Slide 1: Phase 3 X-TOLE2 Study: Topline Results
Exhibit 99.2 Phase 3 X-TOLE2 Study: Topline Results MARCH 09, 2026 NASDAQ: XENE xenon-pharma.com
Slide 2: On Today's Call
On Today’s Call Ian Mortimer Chris Kenney, MD Darren Cline Tucker Kelly President & Chief Medical Officer Chief Commercial Officer Chief Financial Officer Chief Executive Officer MARCH 2026 2
Slide 3: Forward Looking Statement/Safe Harbor
Forward Looking Statement/Safe Harbor This slide presentation and the accompanying oral commentary contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Secu
Slide 4: Opening Remarks
Opening Remarks Ian Mortimer President & Chief Executive Officer
Slide 5: Thank you to our partners in the epilepsy community
Thank you to our partners in the epilepsy community, including patient advocates, clinicians and study participants. Hadley, living with epilepsy
Slide 6: Positive Topline Data: Azetukalner in Focal Onset Seizures
POSITIVE TOPLINE DATA Azetukalner in Focal Onset Seizures MARCH 2026 6
Slide 7: Azetukalner's Differentiated Profile in FOS
Azetukalner’s Differentiated Profile in FOS Robust Clinical Data Well-Documented Safety Profile Compelling double-blind efficacy data in FOS 800+ patient years of data in FOS patients, patients from two placebo-controlled studies with some dosed for more than 5 years Consistent safety profile betwee
Slide 8: X-TOLE2 Results Summary
X-TOLE2 Results Summary Positive Phase 3 study results support an anticipated NDA submission in Q3 2026 PRIMARY ENDPOINT WAS MET: Highly statistically significant, dose-dependent reduction from baseline in median monthly FOS frequency (MPC) over the 12-week treatment period vs. placebo Responder rat
Slide 9: Topline Results from Phase 3 X-TOLE2 Study
Topline Results from Phase 3 X-TOLE2 Study Chris Kenney, MD Chief Medical Officer
Slide 10: X-TOLE2 Study Design
X-TOLE2 Study Design Phase 3, multicenter, randomized, double-blind, placebo-controlled clinical study to evaluate the clinical efficacy, safety, and tolerability of azetukalner as adjunctive treatment in adults diagnosed with FOS Primary objective: Ø Evaluate effect of AZK vs. PBO on MPC from basel
Slide 11: Baseline Demographic Characteristics: Safety Population
Baseline Demographic Characteristics: Safety Population PBO AZK 15 mg AZK 25 mg Overall (n=125) (n=125) (n=124) (n=374) 39.9 (12.4) 38.3 (11.9) 41.8 (14.3) 40.0 (12.9) Age, mean (SD), years Sex, n (%) 69 (55.2) 62 (49.6) 59 (47.6) 190 (50.8) Female 56 (44.8) 63 (50.4) 65 (52.4) 184 (49.2) Male Regio
Slide 12: Baseline Characteristics: Disease History in Safety Population
Baseline Characteristics: Disease History in Safety Population PBO AZK 15 mg AZK 25 mg Overall (n=125) (n=125) (n=124) (n=374) Duration of epilepsy (years) 25.96 (13.66) 23.12 (13.19) 26.18 (14.30) 25.09 (13.75) Mean (SD) Baseline seizure frequency (28-day FOS) 12.50 (7.21, 39.50) 12.50 (7.11, 28.47
Slide 13: Primary Endpoint: Median Percent Change in Monthly FOS
Primary Endpoint: Median Percent Change (MPC) in Monthly FOS Change from baseline in seizure frequency AZK AZK PBO 15 mg 25 mg 0% -10% -10.4% -20% 42.7% placebo- -30% adjusted MPC in -34.5% -40% monthly FOS p=0.00007 -50% -53.2% p=0.000000000006 -60% Highly statistically significant reduction in mon
Slide 14: Key Secondary Endpoint: Responder Rate (RR50) in DBP
Key Secondary Endpoint: Responder Rate 50 (RR50) in DBP Responder rate 50 (RR50) 60% 54.8% 50% 37.6% 40% 30% 20.8% 20% 10% 0% PBO AZK AZK Placebo AZK (15mg) AZK (25mg) 15 mg 25 mg p=0.003 p=0.00000008 Logistic regression for RR50 (28-day) in the DBP in the modified intent-to-treat population. MARCH
Slide 15: MPC from Baseline in Weekly FOS Frequency
MPC from Baseline in Weekly FOS Frequency During Week 1 Change in Seizure Frequency at Week 1 PBO AZK AZK 15 mg 25 mg 0% -10% -20% -19.3% -30% -33.3% -40% (p=0.08) -45.2% -50% ** -60% **p<0.01 Dose-dependent reductions in weekly seizure frequency observed as early as week 1 and sustained through DBP
Slide 16: Patient and Clinical Global Impression of Change
Patient and Clinical Global Impression of Change Patient Global Impression of Change (PGI-C) Clinical Global Impression of Change (CGI-C) PBO 23.1% PBO 26.4% (n=125) (n=121) AZK 15 mg AZK 15 mg 46.4% *** 37.7% * (n=122) (n=125) AZK 25 mg AZK 25 mg 38.5% * 45.2% ** (n=124) (n=122) 0% 10% 20% 30% 40%
Slide 17: Most Common TEAEs (≥5%) in Any Treatment Group
Most Common TEAEs (≥5%) in Any Treatment Group PBO AZK 15 mg AZK 25 mg AZK Any Dose System Organ Class/Preferred Term, n (%) (n=125) (n=125) (n=124) (n=249) Any TEAE 78 (62.4) 84 (67.2) 102 (82.3) 186 (74.7) Any Serious TEAE 3 (2.4) 4 (3.2) 7 (5.6) 11 (4.4) Any TEAE Leading to Treatment Discontinuat
Slide 18: Serious Adverse Events and Additional Safety Findings
Serious Adverse Events and Additional Safety Findings Serious Adverse Events Additional Safety Findings: No severe allergic rashes (SJS, DRESS) occurred Incidence of SAEs was low and similar across AZK groups: No signals of retinal pigment epithelium or macular abnormalities PBO (2.4%) No signals of
Slide 19: X-TOLE2 Summary of Safety and Tolerability
X-TOLE2 Summary of Safety and Tolerability Summary of Safety and Tolerability Treatment-Emergent Adverse Events Most common TEAEs across all TEAEs resulted in AZK groups included: discontinuation in: AZK was generally well tolerated with a dose-dependent incidence of TEAEs consistent with X-TOLE Diz
Slide 20: Placebo-Adjusted MPCs for All AZK Doses in X-TOLE and X-TOLE2
Keep content within provided margin guidelines: 12.5” width Please do not move or change the size of the Placebo-Adjusted MPCs for All AZK Doses in X-TOLE and X-TOLE2 Title box Use eyedropper tool to select colors from the expanded color palette: AZK (10 mg) AZK (15 mg) AZK (15 mg) AZK (20 mg) AZK (
Slide 21: Summary of X-TOLE2 Topline Results
Summary of X-TOLE2 Topline Results Study met primary endpoint in both dose groups, including -53.2% MPC from baseline in monthly FOS frequency with 25 mg dose vs. 10.4% for placebo (p=0.000000000006) X-TOLE2 outperformed X-TOLE study with a placebo-adjusted MPC of -42.7% in the 25 mg group in X-TOLE
Slide 22: Moving Toward Commercialization
Moving Toward Commercialization Darren Cline Chief Commercial Officer
Slide 23: Significant Epilepsy Burden in the U.S.
Significant Epilepsy Burden in the U.S. Estimated Diagnosed Adult Epilepsy Patient Population Epilepsy is the fourth most in the U.S. common neurological condition Despite the availability of multiple anti-seizure medications (ASMs), most share a limited and U.S. Adults with overlapping set of mecha
Slide 24: Market Research on Potential Azetukalner Attributes
Market Research Suggests Both Epilepsy Specialists and General Neurologists May Find Value in Potential Azetukalner Attributes 1 1 Epilepsy Specialists General Neurologists Perceptions of Unfavorable Favorable Unfavorable Favorable “Product X” 2 Novel Mechanism of Action Ease of Use “Product X” Dosi
Slide 25: Path to Commercialization of Azetukalner
Path to Commercialization of Azetukalner Clinical Evidence Target Attributes Xenon Approach Customer Universe Strong efficacy, HCP mix of epilepsy X-TOLE2 Phase 3 Early commercial well-tolerated specialists, investments neurologists, APPs X-TOLE Phase 2b Novel MOA Deep expertise in Patients with FOS
Slide 26: Looking Toward the Future
Looking Toward the Future Ian Mortimer President & Chief Executive Officer
Slide 27: X-TOLE2 Results Summary
X-TOLE2 Results Summary Positive Phase 3 study results support an anticipated NDA submission in Q3 2026 PRIMARY ENDPOINT WAS MET: Highly statistically significant, dose-dependent reduction from baseline in median monthly FOS frequency (MPC) over the 12-week treatment period vs. placebo Responder rat
Slide 28: Thank you to our partners in the epilepsy community
Thank you to our partners in the epilepsy community, including patient advocates, clinicians and study participants. Hadley, living with epilepsy
Slide 29: Positive Topline Data: Azetukalner in Focal Onset Seizures
POSITIVE TOPLINE DATA Azetukalner in Focal Onset Seizures
Slide 30: For more information
For more information INVESTORS@XENON-PHARMA.COM