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Segment Disclosure (Tables)
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Net Loss Related To Segment Expenses

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).