Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Q4 2022 Earnings Call Transcript

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So, there’s lots of inputs. And I think we’ve been clear that there’s a number of different ways that we’d like to think about this and the data just being part of the entire analysis as we think about next steps when we unblind data in Q3 of this year.

Tessa Romero: Thanks Ian. And just as a quick follow-up. I mean, would you lay out for us kind of what the key scenarios bigger picture are for depression following X-NOVA and kind of what those might be for Xenon?

Ian Mortimer: Sure. Yes. I think there’s a couple of big scenarios in terms of where we may take it. I mean I think the one is the work that we do and the data support additional development in the primary indication of MDD. And so then the next steps after this would be additional clinical development in the primary indication of depression. Another option, as I spoke about, is that we’re generating important information in the epilepsy space. I talked about in the prepared remarks, we think there’s a number of properties of 1101 that are clearly differentiating from other ASMs. This could be another one if we had an ability to show differentiation on mood. So, as we think about the prescriber in epilepsy, in the population, that could be important.

And then obviously, the last one that we have spoken to investors about is as a drug discovery organization and deep experience in drug and ion channels and the CNS, we do have other molecules that target KV that have different chemistries and have some different properties than 1101 and those are moving through preclinical studies right now. And so we also have the opportunity to differentiate and maybe a little bit to the earlier question from Brian is I think we’re going to have a number of distinct chemistries as we think about how we may want to differentiate therapeutically moving forward.

Tessa Romero: Great. Thanks so much for taking our question.

Operator: Our next question comes from the line of Paul Choi from Goldman Sachs. Please proceed. Your line is open, sir.

Paul Choi: Thank you. Good afternoon team and thanks for taking our question. My first question is, can you maybe update us on any clinician feedback with regard to the X-TOLE extension data given the longer follow-up there? And any sort of updated thoughts on the potential market — the market potential for 1101? And then my second question is pending your partner Neurocrine’s readout in the second half of this year, from your perspective, what is the bar, I guess, that you would look for to opt in potentially into that program versus allocating additional resources to 1101 development? Thank you very much.

Ian Mortimer: Great. Thanks Paul. I’ll take your second question just on the Neurocrine data. And then, Chris Kenny, if you want to just talk about clinician feedback. I know we had a lot of interaction. We had over 50 one-on-one meetings at AES. Maybe you can just talk about some of the feedback you’re hearing from the community on open-label extension, and then Chris Von Seggern and obviously, from a market point of view, the importance of us continuing to generate long-term data over five years. But Paul, specifically on Neurocrine. So, Neurocrine is running a Phase 2 focal epilepsy study that will read out later this year. What Paul is referring to, just to make sure that everyone understands is that we have — it’s a milestone and royalty licensing agreement.

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