<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<headerData>
<submissionType>144</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001619961</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>
</filerInfo>
</headerData>
<formData>
<issuerInfo>
<issuerCik>0001582313</issuerCik>
<issuerName>Xenon Pharmaceuticals Inc.</issuerName>
<secFileNumber>001-36687</secFileNumber>
<issuerAddress>
<street1 xmlns="http://www.sec.gov/edgar/common">3650 Gilmore Way</street1>
<city xmlns="http://www.sec.gov/edgar/common">Burnaby</city>
<stateOrCountry xmlns="http://www.sec.gov/edgar/common">A1</stateOrCountry>
<zipCode xmlns="http://www.sec.gov/edgar/common">V5G 4W8</zipCode>
</issuerAddress>
<issuerContactPhone>(604)-484-3300</issuerContactPhone>
<nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>IAN MORTIMER</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
<relationshipsToIssuer>
<relationshipToIssuer>Officer</relationshipToIssuer>
<relationshipToIssuer>Director</relationshipToIssuer>
</relationshipsToIssuer>
</issuerInfo>
<securitiesInformation>
<securitiesClassTitle>Common Shares</securitiesClassTitle>
<brokerOrMarketmakerDetails>
<name>Canaccord Genuity Corp.</name>
<address>
<street1 xmlns="http://www.sec.gov/edgar/common">1133 Melville St</street1>
<street2 xmlns="http://www.sec.gov/edgar/common">Suite 1200</street2>
<city xmlns="http://www.sec.gov/edgar/common">Vancouver, BC</city>
<stateOrCountry xmlns="http://www.sec.gov/edgar/common">Z4</stateOrCountry>
<zipCode xmlns="http://www.sec.gov/edgar/common">V6E 4E5</zipCode>
</address>
</brokerOrMarketmakerDetails>
<noOfUnitsSold>40000</noOfUnitsSold>
<aggregateMarketValue>1777166.23</aggregateMarketValue>
<noOfUnitsOutstanding>77275005</noOfUnitsOutstanding>
<approxSaleDate>01/02/2026</approxSaleDate>
<securitiesExchangeName>NASDAQ</securitiesExchangeName>
</securitiesInformation>
<securitiesToBeSold>
<securitiesClassTitle>Common Shares</securitiesClassTitle>
<acquiredDate>01/02/2026</acquiredDate>
<natureOfAcquisitionTransaction>Exercise of Options</natureOfAcquisitionTransaction>
<nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
<isGiftTransaction>N</isGiftTransaction>
<amountOfSecuritiesAcquired>40000</amountOfSecuritiesAcquired>
<paymentDate>01/02/2026</paymentDate>
<natureOfPayment>Cash</natureOfPayment>
</securitiesToBeSold>
<nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
<securitiesSoldInPast3Months>
<sellerDetails>
<name>Ian Mortimer</name>
<address>
<street1 xmlns="http://www.sec.gov/edgar/common">3650 Gilmore Way</street1>
<city xmlns="http://www.sec.gov/edgar/common">Burnaby</city>
<stateOrCountry xmlns="http://www.sec.gov/edgar/common">Z4</stateOrCountry>
<zipCode xmlns="http://www.sec.gov/edgar/common">V5G 4W8</zipCode>
</address>
</sellerDetails>
<securitiesClassTitle>Common Shares</securitiesClassTitle>
<saleDate>11/28/2025</saleDate>
<amountOfSecuritiesSold>97</amountOfSecuritiesSold>
<grossProceeds>4366</grossProceeds>
</securitiesSoldInPast3Months>
<securitiesSoldInPast3Months>
<sellerDetails>
<name>Ian Mortimer</name>
<address>
<street1 xmlns="http://www.sec.gov/edgar/common">3650 Gilmore Way</street1>
<city xmlns="http://www.sec.gov/edgar/common">Burnaby</city>
<stateOrCountry xmlns="http://www.sec.gov/edgar/common">Z4</stateOrCountry>
<zipCode xmlns="http://www.sec.gov/edgar/common">V5G 4W8</zipCode>
</address>
</sellerDetails>
<securitiesClassTitle>Common Shares</securitiesClassTitle>
<saleDate>12/05/2025</saleDate>
<amountOfSecuritiesSold>14375</amountOfSecuritiesSold>
<grossProceeds>647360</grossProceeds>
</securitiesSoldInPast3Months>
<securitiesSoldInPast3Months>
<sellerDetails>
<name>Ian Mortimer</name>
<address>
<street1 xmlns="http://www.sec.gov/edgar/common">3650 Gilmore Way</street1>
<city xmlns="http://www.sec.gov/edgar/common">Burnaby</city>
<stateOrCountry xmlns="http://www.sec.gov/edgar/common">A1</stateOrCountry>
<zipCode xmlns="http://www.sec.gov/edgar/common">V5G 4W8</zipCode>
</address>
</sellerDetails>
<securitiesClassTitle>Common Shares</securitiesClassTitle>
<saleDate>12/08/2025</saleDate>
<amountOfSecuritiesSold>10830</amountOfSecuritiesSold>
<grossProceeds>495248</grossProceeds>
</securitiesSoldInPast3Months>
<remarks>The Common Shares reported on this Form 144 were obtained via the exercise of options scheduled to expire on March 10, 2026, and are being sold pursuant to a Rule 10b5-1 trading plan.</remarks>
<noticeSignature>
<noticeDate>01/02/2026</noticeDate>
<planAdoptionDates>
<planAdoptionDate>09/27/2024</planAdoptionDate>
</planAdoptionDates>
<signature>/s/ Ian Mortimer</signature>
</noticeSignature>
</formData>
</edgarSubmission>
