Xenon Pharmaceuticals Investor Presentation — May 2022

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www.xenon -pharma.com NASDAQ: XENECORPORATE OVERVIEW

MAY 2022Forward Looking Statement/Safe Harbor

This slide presentation and the accompanying oral commentary contain forward -looking statements that involve risks, uncertaintie s and assumptions. If the risks or uncertainties ever

materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such for ward-looking statements. All statements other than

statements of historical fact could be deemed forward -looking, including, but not limited to, statements regarding the timing of and results from clinical trials and pre -clinical

development activities, including those related to XEN496, XEN1101, and other proprietary products, and those related to NBI -921352, PCRX301, and other partnered product

candidates; the potential efficacy, safety profile, future development plans, addressable market, regulatory success and comm ercial potential of XEN496, XEN1101 and other

proprietary and partnered product candidates; the anticipated timing of IND, or IND -equivalent, submissions and the initiation o f future clinical trials for XEN496, XEN1101, and other

proprietary products, and those related to NBI -921352, PCRX301, and other partnered candidates; the efficacy of our clinical tri al designs; our ability to successfully develop and

achieve milestones in the XEN496, XEN1101, and other proprietary development programs; the timing and results of our interact ions with regulators; anticipated enrollment in our

clinical trials and the timing thereof; the progress and potential of our other ongoing development programs; the potential r eceipt of milestone payments and royalties from our

collaborators; our efforts to enhance our intellectual property portfolio and the timing of potential publication or presenta tion of future clinical data.

These statements are based on estimates and information available to us at the time of this presentation and are not guarante es of future performance. Actual results could differ

materially from our current expectations as a result of many factors, including but not limited to: the impact of the COVID -19 p andemic on our business, research and clinical

development plans and timelines and results of operations, including impact on our clinical trial sites, collaborators, and c ontractors who act for or on our behalf, may be more severe

and more prolonged than currently anticipated; clinical trials may not demonstrate safety and efficacy of any of our or our c ollaborators’ product candidates; our assumptions

regarding our planned expenditures and sufficiency of our cash to fund operations may be incorrect; our ongoing discovery and pre-clinical efforts may not yield additional product