Xenon Pharmaceuticals at Stifel Forum: Strategic Advances in CNS

On Wednesday, 19 March 2025, Xenon Pharmaceuticals (NASDAQ: XENE) presented at the Stifel 2025 Virtual CNS Forum, outlining a pivotal year ahead. The company shared both promising developments and challenges as it pursues approval for AZETU CALNR, particularly for focal onset seizures, and explores label expansion into other neurological and psychiatric conditions.

Key Takeaways

• Xenon expects significant progress in 2025 with potential approval of AZETU CALNR for focal onset seizures.
• The company is expanding its focus to include primary generalized tonic-clonic seizures, major depressive disorder (MDD), and bipolar depression.
• Three Phase 3 studies in MDD are underway, with strategic measures to reduce placebo effects.
• Discovery programs targeting NAV 1.1 for Dravet syndrome and NAV 1.7 for pain are advancing toward clinical trials.
• Xenon emphasizes collaboration with regulatory bodies to address safety concerns and optimize trial designs.

Operational Updates

Xenon is making strides in several therapeutic areas:

• Epilepsy: Data from the Phase 3 study for AZETU CALNR in focal onset seizures is anticipated in the latter half of 2025, with a new drug application (NDA) submission planned for early 2026. The Phase 2b study showed significant efficacy, and the open-label extension has provided long-term safety data.
• Depression (MDD and Bipolar): The MDD program includes three Phase 3 trials, each enrolling 225 patients per arm. Xenon has implemented strategies to enhance trial success, such as switching the primary endpoint and using technology to confirm drug administration. A Phase 3 study for bipolar depression is set to begin mid-year.
• Discovery Pipeline: The company is progressing with NAV 1.7 for pain and NAV 1.1 for Dravet syndrome, with IND-enabling studies ongoing. KV7-targeted therapies are also being explored for other psychiatric conditions.

Future Outlook

Xenon remains optimistic about its pipeline and strategic focus:

• The company is leveraging existing data to refine clinical trial designs and mitigate risks, ensuring a higher probability of success.
• Emphasis is placed on rigorous data collection and safety monitoring, with proactive collaboration with regulatory authorities.
• Xenon aims to address unmet needs in epilepsy, psychiatry, and pain, with a broad approach to drug development across these areas.

Q&A Highlights

During the call, Chris Kenny, Chief Medical Officer, emphasized the scale of AZETU CALNR’s impact, noting it achieved the largest separation between active treatment and placebo in focal onset seizure studies. He also highlighted the unforgiving nature of MDD trials and the company’s multi-faceted approach to overcoming placebo effects.

In conclusion, Xenon Pharmaceuticals is poised for a transformative year, with multiple programs advancing toward key milestones. For further details, readers are encouraged to refer to the full transcript.

Full transcript - Stifel 2025 Virtual CNS Forum:

Paul, Moderator: Great. Thanks very much, everybody. It’s my pleasure to be moderating this panel with Chris Kenny, Chief Medical Officer of Xenon.

I’m sure everyone listening in knows the Xenon story at least decently well, but maybe I’ll just kick it over to Chris to give a couple minute opening on where you guys are with the extoll Phase three program, MDD and anything else you’d like to highlight. So Chris, take it away. Thank you very much.

Chris Kenny, Chief Medical Officer, Xenon: Much. Yeah. Thanks, Paul. Really appreciate, this opportunity. It’s great to share what’s going on.

Ed Zeenan with, the company in general and and specifically, Isetra Kelner. So the I would say the punchline or the theme of this conversation is gonna be that 2025 is gonna be a really big year. So we’re really excited about a bunch of things going on. So right now, I would say it kind of falls into to three different buckets. One is etchou calendar in focal onset seizures, which will be our our first planned approval for the drug.

The second bucket are the three other indications that we’re working for on ezetuCalinor. And then the third are the incredible advancements that the discovery organization has made targeting drugs to other ion channels. So starting with AZETU KALNR, in focal onset seizures, just as a reminder, we finished a Phase 2b study, which we call XTOL, which showed really robust data. If you take a look at what it takes to be considered a pivotal trial, we we believe that that study checks all those boxes. We saw the largest separation between active and placebo than any other focal onset seizure study ever done that we can find.

And those patients, it went into an open label extension, and those patients in the open label extension are doing really well. In fact, we we’re seeing one in three who’ve been in the study for three years or more with seizure freedom of a year or more. And, you know, those patients on average failed six medications before they even got in the study, and they had a seizure every other day on average. So if you go to the literature and you look at the chances that someone like that would get seizure free, you know, it’s like it’s like low single digits. So so the patients are doing really well in the short term.

They’re doing really well in the long term. So what we need, you know, to submit the NDA is the first phase three study. And I’m sure we’ll get into this more, but we’re gonna flip the card on that first phase three study in the second half of of this year. We’re really excited about that. And that will set us up with all the necessary steps to make the transition from being a pre commercial company to being a commercial company.

And so that’s the first bucket, AZETU calendar and focal onset seizures. Second bucket are the three other indications for AZETU calendar for label expansion. So one is primary generalized tonic clonic seizures. Those studies are inherently more challenging than focal studies to to conduct, and so that will be an SNDA. And then you’ve known for a while that we’re going forward in major depressive disorder.

We can go into more details to the extent that you want, but we have three large phase three studies in in MDD. And then we just announced recently our interest in a fourth indication, which is bipolar depression, not not bipolar mania. So I’m looking forward to hopefully going into some of the rationale for that. So the the first MDD phase three study has been up and running since the end of last year. The second one will get kicked off midyear.

And then the first bipolar study will also get kicked off in the middle of the year. So those are the first two buckets. And then the third bucket is the discovery organization. We’re making backup compounds with the same mechanism as AZEDTU counter, the KV7 mechanism for other neuropsych indications in pain. And then we’re all also interested in NAV 1.1 for for Drave a.

And I’m sure we’ll spend some time talking about NAV 1.7, which is a really interesting target for for pain. And so we are doing IND enabling studies for all three of those targets this year. We expect to submit an IND for the NAV1.7 first compound and be charging forward with first in human study later this year. So, a lot of cool stuff going on in 2025.

Paul, Moderator: Yes. Okay. Great, Chris. Thank you so much. Exciting times for Xenon.

Maybe with epilepsy, what can you say about how enrollment is progressing with the first Phase three? And you know, at this point, it’s mid March. Should we expect the data to be late this year at this point?

Chris Kenny, Chief Medical Officer, Xenon: So we’re really comfortable with the guidance that we’ve provided, which is that the data will come out in the second half of twenty twenty five. I’m sure that that you and everybody else is pressing for for more detailed information, and we will narrow that guidance as we get closer. But for right now, we’re very comfortable that this data will be available in the second half of of twenty twenty five, And that will be what we need to begin putting together the NDA, which will be submitted early next year.

Paul, Moderator: Okay. Fair enough. What do you see as the biggest replicability risk for the phase two b data? And and what have you guys done to try to mitigate this risk?

Chris Kenny, Chief Medical Officer, Xenon: Yeah. I mean, the the question is focused on epilepsy. The the answer is really quite different for MDD, but but the Yeah. Yeah. So for for epilepsy, you know, the x toll was fantastic.

And so I think the guiding principle is do exactly what you just you just did and then and replicate it. And we’ve made some subtle changes. The study is a little bit bigger. The pivotal trials are typically twelve weeks instead of eight weeks. But but for the most part, we’ve tried to keep it the same, otherwise.

And, you know, keep the the similar percentage of patients in North America versus ex North America and, keep the inclusion exclusion criteria the same and all that. And and if you look at the history of going from phase two to phase three, we can only find one example of an antiseizure drug that that failed to make that transition. So epilepsy, it’s interesting. It’s an anomaly in CNS. I’m sure you know this.

You spend so much time in CNS. It’s an anomaly in the sense that once you get that phase two data, at least historically, you’ve you’ve been golden. So we’re pretty confident that we’ll be fine. And and also, you know, it’s not like the phase two data was on the margins. You know?

It was wildly positive. And, you know, in fact, you know, for the high dose, if you just wanted to compare the high dose to placebo, you could get away with a study of about 80 or a hundred patients. So it’s it’s really over it’s, like, powered ninety nine percent for that high dose. So we’re not that concerned about, you know, you know, repeating the phase two data. That said, we’re not naive.

And the you know, what what’s clear is is that placebo effects go up in certain geographical regions. And so we’ve been careful about where we’ve conducted the study. We have a very high standard for the sites we use. The guiding principle is that we want sites that are dedicated to taking care of patients in epilepsy full stop. And there are exceptions.

We have other really good sites that are interested in other therapeutic areas. But in general, the people we work with are epileptologists who have dedicated their lives to, you know, to treating these patients and conducting clinical trials. And then the last thing, which we also use in phase two, was the the electronic diary. So we had a low placebo response in the phase two program. It was about eighteen percent.

And and we’re hoping to replicate that. Time will tell if we can, but we we think that the electronic diary played a big role. So, you know, if someone is walking into the doctor’s office and then filling out their his or her seizure diary from a week ago or a month ago, the quality of that data isn’t going to be as good as an electronic diary where they’re sort of locked in and putting it in in real time. So those are the things that we’re doing. But we’re feeling pretty confident, as confident as you can going into Phase three readout.

Paul, Moderator: Yeah. Okay. That’s great. It’s great to hear, Chris. What, where are you with generating enough long term safety data?

And I guess by the time the study reads out, will you have met the ICH guideline exposure 600 three hundred six months, a hundred

Chris Kenny, Chief Medical Officer, Xenon: Yeah. So, are we gonna be okay? Yeah. I I would actually use the word golden. We are gonna be golden.

So for for those of you who don’t live and breathe the ICH guidelines every day, you need 1,500 unique exposures. You need between 306 at six months, and then you need at least a hundred for a year. We are are way beyond that, and we will be way beyond that in in a number of ways. So just as an example, you know, the, with the Phase 2b study has an open label extension going. We have just within extoll and extoll OLE over 700 patient years of exposure.

That doesn’t count all the phase one work, the depression work, the other phase three studies. So we have an enormous number of patient years. And if you look at just the XTOL OLE, we have about one hundred and fifty, just shy of one hundred and fifty patients who have been treated for three years. So we’re way beyond, ICH guidelines on all three fronts, UNIQUE’s six months and a year. And, yeah, I’ll stop there and see if there was another aspect to that question.

Paul, Moderator: No. I think that I think that makes a lot of sense. So I I feel like I feel like at this point, right, you guys are confident in trial. The data’s guided for this year. You’ve got a ton of safety data.

I mean, you know, it’s always our job to try to just pick out like what are the outstanding risks of any and you can’t say there’s no risk. I mean, maybe just the last piece of this is just from an FDA regulatory perspective, how are you thinking about, I guess, you know, disproving the negative on the pigmentation risk concept that stems from visogamy? Like, do you feel like the FDA is gonna want something specific, be it, like, you know, like, ocular assessments or anything just to make sure that your label is totally clean on this point?

Chris Kenny, Chief Medical Officer, Xenon: Yeah. Definitely. We’re we’re they they do wanna make sure that we prove the negative, and we’re doing a bunch of work. So let’s talk about that. So, you know, I talked about the the seven hundred patient years of exposure from just the phase two b study in in the open label extension.

And the reason why I bring it up, not just because of ICH guidelines, but because of this safety. So just as a reminder, azogabine was removed from the the market, treated focal onset seizures, very similar mechanism of action to ours. And what it caused was pigmentation in the skin, in the in the finger bed nails, in the pharynx, and and also in the retina. So to the extent that it occurred with ezogabine, you know, the fact that we haven’t seen any of that after seven hundred plus years of patient years of exposure, you know, we think we’re good. But to prove absolutely that it’s not happening within the retina, you have to send the patient to the ophthalmologist, and you there’s various tests that need to be done.

So all that data is being gathered and, you know, extensively and thoroughly with the best quality, vendors that we could best quality vendor that we could find. And, and so when we submit the NDA, there will be an enormous amount of data to try and help prove that negative.

Paul, Moderator: Excellent. Anything else you’d like to add on epilepsy?

Chris Kenny, Chief Medical Officer, Xenon: You know, we’re just you know, we we have a really nice relationship with the sites, and and the anecdotes are just like the best part of my day. You know, you take a look at the seizure freedom that we’re seeing in the open label where where one in three who’ve been in this study for three years are seizure free for a year or more. There are just these really compelling anecdotal stories of patients who have never been seizure free in their life and have been on multiple meds, and now they’re they’re seizure free. It’s just it’s really inspiring. And so we wanna, you know, do what we can to to bring this drug to patients because we think it’s meaningful.

And, you know, there’s the the robustness of efficacy, but it’s also the ease of use. It’s not titrated. It used once daily. We don’t have significant DDIs. We’re seeing a rapidity of onset with within a week.

And then we haven’t even touched on this yet. But, you know, the the neuro the the psychiatric interest in AZETU calendar and the epilepsy interest in AZETU calendar aren’t, like, distinct circles. They’re overlapping. A lot of these patients with with neurological conditions like epilepsy have psychiatric comorbidities. And so there’s there’s potential there to try and hopefully, you know, kill two birds with one stone.

So, yeah, it’s it’s gonna be a big year. So, yeah, I’m looking forward to flipping that card.

Paul, Moderator: Yeah. I am too. Probably not as much as you, but I am too. Okay. Awesome.

So let’s talk a little bit about depression. You want to just give us a brief snapshot of where you are with the program as it relates to the Phase three studies?

Chris Kenny, Chief Medical Officer, Xenon: Yeah. Let me let me do that. Let me just, you know, just to make sure to kind of set the historical context here very briefly. There’s a bunch of preclinical work that has suggested that this that this mechanism may be helpful in depression. There was an ezogabine proof of concept study with 46 patients, which also suggested that this mechanism could be helpful for for a moderate to severe MDD.

And that was the precursor to our XNOVA study. XNOVA study rolled out at the end of twenty twenty three. We saw evidence of improvement in depression, anhedonia, again, a rapidity of onset, and it was really well tolerated. And you’re talking about a mechanism of action that’s incredibly different than anything that’s on the market for MDD. So that was the context for us to charge forward into phase three.

And so far, the the phase three program’s going well. We announced publicly that the first phase three program was up and running at the end of last year. It’s going as planned. By the middle of the year, we’ll have the second study up and running, and then we’re expecting approximately a six month stagger to get the third one up and running as well. And so that’s proceeding nicely.

Yeah. I mean, we’re we’re excited. You know, when when we do our market research and we talk with physicians and you take a look at the medications that are available and you look at the attributes of AZEDTU calendar in the context of MDD, it definitely has a place. And, you know, we’re really pleased with the the safety and the tolerability profile. No weight gain, no sexual side effects, those sorts of things.

So, and and all of that, I would say, I’m sure we’re gonna get to bipolar. But all all everything I just said is, I would say, even more relevant in in the bipolar realm. So so far, so good.

Paul, Moderator: Yep. Yep. Okay. Well, depression’s like a different animal. Right?

And, you know, I I I’m a believer that this drug is a real antidepressant effect, especially, you know, you take your Phase II, you take the ezogabine study. I mean, that’s a pretty good combination. You know, that being said, whereas in epilepsy, you’ve got this big effect size margin of play with going to Phase III and MDD, you guys saw the typical three ish point placebo adjusted difference. And the hope is that, that holds up or maybe you can even expand that by better controlling placebo in Phase three. So maybe talk about that, right?

I mean, the margin here is not as wide, MDD is harder. What are the things that you guys are working on, that you’re working on to try to maximize probability of success?

Chris Kenny, Chief Medical Officer, Xenon: Yeah. The word that I use is is MDD is unforgiving. It will it will tolerate no mistakes. Yeah. So, you know, the answer I gave in epilepsy is that we’re we’re quite confident transition from phase two to phase three is pretty straightforward in epilepsies.

It’s it’s the exact opposite in MDD. So, so, you know, just as a reminder, and you sort of alluded to this already, Paul, but we saw a three point separation between the high dose and placebo, both on the MADRIS and the HAM D in the phase two study. One was significant, one wasn’t. And so the HAM D was significant, and that was wasn’t driven so much by the numerical separation, but more by the the noise, the standard deviation. And we saw that in other depression studies as well.

So the first thing we did is we we switched the primary endpoint from the MADRIS to the AMD. The FDA guidance allows you to use either. We had an end of Phase II meeting. We have complete buy in to go forward with AMD. So that’s one thing.

And then thinking bigger picture, we did one Phase two study. We’re not going to do one Phase three. We’re going to do three in hopes that at least two are positive. So that’s one risk mitigation step. The studies are much larger.

The Ex Novo study had about 55, 50 six patients per arm, depending on which one you’re talking about. These Phase III studies are going to be nearly four times as big, about basically quadruple the size, two twenty five patients per arm, so that we can have a 90% power to show a two to 2.5 improvement on the AMD. So, primary endpoint, number of studies, size of studies. Again, we’re using the same approach. We’re, you know, really qualified sites, high quality CRO.

One of the things that we did, you know, the keep it simple is sort of one of the things that you hear about in in the depression world. And so, the idea is that the more interactions they have with the site, the higher the placebo effect. And so we’ve decreased the number of one visit we decreased. We also have a script that every patient will hear about, look, you’re in a placebo controlled study. You don’t know if you’re getting placebo or you’re getting active drug just to kinda remind them of that.

We decreased from two active doses to one. And if you look at the literature, that usually saves people a point on the placebo effect. And as you know, these psychiatric studies are notorious for poor adherence. And so we’re using a video app to basically confirm administration of drug in every patient every single day. So I and and then also professional patients.

We’re we we have a vendor that we’re working on so that we’re double checking to try and ensure that patients aren’t enrolling in more than one study or that they’re not, you know, jumping from one clinical trial to another and perhaps switching from one indication to another. So I honestly oh, and then I gosh. I forgot. You know, CT and I were working with the psychologists and psychiatrists who are mostly based out of Mass General, and they’re reviewing patients using the SAFER criteria and also repeating the HAM d. So if there’s a big difference between what the site is saying the HAM D is and what and what CT and I is saying that there are questions.

And and so there are some patient patients being rejected, you know, as a result of that. So, I don’t know if I can think of anything that we’re not doing, Paul. I mean, can you?

Paul, Moderator: I don’t know. Did you say MGH safer criteria? Yeah. Yeah. That was the only one I was wondering if you listed that one.

I mean no. I mean, I think I think it’s interesting because I feel like from my seat, and and I know others will others will, will probably hear where I’m coming from who talk to lots of your peer companies, Chris. Like, there’s a lot of companies that will tell us regularly we’re doing everything. And then when this doesn’t work out, well, we could have done and and it’s hard. Right?

I mean, I I don’t I don’t blame anybody. This is not me pointing it. Like, it’s hard. Right? This is a hard space.

There’s professional space.

Chris Kenny, Chief Medical Officer, Xenon: And and and nobody says that the drug isn’t working. Right? It’s just that the placebo is too high. Right?

Paul, Moderator: Exactly. And, you know, and I and I by the way, I’ve been doing the CNS thing for, like, twelve years and maybe not as long as you, but, like, I still can’t figure out when we’re talking about mitigating placebo effect. Are we also mitigating some of the placebo effect that’s embedded in the drug arm? Like, are we just mitigating the special placebo? You know?

So I think these things are complicated, but it it feels like you guys are running a rigorous program. You know,

Chris Kenny, Chief Medical Officer, Xenon: one other thing, Paul. The other thing is is that we you know, you see these patients. If you allow patients who are on the milder end of the spectrum, like, they still have moderate to severe depression, but they’re on that milder end, they can kinda drag your signals on two. So that’s another thing. We we we just made the criteria a little more stringent going from phase two to phase three.

So, yeah, I I hear you, though. Everybody says they’re doing everything, and then, you know, people still run into challenges. I mean, the other thing I’ll I’ll say is that at our CRO, we have psychiatrists who are reviewing each patient to make sure that they’re eligible. We have internal psychiatrists who are reviewing each patient to make sure that they really should be in the study. And then we’re keeping an eye on the data, both at the subject level, site level, and then and, of course, at the study level.

So, but it’s it’s tricky. You know? It’s I think a certain amount of daily paranoia is needed, in those studies. And hopefully that.

Paul, Moderator: That’s what I want to hear. So in the meantime, we’re going to get this IST data from Sinai. I know that that study is underpowered, but why wouldn’t that add corroboration that this mechanism is doing something? And like, there’s almost two sides of the compare. On the one hand, it’s a small underpowered study.

On the other hand, you might say that academic trials have a tendency to look better for antidepressant, Right? So what what do you think, and how should we interpret these data?

Chris Kenny, Chief Medical Officer, Xenon: Yeah. I mean, again, the the historical, you know, context here is is that doctor Sanjay Matthew and and James Murrow are are running this study as they did with the ezogabine study. And so it’s a two site study, and and the ezogabine signal was was clear. There was a separation between active and placebo. So so why not in this study?

It is underpowered. It has 30 patients per arm. It’s powered for fMRI, not for the clinical scales, even though I’m sure you and I are gonna go right to the clinical scales when they come out. They’re they’re following the MADRIS and the CHAPS, which evaluate depression and anhedonia. And, you know, we’re expecting, hoping for separation between drug and and placebo.

Whether it will be I mean, the, you know, the the EX NOVA study itself was underpowered to some extent. And, that’s why we’re the phase three study is even larger. And so, you know, talking about 30 patients per arm, it’s I I think it’s unlikely that it’ll be statistically significant. But, yeah, we’re looking for for a trend that that, you know, that supports Ex Novo, and it’ll it’ll make us feel better. But we don’t know.

Paul, Moderator: Yep. Yep. Okay. Do you want to briefly talk about bipolar depression? What’s the beyond your own data in MDD, is there anything extra there that got you excited about KD7 here?

Chris Kenny, Chief Medical Officer, Xenon: Yeah. I mean, bipolar is really interesting. I mean, first of all, just from the unmet need perspective, you think about a new mechanism, good tolerability without weight gain and, sexual side effects, you know, and improvements in anhedonia, rapidity of onset. And all that’s real interesting in MDD. And it’s even more interesting in bipolar because, you know, SSRIs, while they may they they’re used in some cases and and cautiously in bipolar, they can trigger a manic episode.

And so the treatment options are far more limited in bipolar. And so this whole you know, the attributes that make AzetuCalendar interesting in MDD are actually heightened in in bipolar. So number one, there’s the unmet need. And then, you know, what’s really interesting is as we dove into the literature, we’re trying to make this decision. There really there is a genetic link between bipolar and and k v seven, and and specifically, there are single nucleotide polymorphisms that are that are that are risk factors for the development of bipolar.

There’s also evidence in post mortem experiments that there’s abnormal regulation of of kv7.2 and 7.3, and and specifically seven three is is downregulated. And and so there there’s actually biological plausibility for this mechanism above and beyond the fact that it just works in MDD. And and and I do think look. I’m a neurologist, not a psychiatrist, and so so maybe I’ll I’ll leave it to the psychiatrist. But there there are subtle differences between the depressive symptoms in in MDD and in bipolar.

But all the logic that that allows us, you know, to be somewhat confident in MDD sort of is also parlayed into the bipolar. But there’s some really cool genetics that that make it even more interesting. You know, I I think that, you know, if you listen to the earnings call recently, it was on a Thursday, I think. And, you know, I talked about it. I I didn’t really think this mechanism made as much sense in mania as it did in in bipolar depression.

And then fortunately, on Monday not fortunately, but I would have had egg on my face if if otherwise. But Biohaven announced, you know, the negative results of the of the mania study. And there was, you know, there was a small study done with ezogabine in MANIA that that looked pretty lukewarm. So so I don’t think that the the negative outcome in MANIA is, you know, really it doesn’t change our enthusiasm at all. I mean, if anything, it’ll be interesting to see the data because if they’re not, it’ll be good just to show that the that the mechanism doesn’t exacerbate mania.

Paul, Moderator: Right. Yep. Yep. Makes sense. Okay.

Well, we’re basically out of time, but I wanted to maybe just ask you to for everybody for the CGA complete. Just touch upon the one point one and one point seven timelines and where you are with those programs.

Chris Kenny, Chief Medical Officer, Xenon: Yes. So let’s talk about 1.7. So really strong genetic rationale to go after that mechanism. We’ve got IND enabling studies ongoing right now, and we’ll be charging forward in in first in human studies with our first nAb one point seven compound this year. So that’s the other thing about 2025, big year for, you know, all the advances in discovery, not just in KV seven, but also IND enabling studies in NAV one point one, which we’re we’re using to target Drave a.

And then we have backup compounds for KV seven. I mean, k v seven is really interesting for for the the indications we’ve already talked about broadly in epilepsy, depression, and bipolar. But there are other psych indications that that we we’ve that that I think are worth considering, specifically PTSD and generalized anxiety disorder flow to the top, and then pain. I mean, there was a drug approved in Europe, Flupratine, that was used for years to to help with pain. And so there there is, you know, clinical evidence that this mechanism could should help in pain.

So a bunch of good stuff. So we’re gonna be broadly going forward into epilepsy, psychiatry, and pain, taking lots of shots on goal. And I think that I don’t know if everything will hit, but I think we’ll do well this year, I think.

Paul, Moderator: Okay. It’d be cool if everything hit.

Chris Kenny, Chief Medical Officer, Xenon: Yeah. Let’s let’s go for that. I like that. Thank

Paul, Moderator: you, Chris. I appreciate it. It’s a great discussion.

Chris Kenny, Chief Medical Officer, Xenon: Okay. Thanks, Paul. Have a great day.

Paul, Moderator: Thanks, everyone, for listening.

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