Xenon Pharmaceuticals
XENE on Nasdaq. Xenon Pharmaceuticals develops medicines for people with brain and nerve disorders. Market value $3.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-9.30 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$37.57 a share, 4% above its 1-year low
Over the past year the price has ranged from $36.07 to $72.66.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $18m | $9m | $0 | $0 | $8m |
| Operating margin | |||||
| Operating margin | -428.4% | -1368.9% | n/a | n/a | -4974.3% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.07bn | 0.08bn | 0.08bn | 0.10bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsShrinking, 25.3% a year
- Buying back its own sharesNo, 55% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $111 million, compared with a loss of $85 million a year ago.
- Over the past 12 months it spent $339 million more cash than it brought in, compared with $232 million a year earlier.
- 26% more shares than a year ago. Each share owns a bit less of the company.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $0 |
| December 2024 | $0 |
| March 2025 | $8m |
| June 2025 | $0 |
| September 2025 | $0 |
| December 2025 | $0 |
| March 2026 | $0 |
| June 2026 | $0 |
| Quarter to | Amount |
|---|---|
| September 2024 | -$63m |
| December 2024 | -$66m |
| March 2025 | -$65m |
| June 2025 | -$85m |
| September 2025 | -$91m |
| December 2025 | -$105m |
| March 2026 | -$102m |
| June 2026 | -$111m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, up from 0 last quarter. 315 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $4m | <0.1% | New |
Largest holders overall
- FMR$582mCut
- BlackRock$454mAdded
- Avoro Capital Advisors$349m
- Polar Capital Holdings$276mAdded
- Driehaus Capital Management$267m
- Jupiter Topco$253m
- Price T Rowe Associates$196mAdded
- JPMorgan Chase$157mAdded
- Capital International Investors$143mCut
- T. Rowe Price Investment Management$131mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- FMR LLCPassive investorat least 10.3%+0.4 pts(filed with 1 related holder)Since 31 July 2026
- Avoro Capital Advisors LLCPassive investorat least 6.3%(filed with 1 related holder)Since 31 March 2026
- BlackRock, Inc.Passive investor6.2%Since 30 June 2025
- Wellington Management Company LLPPassive investor6.0%Since 31 December 2025
- DRIEHAUS CAPITAL MANAGEMENT LLCPassive investorSold down below 5%Since 31 December 2025
- JANUS HENDERSON GROUP PLCPassive investorSold down below 5%Since 31 March 2026
- Wellington Management Group LLPPassive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 10.3%+0.4 pts (filed with 1 related holder) | 31 July 2026 | |
Avoro Capital Advisors LLC Passive investor | at least 6.3% (filed with 1 related holder) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.2% | 30 June 2025 | |
Wellington Management Company LLP Passive investor | 6.0% | 31 December 2025 | |
DRIEHAUS CAPITAL MANAGEMENT LLC Passive investor | Sold down below 5% | 31 December 2025 | |
JANUS HENDERSON GROUP PLC Passive investor | Sold down below 5% | 31 March 2026 | |
Wellington Management Group LLP Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $2m of shares on the open market. 6 sold $22m, $21m of it under preset trading plans.
- Kelly Thomas PatrickChief Financial OfficerBought
- Date
- 30 September 2026
- Shares
- 15,000
- Price
- $37.32
- Value
- $559,740
- MORTIMER IANPRESIDENT & CEO, DirectorBought
- Date
- 30 September 2026
- Shares
- 30,000
- Price
- $37.38
- Value
- $1m
- KENNEY CHRISTOPHER JOHNChief Medical OfficerSoldunder a preset trading plan
- Date
- 28 August 2026
- Shares
- 7,068
- Price
- $60.25
- Value
- $425,829
- GANNON STEVENDirectorSold
- Date
- 11 August 2026
- Shares
- 10,000
- Price
- $64.06
- Value
- $640,550
- PATOU GARYDirectorSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 1,322
- Price
- $53.14
- Value
- $70,251
- Cannon GillianDirectorSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 1,190
- Price
- $53.14
- Value
- $63,237
- KENNEY CHRISTOPHER JOHNChief Medical OfficerSoldunder a preset trading plan
- Date
- 13 March 2026
- Shares
- 1,410
- Price
- $55.23
- Value
- $77,874
- DiFabio AndreaChief Legal OfficerSoldunder a preset trading plan
- Date
- 13 March 2026
- Shares
- 1,342
- Price
- $55.23
- Value
- $74,119
- MORTIMER IANPRESIDENT & CEO, DirectorSoldunder a preset trading plan
- Date
- 13 March 2026
- Shares
- 7,308
- Price
- $55.23
- Value
- $403,621
- KENNEY CHRISTOPHER JOHNChief Medical OfficerSoldunder a preset trading plan
- Date
- 10 March 2026
- Shares
- 2,771
- Price
- $60.11
- Value
- $166,565
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 30 September 2026 | Kelly Thomas Patrick Chief Financial Officer | Bought | 15,000 | $37.32 | $559,740 |
| 30 September 2026 | MORTIMER IAN PRESIDENT & CEO, Director | Bought | 30,000 | $37.38 | $1m |
| 28 August 2026 | KENNEY CHRISTOPHER JOHN Chief Medical Officer | Sold under a preset trading plan | 7,068 | $60.25 | $425,829 |
| 11 August 2026 | GANNON STEVEN Director | Sold | 10,000 | $64.06 | $640,550 |
| 5 June 2026 | PATOU GARY Director | Sold under a preset trading plan | 1,322 | $53.14 | $70,251 |
| 5 June 2026 | Cannon Gillian Director | Sold under a preset trading plan | 1,190 | $53.14 | $63,237 |
| 13 March 2026 | KENNEY CHRISTOPHER JOHN Chief Medical Officer | Sold under a preset trading plan | 1,410 | $55.23 | $77,874 |
| 13 March 2026 | DiFabio Andrea Chief Legal Officer | Sold under a preset trading plan | 1,342 | $55.23 | $74,119 |
| 13 March 2026 | MORTIMER IAN PRESIDENT & CEO, Director | Sold under a preset trading plan | 7,308 | $55.23 | $403,621 |
| 10 March 2026 | KENNEY CHRISTOPHER JOHN Chief Medical Officer | Sold under a preset trading plan | 2,771 | $60.11 | $166,565 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 25.3% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.