XML 33 R26.htm IDEA: XBRL DOCUMENT
v3.26.1

Share Capital (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract] |
Schedule of Pre-Funded Warrants Activity | The following table presents pre-funded warrants activity:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Outstanding, beginning of period |  |  | 2,931,293 |  |  |  | 2,173,081 |  |  |  | 2,173,081 |  |  |  | 2,173,081 |
Issued |  |  | — |  |  |  | — |  |  |  | 877,194 |  |  |  | — |
Exercised(1) |  |  | — |  |  |  | — |  |  |  | (118,982 | ) |  |  | — |
Outstanding, end of period |  |  | 2,931,293 |  |  |  | 2,173,081 |  |  |  | 2,931,293 |  |  |  | 2,173,081 |
(1) During the six months ended June 30, 2026, the Company issued 118,980 common shares upon the exercise of 118,982 pre-funded warrants pursuant to a net exercise mechanism under the warrants.
Stock Based Compensation Expenses | The following table presents the components of stock-based compensation expense:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Stock-based compensation expense by award type: |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | $ | 14,750 |  |  | $ | 13,144 |  |  | $ | 29,472 |  |  | $ | 24,810 |
RSUs |  |  | 1,982 |  |  |  | 699 |  |  |  | 3,793 |  |  |  | 846 |
PSUs |  |  | — |  |  |  | (130 | ) |  |  | 361 |  |  |  | 231 |
Total |  | $ | 16,732 |  |  | $ | 13,713 |  |  | $ | 33,626 |  |  | $ | 25,887 |
Stock Option Activity | The following table presents stock option activity:
|  | Six Months Ended June 30,
|  | 2026 |  | Weighted-Average Exercise Price ($) |  |  | 2025 |  | Weighted-Average Exercise Price ($) |  |
Outstanding, beginning of period |  |  | 11,074,720 |  |  | 32.40 |  |  |  | 10,709,289 |  |  | 29.90 |  |
Granted |  |  | 2,501,919 |  |  | 42.77 |  |  |  | 2,362,179 |  |  | 34.87 |  |
Exercised(1) |  |  | (1,616,126 | ) |  | 23.08 |  |  |  | (1,001,995 | ) |  | 17.01 |  |
Forfeited, cancelled or expired |  |  | (149,981 | ) |  | 39.29 |  |  |  | (394,337 | ) |  | 38.48 |  |
Outstanding, end of period |  |  | 11,810,532 |  |  | 35.79 |  |  |  | 11,675,136 |  |  | 31.72 |  |
Exercisable, end of period |  |  | 6,064,553 |  |  | 31.55 |  |  |  | 6,292,504 |  |  | 26.77 |  |
(1) During the six months ended June 30, 2026, 513,500 (2025 – 85,230) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 568,841 (2025 – 438,495) common shares for the cashless exercise of 1,102,626 (2025 – 916,765) stock options.
Fair Value Assumptions for Stock Options | The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Average risk-free interest rate |  |  | 4.18 | % |  |  | 4.01 | % |  |  | 3.81 | % |  |  | 4.08 | %
Expected volatility |  |  | 58 | % |  |  | 61 | % |  |  | 58 | % |  |  | 61 | %
Average expected term (in years) |  |  | 5.98 |  |  |  | 6.12 |  |  |  | 5.76 |  |  |  | 5.78 |
Expected dividend yield |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Weighted-average fair value of stock options granted |  | $ | 31.42 |  |  | $ | 19.25 |  |  | $ | 24.08 |  |  | $ | 20.48 |
Schedule of PSU activity | The following table presents PSU activity:
|  | Six Months Ended June 30,
|  | 2026 |  | Weighted-Average Grant Date Fair Value ($) |  |  | 2025 |  | Weighted-Average Grant Date Fair Value ($) |  |
Outstanding, beginning of period |  |  | 257,450 |  |  | 40.61 |  |  |  | 210,000 |  |  | 43.90 |  |
Granted |  |  | — |  |  | — |  |  |  | 96,550 |  |  | 35.28 |  |
Vested |  |  | (81,000 | ) |  | 43.76 |  |  |  | — |  |  | — |  |
Forfeited |  |  | (1,000 | ) |  | 44.37 |  |  |  | (31,000 | ) |  | 44.37 |  |
Outstanding, end of period |  |  | 175,450 |  |  | 39.14 |  |  |  | 275,550 |  |  | 40.83 |  |
Schedule of RSU activity | The following table presents RSU activity:
|  | Six Months Ended June 30,
|  | 2026 |  | Weighted-Average Grant Date Fair Value ($) |  |  | 2025 |  | Weighted-Average Grant Date Fair Value ($) |  |
Outstanding, beginning of period |  |  | 348,994 |  |  | 35.91 |  |  |  | — |  |  | — |  |
Granted |  |  | 444,681 |  |  | 43.45 |  |  |  | 321,932 |  |  | 35.21 |  |
Vested |  |  | (91,643 | ) |  | 34.52 |  |  |  | — |  |  | — |  |
Forfeited |  |  | (5,801 | ) |  | 38.46 |  |  |  | (4,975 | ) |  | 35.48 |  |
Outstanding, end of period |  |  | 696,231 |  |  | 40.89 |  |  |  | 316,957 |  |  | 35.20 |  |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of pre funded warrants activity. + References No definition available. + Details
Name: | xene_ScheduleOfPreFundedWarrantsActivityTableTextBlock
Namespace Prefix: | xene_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration