XENEXenon Pharmaceuticals Inc.

Pharmaceutical Preparations

Revenue: $8M
Operating margin: -4974.3%
EBITDA: −$371M; 34% YoY
Market cap: $3.6B
Employees: 370; $20K revenue each
Net debt / EBITDA: —; −$109M net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
716% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$20K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 29th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$20M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$18M	$9M	$0	$0	$8M
Operating income	−$79M	−$129M	−$214M	−$279M	−$373M	34%
Net income	−$79M	−$125M	−$182M	−$234M	−$346M	48%
Operating cash flow	−$70M	−$101M	−$151M	−$181M	−$279M	54%
Capex	$2M	$3M	$6M	$3M	$799K	74%
Stock-based comp	$10M	$20M	$32M	$51M	$54M	5.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 2
Open-market sells, 12 mo: $22M · 26
Net: −$20M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	291	120
FY2024	—	—	255	91
FY2023	—	—	299	92
FY2022	—	—	256	89
FY2021	—	—	203	99