Segment Disclosure

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment

14.Segment disclosure:

The Company operates as a single reportable segment dedicated to discovering, developing, and delivering life-changing ion channel therapeutics for patients in need. The Company has no products approved for sale and has not generated any revenue from product sales. The Company’s Chief Executive Officer acts as the CODM and manages the Company’s operations on a consolidated basis. The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The CODM evaluates the Company’s performance and allocates resources to the operations of the Company on a total company basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects that are in line with the Company’s long-term company-wide strategic goals. The CODM uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets, with a majority of these assets located in the United States.

The following table presents information about reported segment revenues, significant segment expenses, and segment loss:

	Year Ended December 31,
	2024			2023			2022
Revenue	$	—		$	—		$	9,434
Less:
Direct external research and development costs
Azetukalner		106,806			89,303			37,367
XEN 496		—			5,152			14,765
Pre-clinical, discovery and other programs		21,546			15,552			12,711
Personnel-related expenses		68,340			47,739			36,088
Stock-based compensation		50,717			32,372			20,376
Other research and development costs		11,232			9,560			7,274
Other general and administrative costs		20,657			14,376			9,996
Interest income		(41,943	)		(27,620	)		(8,713	)
Other segment items(1)		(3,025	)		(4,041	)		4,943
Net loss		(234,330	)		(182,393	)		(125,373	)

(1)Other segment items include foreign exchange gain (loss), unrealized fair value gain (loss) on trading securities, and income tax recovery (expense).