On this page of StockholderLetter.com we present the 4/27/2023 shareholder letter from Xenon Pharmaceuticals Inc. — ticker symbol XENE. Reading current and past XENE letters to shareholders can bring important insights into the investment thesis.

 •  4/27/2023 Letter Continued (Full PDF)
 •  4/26/2024 XENE Stockholder Letter
 •  4/24/2025 XENE Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  XENE Benford's Law Stock Score = 45

XENE 4/27/2023 Shareholder/Stockholder Letter Transcript:

XENON PHARMACEUTICALS INC.
2022 ANNUAL REPORT


To Our Shareholders:
We are proud to report to Xenon   s shareholders on the meaningful progress made across the business in 2022.
We believe that the release of topline data from our XEN1101 Phase 2b X-TOLE clinical trial marked a key
inflection point, and the months subsequent to this milestone event represent a truly transformational period for
Xenon.
Xenon   s lead candidate, XEN1101, represents the most advanced potassium channel, or Kv7, modulator in
clinical development for multiple indications, with promising clinical efficacy data supporting its advancement.
With an estimated three million adults living with epilepsy in the U.S. alone, there remains a large unmet need
for new, differentiated therapeutic options that improve upon existing anti-seizure medications.
Data from the X-TOLE clinical trial demonstrated impressive efficacy when evaluating XEN1101 as a
treatment of focal onset seizures. Additionally, these data signaled activity of XEN1101 in the central nervous
system, which supported Xenon   s plans to develop XEN1101 in other indications, including in the additional
epilepsy indication of primary generalized tonic clonic seizures and major depressive disorder (MDD).
Our key focus in 2022 was to advance XEN1101 into Phase 3 development and further broaden its development
beyond focal onset seizures. The Xenon team successfully completed an    End-of-Phase 2    meeting with the
U.S. Food and Drug Administration by mid-year and subsequently initiated our ambitious Phase 3 development
program for XEN1101 in both focal onset seizures and primary generalized tonic clonic seizures.
Xenon continues to build on its position as a leader in epilepsy and the Kv7 space. The end of 2022 marked a
significant presence and showcasingof XEN1101 at AES 2022, which is the annual meeting of the American
Epilepsy Society and represents the premier annual scientific conference dedicated to epilepsy advancements.
We had the opportunity to present additional XEN1101 clinical data from X-TOLE and the X-TOLE open-label
extension study, further supporting our continued confidence in the promise of XEN1101.
Further, based on promising pre-clinical data and published clinical data from an earlier-generation Kv7 drug,
we initiated our Phase 2 X-NOVA proof-of-concept clinical trial evaluating XEN1101 in MDD. In parallel, we
are collaborating with the Icahn School of Medicine at Mount Sinai to support an ongoing investigatorsponsored XEN1101 Phase 2 proof-of-concept study in MDD.
In addition to the ongoing successful execution of our Phase 3 XEN1101 development program and MDD
studies, we have supported further research into rare, pediatric epilepsy programs, including our partnered
program with Neurocrine Biosciences in SCN8A-epilepsy. Our collaborators at Neurocrine are also studying
NBI-921352 in adult patients with focal epilepsy.
We continue to position Xenon to be a leader in small molecule ion channel drug discovery. Our research team
is dedicated to building a robust pipeline of pre-clinical candidates related to several sodium and potassium
channel targets, and we expect to highlight these novel pre-clinical programs as they advance into development.

Within the capital markets, we successfully completed a follow-on public offering in June 2022, and we believe
our strong cash position, supported by prudent fiscal management, allows us to fully support the completion of
our XEN1101 Phase 3 epilepsy studies.
Overall, we believe XEN1101 has a profile that compares favorably to medicines currently available for focal
onset epilepsy patients. Our market research strongly suggests that prescribing physicians are seeking new,
differentiated therapeutic options that improve upon existing anti-seizure medications. Looking ahead, we are
driven to execute on our robust XEN1101 Phase 3 epilepsy program.
We are grateful to all of our employees who are committed to Xenon   s mission to deliver new neurology
therapeutics to patients in need. We wish to thank the dedicated directors on our Board, who provide strategic
input to our business, as well as our shareholders for their continued support. We are excited by our success and
the milestone events achieved to date and look forward to sharing updates on our continued progress.
/s/ Ian Mortimer
/s/ Simon Pimstone
Ian Mortimer
President & Chief Executive Officer
Simon Pimstone
Chair of the Board
Certain statements contained in this letter may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and Canadian securities laws. A detailed discussion of such forwardlooking statements and the related risks and uncertainties is included in our Annual Report on Form 10-K included herewith.



 4/27/2023 Letter Continued (Full PDF)