Xenon制药 2025年度报告

April 2026 To Our Shareholders: 2025 was a year of tremendous momentum across Xenon’s innovative therapeutic pipeline andsignificant progress on our path toward becoming a fully integrated neuroscience company. Within our epilepsy program, 2025 saw the completion of enrollment in our Phase 3 X-TOLE2clinical study evaluating azetukalner in patients with focal onset seizures (FOS). This was followed inMarch 2026 by the announcement of positive topline data from X-TOLE2 that showed, to our knowledge,the highest placebo-adjusted efficacy ever observed in a pivotal FOS study. The magnitude of effect andfavorable safety profile seen in X-TOLE2, along with azetukalner’s differentiated mechanism of actionand ease-of-use attributes, give us confidence in its potential to become a preferred medication forpatients living with uncontrolled seizures. The delivery of our X-TOLE2 data marked a significantmilestone on Xenon’s path toward our first commercial launch, and we are working towards submissionof a New Drug Application to the U.S. Food and Drug Administration in the third quarter of 2026. Also in 2025, we were pleased to present 48-month data from our ongoing X-TOLE open-labelextension (OLE) trial of azetukalner in FOS at the American Epilepsy Society meeting. Our more than775 patient-years of exposure data in the OLE continue to show sustained monthly reduction in seizurefrequency and impressive seizure freedom rates in patients with epilepsy. Additionally, our second Phase3 study of azetukalner in FOS, as well as our Phase 3 study of azetukalner in primary generalized tonic-clonic seizures, continued to enroll patients. During 2025 we also progressed our clinical evaluations of azetukalner in two neuropsychiatricindications: major depressive disorder (MDD) and bipolar depression (BPD). We are currently enrollingpatients in our Phase 3 X-NOVA2 and X-NOVA3 studies evaluating azetukalner in MDD, with toplinedata from X-NOVA2 expected in the first half of 2027, and we have initiated our Phase 3 X-CEED studyevaluating azetukalner in BPD. Beyond azetukalner, we have continued to expand our portfolio of ion channel modulators in ourpre-clinical and early clinical-stage programs. Highlights from 2025 include the initiation of Phase 1studies of XEN1701, targeting Nav1.7, and XEN1120, targeting Kv7. Completion of those studies isexpected in 2026 to support initiating Phase 2 proof-of-concepts studies of both molecules in acute pain. Based on a strong cash position, reinforced by a nearly $750 million capital raise in March 2026,and the tremendous efforts of our dedicated employees, we are well positioned to continue to advance ourpipeline as we prepare for commercialization, bringing us closer to delivering much-needed newmedicines to patients in need. We thank you, our shareholders, for your ongoing support of our mission. /s/ Dawn SvoronosDawn SvoronosChair of the Board /s/ Ian C. MortimerIan C. MortimerPresident & Chief Executive Officer UNITED STATES (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 FOR THE TRANSITION PERIOD FROMTOCommission File Number 001-36687 XENON PHARMACEUTICALS INC. (Exact Name of Registrant as Specified in its Charter) Canada(State or other jurisdiction ofincorporation or organization)200-3650 Gilmore WayBurnaby, British Columbia(Address of principal executive offices) Registrant’s telephone number, including area code: (604) 484-3300 Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☒NO☐ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days. YES☒NO☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submitsuch files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerginggrowth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ Accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to us