Xenon Pharmaceuticals (XENE) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Cover [Abstract]
Entity Registrant Name	Xenon Pharmaceuticals Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Common Stock, Shares Outstanding		34,994,946
Entity Central Index Key	0001582313
Entity Filer Category	Accelerated Filer
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	001-36687
Entity Tax Identification Number	98-0661854
Entity Address, Address Line One	200-3650 Gilmore Way
Entity Address, City or Town	Burnaby
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V5G 4W8
City Area Code	604
Local Phone Number	484-3300
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	XENE
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	Z4
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 44,199	$ 24,755
Marketable securities	158,555	116,603
Accounts receivable	1,786	813
Prepaid expenses and other current assets	2,470	2,695
Total current assets	207,010	144,866
Operating lease right-of-use asset (note 7)	1,029	933
Property, plant and equipment, net	2,347	1,660
Deferred tax assets (note 12)	290	238
Total assets	210,676	147,697
Current liabilities:
Accounts payable and accrued expenses (note 8)	7,769	8,818
Deferred revenue (note 11)	12,692	29,743
Operating lease liability (note 7)	594	168
Term loan (note 9)		4,650
Total current liabilities	21,055	43,379
Deferred revenue, long-term (note 11)		709
Operating lease liability, long-term (note 7)	323	743
Term loan, long-term (note 9)		10,889
Total liabilities	21,378	55,720
Shareholders’ equity:
Preferred shares, without par value; unlimited shares authorized; issued and outstanding: 1,016,000 (December 31, 2019 - 1,016,000) (note 10)	7,732	7,732
Common shares, without par value; unlimited shares authorized; issued and outstanding: 34,994,790 (December 31, 2019 - 28,139,228) (note 10)	397,652	294,244
Additional paid-in capital	42,218	40,646
Accumulated deficit	(257,314)	(249,655)
Accumulated other comprehensive loss	(990)	(990)
Shareholders' equity	189,298	91,977
Total liabilities and shareholders’ equity	210,676	147,697
Commitments and contingencies (note 13)

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred shares, without par value
Preferred shares, shares authorized	Unlimited	Unlimited
Preferred shares, issued	1,016,000	1,016,000
Preferred shares, outstanding	1,016,000	1,016,000
Common shares, without par value
Common shares, shares authorized	Unlimited	Unlimited
Common shares, Issued	34,994,790	28,139,228
Common shares, Outstanding	34,994,790	28,139,228

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue (note 11)	$ 13,384		$ 20,462
Operating expenses:
Research and development	10,720	$ 8,205	22,511	$ 17,342
General and administrative	3,310	2,307	6,630	4,928
Total operating expenses	14,030	10,512	29,141	22,270
Loss from operations	(646)	(10,512)	(8,679)	(22,270)
Other income (expense):
Interest income	912	706	2,028	1,388
Interest expense	(154)	(365)	(484)	(723)
Foreign exchange gain	662	135	424	265
Loss on repayment of term loan (note 9)	(988)		(988)
Loss before income taxes	(214)	(10,036)	(7,699)	(21,340)
Income tax (expense) recovery (note 12)	39	29	40	(8)
Net loss and comprehensive loss	(175)	(10,007)	(7,659)	(21,348)
Net loss attributable to preferred shareholders	(5)	(380)	(222)	(810)
Net loss attributable to common shareholders	$ (170)	$ (9,627)	$ (7,437)	$ (20,538)
Net loss per common share (note 5):
Basic and diluted	$ 0	$ (0.37)	$ (0.22)	$ (0.80)
Weighted-average common shares outstanding (note 5):
Basic	34,979,282	25,773,879	34,084,508	25,763,858
Diluted	34,979,282	25,775,559	34,084,508	25,763,858

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands		Total		Cumulative Effect, Period of Adoption, Adjustment	Convertible Preferred Shares [Member]	Common Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss [Member]	[1]
Balance at Dec. 31, 2018		$ 103,295			$ 7,732	$ 265,923	$ 38,515	$ (207,885)		$ (990)
Balance (in Shares) at Dec. 31, 2018					1,016,000	25,750,721
Cumulative effect of accounting change at Mar. 31, 2019				$ (175)					$ (175)
Net loss		(11,341)						(11,341)
Stock-based compensation expense		476					476
Issued pursuant to exercise of stock options		58				$ 117	(59)
Issued pursuant to exercise of of stock options (in Shares)						21,233
Balance at Mar. 31, 2019		92,313			$ 7,732	$ 266,040	38,932	(219,401)		(990)
Balance (in Shares) at Mar. 31, 2019					1,016,000	25,771,954
Balance at Dec. 31, 2018		103,295			$ 7,732	$ 265,923	38,515	(207,885)		(990)
Balance (in Shares) at Dec. 31, 2018					1,016,000	25,750,721
Net loss		$ (21,348)
Issued pursuant to exercise of of stock options (in Shares)	[2]	25,863
Balance at Jun. 30, 2019		$ 82,787			$ 7,732	$ 266,062	39,391	(229,408)		(990)
Balance (in Shares) at Jun. 30, 2019					1,016,000	25,775,056
Balance at Dec. 31, 2018		103,295			$ 7,732	$ 265,923	38,515	(207,885)		(990)
Balance (in Shares) at Dec. 31, 2018					1,016,000	25,750,721
Balance at Dec. 31, 2019		91,977			$ 7,732	$ 294,244	40,646	(249,655)		(990)
Balance (in Shares) at Dec. 31, 2019					1,016,000	28,139,228
Balance at Mar. 31, 2019		92,313			$ 7,732	$ 266,040	38,932	(219,401)		(990)
Balance (in Shares) at Mar. 31, 2019					1,016,000	25,771,954
Net loss		(10,007)						(10,007)
Stock-based compensation expense		470					470
Issued pursuant to exercise of stock options		$ 11				$ 22	(11)
Issued pursuant to exercise of of stock options (in Shares)		3,461	[2]			3,102
Balance at Jun. 30, 2019		$ 82,787			$ 7,732	$ 266,062	39,391	(229,408)		(990)
Balance (in Shares) at Jun. 30, 2019					1,016,000	25,775,056
Balance at Dec. 31, 2019		91,977			$ 7,732	$ 294,244	40,646	(249,655)		(990)
Balance (in Shares) at Dec. 31, 2019					1,016,000	28,139,228
Net loss		(7,484)						(7,484)
Issuance of common shares, net of issuance costs (note 10a)		102,456				$ 102,456
Issuance of common shares, net of issuance costs (note 10a) (in shares)						6,759,187
Stock-based compensation expense		1,015					1,015
Issued pursuant to exercise of stock options		14				$ 607	(593)
Issued pursuant to exercise of of stock options (in Shares)						57,857
Balance at Mar. 31, 2020		187,978			$ 7,732	$ 397,307	41,068	(257,139)		(990)
Balance (in Shares) at Mar. 31, 2020					1,016,000	34,956,272
Balance at Dec. 31, 2019		91,977			$ 7,732	$ 294,244	40,646	(249,655)		(990)
Balance (in Shares) at Dec. 31, 2019					1,016,000	28,139,228
Net loss		$ (7,659)
Issued pursuant to exercise of of stock options (in Shares)	[2]	153,042
Balance at Jun. 30, 2020		$ 189,298			$ 7,732	$ 397,652	42,218	(257,314)		(990)
Balance (in Shares) at Jun. 30, 2020					1,016,000	34,994,790
Balance at Mar. 31, 2020		187,978			$ 7,732	$ 397,307	41,068	(257,139)		(990)
Balance (in Shares) at Mar. 31, 2020					1,016,000	34,956,272
Net loss		(175)						(175)
Stock-based compensation expense		1,472					1,472
Issued pursuant to exercise of stock options		$ 23				$ 345	(322)
Issued pursuant to exercise of of stock options (in Shares)		54,716	[2]			38,518
Balance at Jun. 30, 2020		$ 189,298			$ 7,732	$ 397,652	$ 42,218	$ (257,314)		$ (990)
Balance (in Shares) at Jun. 30, 2020					1,016,000	34,994,790
[1]	Our accumulated other comprehensive loss is entirely related to historical cumulative translation adjustments from the application of U.S. dollar reporting when the functional currency of the Company was the Canadian dollar.
[2]	During the six months ended June 30, 2020, 10,715 stock options were exercised for the same number of common shares for cash (six months ended June 30, 2019 – 23,472). In the same period, the Company issued 85,660 common shares (six months ended June 30, 2019 – 863) for the cashless exercise of 142,327 stock options (six months ended June 30, 2019 – 2,391).

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Operating activities:
Net loss		$ (7,659)	$ (21,348)
Items not involving cash:
Depreciation		271	179
Amortization of discount on term loan		216	255
Deferred income tax recovery		(52)	(11)
Stock-based compensation		2,487	955
Unrealized foreign exchange (gain) loss		23	(225)
Unrealized gain on marketable securities		(532)	(143)
Loss on repayment of term loan (note 9)	$ 988	988
Changes in operating assets and liabilities:
Accounts receivable		(1,009)	(15)
Prepaid expenses and other current assets		225	522
Accounts payable and accrued expenses		(1,054)	2,388
Deferred revenue		(17,760)
Net cash used in operating activities		(23,856)	(17,443)
Investing activities:
Purchases of property, plant and equipment		(1,016)	(600)
Purchases of marketable securities		(146,773)	(64,176)
Proceeds from marketable securities		105,798	51,145
Net cash used in investing activities		(41,991)	(13,631)
Financing activities:
Repayment of term loan and repayment fees (note 9)		(16,743)
Issuance of common shares, net of issuance costs (note 10a)		102,456
Issuance of common shares pursuant to exercise of stock options		37	69
Net cash provided by financing activities		85,750	69
Effect of exchange rate changes on cash and cash equivalents		(459)	326
Increase (decrease) in cash and cash equivalents		19,444	(30,679)
Cash and cash equivalents, beginning of period		24,755	67,754	$ 67,754
Cash and cash equivalents, end of period	$ 44,199	44,199	37,075	$ 24,755
Supplemental disclosures:
Interest paid		339	468
Interest received		2,191	1,269
Cash paid for operating lease		311	314
Supplemental disclosures of non-cash transactions:
Fair value of stock options exercised on a cashless basis		$ 876	$ 9

Nature of the Business

Nature of the Business	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of the Business	1. Nature of the business: Xenon Pharmaceuticals Inc. (the “Company”), incorporated in 1996 under the predecessor to the Business Corporations Act (British Columbia) and continued federally in 2000 under the Canada Business Corporation Act, is a clinical stage biopharmaceutical company focused on developing innovative therapeutics to improve the lives of patients with neurological disorders. Building upon its extensive knowledge of human genetics and diseases caused by mutations in ion channels, known as channelopathies, the Company is advancing a novel product pipeline of neurology-focused therapies to address areas of high unmet medical need, with a focus on epilepsy. The Company has incurred significant operating losses since inception. As of June 30, 2020, the Company had an accumulated deficit of $257,314 and a $7,659 net loss for the six months ended June 30, 2020. Management expects to continue to incur significant expenses in excess of revenue and to incur operating losses for the foreseeable future. To date, the Company has financed its operations primarily through funding received from collaboration and license agreements, private placements of common and preferred shares, public offerings of common shares, debt financing, and government funding. Until such time as the Company can generate substantial product revenue, if ever, management expects to finance the Company’s cash needs through a combination of collaboration agreements, equity and debt financings. The continuation of research and development activities and the future commercialization of its products are dependent on the Company’s ability to successfully raise additional funds when needed. It is not possible to predict either the outcome of future research and development programs or the Company’s ability to continue to fund these programs in the future.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	2. Basis of presentation: These consolidated financial statements are presented in U.S. dollars. The Company has one wholly-owned subsidiary as of June 30, 2020, Xenon Pharmaceuticals USA Inc., which was incorporated in Delaware on December 2, 2016. These unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated on consolidation. Certain information has been reclassified to conform with the financial statement presentation adopted for the current year. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these consolidated financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2019 and included in the Company’s 2019 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on March 9, 2020. These unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three and six month periods ended June 30, 2020 and 2019 are not necessarily indicative of results that can be expected for a full year. These unaudited interim consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company’s 2019 Annual Report on Form 10-K for the year ended December 31, 2019, with the exception of the policies described in notes 3 and 4 below.

Use of Estimates

Use of Estimates	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Use of Estimates	3. Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas of estimates include, but are not limited to, revenue recognition including estimated timing of completion of performance obligations, the determination of stock-based compensation and the amounts recorded as accrued liabilities. These estimates and assumptions take into account historical and forward looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the recent novel coronavirus (“COVID-19”) and public and private sector policies and initiatives aimed at reducing its transmission. There was no material impact to the Company’s consolidated financial statements as of and for the three and six month periods ended June 30, 2020; however, the full extent to which the COVID-19 pandemic may have a direct or indirect impact to our business, results of operations and financial condition, including revenue, expenses, research and clinical development plans and timelines, depends on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, as well as the economic impact on local, regional, national and global markets. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Changes in Significant Accounti

Changes in Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Changes in Significant Accounting Policies	4. Changes in significant accounting policies: In November 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer. These amendments clarify that companies must measure and classify share-based payment awards to a customer following the guidance in Topic 718. A company will classify awards as liabilities or equity following the guidance in Topic 718, and measure them at their grant-date fair value. The awards will be recorded as a reduction to revenue or an expense based on the guidance in Topic 606. If a company intends to provide an award to a customer and the grant date has not occurred, the transaction price guidance in Topic 606 should be followed to estimate the fair value of the award. A company must adjust the fair value estimate each reporting date until a grant date is achieved and recognize changes in the grant-date fair value of an award as a result of changes in the expected outcome of a service or a performance condition as a reduction in the transaction price. If the terms of the award are modified after the grantee vests in the award and is no longer a customer, the award may be subject to other guidance. The Company has adopted this standard as of January 1, 2020 on a retrospective basis. The adoption of the standard had no impact on the Company’s consolidated balance sheets, consolidated statements of operations and comprehensive loss and consolidated statements of cash flows.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	5 . Net income (loss) per common share: For the three and six months ended June 30, 2020 and 2019, basic net income (loss) per common share are calculated using the two-class method required for participating securities which includes 1,016,000 The treasury stock method is used to compute the dilutive effect of the Company’s stock options and warrants. Under this method, the incremental number of common shares used in computing diluted net income (loss) per common share is the difference between the number of common shares assumed issued and purchased using assumed proceeds. The if-converted method is used to compute the dilutive effect of the Company’s convertible preferred shares. Under the if-converted method, dividends on the preferred shares, if applicable, are added back to earnings attributable to common shareholders, and the preferred shares and paid-in kind dividends are assumed to have been converted at the share price applicable at the end of the period. The if-converted method is applied only if the effect is dilutive. For the three and six months ended June 30, 2020, all stock options, warrants and convertible preferred shares were anti-dilutive and were excluded from the diluted weighted average common shares outstanding for the period. For the three months ended June 30, 2019, 2,658,217 stock options and all warrants and convertible preferred shares were excluded from the calculation of diluted net loss per common share as their inclusion would be anti-dilutive. For the six months ended June 30, 2019, all stock options, warrants and convertible preferred shares were anti-dilutive and were excluded from the diluted weighted average common shares outstanding for the period. The following table sets out the computation of basic and diluted net loss per common share: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Allocation of loss attributed to shareholders Basic $ (170 ) $ (9,627 ) $ (7,437 ) $ (20,538 ) Adjustment for change in fair value of liability classified stock options — (5 ) — — $ (170 ) $ (9,632 ) $ (7,437 ) $ (20,538 ) Denominator: Weighted average number of shares: Basic 34,979,282 25,773,879 34,084,508 25,763,858 Adjustment for dilutive effect of stock options — 1,680 — — Diluted 34,979,282 25,775,559 34,084,508 25,763,858 Net loss attributable to shareholders per share - basic $ (0.00 ) $ (0.37 ) $ (0.22 ) $ (0.80 ) Net loss attributable to shareholders per share - diluted $ (0.00 ) $ (0.37 ) $ (0.22 ) $ (0.80 )

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	6 . Fair value of financial instruments: Certain financial instruments and other items are measured at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used to measure fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority). • Level 1 - Unadjusted quoted prices in active markets for identical instruments. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). • Level 3 - Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s Level 1 assets include cash and cash equivalents and marketable securities with quoted prices in active markets. The carrying amount of accounts receivables, accounts payable and accrued expenses approximates fair value due to the nature and short-term of those instruments.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	7 . Leases: The Company has one operating lease for research laboratories and office space in Burnaby, British Columbia for a 120-month term from April 1, 2012 to March 31, 2022. The cost components of the operating lease were as follows for the three and six month periods ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease Cost Operating lease expense $ 151 $ 109 $ 260 $ 218 Variable lease expense (1) 132 134 267 268 Lease Term and Discount Rate Remaining lease term (years) 1.75 2.75 1.75 2.75 Discount rate 3.75 % 3.75 % 3.75 % 3.75 % (1) Future minimum lease payments as of June 30, 2020 were as follows: Year ending December 31: 2020 312 2021 587 2022 46 Total future minimum lease payments $ 945 Less: imputed interest (28 ) Present value of lease liabilities $ 917

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Accounts Payable and Accrued Expenses	8 . Accounts payable and accrued expenses: Accounts payable and accrued expenses consisted of the following: June 30, December 31, 2020 2019 Trade payables $ 1,633 $ 2,473 Employee compensation, benefits, and related accruals 1,830 2,892 Consulting and contracted research 4,056 3,104 Professional fees 222 154 Other 28 195 Total $ 7,769 $ 8,818

Term Loan

Term Loan	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Term Loan	9 . Term loan: In August 2018, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended and Restated Loan Agreement”) with Silicon Valley Bank (the “Bank”), pursuant to which the Bank agreed to extend a term loan to the Company with a principal amount of $15,500 In May 2020, the Company repaid the total outstanding term loan balance ahead of the maturity date. The repayment consisted of (i) the outstanding principal balance, (ii) a final payment fee of $1,008 , $225.

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 2020
Stockholders Equity Note [Abstract]
Share Capital	10 . Share capital: (a) Financing: In November 2019, the Company entered into an at-the-market equity offering sales agreement with Jefferies LLC (“Jefferies”) and Stifel, Nicolaus & Company, Incorporated (“Stifel”) to sell common shares of the Company having aggregate gross proceeds of up to $50,000, from time to time, through an “at-the-market” equity offering program under which Jefferies and Stifel would act as sales agents. As of December 31, 2019, the Company had sold 805,643 common shares under the sales agreement for proceeds of approximately $10,771, net of commissions paid, but excluding transaction expenses. In January 2020, the Company sold an additional 2,446,687 common shares for proceeds of approximately $37,979, net of commissions paid, but excluding transaction expenses. In January 2020, the Company entered into an underwriting agreement with Jefferies, Stifel and Guggenheim Securities, LLC, relating to an underwritten public offering of 3,750,000 common shares sold by the Company at a public offering price of $16.00 per common share, and granted the underwriters an option for a period of 30 days to purchase up to an additional 562,500 common shares. The public offering was completed on January 27, 2020, and the Company received net proceeds of $56,700, net of underwriting discounts and commissions, but before offering expenses. The underwriters exercised their option in full in February 2020 and the Company received additional net proceeds of $8,460, net of underwriting discounts and commissions, but before offering expenses. (b) Exchange agreement with certain funds affiliated with BVF Partners L.P. (collectively, “BVF”): In March 2018, the Company and BVF entered into an exchange agreement pursuant to which the Company issued to BVF 2,868,000 Series 1 Preferred Shares in exchange for 2,868,000 common shares which were subsequently cancelled by the Company. The Company filed articles of amendment creating an unlimited number of Series 1 Preferred Shares. The Series 1 Preferred Shares are convertible into common shares on a one-for-one basis subject to the holder, together with its affiliates, beneficially owning no more than 9.99% of the total number of common shares issued and outstanding immediately after giving effect to such conversion (the “Beneficial Ownership Limitation”). The holder may reset the Beneficial Ownership Limitation to a higher or lower number, not to exceed 19.99% of the total number of common shares issued and outstanding immediately after giving effect to such conversion, upon providing written notice to the Company which will be effective 61 days after delivery of such notice. Each Series 1 Preferred Share is also convertible into one common share at any time at the Company’s option without payment of additional consideration, provided that prior to any such conversion, the holder, together with its affiliates, beneficially owns less than 5.00% of the total number of common shares issued and outstanding and such conversion will not result in the holder, together with its affiliates, beneficially holding more than 5.00% of the total number of common shares issued and outstanding immediately after giving effect to such conversion. In the event of a change of control, holders of Series 1 Preferred Shares shall be issued one common share for each outstanding Series 1 Preferred Share held immediately prior to the change of control (without regard to the Beneficial Ownership Limitation), and following such conversion, will be entitled to receive the same kind and amount of securities, cash or property that a holder of common shares is entitled to receive in connection with such change of control. The Series 1 Preferred Shares rank equally to the common shares in the event of liquidation, dissolution or winding up or other distribution of the assets of the Company among its shareholders and the holders of the Series 1 Preferred Shares are entitled to vote together with the common shares on an as-converted basis and as a single class, subject in the case of each holder of the Series 1 Preferred Shares to the Beneficial Ownership Limitation. Any Series 1 Preferred Shares that are ineligible to be converted into common shares due to the Beneficial Ownership Limitation, measured as of a given record date that applies for a shareholder meeting or ability to act by written consent, shall be deemed to be non-voting securities of the Company. Holders of Series 1 Preferred Shares are entitled to receive dividends (without regard to the Beneficial Ownership Limitation) on the same basis as the holders of common shares. The Company may not redeem the Series 1 Preferred Shares. The Company recorded the issuance of Series 1 Preferred Shares and corresponding cancellation of common shares at $7.61 per share, the estimated weighted average cost at which BVF acquired the common shares. The Series 1 Preferred Shares are recorded wholly as equity under ASC 480, with no bifurcation of conversion feature from the host contract, given that the Series 1 Preferred Shares cannot be cash settled and have no redemption features. During the year ended December 31, 2018, BVF converted 1,852,000 Series 1 Preferred Shares in exchange for an equal number of common shares of the Company. BVF was a related party of the Company prior to the closing of the exchange agreement, and continues to be a related party as of June 30, 2020 and thereafter. (c) Stock-based compensation: In June 2020, the shareholders of the Company approved the Amended and Restated 2014 Equity Incentive Plan (the “Amended and Restated 2014 Plan”) amending certain provisions of the Company’s 2014 Equity Incentive Plan (the “2014 Plan”). The annual automatic share increase provision of the 2014 Plan was eliminated and the number of common shares available for issuance was increased by 4,000,000 over the existing share reserve under the 2014 Plan. The number of common shares that can be issued through restricted share awards, restricted share unit awards, or performance share awards was amended to be limited to 1,000,000 common shares, in the aggregate. Other amendments were made to terms of the 2014 Plan with respect to repricing, change of control and payment of dividends and other distributions. In connection with the shareholder approval of the Amended and Restated 2014 Plan, the Company’s non-shareholder-approved 2019 Inducement Equity Incentive Plan (the “2019 Inducement Plan”) was terminated. No further options will be granted under the 2019 Inducement Plan, and the 2019 Inducement Plan will continue to govern the options granted thereunder. The following table presents stock option activity for the period: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Outstanding, beginning of period 4,527,992 2,667,449 3,534,236 2,671,906 Granted 127,300 — 1,245,650 21,900 Exercised (1) (54,716 ) (3,461 ) (153,042 ) (25,863 ) Forfeited, cancelled or expired (5,144 ) (200 ) (31,412 ) (4,155 ) Outstanding, end of period 4,595,432 2,663,788 4,595,432 2,663,788 Exercisable, end of period 2,114,647 1,913,129 2,114,647 1,913,129 (1) 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, 2020 2019 (1) 2020 2019 Average risk-free interest rate 0.48 % N/A 0.77 % 2.58 % Expected volatility 68 % N/A 68 % 76 % Average expected term (in years) 6.86 N/A 6.75 6.27 Expected dividend yield 0 % N/A 0 % 0 % Weighted average fair value of stock options $ 8.27 N/A $ 7.50 $ 5.34 (1)

Revenue

Revenue	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue	11 . Revenue: Revenue was as follows for the three and six month periods ended June 30, 2020 and 2019 : Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Neurocrine Biosciences: Recognition of the transaction price $ 11,916 $ — $ 17,760 $ — Research and development services 1,468 — 2,702 — Total collaboration revenue $ 13,384 $ — $ 20,462 $ — In December 2019, the Company entered into a License and Collaboration Agreement with Neurocrine Biosciences Inc. (“Neurocrine Biosciences”) . Pursuant to this agreement, the Company granted an exclusive license to XEN901, now known as NBI-921352, and an exclusive license to pre-clinical compounds for development, XEN393, XPC’535 and XPC’391 (collectively, the “DTCs”). The agreement also includes a two-year research collaboration to discover, identify and develop additional novel Nav1.6 and Nav1.2/1.6 inhibitors (“Research Compounds”), with an option to extend for an additional year. The Company and Neurocrine Biosciences will collaborate on the conduct of two collaboration programs: (a) a joint research collaboration to discover, identify and preclinically develop Research Compounds (the “Research Program”) and (b) a collaborative development program for XEN901 and two DTCs selected by the joint steering committee (the “Initial Development Program”). At execution of the agreement, Neurocrine Biosciences paid the Company an upfront cash payment of $30,000 and a $20,000 equity investment in the Company. The equity investment was measured at fair value of $16,667 on the date of issuance and the resulting premium $3,333, together with the upfront cash payment totaling $33,333, was the transaction price of the arrangement for allocation to the performance obligations. The agreement includes the following performance obligations: (i) an exclusive license to XEN901 with associated technology and know-how transfer, (ii) an exclusive license to the DTCs with associated know-how transfer, (iii) a license to Research Compounds and research services under the Research Program, (iv) development services under the Initial Development Program for XEN901, and (v) development services under the Initial Development Program for the DTCs. The total transaction price of $33,333 was allocated to performance obligation (v) based on its estimated standalone selling price determined based on internal development plans and budget, with the balance allocated to performance obligations (i) and (ii) by the residual approach. The Company allocated the transaction price as follows: $28,807 to performance obligations (i) and (ii), which performance obligations are delivered concurrently and are being recognized as revenue over an approximate eleven month period from the signing of the agreement, which is the expected period to complete the delivery of the licenses and transfer of the relevant technology and know-how, and $4,526 to performance obligation (v) which is being recognized as revenue over an approximate thirteen The arrangement consideration related to the services under performance obligations (iii) and (iv) to be performed on behalf of Neurocrine Biosciences were excluded from the initial transaction price allocation because the consideration and performance are contingent upon Neurocrine Biosciences requesting performance of the services and these services are priced at an estimated fair value. None of the at-risk substantive performance milestones, including development, regulatory and sales-based milestones, were included in the transaction price, as all milestone amounts are outside the control of the Company and contingent upon Neurocrine Biosciences’s efforts and success in future clinical trials. The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur. During The Company has an option to co-fund 50% of the development costs of XEN901 or another product candidate in the U.S., exercisable upon achievement of certain milestones, in exchange for increased U.S. royalties. The Company has not exercised this option as of June 30, 2020. Neurocrine Biosciences was a related party as of December 31, 2019 but was not considered a related party as of June 30, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	12 . Income taxes: Income tax (expense) recovery for the three and six months ended June 30, 2020 and 2019 arose from the operations of Xenon Pharmaceuticals USA Inc., the Company’s wholly-owned subsidiary in the United States. Deferred income tax assets recorded on the consolidated balance sheets as of June 30, 2020 and December 31, 2019 resulted from the temporary differences between the amounts of assets and liabilities recognized for financial statement and income tax purposes related to the operations of Xenon Pharmaceuticals USA Inc. The realization of deferred income tax assets is dependent upon the generation of sufficient taxable income during future periods in which the temporary differences are expected to reverse.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13 . Commitments and contingencies: (a) Priority access agreement with Medpace Inc. (“Medpace”): In August 2015, the Company entered into a priority access agreement with Medpace for the provision of certain clinical development services. Under the terms of the agreement, the Company has committed to using Medpace non-exclusively for clinical development services over the five year term of the agreement. In consideration for priority access to Medpace resources and preferred service rates, the Company has committed to $7,000 of services over the term of the agreement ; $3,159 of services have been received to date and $3,841 remains committed as of June 30, 2020. (b) License, manufacture and supply agreement: In March 2017, the Company entered into a license, manufacture and supply agreement with a pharmaceutical contract manufacturing organization for the access and use of certain regulatory documents as well as for the manufacture and supply of clinical and commercial drug product to support the development of XEN007. Under the terms of the agreement, the Company will be required to pay a low single-digit percentage royalty on net sales of any products developed and commercialized under the agreement. (c) Asset purchase agreement with 1st Order Pharmaceuticals, Inc. (“1st Order”): In April 2017, the Company acquired XEN1101 (previously known as 1OP2198) from 1st Order pursuant to an asset purchase agreement. In August 2020, the Company and 1st Upon execution of the amendment, a payment of $300 is payable; this amount has been accrued as of June 30, 2020. (d) License agreement In July 2017, the Company entered into a license agreement with a pharmaceutical company for the access and use of certain regulatory documents to support the development of XEN007. Future potential payments include $2,000 in clinical development milestones, up to $7,000 in regulatory milestones, plus a low-to-mid single-digit percentage royalty on net sales of any products developed and commercialized under the agreement. No amounts have been accrued to date based on the progress against these milestones. (e) Guarantees and indemnifications: The Company has entered into license and research agreements with third parties that include indemnification provisions that are customary in the industry. These indemnification provisions generally require the Company to compensate the other party for certain damages and costs incurred as a result of third party claims or damages arising from these transactions. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds commercial and product liability insurance. This insurance limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and the Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented.

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Allocation of loss attributed to shareholders Basic $ (170 ) $ (9,627 ) $ (7,437 ) $ (20,538 ) Adjustment for change in fair value of liability classified stock options — (5 ) — — $ (170 ) $ (9,632 ) $ (7,437 ) $ (20,538 ) Denominator: Weighted average number of shares: Basic 34,979,282 25,773,879 34,084,508 25,763,858 Adjustment for dilutive effect of stock options — 1,680 — — Diluted 34,979,282 25,775,559 34,084,508 25,763,858 Net loss attributable to shareholders per share - basic $ (0.00 ) $ (0.37 ) $ (0.22 ) $ (0.80 ) Net loss attributable to shareholders per share - diluted $ (0.00 ) $ (0.37 ) $ (0.22 ) $ (0.80 )

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Cost Components of Operating Lease	The cost components of the operating lease were as follows for the three and six month periods ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Lease Cost Operating lease expense $ 151 $ 109 $ 260 $ 218 Variable lease expense (1) 132 134 267 268 Lease Term and Discount Rate Remaining lease term (years) 1.75 2.75 1.75 2.75 Discount rate 3.75 % 3.75 % 3.75 % 3.75 % (1)
Future Minimum Lease Payments	Future minimum lease payments as of June 30, 2020 were as follows: Year ending December 31: 2020 312 2021 587 2022 46 Total future minimum lease payments $ 945 Less: imputed interest (28 ) Present value of lease liabilities $ 917

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: June 30, December 31, 2020 2019 Trade payables $ 1,633 $ 2,473 Employee compensation, benefits, and related accruals 1,830 2,892 Consulting and contracted research 4,056 3,104 Professional fees 222 154 Other 28 195 Total $ 7,769 $ 8,818

Share Capital (Tables)

Share Capital (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Activity	The following table presents stock option activity for the period: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Outstanding, beginning of period 4,527,992 2,667,449 3,534,236 2,671,906 Granted 127,300 — 1,245,650 21,900 Exercised (1) (54,716 ) (3,461 ) (153,042 ) (25,863 ) Forfeited, cancelled or expired (5,144 ) (200 ) (31,412 ) (4,155 ) Outstanding, end of period 4,595,432 2,663,788 4,595,432 2,663,788 Exercisable, end of period 2,114,647 1,913,129 2,114,647 1,913,129 (1)
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, 2020 2019 (1) 2020 2019 Average risk-free interest rate 0.48 % N/A 0.77 % 2.58 % Expected volatility 68 % N/A 68 % 76 % Average expected term (in years) 6.86 N/A 6.75 6.27 Expected dividend yield 0 % N/A 0 % 0 % Weighted average fair value of stock options $ 8.27 N/A $ 7.50 $ 5.34 (1)

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue From Contract With Customer [Abstract]
Schedule of Collaboration Revenue	Revenue was as follows for the three and six month periods ended June 30, 2020 and 2019 : Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Neurocrine Biosciences: Recognition of the transaction price $ 11,916 $ — $ 17,760 $ — Research and development services 1,468 — 2,702 — Total collaboration revenue $ 13,384 $ — $ 20,462 $ —

Nature of the Business (Details

Nature of the Business (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 257,314				$ 257,314		$ 249,655
Net loss	$ 175	$ 7,484	$ 10,007	$ 11,341	$ 7,659	$ 21,348

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2020
Xenon Pharmaceuticals USA Inc. [Member]
Basis Of Presentation [Line Items]
Date of incorporation	Dec. 2, 2016

Net Income (Loss) Per Common (D

Net Income (Loss) Per Common (Details) - shares	3 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred shares, issued		1,016,000	1,016,000
Stock Options and all Warrants and Convertible Preferred Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,658,217
Series1 Preferred Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred shares, issued	1,016,000	1,016,000

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share - Computation of Numerators and Denominators of Basic and Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Allocation of loss attributed to shareholders
Basic	$ (170)	$ (9,627)	$ (7,437)	$ (20,538)
Adjustment for change in fair value of liability classified stock options		(5)
Diluted	$ (170)	$ (9,632)	$ (7,437)	$ (20,538)
Weighted average number of shares:
Basic	34,979,282	25,773,879	34,084,508	25,763,858
Adjustment for dilutive effect of stock options		1,680
Diluted	34,979,282	25,775,559	34,084,508	25,763,858
Net loss attributable to shareholders per share - basic	$ 0	$ (0.37)	$ (0.22)	$ (0.80)
Net loss attributable to shareholders per share - diluted	$ 0	$ (0.37)	$ (0.22)	$ (0.80)

Leases (Details)

Leases (Details) - Burnaby, British Columbia [Member]	6 Months Ended
	Jun. 30, 2020Lease
Lessee Lease Description [Line Items]
Number of operating leases	1
Operating lease term	120 months
Operating lease expiration date	Mar. 31, 2022
Operating lease, description	The Company has one operating lease for research laboratories and office space in Burnaby, British Columbia for a 120-month term from April 1, 2012 to March 31, 2022.

Leases - Schedule of Cost Compo

Leases - Schedule of Cost Components of Operating Lease (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease expense		$ 151	$ 109	$ 260	$ 218
Variable lease expense	[1]	$ 132	$ 134	$ 267	$ 268
Remaining lease term (years)		1 year 9 months	2 years 9 months	1 year 9 months	2 years 9 months
Discount rate		3.75%	3.75%	3.75%	3.75%
[1]	Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of minimum lease payments.

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
2020	$ 312
2021	587
2022	46
Total future minimum lease payments	945
Less: imputed interest	(28)
Present value of lease liabilities	$ 917

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Trade payables	$ 1,633	$ 2,473
Employee compensation, benefits, and related accruals	1,830	2,892
Consulting and contracted research	4,056	3,104
Professional fees	222	154
Other	28	195
Total	$ 7,769	$ 8,818

Term Loan (Details)

Term Loan (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May 31, 2020	Jun. 30, 2020	Jun. 30, 2020	Aug. 31, 2018
Debt Instrument [Line Items]
Loss on repayment of term loan (note 9)		$ (988)	$ (988)
Silicon Valley Bank [Member] | Term Loan [Member] | Loan Agreement [Member]
Debt Instrument [Line Items]
Aggregate principal amount of debt instrument				$ 15,500
Debt instrument, final payment fee	$ 1,008
Debt instrument prepayment fee	$ 225
Warrants outstanding to purchase common stock		40,000	40,000
Warrants exercise price per common share		$ 9.79	$ 9.79
Warrants outstanding to purchase common stock expiration period			2028-08
Loss on repayment of term loan (note 9)			$ 988

Share Capital (Details)

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Feb. 29, 2020	Jan. 31, 2020	Nov. 30, 2019	Mar. 31, 2018	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Capital [Line Items]
Sale proceeds of common shares							$ 102,456
Two Thousand Fourteen Plan [Member]
Share Capital [Line Items]
Common stock reserved for issuance	4,000,000
Number of restricted share awards, restricted share unit awards or performance awards available for issue	1,000,000						1,000,000
Series1 Preferred Shares
Share Capital [Line Items]
Conversion of shares									1,852,000
Common Shares [Member]
Share Capital [Line Items]
Conversion of shares									1,852,000
BVF Partners L.P [Member] | Exchange Agreement [Member]
Share Capital [Line Items]
Estimated weighted average cancellation price per share of common stock					$ 7.61
BVF Partners L.P [Member] | Exchange Agreement [Member] | Series1 Preferred Shares
Share Capital [Line Items]
Shares issued					2,868,000
Preferred shares convertible into common shares					one-for-one
Maximum beneficial ownership limitation percentage for conversion of common stock issued and outstanding					9.99%
Maximum beneficial ownership limitation upon notice, percentage for conversion of common stock issued and outstanding					19.99%
Maximum beneficial percentage hold for conversion of number Of common stock issued and outstanding					5.00%
Minimum beneficial percentage hold for conversion of number Of common stock issued and outstanding.					5.00%
BVF Partners L.P [Member] | Exchange Agreement [Member] | Common Shares [Member]
Share Capital [Line Items]
Shares cancelled					2,868,000
Common Shares [Member]
Share Capital [Line Items]
Shares issued						6,759,187
Jefferies and Stifel [Member] | At-The-Market Equity Offering [Member]
Share Capital [Line Items]
Sale proceeds of common shares			$ 37,979					$ 10,771
Jefferies and Stifel [Member] | At-The-Market Equity Offering [Member] | Maximum [Member]
Share Capital [Line Items]
Sale proceeds of common shares				$ 50,000
Jefferies and Stifel [Member] | At-The-Market Equity Offering [Member] | Common Shares [Member]
Share Capital [Line Items]
Shares issued			2,446,687					805,643
Jefferies, Stifel and Guggenheim Securities, LLC [Member] | Underwritten Public Offering [Member]
Share Capital [Line Items]
Sale proceeds of common shares			$ 56,700
Additional proceeds from issuance of common stock			$ 8,460
Jefferies, Stifel and Guggenheim Securities, LLC [Member] | Underwritten Public Offering [Member] | Common Shares [Member]
Share Capital [Line Items]
Shares issued		562,500	3,750,000
Shares price			$ 16

Share Capital - Stock Option Ac

Share Capital - Stock Option Activity (Details) - shares		3 Months Ended				6 Months Ended
		Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options Outstanding, Beginning balance		4,527,992	3,534,236	2,667,449	2,671,906	3,534,236	2,671,906
Number of Options, Granted		127,300		0		1,245,650	21,900
Number of Options, Exercised	[1]	(54,716)		(3,461)		(153,042)	(25,863)
Number of Options, Forfeited, cancelled or expired		(5,144)		(200)		(31,412)	(4,155)
Number of Options Outstanding, Ending balance		4,595,432	4,527,992	2,663,788	2,667,449	4,595,432	2,663,788
Number of Options Exercisable, End of period		2,114,647		1,913,129		2,114,647	1,913,129
[1]	During the six months ended June 30, 2020, 10,715 stock options were exercised for the same number of common shares for cash (six months ended June 30, 2019 – 23,472). In the same period, the Company issued 85,660 common shares (six months ended June 30, 2019 – 863) for the cashless exercise of 142,327 stock options (six months ended June 30, 2019 – 2,391).

Share Capital - Stock Option _2

Share Capital - Stock Option Activity (Parenthetical) (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Options exercised for Number of Common Shares for cash	10,715	23,472
Common stock issued for cashless exercise	85,660	863
Cashless exercise of stock options	142,327	2,391

Share Capital - Fair Value Assu

Share Capital - Fair Value Assumptions for Stock Options (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Assumptions For Stock Options [Abstract]
Average risk-free interest rate	0.48%		0.77%	2.58%
Expected volatility	68.00%		68.00%	76.00%
Average expected term (in years)	6 years 10 months 9 days	0 years	6 years 9 months	6 years 3 months 7 days
Expected dividend yield	0.00%		0.00%	0.00%
Weighted average fair value of stock options granted	$ 8.27		$ 7.50	$ 5.34

Share Capital - Fair Value As_2

Share Capital - Fair Value Assumptions for Stock Options (Parenthetical) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Assumptions For Stock Options [Abstract]
Number of Options, Granted	127,300	0	1,245,650	21,900

Revenue - Schedule of Collabora

Revenue - Schedule of Collaboration Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Disaggregation Of Revenue [Line Items]
Revenue	$ 13,384	$ 20,462
Neurocrine Biosciences [Member] | Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Recognition of the transaction price	11,916	17,760
Research and development services	1,468	2,702
Revenue	$ 13,384	$ 20,462

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenue	$ 13,384	$ 20,462
Accounts receivable	1,786	1,786	$ 813
Neurocrine Biosciences [Member]
Disaggregation Of Revenue [Line Items]
Accounts receivable	1,467	1,467
Deferred revenue	12,692	12,692
Neurocrine Biosciences [Member] | Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	13,384	20,462
Exclusive License to XEN901 and Exclusive License to DTCs [Member] | Neurocrine Biosciences [Member] | Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	11,523	17,285
Development Services Under the Initial Development Program For DTCs [Member] | Neurocrine Biosciences [Member] | Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	393	475
Research And Development Funding | Neurocrine Biosciences [Member] | Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Revenue	$ 1,468	$ 2,702
License and Collaboration Agreement [Member] | Neurocrine Biosciences [Member]
Disaggregation Of Revenue [Line Items]
Upfront payment received in cash			30,000
Upfront payment received in equity investment			20,000
Equity investment measured at fair value			16,667
Collaborate agreement premium related to equity investment			3,333
Transaction price allocated to performance obligations			$ 33,333
Percentage of option to co-fund development costs upon achievement of certain milestones			50.00%
License and Collaboration Agreement [Member] | Exclusive License to XEN901 and Exclusive License to DTCs [Member] | Neurocrine Biosciences [Member]
Disaggregation Of Revenue [Line Items]
Transaction price allocated to performance obligations			$ 28,807
License and Collaboration Agreement [Member] | Development Services Under the Initial Development Program For DTCs [Member] | Neurocrine Biosciences [Member]
Disaggregation Of Revenue [Line Items]
Transaction price allocated to performance obligations			$ 4,526

Revenue - Additional Informat_2

Revenue - Additional Information (Details1) - License and Collaboration Agreement [Member] - Neurocrine Biosciences [Member]	Jun. 30, 2020	Dec. 31, 2019
Development Services Under the Initial Development Program For DTCs [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-03-01
Disaggregation Of Revenue [Line Items]
Revenue remaining performance obligation excepted period	13 months
Exclusive License to XEN901 and Exclusive License to DTCs [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-12-31
Disaggregation Of Revenue [Line Items]
Revenue remaining performance obligation excepted period		11 months

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended			6 Months Ended
	Aug. 31, 2020	Jul. 31, 2017	Aug. 31, 2015	Jun. 30, 2020
License, Manufacture and Supply Agreement [Member]
Commitments and Contingencies [Line Items]
Royalty obligation description				Under the terms of the agreement, the Company will be required to pay a low single-digit percentage royalty on net sales of any products developed and commercialized under the agreement.
Asset Purchase Agreement [Member] | 1st Order Pharmaceuticals, Inc. [Member]
Commitments and Contingencies [Line Items]
Accrued milestone payment				$ 300,000
Royalty obligation	$ 0
Asset Purchase Agreement [Member] | 1st Order Pharmaceuticals, Inc. [Member] | Clinical Development Milestones [Member]
Commitments and Contingencies [Line Items]
Future potential payments	1,200,000
Asset Purchase Agreement [Member] | 1st Order Pharmaceuticals, Inc. [Member] | Regulatory Milestone [Member] | Maximum [Member]
Commitments and Contingencies [Line Items]
Future potential payments	6,000,000
Asset Purchase Agreement [Member] | 1st Order Pharmaceuticals, Inc. [Member] | Other Milestones [Member]
Commitments and Contingencies [Line Items]
Future potential payments	$ 500,000
License Agreement [Member]
Commitments and Contingencies [Line Items]
Royalty obligation description		low-to-mid single-digit percentage royalty on net sales of any products developed and commercialized under the agreement
License Agreement [Member] | Clinical Development Milestones [Member]
Commitments and Contingencies [Line Items]
Future potential payments		$ 2,000,000
License Agreement [Member] | Regulatory Milestone [Member] | Maximum [Member]
Commitments and Contingencies [Line Items]
Future potential payments		$ 7,000,000
Medpace Clinical Development Service Agreement [Member]
Commitments and Contingencies [Line Items]
Service agreement, term			5 years
Committed service obligation			$ 7,000,000	3,841,000
Contractual obligation paid				$ 3,159,000