercise price collected from the holder are recorded in common shares. Pre-funded warrants to purchase 2,173,081 (2023 – 2,173,081 and 2022 – 3,103,864) common shares are not included in the number of issued and outstanding common shares as of December 31, 2024.

(f)

Warrant:

In August 2018, a warrant to purchase 40,000 (2023 – 40,000) common shares at a price per common share of $9.79 was issued. The warrant is immediately exercisable, contains a cashless exercise provision and expires in August 2028.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Collaboration Agreements

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration Agreements

10.

Collaboration agreements:

Neurocrine Biosciences license and collaboration agreement

Revenue was as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Recognition of the transaction price	$	—	$	—	$	372
Research and development services		—		—		1,938
Milestone payments		—		—		7,124
Total revenue	$	—	$	—	$	9,434

In December 2019, the Company entered into the Neurocrine Collaboration Agreement with Neurocrine Biosciences granting the Company an exclusive license to NBI-921352 (formerly XEN901) and certain pre-clinical compounds for development (the “DTCs”). The agreement also includes a two-year research collaboration to discover, identify and develop additional novel Nav1.6 and Nav1.2/1.6 inhibitors (“Research Compounds”). The Company and Neurocrine Biosciences collaborated on the conduct of two collaboration programs: (a) a joint research collaboration to discover, identify and preclinically develop Research Compounds (the “Research Program”), which was completed in June 2022, and (b) a collaborative development program for NBI-921352 and two DTCs selected by the joint steering committee. Under the arrangement, the Company was entitled to funding for certain full-time equivalent and external costs incurred by the Company for the research and development services requested by Neurocrine Biosciences, and these services were priced at estimated fair value.

The Company is eligible to receive pre-commercial and commercial milestone payments with respect to the licensed products totaling up to an additional $1,667,500, comprised of up to $1,067,500 in additional development and regulatory milestone payments related to NBI-921352 and other licensed Nav1.6 or Nav1.2/1.6 inhibitor products, and up to $600,000 in additional sales-based milestone payments for multiple products. In addition, the Company is eligible to receive royalties on net sales in and outside the U.S., ranging from (a) for NBI-921352, a low double-digit percentage to a mid-teen percentage and a high-single digit percentage to low double-digit percentage, respectively; (b) for DTCs, a high-single digit percentage to a low double-digit percentage and a mid-single digit percentage to a high-single digit percentage, respectively; and (c) for Research Compounds, a mid-single digit percentage to a high-single digit percentage and a tiered mid-single digit percentage, respectively. Royalty rates are subject to customary reductions.

The Company has an option to co-fund 50% of the development costs of NBI-921352 or another product candidate in the U.S., exercisable upon achievement of certain milestones, in exchange for increased U.S. royalties. The Company has not exercised this option as of December 31, 2024.

In January 2022, based on the receipt of the U.S. Food and Drug Administration’s (“FDA”) full IND acceptance for NBI-921352, the Company received an aggregate milestone payment of $15,000 in the form of $6,750 in cash and a $8,250 equity investment in the Company (note 9a). The equity investment was measured at fair value of $7,876 on the date of issuance and the resulting premium of $374, with the cash payment of $6,750, was recognized as revenue in the period as the Company did not have any remaining performance obligations in relation to this milestone on the date it was achieved.

In February 2025, NBI-921355, a Nav1.2 and Nav1.6 sodium channel inhibitor in development for the potential treatment for certain types of epilepsy, has progressed into a Phase 1 clinical study in healthy adult participants, triggering an anticipated $7,500 milestone payment to the Company.

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

13.

Income taxes:

Loss before income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows:


	Year Ended December 31,
	2024			2023			2022
Canada	$	(243,410	)	$	(174,491	)	$	(121,335	)
United States		4,991			(8,194	)		(3,920	)
Loss before income taxes	$	(238,419	)	$	(182,685	)	$	(125,255	)

The income tax recovery (expense) is allocated as follows:


	Year Ended December 31,
	2024			2023		2022
Current:
Canada	$	—		$	—	$	—
United States		(4,775	)		—		(162	)
		(4,775	)		—		(162	)
Deferred:
Canada		—			—		—
United States		8,864			292		44
		8,864			292		44
Income tax recovery (expense)	$	4,089		$	292	$	(118	)

The Company’s wholly-owned subsidiary, Xenon Pharmaceuticals USA Inc., generates taxable income due to an intercompany service agreement with the Company. All current tax expense and deferred income tax recovery recognized for the years ended December 31, 2024, 2023 and 2022 were attributable to the United States. For the year ended December 31, 2024, the deferred income tax recovery recorded by Xenon Pharmaceuticals USA Inc. is related to the re-assessment of the realizability of its deferred tax assets.

A reconciliation of the expected Canadian statutory income tax rate to the effective income tax rate is as follows:


	Year Ended December 31,
	2024			2023			2022
Tax at statutory income tax rate		27.00	%		27.00	%		27.00	%
Change in valuation allowance		(22.0	%)		(24.0	%)		(24.5	%)
Research and development and other credits		1.3	%		1.6	%		2.5	%
Tax attributes expired/utilized		(1.1	%)		(0.8	%)		(1.2	%)
Stock-based compensation		(3.4	%)		(3.2	%)		(2.6	%)
Other non-deductible expenses		(0.4	%)		(0.3	%)		(0.2	%)
Other		0.3	%		(0.1	%)		(1.1	%)
Effective income tax rate		1.7	%		0.2	%		(0.1	%)

Deferred income tax assets and liabilities result from the temporary differences between the carrying amount of assets and liabilities recognized for financial statement and income tax purposes. The significant components of the Company’s net deferred income tax assets are as follows:


	December 31,
	2024			2023
Deferred income tax assets:
Research and development tax credits	$	42,830		$	38,590
Investment tax credits		29,818			30,695
Non-capital losses		173,352			119,765
Depreciable assets		13,269			10,311
Deferred financing fees		6,967			10,831
Stock-based compensation		8,380			3,832
Operating lease liability		2,299			2,779
Other		1,704			852
Total deferred income tax assets		278,619			217,655

Deferred income tax liability:
Operating lease right-of-use asset		(2,097	)		(2,411	)

Less - valuation allowance		(266,856	)		(214,442	)
Net deferred income tax assets	$	9,666		$	802

The realization of deferred income tax assets is dependent upon the generation of sufficient taxable income during future periods in which the temporary differences are expected to reverse. The valuation allowance is reviewed on a quarterly basis and if the assessment of the “more likely than not” criteria changes, the valuation allowance is adjusted accordingly. A full valuation allowance continues to be applied against deferred income tax assets in Canada as the Company has assessed that the realization of such assets does not meet the “more likely than not” criteria. Deferred income tax assets recorded on the consolidated balance sheets as of December 31, 2024 and 2023, result from the temporary differences between the amounts of assets and liabilities recognized for financial statement and income tax purposes, net of valuation allowance, related to the operations of Xenon Pharmaceuticals USA Inc.

At December 31, 2024, the Company has unclaimed tax deductions for scientific research and experimental development expenditures of $158,629 (2023 – $142,925) with no expiry.

At December 31, 2024, the Company has $29,284 (2023 – $29,074) of investment tax credits available to offset federal taxes payable and $8,518 (2023 – $8,099) of provincial tax credits available to offset provincial taxes payable in the future.

At December 31, 2024, the Company has non-capital losses, net of uncertain tax positions, carried forward for tax purposes, which are available to reduce taxable income of future years of approximately $642,043 (2023 – $422,822).

The investment tax credits and loss carry forwards expire over various years to 2045.

At December 31, 2024, the total amount of the Company’s unrecognized tax benefits of uncertain tax positions were $10,850 (2023 – $10,850). If recognized in future periods, the unrecognized tax benefits would not affect the Company’s effective tax rate. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within the income tax provision. Interest and penalties on the unrecognized tax benefits have not been accrued at December 31, 2024 and 2023 as none would be owing due to the availability of non-capital losses to shelter any potential taxable income arising thereon. The Company does not currently expect any significant increases or decreases to these unrecognized tax benefits within 12 months of the reporting date.

The Company files income tax returns in Canada and the United States, the jurisdictions in which the Company believes that it is subject to tax. In jurisdictions in which the Company does not believe it is subject to tax and therefore does not file income tax returns, the Company can provide no certainty that tax authorities in those jurisdictions will not subject one or more tax years (since the inception of the Company) to examination. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, as a result of loss carry-forwards, the limitation period for examination generally does not expire until several years after the loss carry-forwards are utilized. Other than routine audits by tax authorities for tax credits and tax refunds that the Company claims, the Company is not aware of any other material income tax examination currently in progress by any taxing jurisdiction. Tax years ranging from 2004 to 2023 remain subject to examinations in Canada and the United States.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment:

Property, plant and equipment consisted of the following:


	December 31,
	2024			2023
Research equipment	$	11,631		$	9,111
Office furniture and equipment		1,285			1,285
Computer equipment		1,463			1,489
Leasehold improvements		9,363			9,019
Less: accumulated depreciation and amortization		(13,464	)		(11,251	)
Net book value	$	10,278		$	9,653

Share Capital - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of Options Outstanding, Beginning balance	8,894,502	7,117,782	5,638,232
Number of Options, Granted	3,062,819	2,542,473	2,315,645
Number of Options, Exercised	(1,040,136)	(587,536)	(780,725)
Number of Options, Forfeited, cancelled or expired	(207,896)	(178,217)	(55,370)
Number of Options Outstanding, Ending balance	10,709,289	8,894,502	7,117,782
Number of Options Exercisable, End of period	5,927,638
Weighted Average Exercise Price Outstanding, Beginning balance	$ 23.56	$ 18.75	$ 12.55
Weighted Average Exercise Price, Granted	42.93	35.29	30.90
Weighted Average Exercise Price, Exercised	12.43	13.58	9.47
Weighted Average Exercise Price, Forfeited, cancelled and expired	38.18	31.49	24.50
Weighted Average Exercise Price Outstanding, Ending balance	29.9	$ 23.56	$ 18.75
Weighted Average Exercise Price, Exercisable Ending balance	$ 22.3
Aggregate Intrinsic Value, Outstanding	$ 111,202	$ 200,122	$ 147,214	$ 105,405
Aggregate Intrinsic Value, Exercised	30,416	$ 14,526	$ 19,651
Aggregate Intrinsic Value, Exercisable, Ending balance	$ 100,214

Share Capital - Summary of UnVested Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares [Roll Forward]
Number of Options, Unvested, Beginning balance	4,105,324
Number of Options, Granted	3,062,819	2,542,473	2,315,645
Number of Options, Vested	(2,178,816)
Number of Options, Forfeited or cancelled	(207,676)
Number of Options, Unvested, Ending balance	4,781,651	4,105,324
Weighted Average Grant Date Fair Value, Unvested, Beginning balance	$ 20.53
Weighted Average Grant Date Fair Value, Granted	26.48	$ 22.52	$ 19.78
Weighted Average Grant Date Fair Value, Vested	19.91
Weighted Average Grant Date Fair Value, Forfeited or cancelled	22.04
Weighted Average Grant Date Fair Value, Unvested, Ending balance	$ 24.56	$ 20.53

Marketable Securities

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities:

As of December 31, 2024, the Company had $611,689 of available-for-sale securities (December 31, 2023 – trading securities of $13,867 and available-for-sale-securities of $768,364, respectively). Amortized cost, unrealized gain (loss) recognized in accumulated other comprehensive loss and fair value of available-for-sale securities consisted of the following:


	December 31, 2024							December 31, 2023
	Amortized Cost		Unrealized Gain (Loss)			Fair Value		Amortized Cost		Unrealized Gain (Loss)			Fair Value
Contractual maturity of 0 to 1 years:
Guaranteed investment certificates	$	17,122	$	(975	)	$	16,147	$	7,549	$	135		$	7,684
U.S. treasuries		72,989		147			73,136		192,193		(249	)		191,944
U.S. government securities		—		—			—		98,092		(180	)		97,912
Commercial paper		66,808		97			66,905		119,041		67			119,108
Corporate debt securities		327,448		557			328,005		58,824		100			58,924
Contractual maturity of 1 to 3 years:
U.S. treasuries		58,218		(406	)		57,812		53,294		243			53,537
Corporate debt securities		69,726		(42	)		69,684		238,458		797			239,255
Total	$	612,311	$	(622	)	$	611,689	$	767,451	$	913		$	768,364

Allowance for credit losses or impairment on these marketable securities have not been recognized as these securities are high credit quality, investment grade securities that the Company does not intend to sell and will not be required to sell prior to their anticipated recovery, and the decline in fair value is primarily due to changes in interest rates.

Income Taxes - Schedule of Net Deferred Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets:
Research and development tax credits	$ 42,830	$ 38,590
Investment tax credits	29,818	30,695
Non-capital losses	173,352	119,765
Depreciable assets	13,269	10,311
Deferred financing fees	6,967	10,831
Stock based compensation	8,380	3,832
Operating lease liability	2,299	2,779
Other	1,704	852
Total deferred income tax assets	278,619	217,655
Deferred income tax liability:
Operating lease right-of-use-asset	(2,097)	(2,411)
Less - valuation allowance	(266,856)	(214,442)
Net deferred income tax assets	$ 9,666	$ 802

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

The level of the fair value hierarchy utilized to determine the fair value of cash and cash equivalents and marketable securities consisted of the following:


	December 31, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents
Cash and money market fund	$	142,712	$	—	$	—	$	142,712	$	148,643	$	—	$	—	$	148,643
Marketable securities
Guaranteed investment certificates		16,147		—		—		16,147		7,684		—		—		7,684
U.S. treasuries		130,948		—		—		130,948		252,982		—		—		252,982
U.S. government securities		—		—		—		—		—		97,912		—		97,912
Commercial paper		—		66,905		—		66,905		—		119,108		—		119,108
Corporate debt securities		—		397,689		—		397,689		—		304,545		—		304,545
Total	$	289,807	$	464,594	$	—	$	754,401	$	409,309	$	521,565	$	—	$	930,874

Segment Disclosure - Summary of Net Loss Related To Segment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue			$ 9,434
Direct external research and development costs	$ 210,394	$ 167,512	105,767
Personnel-related expenses	68,340	47,739	36,088
stock-based compensation	50,717	32,372	20,376
Other research and development costs	11,232	9,560	7,274
Other general and administrative costs	20,657	14,376	9,996
Interest income	(41,943)	(27,620)	(8,713)
Other segment items	(3,025)	(4,041)	4,943
Net loss	(234,330)	(182,393)	(125,373)
Azetukalner
Segment Reporting Information [Line Items]
Direct external research and development costs	106,806	89,303	37,367
XEN496
Segment Reporting Information [Line Items]
Direct external research and development costs		5,152	14,765
Pre-clinical, discovery and other programs
Segment Reporting Information [Line Items]
Direct external research and development costs	$ 21,546	$ 15,552	$ 12,711

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Unrealized Gain (Losses) Recognized in AOCI and Fair Value of Available-for-Sale Securities

Amortized cost, unrealized gain (loss) recognized in accumulated other comprehensive loss and fair value of available-for-sale securities consisted of the following:


	December 31, 2024							December 31, 2023
	Amortized Cost		Unrealized Gain (Loss)			Fair Value		Amortized Cost		Unrealized Gain (Loss)			Fair Value
Contractual maturity of 0 to 1 years:
Guaranteed investment certificates	$	17,122	$	(975	)	$	16,147	$	7,549	$	135		$	7,684
U.S. treasuries		72,989		147			73,136		192,193		(249	)		191,944
U.S. government securities		—		—			—		98,092		(180	)		97,912
Commercial paper		66,808		97			66,905		119,041		67			119,108
Corporate debt securities		327,448		557			328,005		58,824		100			58,924
Contractual maturity of 1 to 3 years:
U.S. treasuries		58,218		(406	)		57,812		53,294		243			53,537
Corporate debt securities		69,726		(42	)		69,684		238,458		797			239,255
Total	$	612,311	$	(622	)	$	611,689	$	767,451	$	913		$	768,364

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Marketable Securities - Summary of Amortized Cost, Unrealized Gain (Loss) Recognized in AOCI and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 612,311	$ 767,451
Unrealized Gain (Loss)	(622)	913
Fair Value	611,689	768,364
Guaranteed Investment Certificates [Member]
Schedule Of Available For Sale Securities [Line Items]
Contractual maturity of 0 to 1 years, Amortized Cost	17,122	7,549
Contractual maturity of 0 to 1 years, Unrealized Gain (Loss)	(975)	135
Contractual maturity of 0 to 1 years, Fair Value	16,147	7,684
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Contractual maturity of 0 to 1 years, Amortized Cost	72,989	192,193
Contractual maturity of 0 to 1 years, Unrealized Gain (Loss)	147	(249)
Contractual maturity of 0 to 1 years, Fair Value	73,136	191,944
Contractual maturity of 1 to 3 years, Amortized Cost	58,218	53,294
Contractual maturity of 1 to 3 years, Unrealized Gain (Loss)	(406)	243
Contractual maturity of 1 to 3 years, Fair Value	57,812	53,537
U.S. Government Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Contractual maturity of 0 to 1 years, Amortized Cost		98,092
Contractual maturity of 0 to 1 years, Unrealized Gain (Loss)		(180)
Contractual maturity of 0 to 1 years, Fair Value		97,912
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Contractual maturity of 0 to 1 years, Amortized Cost	66,808	119,041
Contractual maturity of 0 to 1 years, Unrealized Gain (Loss)	97	67
Contractual maturity of 0 to 1 years, Fair Value	66,905	119,108
Corporate Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Contractual maturity of 0 to 1 years, Amortized Cost	327,448	58,824
Contractual maturity of 0 to 1 years, Unrealized Gain (Loss)	557	100
Contractual maturity of 0 to 1 years, Fair Value	328,005	58,924
Contractual maturity of 1 to 3 years, Amortized Cost	69,726	238,458
Contractual maturity of 1 to 3 years, Unrealized Gain (Loss)	(42)	797
Contractual maturity of 1 to 3 years, Fair Value	$ 69,684	$ 239,255

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Trading marketable securities		$ 13,867
Trading securities available-for-sale	$ 611,689	$ 768,364

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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+ Details

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading).

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 142,712	$ 148,643
Marketable securities (note 5)	484,193	489,439
Accounts receivable	1,469	874
Prepaid expenses and other current assets	6,890	6,006
Total current assets	635,264	644,962
Marketable securities, long-term (note 5)	127,496	292,792
Operating lease right-of-use asset, net (note 7)	7,939	9,193
Property, plant and equipment, net (note 6)	10,278	9,653
Deferred tax assets (note 13)	9,666	802
Prepaid expenses, long-term	7,496	7,396
Total assets	798,139	964,798
Current liabilities:
Accounts payable and accrued liabilities (note 8)	34,221	25,974
Operating lease liability (note 7)	1,369	1,299
Total current liabilities	35,590	27,273
Operating lease liability, long-term (note 7)	7,646	9,604
Total liabilities	43,236	36,877
Shareholders’ equity:
Common shares, without par value; unlimited shares authorized; issued and outstanding: 76,416,086 (December 31, 2023 - 75,370,977) (note 9)	1,456,836	1,436,374
Additional paid-in capital	199,149	156,764
Accumulated deficit	(899,470)	(665,140)
Accumulated other comprehensive loss	(1,612)	(77)
Total shareholders' equity	754,903	927,921
Total liabilities and shareholders’ equity	798,139	964,798
Commitments and contingencies (note 12)

Share capital - Schedule of Pre-Funded Warrants (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Capital [Line Items]
Common stock issued for pre-funded warrants		1,700,000
Exercise of pre-funded warrants	0	(1,700,013)	0

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	December 31,
	2024			2023
Research equipment	$	11,631		$	9,111
Office furniture and equipment		1,285			1,285
Computer equipment		1,463			1,489
Leasehold improvements		9,363			9,019
Less: accumulated depreciation and amortization		(13,464	)		(11,251	)
Net book value	$	10,278		$	9,653

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases:

The Company has an operating lease for research laboratories and office space in Burnaby, British Columbia which expires on June 30, 2032, and two renewal options for 5-years each which were not considered in the determination of the right-of-use asset and lease liability. The Company has an additional operating lease for office space in Needham, Massachusetts (“Needham Lease”), which commenced in October 2022. The Needham Lease is for a 62-month term and an option to terminate one year prior to the expiry date, which was not considered in the determination of the right-of-use asset and lease liability.

The cost components of the operating leases were as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024			2023			2022
Lease cost
Operating lease expense	$	1,646		$	1,645		$	1,126
Variable lease expense(1)		826			787			774
Lease term and discount rate
Weighted average remaining lease term (years)		6.4			7.3			8.1
Weighted average discount rate		3.8	%		3.9	%		4.0	%

(1)

Future minimum lease payments as of December 31, 2024 were as follows:


Year ending December 31:
2025	$	1,690
2026		1,755
2027		1,739
2028		1,037
2029		1,085
2030 and thereafter		2,861
Total future minimum lease payments	$	10,167
Less: imputed interest		(1,152	)
Present value of lease liabilities	$	9,015

Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Significant accounting policies

Significant accounting policies:

(a)

Use of estimates:

(b)

Cash and cash equivalents:

(c)

Marketable securities:

(d)

Intellectual property:

The costs incurred in establishing and maintaining patents for intellectual property developed internally are expensed in the period incurred.

(e)

Property, plant and equipment:

Property, plant and equipment are amortized over their estimated useful lives using the straight-line method based on the following rates:


Asset		Rate
Research equipment		5 years
Office furniture and equipment		5 years
Computer equipment		3 years
Leasehold improvements		Over the lesser of lease term or estimated useful life

(f)

Impairment of long-lived assets:

(g)

Leases:

(h)

Concentration of credit risk:

(i)

Financial instruments and fair value:

The Company measures certain financial instruments and other items at fair value.

•

Level 1 - Unadjusted quoted prices in active markets for identical instruments.

•

(j)

Revenue recognition:

(k)

Research and development costs:

Research and development costs are expensed in the period incurred.

(l)

Stock-based compensation:

(m)

Foreign currency translation:

(n)

Income taxes:

(o)

Net income (loss) per common share:

(p)

Segment and geographic information:

(q)

Recently adopted accounting pronouncements:

(r)

Accounting pronouncements not yet adopted:

Segment Disclosure

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment

14.

Segment disclosure:

The Company operates as a single reportable segment dedicated to discovering, developing, and delivering life-changing ion channel therapeutics for patients in need. The Company has no products approved for sale and has not generated any revenue from product sales. The Company’s Chief Executive Officer acts as the CODM and manages the Company’s operations on a consolidated basis. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The CODM evaluates the Company’s performance and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects that are in line with the Company’s long-term company-wide strategic goals. The CODM uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets, with a majority of these assets located in the United States.

The following table presents information about reported segment revenues, significant segment expenses, and segment loss:


	Year Ended December 31,
	2024			2023			2022
Revenue	$	—		$	—		$	9,434

Less:
Direct external research and development costs
Azetukalner		106,806			89,303			37,367
XEN 496		—			5,152			14,765
Pre-clinical, discovery and other programs		21,546			15,552			12,711
Personnel-related expenses		68,340			47,739			36,088
Stock-based compensation		50,717			32,372			20,376
Other research and development costs		11,232			9,560			7,274
Other general and administrative costs		20,657			14,376			9,996
Interest income		(41,943	)		(27,620	)		(8,713	)
Other segment items(1)		(3,025	)		(4,041	)		4,943
Net loss		(234,330	)		(182,393	)		(125,373	)

(1)

Other segment items include foreign exchange gain (loss), unrealized fair value gain (loss) on trading securities, and income tax recovery (expense).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Taxes

Loss before income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows:


	Year Ended December 31,
	2024			2023			2022
Canada	$	(243,410	)	$	(174,491	)	$	(121,335	)
United States		4,991			(8,194	)		(3,920	)
Loss before income taxes	$	(238,419	)	$	(182,685	)	$	(125,255	)

Schedule of Income Tax Recovery (Expense)

The income tax recovery (expense) is allocated as follows:


	Year Ended December 31,
	2024			2023		2022
Current:
Canada	$	—		$	—	$	—
United States		(4,775	)		—		(162	)
		(4,775	)		—		(162	)
Deferred:
Canada		—			—		—
United States		8,864			292		44
		8,864			292		44
Income tax recovery (expense)	$	4,089		$	292	$	(118	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected Canadian statutory income tax rate to the effective income tax rate is as follows:


	Year Ended December 31,
	2024			2023			2022
Tax at statutory income tax rate		27.00	%		27.00	%		27.00	%
Change in valuation allowance		(22.0	%)		(24.0	%)		(24.5	%)
Research and development and other credits		1.3	%		1.6	%		2.5	%
Tax attributes expired/utilized		(1.1	%)		(0.8	%)		(1.2	%)
Stock-based compensation		(3.4	%)		(3.2	%)		(2.6	%)
Other non-deductible expenses		(0.4	%)		(0.3	%)		(0.2	%)
Other		0.3	%		(0.1	%)		(1.1	%)
Effective income tax rate		1.7	%		0.2	%		(0.1	%)

Schedule of Net Deferred Income Tax Assets


	December 31,
	2024			2023
Deferred income tax assets:
Research and development tax credits	$	42,830		$	38,590
Investment tax credits		29,818			30,695
Non-capital losses		173,352			119,765
Depreciable assets		13,269			10,311
Deferred financing fees		6,967			10,831
Stock-based compensation		8,380			3,832
Operating lease liability		2,299			2,779
Other		1,704			852
Total deferred income tax assets		278,619			217,655

Deferred income tax liability:
Operating lease right-of-use asset		(2,097	)		(2,411	)

Less - valuation allowance		(266,856	)		(214,442	)
Net deferred income tax assets	$	9,666		$	802

Income Taxes - Schedule of Loss before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Canada	$ (243,410)	$ (174,491)	$ (121,335)
United States	4,991	(8,194)	(3,920)
Loss before income taxes	$ (238,419)	$ (182,685)	$ (125,255)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Share Capital - Stock Option Activity (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Options exercised for Number of Common Shares for cash	5,144	4,320	68,930
Common stock issued for cashless exercise	729,965	377,114	510,671
Cashless exercise of stock options	1,034,992	583,216	711,795

Collaboration Agreements (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule Of Collaboration Revenue

Revenue was as follows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Recognition of the transaction price	$	—	$	—	$	372
Research and development services		—		—		1,938
Milestone payments		—		—		7,124
Total revenue	$	—	$	—	$	9,434

Nature of the Business

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the business

Nature of the business:

Xenon Pharmaceuticals Inc. (the “Company”), incorporated in 1996 under the predecessor to the Business Corporations Act (British Columbia) and continued federally in 2000 under the Canada Business Corporations Act, is a neuroscience-focused biopharmaceutical company dedicated to discovering, developing, and delivering life-changing ion channel therapeutics for patients in need.

The Company has incurred significant operating losses since inception. As of December 31, 2024, the Company had an accumulated deficit of $899,470 and a net loss of $234,330 for the year ended December 31, 2024. Management expects to continue to incur significant expenses in excess of revenue and to incur operating losses for the foreseeable future. To date, the Company has financed its operations primarily through the sale of equity securities, funding received from collaboration and license agreements, and debt financings.

Until such time as the Company can generate substantial product revenue, if ever, management expects to finance the Company’s cash needs through a combination of collaboration agreements, equity and debt financings. The continuation of research and development activities and the future commercialization of its products are dependent on the Company’s ability to successfully raise additional funds when needed. It is not possible to predict either the outcome of future research and development programs or the Company’s ability to continue to fund these programs in the future.

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue (note 10)			$ 9,434
Operating expenses:
Research and development	$ 210,394	$ 167,512	105,767
General and administrative	68,904	46,542	32,810
Total operating expenses	279,298	214,054	138,577
Loss from operations	(279,298)	(214,054)	(129,143)
Other income (expense):
Interest income	41,943	27,620	8,713
Unrealized fair value gain (loss) on trading securities		3,550	(2,934)
Foreign exchange gain (loss)	(1,064)	199	(1,891)
Other income (expense)	40,879	31,369	3,888
Loss before income taxes	(238,419)	(182,685)	(125,255)
Income tax recovery (expense) (note 13)	4,089	292	(118)
Net loss	(234,330)	(182,393)	(125,373)
Net loss attributable to preferred shareholders			(437)
Net loss attributable to common shareholders	(234,330)	(182,393)	(124,936)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities (note 5)	(1,535)	2,923	(2,010)
Comprehensive loss	$ (235,865)	$ (179,470)	$ (127,383)
Net loss per common share (note 11):
Basic	$ (3.01)	$ (2.73)	$ (2.06)
Diluted	$ (3.01)	$ (2.73)	$ (2.06)
Weighted-average common shares outstanding (note 4):
Basic	77,894,643	66,889,005	60,542,142
Diluted	77,894,643	66,889,005	60,542,142

Fair Value of Financial Instruments - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	$ 754,401	$ 930,874
Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	289,807	409,309
Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	464,594	521,565
Cash and Money Market Fund [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	142,712	148,643
Cash and Money Market Fund [Member] \| Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	142,712	148,643
Commercial Paper [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	66,905	119,108
Commercial Paper [Member] \| Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	66,905	119,108
U.S. Treasuries [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	130,948	252,982
U.S. Treasuries [Member] \| Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	130,948	252,982
Guaranteed Investment Certificates [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	16,147	7,684
Guaranteed Investment Certificates [Member] \| Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	16,147	7,684
U.S. Government Securities [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets		97,912
U.S. Government Securities [Member] \| Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets		97,912
Corporate Debt Securities [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	397,689	304,545
Corporate Debt Securities [Member] \| Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Financial assets	$ 397,689	$ 304,545

Significant Accounting Policies - Property Plant and Equipment Estimated Useful Lives (Details)	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Leasehold Improvements [Member]
Research Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended									12 Months Ended
	Sep. 30, 2024	Nov. 30, 2023	Sep. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jan. 31, 2022	Jun. 30, 2020	Sep. 30, 2019	Mar. 31, 2018	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018	Aug. 31, 2018
Share Capital [Line Items]
Warrants outstanding to purchase common stock											2,173,081	3,103,864
Warrants exercise price per common share										$ 0.0001
Options granted										3,062,819	2,542,473	2,315,645
Options Outstanding Weighted Average Remaining Contractual Life in Years										7 years 3 months 10 days
Options Exercisable Weighted Average Remaining Contractual Life in Years										6 years 2 months 15 days
Aggregate fair value of options vested										$ 43,375	$ 29,233	$ 13,752
Unrecognized stock-based compensation cost not to be achieved										$ 99,779
Unrecognized stock-based compensation expected to be recognized over a period										2 years 7 months 20 days
Exercise of pre-funded warrants										0	(1,700,013)	0
Warrants exercise description											The Company may not affect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of common shares beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the total number of common shares outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the combined voting power of all of the Company’s securities immediately outstanding after giving effect to the exercise, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.
Term Loans [Member]
Share Capital [Line Items]
Warrants outstanding to purchase common stock											40,000			40,000
Warrants exercise price per common share														$ 9.79
2019 Inducement Plan [Member]
Share Capital [Line Items]
Options granted								0
Common shares reserved for issuance								400,000
Amended and Restated 2014 Plan [Member]
Share Capital [Line Items]
Vesting period							4 years
Maximum term of each option exercised							10 years
Common shares reserved for issuance										5,882,842
Number of restricted share awards, restricted share unit awards or performance awards available for issue										1,000,000
Common Shares [Member]
Share Capital [Line Items]
Shares issued										310,000	10,701,842	9,357,348
Conversion of shares					1,016,000							1,016,000	1,852,000
Jefferies and Stifel [Member] \| ATM [Member]
Share Capital [Line Items]
Sale proceeds of common shares			$ 29,508							$ 12,083
Jefferies and Stifel [Member] \| ATM [Member] \| Maximum [Member]
Share Capital [Line Items]
Gross proceeds from issuable of common stock										$ 350,000
Jefferies and Stifel [Member] \| ATM [Member] \| Common Shares [Member]
Share Capital [Line Items]
Shares issued	855,685									310,000
Jefferies and Stifel [Member] \| Underwritten Public Offering [Member]
Share Capital [Line Items]
Sale proceeds from issuance of pre funded warrants											$ 23,477	$ 9,387
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member]
Share Capital [Line Items]
Sale proceeds of common shares						$ 8,250
Shares issued						258,986
Aggregate purchase price per share						$ 31.855
Premium						$ 374
Jefferies, Stifel, J.P. Morgan Securities LLC and SVB Securities LLC [Member] \| Underwritten Public Offering [Member]
Share Capital [Line Items]
Sale proceeds of common shares				$ 269,890
Shares issued				9,098,362
Shares price				$ 30.50
Warrants outstanding to purchase common stock				327,868
Warrants issued price per pre funded warrant				$ 30.4999
Warrants exercise price per common share				$ 0.0001
Jefferies, Stifel, J.P. Morgan Securities LLC and SVB Securities LLC [Member] \| Over Allotment [Member]
Share Capital [Line Items]
Shares issued				1,229,508
J.P. Morgan, Jefferies, BofA Securities, Inc., Stifel, and RBC Capital Markets, LLC [Member] \| Underwritten Public Offering [Member]
Share Capital [Line Items]
Sale proceeds of common shares											$ 323,979
Shares issued		9,846,157
Shares price		$ 32.5
Warrants outstanding to purchase common stock		769,230
Warrants issued price per pre funded warrant		$ 32.4999
Warrants exercise price per common share		$ 0.0001
J.P. Morgan, Jefferies, BofA Securities, Inc., Stifel, and RBC Capital Markets, LLC [Member] \| Over Allotment [Member]
Share Capital [Line Items]
Shares issued		1,384,615
Series1 Preferred Shares
Share Capital [Line Items]
Conversion of shares					1,016,000								1,852,000
BVF Partners L.P [Member] \| Exchange Agreement [Member] \| Common Shares [Member]
Share Capital [Line Items]
Shares cancelled									2,868,000
BVF Partners L.P [Member] \| Exchange Agreement [Member] \| Series1 Preferred Shares
Share Capital [Line Items]
Preferred shares convertible into common shares									one-for-one
Shares issued									2,868,000
PSUs
Share Capital [Line Items]
Unrecognized stock-based compensation cost to be achieved										$ 2,267
Unrecognized stock-based compensation cost not to be achieved										$ 4,609
Shares granted										210,000
Weighted average grant date fair value										$ 43.9
Shares vested										0

Nature of the business (Details) - USD ($) $ in Thousands	12 Months Ended
Nature of the business (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 899,470	$ 665,140
Net loss	$ 234,330	$ 182,393	$ 125,373

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Basis of Presentation (Details) - USD ($) $ in Thousands	12 Months Ended
Basis of Presentation (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basis of Presentation [Line Items]
Prior period reclassification adjustment		$ (5,785)	$ (2,598)
Xenon Pharmaceuticals USA Inc. [Member]
Basis of Presentation [Line Items]
Date of incorporation	Dec. 02, 2016

Share Capital - Fair Value Assumptions for Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assumptions For Stock Options [Abstract]
Average risk-free interest rate	4.05%	3.93%	2.39%
Expected volatility	66.00%	69.00%	70.00%
Average expected term (in years)	5 years 9 months	5 years 11 months 8 days	6 years 1 month 28 days
Expected dividend yield	0.00%	0.00%	0.00%
Weighted average fair value of options granted	$ 26.48	$ 22.52	$ 19.78