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Drug manufacturers · Healthcare · Fiscal year ends Dec 31
Xenon Pharmaceuticals reported revenue of $8M in the fiscal year ended Dec 2025. Operating income was −$373M, an operating margin of −4974.3%, and net income was −$346M. Operating cash flow of −$279M less capital expenditure of $799,000 left free cash flow of −$280M.
Ranks among the 78 drug manufacturers companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 18.4 | 9.4 | 0.0 | 0.0 | 7.5 |
| Research & development | 75.5 | 106 | 168 | 210 | 301 |
| Operating income | −79.0 | −129 | −214 | −279 | −373 |
| Pre-tax income | −78.9 | −125 | −183 | −238 | −345 |
| Income tax | −0.0 | 0.1 | −0.3 | −4.1 | 1.0 |
| Net income | −78.9 | −125 | −182 | −234 | −346 |
| Diluted EPS | −1.77 | −2.06 | −2.73 | −3.01 | −4.36 |
| Diluted shares | 43.6 | 60.5 | 66.9 | 77.9 | 79.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 176 | 57.2 | 149 | 143 | 199 |
| Receivables | 2.8 | 1.0 | 0.9 | 1.5 | – |
| Current assets | 559 | 600 | 645 | 635 | 561 |
| Net PP&E | 4.5 | 6.5 | 9.7 | 10.3 | 8.7 |
| Total assets | 572 | 754 | 965 | 798 | 633 |
| Payables | 3.8 | 8.5 | 8.6 | 5.1 | 3.9 |
| Current liabilities | 14.3 | 22.7 | 27.3 | 35.6 | 41.8 |
| Total liabilities | 22.0 | 32.6 | 36.9 | 43.2 | 51.4 |
| Shareholders' equity | 550 | 721 | 928 | 755 | 582 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −69.5 | −101 | −151 | −181 | −279 |
| Capital expenditure | 2.1 | 2.9 | 5.6 | 3.1 | 0.8 |
| Free cash flow | −71.6 | −104 | −157 | −184 | −280 |
| Depreciation & amortisation | 0.9 | 1.4 | 2.1 | 2.6 | 2.5 |
| Stock-based compensation | 10.0 | 20.4 | 32.4 | 50.7 | 53.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −48.8% | −100.0% | – | – |
| Operating margin | −428.4% | −1368.9% | – | – | −4974.3% |
| Net margin | −427.8% | −1328.9% | – | – | −4612.1% |
| Return on equityBlank when equity is negative | −14.3% | −17.4% | −19.7% | −31.0% | −59.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −14.2% | −17.7% | −22.8% | −36.6% | −63.1% |
| Free cash flow margin | −388.1% | −1101.6% | – | – | −3732.2% |
| Cash conversion (CFO ÷ net income) | 0.88x | 0.81x | 0.83x | 0.77x | 0.81x |
| Receivable days | 55 | 38 | – | – | – |
| Current ratio | 39.0x | 26.4x | 23.6x | 17.8x | 13.4x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.