On Tuesday, 10 June 2025, Xenon Pharmaceuticals (NASDAQ:XENE) presented at the Goldman Sachs 46th Annual Global Healthcare Conference 2025. The company outlined its strategic focus on advancing clinical programs for its lead molecule, Zeto counter, in epilepsy and major depressive disorder (MDD). While the company is optimistic about its clinical and commercial prospects, challenges remain in executing its ambitious plans.
Key Takeaways
- Xenon is advancing its lead molecule, Zeto counter, with a focus on epilepsy and MDD.
- The company expects Phase III data for Zetucalder in focal onset seizures by early 2026.
- Xenon plans to build a commercial infrastructure in the US, seeking partners for ex-US markets.
- A strong cash position extends the company’s financial runway into 2027.
- Xenon is exploring the potential of Zeto counter in bipolar depression.
Financial Results
- Cash Position and Runway:
- Xenon ended Q1 with just under $700 million.
- The company projects a cash runway extending into 2027, covering all planned clinical trials and drug discovery efforts.
- Commercialization Strategy:
- Plans to establish a US commercial infrastructure for AZET2 Calynur.
- Seeking partnerships for market access outside the US.
Operational Updates
- Zeto Counter (Epilepsy):
- EXTOL-2 (Phase III in focal onset seizures) nearing completion, with data expected in early 2026.
- XTOL-3 enrolling at various centers, similar criteria as XTOL-2.
- EXACT (Phase III in Primary Generalized Tonoclonic Seizures) facing longer enrollment due to patient scarcity.
- Zeto Counter (MDD):
- ExNova 2 (Phase III) active in approximately 50 US centers, with guidance expected soon.
- ExNova 3 to start at different centers, including some outside the US.
- Zeto Counter (Bipolar Depression):
- Phase III program set to begin mid-year.
Future Outlook
- Clinical Data Readouts:
- Significant milestones expected during the cash runway, with epilepsy data anticipated in early 2026.
- Pipeline Development:
- Focus on advancing KV7 molecules, Nav1.7 inhibitors, and Nav1.1 potentiators.
- Market Expansion:
- Exploring partnerships for ex-US markets.
- Commercial Launch:
- Aiming for AZET2 Calynur commercialization by late 2026 or 2027.
Q&A Highlights
- Commercial Strategy:
- Xenon to build US infrastructure and seek ex-US partners.
- Investment in MSLs to enhance presence in the epilepsy community.
- Pricing:
- Epilepsy drugs typically priced in the specialty neurology range.
- Similar pricing expected for branded drugs in epilepsy and depression.
- Competition:
- Xenon anticipates being one of two branded drugs available, alongside XCOPRI.
For more detailed insights, readers are encouraged to refer to the full conference call transcript.
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