0001193125-26-212153 | 10-Q | XBRL Viewer | Xenon Pharmaceuticals INC

Collaboration revenue

$ 0

$ 7,500

Personnel-related expenses

88,508

61,200

29,010

22,640

Stock-based compensation expense

16,894

12,174

Other research and development costs

4,201

3,425

Other general and administrative costs

7,801

5,531

Interest income

(6,907)

(8,083)

Other segment items

^[1]

(3,119)

392

Net loss

(102,302)

(65,047)

Azetukalner

Pain programs (XEN1701, XEN1120)

47,073

31,501

Pre-clinical, discovery and other programs

4,391

1,052

Accounts Payable and Accrued Liabilities

$ 2,958

$ 3,915

[1]	Other segment items include foreign exchange gain and income tax (recovery) expense.

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts payable and accrued liabilities:

Accounts payable and accrued liabilities consisted of the following:


	March 31,		December 31,
	2026		2025
Accounts payable	$	5,748	$	3,885

Accrued liabilities:
Employee compensation, benefits, and related accruals		7,631		14,460
Research and development		19,087		18,647
Income and other taxes		269		313
Professional fees		4,179		1,989
Other		1,340		966
Total accrued liabilities		32,506		36,375
Total	$	38,254	$	40,260

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

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:


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(102,302	)	$	(65,047	)

Denominator:
Common shares (weighted average)		84,998,027			76,514,422
Pre-funded warrants (weighted average)		2,347,690			2,173,081
Weighted average common shares outstanding – basic and diluted		87,345,717			78,687,503

Net loss per common share – basic and diluted	$	(1.17	)	$	(0.83	)

Summary of Potentially Dilutive Securities

The following table summarizes potentially dilutive securities:


	Three Months Ended March 31,
	2026		2025
Stock options		12,011,272		12,096,485
PSUs		175,450		282,550
RSUs		671,147		303,417
Warrants		—		40,000
Total		12,857,869		12,722,452

Leases (Details)	3 Months Ended
Leases (Details)	Mar. 31, 2026 Lease Option	Oct. 31, 2022
Lessee Lease Description [Line Items]
Operating lease, option to terminate	option to terminate one year prior to the expiry date
Burnaby, British Columbia [Member]
Lessee Lease Description [Line Items]
Number of operating leases	1
Operating lease expiration date	Jun. 30, 2032
Operating lease, number of renewal options \| Option	2
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.
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]
Number of operating leases	1
Operating lease term		65 months
Operating lease, description	The Company has an additional 65-month operating lease for office space in Needham, Massachusetts, which commenced in October 2022. There is 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.

Collaboration Revenue - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone revenue	$ 7,500

Share Capital - Schedule of Pre-funded Warrants Activity (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Capital [Line Items]
Outstanding, beginning	2,173,081	2,173,081
Issued	877,194	0
Exercised	(118,982)	0
Outstanding, ending	2,931,293	2,173,081

Share Capital - Fair Value Assumptions for Stock Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value Assumptions For Stock Options [Abstract]
Average risk-free interest rate	3.79%	4.09%
Expected volatility	58.00%	61.00%
Average expected term (in years)	5 years 8 months 26 days	5 years 8 months 8 days
Expected dividend yield	0.00%	0.00%
Weighted average fair value of stock options granted	$ 23.67	$ 20.81

Share Capital - Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 16,894	$ 12,174
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	14,722	11,666
Restricted share units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1,811	147
Performance Share Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ 361	$ 361

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.

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Share-Based Payment Arrangement [Abstract]

Share Capital - Schedule of Pre-funded Warrants Activity (Parenthetical) (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share Capital [Line Items]
Common stock issued for pre-funded warrants	118,980
Exercise of pre-funded warrants	(118,982)	0

Basis of Presentation

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation:

These unaudited interim condensed consolidated financial statements are presented in U.S. dollars and include the accounts of the Company and its wholly-owned subsidiary, Xenon Pharmaceuticals USA Inc., a Delaware corporation. All intercompany transactions and balances have been eliminated on consolidation.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Certain information has been reclassified to conform with the financial presentation adopted for the current year. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2025 included in the Company’s 2025 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on February 26, 2026.

These unaudited interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March 31, 2026 and 2025 are not necessarily indicative of results that can be expected for a full year. These unaudited interim condensed consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company’s 2025 Annual Report on Form 10-K for the year ended December 31, 2025.

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2026	$ 1,351
2027	1,773
2028	1,072
2029	1,122
2030	1,160
2031 and thereafter	1,797
Total future minimum lease payments	8,275
Less: imputed interest	(784)
Present value of lease liabilities	$ 7,491

Share Capital - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning balance	348,994
Number of Shares, Granted	399,330	303,417
Number of Shares, Vested	(73,128)
Number of Shares, Forfreited	(4,049)
Number of Shares, Ending balance	671,147	303,417
Weighted Average Grant Date Fair Value, Beginning balance	$ 35.91
Weighted Average Grant Date Fair Value, Granted	42.15	$ 35.48
Weighted Average Grant Date Fair Value, Vested	35.48
Weighted Average Grant Date Fair Value, Forfeited	37.79
Weighted Average Grant Date Fair Value, Ending balance	$ 39.66	$ 35.48

Commitments and Contingencies (Details) - Asset Purchase Agreement [Member] - 1st Order Pharmaceuticals, Inc. [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2026 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

Marketable Securities - Summary of Amortized Cost, Unrealized Gain (Loss) Recognized in AOCI and Fair Value of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current	$ 549,000	$ 348,668
Unrealized Gain (Loss), Current	(120)	1,055
Fair Value, Current	548,880	349,723
Amortized Cost, Non-current	244,975	36,882
Unrealized Gain (Loss), Non-current	(101)	270
Fair Value, Non-current	244,874	37,152
Amortized Cost	793,975	385,550
Unrealized Gain (Loss)	(221)	1,325
Fair Value	793,754	386,875
Guaranteed Investment Certificates [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current	7,272	14,348
Unrealized Gain (Loss), Current	(50)	389
Fair Value, Current	7,222	14,737
U.S. Treasuries [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current	213,521	111,901
Unrealized Gain (Loss), Current	52	197
Fair Value, Current	213,573	112,098
Amortized Cost, Non-current	59,476	30,292
Unrealized Gain (Loss), Non-current	16	203
Fair Value, Non-current	59,492	30,495
Commercial Paper [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current	80,080	39,555
Unrealized Gain (Loss), Current	(33)	4
Fair Value, Current	80,047	39,559
Corporate Debt Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost, Current	248,127	182,864
Unrealized Gain (Loss), Current	(89)	465
Fair Value, Current	248,038	183,329
Amortized Cost, Non-current	185,499	6,590
Unrealized Gain (Loss), Non-current	(117)	67
Fair Value, Non-current	$ 185,382	$ 6,657

Share Capital (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Pre-Funded Warrants Activity

The following table presents pre-funded warrants activity:


	Three Months Ended March 31,
	2026			2025
Outstanding, beginning of period		2,173,081			2,173,081
Issued		877,194			—
Exercised(1)		(118,982	)		—
Outstanding, end of period		2,931,293			2,173,081

(1)

During the three months ended March 31, 2026, the Company issued 118,980 common shares upon the exercise of 118,982 pre-funded warrants pursuant to a net exercise mechanism under the warrants.

Stock Based Compensation Expenses

The following table presents the components of stock-based compensation expense:


	Three Months Ended March 31,
	2026		2025
Stock-based compensation expense by award type:
Stock options	$	14,722	$	11,666
Restricted share units (RSUs)		1,811		147
Performance share units (PSUs)		361		361
Total	$	16,894	$	12,174

Stock Option Activity

The following table presents stock option activity:


	Three Months Ended March 31,
	2026			Weighted Average Exercise Price ($)		2025			Weighted Average Exercise Price ($)
Outstanding, beginning of period		11,074,720			32.40		10,709,289			29.90
Granted		2,370,020			42.12		1,873,045			35.57
Exercised(1)		(1,376,361	)		21.87		(259,815	)		17.31
Forfeited, cancelled or expired		(57,107	)		39.33		(226,034	)		38.97
Outstanding, end of period		12,011,272			35.49		12,096,485			30.88
Exercisable, end of period		5,684,840			31.02		6,547,609			24.92

(1)

During the three months ended March 31, 2026, 510,000 (2025 – 80,086) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 459,263 (2025 – 90,187) common shares for the cashless exercise of 866,361 (2025 – 179,729) stock options.

Fair Value Assumptions for Stock Options

The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2026			2025
Average risk-free interest rate		3.79	%		4.09	%
Expected volatility		58	%		61	%
Average expected term (in years)		5.74			5.69
Expected dividend yield		0	%		0	%
Weighted average fair value of stock options granted	$	23.67		$	20.81

Schedule of PSU activity

The following table presents PSU activity:


	Three Months Ended March 31,
	2026			Weighted Average Grant Date Fair Value ($)		2025			Weighted Average Grant Date Fair Value ($)
Outstanding, beginning of period		257,450			40.61		210,000			43.90
Granted		—			—		88,550			35.48
Vested		(81,000	)		43.76		—			—
Forfeited		(1,000	)		44.37		(16,000	)		44.37
Outstanding, end of period		175,450			39.14		282,550			41.23

Schedule of RSU activity

The following table presents RSU activity:


	Three Months Ended March 31,
	2026			Weighted Average Grant Date Fair Value ($)		2025		Weighted Average Grant Date Fair Value ($)
Outstanding, beginning of period		348,994			35.91		—		—
Granted		399,330			42.15		303,417		35.48
Vested		(73,128	)		35.48		—		—
Forfeited		(4,049	)		37.79		—		—
Outstanding, end of period		671,147			39.66		303,417		35.48

Share Capital - Stock Option Activity (Parenthetical) (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock Options exercised for Number of Common Shares for cash	510,000	80,086
Common stock issued for cashless exercise	459,263	90,187
Cashless exercise of stock options	866,361	179,729

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Common Share

Net loss per common share:

The following table presents the calculation of basic and diluted net loss per common share:


	Three Months Ended March 31,
	2026			2025
Numerator:
Net loss	$	(102,302	)	$	(65,047	)

Denominator:
Common shares (weighted average)		84,998,027			76,514,422
Pre-funded warrants (weighted average)		2,347,690			2,173,081
Weighted average common shares outstanding – basic and diluted		87,345,717			78,687,503

Net loss per common share – basic and diluted	$	(1.17	)	$	(0.83	)

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 7b).

The Company reported net losses for the three months ended March 31, 2026 and 2025, and therefore excluded the potentially dilutive outstanding securities from the computation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect.

The following table summarizes potentially dilutive securities:


	Three Months Ended March 31,
	2026		2025
Stock options		12,011,272		12,096,485
PSUs		175,450		282,550
RSUs		671,147		303,417
Warrants		—		40,000
Total		12,857,869		12,722,452

Net Loss Per Common Share - Schedule of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net Income (Loss)	$ (102,302)	$ (65,047)
Denominator:
Common shares (weighted average)	84,998,027	76,514,422
Pre-funded warrants (weighted average)	2,347,690	2,173,081
Weighted average common shares outstanding - basic	87,345,717	78,687,503
Weighted average common shares outstanding - diluted	87,345,717	78,687,503
Net loss per common share - basic	$ (1.17)	$ (0.83)
Net loss per common share - diluted	$ (1.17)	$ (0.83)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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

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Collaboration Revenue	3 Months Ended
Collaboration Revenue	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Revenue	8. Collaboration revenue: In December 2019, the Company entered into a license and collaboration agreement with Neurocrine Biosciences, Inc. to develop treatments for epilepsy, as described in the Company’s 2025 Annual Report on Form 10-K. The agreement also included a multi-year research collaboration to discover, identify and develop additional novel Nav1.6 and dual Nav1.2/1.6 inhibitors, which was completed in June 2022. As part of this ongoing collaboration, in February 2025, NBI-921355 progressed into a Phase 1 first-in-human study as a potential treatment for certain types of epilepsy and a $7,500 milestone was recognized in the three months ended March 31, 2025. Consideration associated with performance 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.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 04, 2026
Cover [Abstract]
Entity Registrant Name	XENON PHARMACEUTICALS INC.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Common Stock, Shares Outstanding		96,665,550
Entity Central Index Key	0001582313
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	001-36687
Entity Tax Identification Number	98-0661854
Entity Address, Address Line One	3650 Gilmore Way
Entity Address, City or Town	Burnaby
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V5G 4W8
City Area Code	604
Local Phone Number	484-3300
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	XENE
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	Z4
Document Quarterly Report	true
Document Transition Report	false

Segment Disclosure

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Disclosure

11.

Segment disclosure:

The Company operates as a single reportable segment dedicated to drug discovery, clinical development, and commercialization of life-changing 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 chief operating decision maker and manages the Company’s operations on a consolidated basis, using net loss to assess performance and allocate resources. The accounting policies for the operating segment are the same as those disclosed in the Company’s 2025 Annual Report on Form 10-K. The measure of segment assets is reported on the condensed 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:


	Three Months Ended March 31,
	2026			2025
Collaboration revenue	$	—		$	7,500

Less:
Direct external research and development costs:
Azetukalner		47,073			31,501
Pain programs (XEN1701, XEN1120)		4,391			1,052
Pre-clinical, discovery and other programs		2,958			3,915
Personnel-related expenses		29,010			22,640
Stock-based compensation expense		16,894			12,174
Other research and development costs		4,201			3,425
Other general and administrative costs		7,801			5,531
Interest income		(6,907	)		(8,083	)
Other segment items(1)		(3,119	)		392
Net loss	$	(102,302	)	$	(65,047	)

(1)

Other segment items include foreign exchange gain and income tax (recovery) expense.

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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Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts payable and accrued liabilities consisted of the following:


	March 31,		December 31,
	2026		2025
Accounts payable	$	5,748	$	3,885

Accrued liabilities:
Employee compensation, benefits, and related accruals		7,631		14,460
Research and development		19,087		18,647
Income and other taxes		269		313
Professional fees		4,179		1,989
Other		1,340		966
Total accrued liabilities		32,506		36,375
Total	$	38,254	$	40,260

Share Capital - Schedule of PSU Activity (Details) - Performance Shares [Member] - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning balance	257,450	210,000
Number of Shares, Granted	0	88,550
Number of Shares, Vested	(81,000)
Number of Shares, Forfreited	(1,000)	(16,000)
Number of Shares, Ending balance	175,450	282,550
Weighted Average Grant Date Fair Value, Beginning balance	$ 40.61	$ 43.9
Weighted Average Grant Date Fair Value, Granted	0	35.48
Weighted Average Grant Date Fair Value, Vested	43.76
Weighted Average Grant Date Fair Value, Forfeited	44.37	44.37
Weighted Average Grant Date Fair Value, Ending balance	$ 39.14	$ 41.23

Net Loss Per Common Share - Summary of Potentially Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities (in shares)	12,857,869	12,722,452
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities (in shares)	12,011,272	12,096,485
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities (in shares)	175,450	282,550
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities (in shares)	671,147	303,417
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive outstanding securities (in shares)	0	40,000

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

The following table summarizes the fair value hierarchy levels used to determine the fair values of the Company’s cash and cash equivalents and marketable securities:


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash and money market fund, mutual funds, commercial paper and U.S. treasuries	$	522,449	$	23,418	$	—	$	545,867	$	154,659	$	44,504	$	—	$	199,163
Total cash and cash equivalents		522,449		23,418		—		545,867		154,659		44,504		—		199,163

Marketable securities:
Guaranteed investment certificates		7,222		—		—		7,222		14,737		—		—		14,737
U.S. treasuries		273,065		—		—		273,065		142,593		—		—		142,593
Commercial paper		—		80,047		—		80,047		—		39,559		—		39,559
Corporate debt securities		—		433,420		—		433,420		—		189,986		—		189,986
Total marketable securities		280,287		513,467		—		793,754		157,330		229,545		—		386,875
Total	$	802,736	$	536,885	$	—	$	1,339,621	$	311,989	$	274,049	$	—	$	586,038

Leases - Schedule of Cost Components of Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease cost:
Operating lease expense	$ 411	$ 408
Variable lease expense	$ 219	$ 200
Lease term and discount rate:
Weighted average remaining lease term (years)	5 years 6 months	6 years 2 months 12 days
Weighted average discount rate	3.70%	3.80%

Marketable Securities

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

Marketable securities:

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


	March 31, 2026							December 31, 2025
	Amortized Cost		Unrealized Gain (Loss)			Fair Value		Amortized Cost		Unrealized Gain		Fair Value
Current:
Guaranteed investment certificates	$	7,272	$	(50	)	$	7,222	$	14,348	$	389	$	14,737
U.S. treasuries		213,521		52			213,573		111,901		197		112,098
Commercial paper		80,080		(33	)		80,047		39,555		4		39,559
Corporate debt securities		248,127		(89	)		248,038		182,864		465		183,329
Total current		549,000		(120	)		548,880		348,668		1,055		349,723

Non-current:
U.S. treasuries		59,476		16			59,492		30,292		203		30,495
Corporate debt securities		185,499		(117	)		185,382		6,590		67		6,657
Total non-current		244,975		(101	)		244,874		36,882		270		37,152
Total	$	793,975	$	(221	)	$	793,754	$	385,550	$	1,325	$	386,875

Allowance for credit losses or impairment on these marketable securities has 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. The change in fair value is primarily due to changes in interest and foreign exchange rates.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 545,867	$ 199,163
Marketable securities (note 5)	548,880	349,723
Other receivables	1,165	1,371
Prepaid expenses and other current assets	10,720	10,392
Total current assets	1,106,632	560,649
Marketable securities, long-term (note 4)	244,874	37,152
Operating lease right-of-use asset, net (note 5)	6,288	6,626
Property, plant and equipment, net	8,294	8,721
Deferred tax assets	12,417	12,864
Prepaid expenses, long-term	8,305	7,151
Total assets	1,386,810	633,163
Current liabilities:
Accounts payable and accrued liabilities (note 6)	38,254	40,260
Operating lease liability (note 5)	1,561	1,532
Total current liabilities	39,815	41,792
Operating lease liability, long-term (note 5)	5,930	6,412
Other liabilities, long-term	3,246	3,199
Total liabilities	48,991	51,403
Shareholders’ equity:
Common shares, without par value; unlimited shares authorized; issued and outstanding: 96,624,123 (December 31, 2025 - 80,010,790) (note 7)	2,421,833	1,598,571
Additional paid-in capital	264,879	228,234
Accumulated deficit	(1,347,682)	(1,245,380)
Accumulated other comprehensive income (loss)	(1,211)	335
Total shareholders' equity	1,337,819	581,760
Total liabilities and shareholders’ equity	1,386,810	633,163
Commitments and contingencies (note 10)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Collaboration revenue (note 8)	$ 0	$ 7,500
Operating expenses:
Research and development	88,508	61,200
General and administrative	23,820	19,038
Total operating expenses	112,328	80,238
Loss from operations	(112,328)	(72,738)
Other income:
Interest income	6,907	8,083
Foreign exchange gain	548	35
Total other income	7,455	8,118
Loss before income taxes	(104,873)	(64,620)
Income tax recovery (expense)	2,571	(427)
Net loss	(102,302)	(65,047)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities (note 4)	(1,546)	776
Comprehensive loss	$ (103,848)	$ (64,271)
Net loss per common share (note 9):
Basic	$ (1.17)	$ (0.83)
Diluted	$ (1.17)	$ (0.83)
Weighted-average common shares outstanding (note 9):
Basic	87,345,717	78,687,503
Diluted	87,345,717	78,687,503

Share Capital

3 Months Ended

Mar. 31, 2026

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”). Pursuant to a prior prospectus, the Company sold an aggregate of 3,134,119 common shares for proceeds of $129,975, net of commissions and transaction expenses, during the period from January 1, 2026 to February 26, 2026. On February 27, 2026, a new prospectus supplement was filed replacing the prior prospectus, pursuant to which the Company refreshed the ATM Program and may sell common shares having gross proceeds of up to $400,000, from time to time.

In March 2026, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC, Jefferies LLC, TD Securities (USA) LLC, Stifel, Nicolaus & Company, Incorporated, RBC Capital Markets, LLC, and William Blair & Company, L.L.C., relating to an underwritten public offering of 12,236,843 common shares, including 1,710,526 shares sold upon the full exercise of the underwriters' over-allotment option, at a public offering price of $57.00 per common share and pre-funded warrants to purchase 877,194 common shares at $56.9999 per pre-funded warrant (note 7b), with each pre-funded warrant having an exercise price of $0.0001. The public offering was completed in March 2026, and the Company received proceeds of $707,551, net of underwriting discounts, commissions, and offering expenses.

(b)

Pre-funded warrants:

The following table presents pre-funded warrants activity:


	Three Months Ended March 31,
	2026			2025
Outstanding, beginning of period		2,173,081			2,173,081
Issued		877,194			—
Exercised(1)		(118,982	)		—
Outstanding, end of period		2,931,293			2,173,081

(1)

During the three months ended March 31, 2026, the Company issued 118,980 common shares upon the exercise of 118,982 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.

Since the pre-funded warrants meet the condition for equity classification, net proceeds from issuances of the pre-funded warrants 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 holder will be recorded in common shares. Pre-funded warrants to purchase 2,931,293 (2025 – 2,173,081) common shares are not included in the number of issued and outstanding common shares as of March 31, 2026.

(c)

Amended and Restated 2025 Inducement Equity Incentive Plan:

In November 2025, the board of directors of the Company adopted Amended and Restated 2025 Inducement Equity Incentive Plan. Pursuant to the terms of the Amended and Restated 2025 Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted share units, restricted stock, and performance share units as an inducement material to individuals being hired, or rehired following a bona fide period of interruption of employment, as an employee of the Company or any of its subsidiaries, and its terms are substantially similar to the Company’s Amended and Restated 2014 Equity Incentive Plan, including with respect to treatment of equity awards in the event of a “merger” or “change of control” as defined under the 2025 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 Company has reserved 900,000 common shares for issuance under the Amended and Restated 2025 Inducement Plan. In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek approval of the Amended and Restated 2025 Inducement Plan by its shareholders. On April 7, 2026, the Company amended and restated the Amended and Restated 2025 Inducement Equity Incentive Plan to increase the aggregate number of common shares reserved for issuance from 900,000 shares to 1,175,000 shares.

(d)

Stock-based compensation:

The following table presents the components of stock-based compensation expense:


	Three Months Ended March 31,
	2026		2025
Stock-based compensation expense by award type:
Stock options	$	14,722	$	11,666
Restricted share units (RSUs)		1,811		147
Performance share units (PSUs)		361		361
Total	$	16,894	$	12,174

Stock Options

The following table presents stock option activity:


	Three Months Ended March 31,
	2026			Weighted Average Exercise Price ($)		2025			Weighted Average Exercise Price ($)
Outstanding, beginning of period		11,074,720			32.40		10,709,289			29.90
Granted		2,370,020			42.12		1,873,045			35.57
Exercised(1)		(1,376,361	)		21.87		(259,815	)		17.31
Forfeited, cancelled or expired		(57,107	)		39.33		(226,034	)		38.97
Outstanding, end of period		12,011,272			35.49		12,096,485			30.88
Exercisable, end of period		5,684,840			31.02		6,547,609			24.92

(1)

The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Three Months Ended March 31,
	2026			2025
Average risk-free interest rate		3.79	%		4.09	%
Expected volatility		58	%		61	%
Average expected term (in years)		5.74			5.69
Expected dividend yield		0	%		0	%
Weighted average fair value of stock options granted	$	23.67		$	20.81

As of March 31, 2026, the unrecognized stock-based compensation expense related to unvested stock options was $137,568, which is expected to be recognized over 2.93 years.

RSUs

The following table presents RSU activity:


	Three Months Ended March 31,
	2026			Weighted Average Grant Date Fair Value ($)		2025		Weighted Average Grant Date Fair Value ($)
Outstanding, beginning of period		348,994			35.91		—		—
Granted		399,330			42.15		303,417		35.48
Vested		(73,128	)		35.48		—		—
Forfeited		(4,049	)		37.79		—		—
Outstanding, end of period		671,147			39.66		303,417		35.48

RSUs generally vest annually over a one-year period for directors and a four-year period for employees and officers, subject to continued service on each vesting date. As of March 31, 2026, the unrecognized stock-based compensation expense related to unvested RSUs was $24,882, which is expected to be recognized over 3.50 years.

PSUs

The following table presents PSU activity:


	Three Months Ended March 31,
	2026			Weighted Average Grant Date Fair Value ($)		2025			Weighted Average Grant Date Fair Value ($)
Outstanding, beginning of period		257,450			40.61		210,000			43.90
Granted		—			—		88,550			35.48
Vested		(81,000	)		43.76		—			—
Forfeited		(1,000	)		44.37		(16,000	)		44.37
Outstanding, end of period		175,450			39.14		282,550			41.23

PSUs vest upon the achievement of certain predefined company-specific performance-based criteria, subject to continued employment to each performance objective achievement date.

As of March 31, 2026, there was no unrecognized stock-based compensation expense related to unvested PSUs that is probable to be achieved. There is $6,867 of unrecognized stock-compensation expense related to PSUs that is not considered probable to be achieved. The recognition of these expenses is subject to the achievement of the performance-based criteria, which are reassessed at each reporting date.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of Cost Components of Operating Lease

Leases

3 Months Ended

Mar. 31, 2026

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 65-month operating lease for office space in Needham, Massachusetts, which commenced in October 2022. There is 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 following table presents supplemental operating leases information:


	Three Months Ended March 31,
	2026			2025
Lease cost:
Operating lease expense	$	411		$	408
Variable lease expense(1)		219			200
Lease term and discount rate:
Weighted average remaining lease term (years)		5.5			6.2
Weighted average discount rate		3.7	%		3.8	%

(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 as of March 31, 2026 were as follows:


Year ending December 31:
2026	$	1,351
2027		1,773
2028		1,072
2029		1,122
2030		1,160
2031 and thereafter		1,797
Total future minimum lease payments	$	8,275
Less: imputed interest		(784	)
Present value of lease liabilities	$	7,491

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

The following table presents supplemental operating leases information:


	Three Months Ended March 31,
	2026			2025
Lease cost:
Operating lease expense	$	411		$	408
Variable lease expense(1)		219			200
Lease term and discount rate:
Weighted average remaining lease term (years)		5.5			6.2
Weighted average discount rate		3.7	%		3.8	%

(1)

Future Minimum Lease Payments

Future minimum lease payments as of March 31, 2026 were as follows:


Year ending December 31:
2026	$	1,351
2027		1,773
2028		1,072
2029		1,122
2030		1,160
2031 and thereafter		1,797
Total future minimum lease payments	$	8,275
Less: imputed interest		(784	)
Present value of lease liabilities	$	7,491

Share Capital - Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Number of Options Outstanding, Beginning balance	11,074,720	10,709,289
Number of Options, Granted	2,370,020	1,873,045
Number of Options, Exercised	(1,376,361)	(259,815)
Number of Options, Forfeited, cancelled or expired	(57,107)	(226,034)
Number of Options Outstanding, Ending balance	12,011,272	12,096,485
Number of Options Exercisable, End of period	5,684,840	6,547,609
Weighted Average Exercise Price Outstanding, Beginning of period	$ 32.4	$ 29.9
Weighted Average Exercise Price, Granted	42.12	35.57
Weighted Average Exercise Price, Exercised	21.87	17.31
Weighted Average Exercise Price, Forfeited, cancelled and expired	39.33	38.97
Weighted Average Exercise Price Outstanding, End of period	35.49	30.88
Weighted Average Exercise Price, Exercisable, End of period	$ 31.02	$ 24.92

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		2 Months Ended	3 Months Ended
	Feb. 27, 2026	Mar. 31, 2026	Nov. 30, 2025	Feb. 26, 2026	Mar. 31, 2026	Apr. 07, 2026	Mar. 31, 2025
Share Capital [Line Items]
Warrants outstanding to purchase common stock		2,931,293			2,931,293		2,173,081
Warrants exercise price per common share		$ 0.0001			$ 0.0001
Unrecognized stock-based compensation cost not to be achieved		$ 137,568			$ 137,568
Unrecognized stock-based compensation expected to be recognized over a period					2 years 11 months 4 days
Amended and Restated 2025 Inducement Plan
Share Capital [Line Items]
Common shares reserved for issuance			900,000
Minimum [Member] \| 2025 Inducement Equity Incentive Plan
Share Capital [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance						900,000
Maximum [Member] \| 2025 Inducement Equity Incentive Plan
Share Capital [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance						1,175,000
Common Shares [Member]
Share Capital [Line Items]
Shares issued					15,370,962
Jefferies and Stifel [Member] \| ATM [Member]
Share Capital [Line Items]
Sale proceeds of common shares				$ 129,975
Jefferies and Stifel [Member] \| ATM [Member] \| Maximum [Member]
Share Capital [Line Items]
Gross proceeds from issuable of common stock	$ 400,000
Jefferies and Stifel [Member] \| ATM [Member] \| Common Shares [Member]
Share Capital [Line Items]
Shares issued				3,134,119
J P Morgan Securities LLC Jefferies LLC Td Securities USA LLC Stifel Nicolaus And Company Incorporated RBC Capital Markets LLC And William Blair And Company L L C \| Underwritten Public Offering [Member]
Share Capital [Line Items]
Warrants outstanding to purchase common stock		877,194			877,194
Shares issued		12,236,843
Warrants issued price per pre funded warrant		$ 56.9999			$ 56.9999
Shares price		57			57
Warrants exercise price per common share		$ 0.0001			$ 0.0001
Sale proceeds of common shares					$ 707,551
J P Morgan Securities LLC Jefferies LLC Td Securities USA LLC Stifel Nicolaus And Company Incorporated RBC Capital Markets LLC And William Blair And Company L L C \| Over-Allotment Option [Member]
Share Capital [Line Items]
Shares issued		1,710,526
Performance Share Units (PSUs)
Share Capital [Line Items]
Unrecognized stock-based compensation cost to be achieved		$ 0			0
Unrecognized stock-based compensation cost not to be achieved		6,867			6,867
Restricted share units (RSUs)
Share Capital [Line Items]
Unrecognized stock-based compensation cost not to be achieved		$ 24,882			$ 24,882
Unrecognized stock-based compensation expected to be recognized over a period					3 years 6 months

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair value of financial instruments:

The fair value hierarchy consists of the following three levels:

•

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.

The carrying amounts of cash and cash equivalents, other receivables, and accounts payable and accrued liabilities approximate their fair value due to the nature and short-term maturity of these instruments.

The following table summarizes the fair value hierarchy levels used to determine the fair values of the Company’s cash and cash equivalents and marketable securities:


	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Cash and cash equivalents:
Cash and money market fund, mutual funds, commercial paper and U.S. treasuries	$	522,449	$	23,418	$	—	$	545,867	$	154,659	$	44,504	$	—	$	199,163
Total cash and cash equivalents		522,449		23,418		—		545,867		154,659		44,504		—		199,163

Marketable securities:
Guaranteed investment certificates		7,222		—		—		7,222		14,737		—		—		14,737
U.S. treasuries		273,065		—		—		273,065		142,593		—		—		142,593
Commercial paper		—		80,047		—		80,047		—		39,559		—		39,559
Corporate debt securities		—		433,420		—		433,420		—		189,986		—		189,986
Total marketable securities		280,287		513,467		—		793,754		157,330		229,545		—		386,875
Total	$	802,736	$	536,885	$	—	$	1,339,621	$	311,989	$	274,049	$	—	$	586,038

The fair values of the Company’s 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 March 31, 2026 and December 31, 2025, the Company did not hold any securities classified as Level 3 and there were no securities transferred between Level 1 and Level 2.

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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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (102,302)	$ (65,047)

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

Summary of Net Loss Related To Segment Expenses

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (102,302)	$ (65,047)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest receivable and accretion of discounts on marketable securities	(877)	2,947
Depreciation of property plant and equipment	587	659
Non-cash operating lease expense	338	322
Deferred income tax expense (recovery)	447	(1,213)
Stock-based compensation expense	16,894	12,174
Unrealized foreign exchange (gain) loss	(204)	182
Realized (gain) loss on marketable securities	(400)	518
Changes in operating assets and liabilities:
Other receivables	205	(7,178)
Prepaid expenses and other current assets	(1,482)	(926)
Accounts payable and accrued liabilities	(1,801)	(3,783)
Operating lease liability	(349)	(307)
Other liabilities	47	0
Net cash used in operating activities	(88,897)	(61,652)
Investing activities:
Purchases of property, plant and equipment	(133)	(43)
Purchases of marketable securities	(505,652)	(131,239)
Proceeds from marketable securities	98,503	165,792
Net cash provided by (used in) investing activities	(407,282)	34,510
Financing activities:
Proceeds from offerings, net	837,526
Proceeds from exercise of stock options	5,487	1,151
Net cash provided by financing activities	843,013	1,151
Effect of exchange rate changes on cash and cash equivalents	(130)	(64)
Increase (decrease) in cash and cash equivalents	346,704	(26,055)
Cash and cash equivalents, beginning of period	199,163	142,712
Cash and cash equivalents, end of period	545,867	116,657
Supplemental disclosure of cash paid:
Operating lease	439	420
Supplemental disclosures of non-cash transactions:
Fair value of stock options and pre-funded warrants exercised on a cashless basis	$ 17,644	$ 2,085

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common shares, without par value
Common shares, shares authorized	Unlimited	Unlimited
Common shares, Issued	96,624,123	80,010,790
Common shares, Outstanding	96,624,123	80,010,790

Fair Value of Financial Instruments - Schedule of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	$ 545,867	$ 199,163
Marketable securities	793,754	386,875
Financial assets	1,339,621	586,038
Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	522,449	154,659
Financial assets	802,736	311,989
Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	23,418	44,504
Financial assets	536,885	274,049
Cash, Money Market Fund Mutual Funds Commercial Paper and U.S. Treasuries [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	545,867	199,163
Cash, Money Market Fund Mutual Funds Commercial Paper and U.S. Treasuries [Member] \| Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	522,449	154,659
Cash, Money Market Fund Mutual Funds Commercial Paper and U.S. Treasuries [Member] \| Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Cash and cash equivalents	23,418	44,504
Recurring Basis [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	793,754	386,875
Recurring Basis [Member] \| Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	280,287	157,330
Recurring Basis [Member] \| Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	513,467	229,545
Recurring Basis [Member] \| Guaranteed Investment Certificates [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	7,222	14,737
Recurring Basis [Member] \| Guaranteed Investment Certificates [Member] \| Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	7,222	14,737
Recurring Basis [Member] \| U.S. Treasuries [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	273,065	142,593
Recurring Basis [Member] \| U.S. Treasuries [Member] \| Level 1 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	273,065	142,593
Recurring Basis [Member] \| Commercial Paper [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	80,047	39,559
Recurring Basis [Member] \| Commercial Paper [Member] \| Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	80,047	39,559
Recurring Basis [Member] \| Corporate Debt Securities [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	433,420	189,986
Recurring Basis [Member] \| Corporate Debt Securities [Member] \| Level 2 [Member]
Financial Assets Measured at Fair Value on a Recurring Basis [Line Items]
Marketable securities	$ 433,420	$ 189,986

Segment Disclosure (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

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


	Three Months Ended March 31,
	2026			2025
Collaboration revenue	$	—		$	7,500

Less:
Direct external research and development costs:
Azetukalner		47,073			31,501
Pain programs (XEN1701, XEN1120)		4,391			1,052
Pre-clinical, discovery and other programs		2,958			3,915
Personnel-related expenses		29,010			22,640
Stock-based compensation expense		16,894			12,174
Other research and development costs		4,201			3,425
Other general and administrative costs		7,801			5,531
Interest income		(6,907	)		(8,083	)
Other segment items(1)		(3,119	)		392
Net loss	$	(102,302	)	$	(65,047	)

(1)

Other segment items include foreign exchange gain and income tax (recovery) expense.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

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 March 31, 2026, 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)

Legal contingencies:

From time to time, the Company is subject to claims and legal proceedings arising in the ordinary course of business, and such claims, individually or in the aggregate, are not likely to have a material adverse effect on the Company’s condensed consolidated financial statements.

(c)

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.

Nature of the Business (Details) - USD ($) $ in Thousands	3 Months Ended
Nature of the Business (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 1,347,682		$ 1,245,380
Net loss	102,302	$ 65,047
Cash and cash equivalents and marketable securities	$ 1,339,621

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

Investments, Debt and Equity Securities [Abstract]

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Loss [Member]
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
Net loss for the period	(65,047)			(65,047)
Stock-based compensation expense	12,174		12,174
Issuance of common shares pursuant to equity incentive plans	1,151	$ 4,014	(2,863)
Issuance of common shares pursuant to equity incentive plans (in shares)		170,273
Other comprehensive income (loss)	776				776
Balance at Mar. 31, 2025	703,957	$ 1,460,850	208,460	(964,517)	(836)
Balance (in Shares) at Mar. 31, 2025		76,586,359
Balance at Dec. 31, 2025	581,760	$ 1,598,571	228,234	(1,245,380)	335
Balance (in Shares) at Dec. 31, 2025		80,010,790
Net loss for the period	(102,302)			(102,302)
Stock-based compensation expense	16,894		16,894
Issuance of common shares and pre-funded warrants, net	837,526	$ 790,198	47,328
Issuance of common shares and pre-funded warrants, net		15,370,962
Exercise of pre-funded warrants (in shares)		118,980
Exercise of pre-funded warrants		$ 3,296	(3,296)
Issuance of common shares pursuant to equity incentive plans	5,487	$ 29,768	(24,281)
Issuance of common shares pursuant to equity incentive plans (in shares)		1,123,391
Other comprehensive income (loss)	(1,546)				(1,546)
Balance at Mar. 31, 2026	$ 1,337,819	$ 2,421,833	$ 264,879	$ (1,347,682)	$ (1,211)
Balance (in Shares) at Mar. 31, 2026		96,624,123

Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 5,748	$ 3,885
Accrued liabilities
Employee compensation, benefits, and related accruals	7,631	14,460
Research and development	19,087	18,647
Income and other taxes	269	313
Professional fees	4,179	1,989
Other	1,340	966
Total accrued liabilities	32,506	36,375
Total	$ 38,254	$ 40,260

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

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

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


	March 31, 2026							December 31, 2025
	Amortized Cost		Unrealized Gain (Loss)			Fair Value		Amortized Cost		Unrealized Gain		Fair Value
Current:
Guaranteed investment certificates	$	7,272	$	(50	)	$	7,222	$	14,348	$	389	$	14,737
U.S. treasuries		213,521		52			213,573		111,901		197		112,098
Commercial paper		80,080		(33	)		80,047		39,555		4		39,559
Corporate debt securities		248,127		(89	)		248,038		182,864		465		183,329
Total current		549,000		(120	)		548,880		348,668		1,055		349,723

Non-current:
U.S. treasuries		59,476		16			59,492		30,292		203		30,495
Corporate debt securities		185,499		(117	)		185,382		6,590		67		6,657
Total non-current		244,975		(101	)		244,874		36,882		270		37,152
Total	$	793,975	$	(221	)	$	793,754	$	385,550	$	1,325	$	386,875

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

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
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-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