Xenon Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

VANCOUVER, BC and BOSTON, MA, Aug. 28, 2026 (GLOBE NEWSWIRE) — Xenon Pharmaceuticals Inc. (Nasdaq: XENE), a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need, today announced equity inducement grants to five new non-officer employees consisting of an aggregate of 13,450 share options and 7,850 restricted share units (RSUs). All of the foregoing share options and RSUs were approved by the Compensation Committee of the Company’s Board of Directors with an effective date of August 27, 2026 and were granted as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The share options have an exercise price of $61.93 per common share, which is equal to the closing price per share of Xenon’s common shares on the grant date of August 27, 2026. The share option grants vest over four years, with 25% vesting on the one-year anniversary of the respective employee’s start date and 1/36th of the remaining options vesting monthly thereafter on the last day of each month, subject to such option recipient’s continued service relationship with the Company. Each option has a 10-year term and is subject to the terms and conditions of the share option agreement and the terms of the Company’s Amended and Restated 2025 Inducement Equity Incentive Plan. The RSUs will vest as to 25% of the underlying shares on each of the first four anniversaries of the grant date of August 27, 2026, subject to such employee’s continued service relationship with the Company. Each RSU grant is subject to the terms and conditions of the restricted share unit award agreement and the terms of the Company’s Amended and Restated 2025 Inducement Equity Incentive Plan.

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About Xenon Pharmaceuticals Inc. Xenon Pharmaceuticals (Nasdaq: XENE) is a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need. Xenon’s lead molecule, azetukalner, is a novel, potent K V 7 potassium channel opener in late-stage clinical development for the treatment of epilepsy, major depressive disorder and bipolar depression. Xenon is also advancing an early-stage portfolio of multiple promising potassium and sodium channel modulators, including K V 7 and Na V 1.7 programs in Phase 1 development for the potential treatment of pain. Xenon has offices in Vancouver, British Columbia, and Boston, Massachusetts. For more information, visit www.xenon-pharma.com and follow us on LinkedIn and X .

Xenon and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in the US, Canada, and elsewhere. All other trademarks belong to their respective owner.

Contacts: For Investors: Tucker Kelly Chief Financial Officer [email protected]

For Media: Colleen Alabiso Senior Vice President, Corporate Affairs [email protected]