Segment Disclosure

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Disclosure

15.Segment disclosure:

The Company operates as a single reportable segment dedicated to discovering, developing, and delivering life-changing 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,
	2025			2024			2023
Collaboration revenue	$	7,500		$	—		$	—
Less:
Direct external research and development costs
Azetukalner		165,950			106,806			89,303
Pain programs (XEN1701, XEN1120)		7,510			4,795			—
Pre-clinical, discovery and other programs		24,387			16,751			20,704
Personnel-related expenses		89,703			68,340			47,739
Stock-based compensation		53,707			50,717			32,372
Other research and development costs		12,519			11,232			9,560
Other general and administrative costs		26,794			20,657			14,376
Interest income		(26,828	)		(41,943	)		(27,620	)
Other segment items(1)		(332	)		(3,025	)		(4,041	)
Net loss		(345,910	)		(234,330	)		(182,393	)

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