Xenon Pharmaceuticals Inc.
XENE Healthcare Biotechnology
Xenon Pharmaceuticals Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.5 million, down 20.5% from fiscal 2022. In the quarter to June 2026, revenue grew 100.7%, EPS fell 3.74% and free cash flow fell 48.6%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Xenon Pharmaceuticals Inc. (XENE) Beneish M-score
Xenon Pharmaceuticals Inc.'s Beneish M-score for fiscal 2025 cannot be worked out: no comparable prior fiscal year (a missing year or a changed year end).
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | 1.12 | 2.75 |
| FY2021 | −1.63 | (3.57) |
| FY2020 | 1.94 | (3.39) |
| FY2017 | 5.34 | 5.92 |
| FY2016 | −0.58 | 0.77 |
| FY2015 | −1.36 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | — | — | n/a | — |
| Gross margin index | — | — | n/a | — |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | — | — | n/a | — |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index SG&A not reported — index set to 1 | 1.00 | — | Set to 1 | −0.17 |
| Total accruals to total assets | (0.11) | — | −0.49 | |
| Leverage index | — | — | n/a | — |
| Beneish M-score | n/a — no comparable prior fiscal year (a missing year or a changed year end) | — | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TARS Tarsus Pharmaceuticals, Inc. compare | −1.8× |
| TLX Telix Pharmaceuticals Limited compare | −1.6× |
| ARQT Arcutis Biotherapeutics, Inc. compare | −1.5× |
| ACAD ACADIA Pharmaceuticals Inc. compare | −0.9× |
| VKTX Viking Therapeutics, Inc. compare | — |
| DNLI Denali Therapeutics Inc. compare | — |
| CELC Celcuity, Inc. compare | — |
| XENE Xenon Pharmaceuticals Inc. | — |
| IDYA IDEAYA Biosciences, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI