XENE: Highlights from the RBC Healthcare Conference

Research evidence excerpt

XENE: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Brian Abrahams, M.D. (Head of Global

Healthcare Research)

Nevin Varghese, Ph.D. (Analyst)

Kevin Meli, Ph.D. (Senior Associate)

May 19, 2026

Xenon Pharmaceuticals Inc

Highlights from the RBC Healthcare Conference

NASDAQ: XENE | USD 53.71 | Outperform | Speculative Risk | Price Target USD 82.00

Sentiment: Neutral

President and CEO Ian Mortimer and CFO Tucker Kelly presented, and we came away feeling optimistic on AZK’s commercial

positioning following recent positive X-TOLE2 pivotal data. We continue to believe that novel Kv7 MoA, best-in-class FOS efficacy

in a very refractory population, no titration, no meaningful DDIs, and favorable tolerability represent an attractive commercial

oppty. We remain Outperform, Speculative Risk, PT $82.

• Mgmt highlighted that KOL receptivity following the X-TOLE2 topline has been strong across both epileptologists and general

neurologists; we thought there was meaningful optimism from mgmt around AZK’s potential in general neurology given the

ease-of-use profile — no titration, no monitoring, minimal DDIs - which allows gen neuros to keep patients in-office rather than

referring to level 3/4 epilepsy centers/specialists.

• NDA submission remains on track for 3Q26; mgmt noted the key gating item is completing the integrated safety summary

incorporating data from X-TOLE2, X-TOLE, and additional OL studies, though this large dataset remains consistent and supportive

of the overall efficacy and safety profile. Base case remains standard review given experience with other ASMs.

• Mgmt flagged that patients with focal-to-bilateral tonic-clonic seizures - secondary generalization associated with higher risk of