Listed

Xenon Pharmaceuticals Inc.

XENENasdaqCIK 1582313HealthcareFiscal year ends Dec 31

Latest reported revenue, Q2 FY2026$0Revenue, Q2 FY2026, three months to 2026-06-30$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Report this figureThree months to Jun 30, 2026, from the 10-Q filed Aug 6, 2026.

Latest quarter: Q2 FY2026

Three months to Jun 30, 2026, against the same quarter a year earlier.

  • Revenue$0Revenue, Q2 FY2026, three months to 2026-06-30$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Report this figureSign changed from a year earlier
  • Gross marginnot reported (Gross profit not reported)No year-earlier figure to compare
  • Operating marginnot reported (Revenue of zero not reported)No year-earlier figure to compare
  • Net marginnot reported (Revenue of zero not reported)No year-earlier figure to compare
  • Diluted EPS−$1.11Diluted EPS, Q2 FY2026, three months to 2026-06-30−$1.11 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Report this figure−3.7% on a year earlier
  • Free cash flow−$95.7mFree cash flow, Q2 FY2026, three months to 2026-06-30. operating cash flow − capital expenditureOperating cash flow: −$95.4m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-Q filed 2026-08-06, accession 0001193125-26-338244. Derived: 6-month figure less the 3-month figure.Capital expenditure: $275.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-Q filed 2026-08-06, accession 0001193125-26-338244. Derived: 6-month figure less the 3-month figure.Report this figure−48.6% on a year earlier

Last eight quarters

Full statements
Revenue$0Operating margin not reported
Diluted EPS−$1.11, Q2 FY2026
Free cash flow−$95.7m, Q2 FY2026
Xenon Pharmaceuticals Inc., key figures for the last eight quarters
Line itemUnitQ3 FY20242024-09-30Q4 FY20242024-12-31Q1 FY20252025-03-31Q2 FY20252025-06-30Q3 FY20252025-09-30Q4 FY20252025-12-31Q1 FY20262026-03-31Q2 FY20262026-06-30Shape over the periods
Revenue$m0.0Revenue, Q3 FY2024, three months to 2024-09-30$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2025-11-03, accession 0001193125-25-262646.Report this figure0.0Revenue, Q4 FY2024, three months to 2024-12-31$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2026-02-26, accession 0001193125-26-076650. Derived: 12-month figure less the 9-month figure.Report this figure7.5Revenue, Q1 FY2025, three months to 2025-03-31$7.5m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figure0.0Revenue, Q2 FY2025, three months to 2025-06-30$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Report this figure0.0Revenue, Q3 FY2025, three months to 2025-09-30$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2025-11-03, accession 0001193125-25-262646.Report this figure0.0Revenue, Q4 FY2025, three months to 2025-12-31$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2026-02-26, accession 0001193125-26-076650. Derived: 12-month figure less the 9-month figure.Report this figure0.0Revenue, Q1 FY2026, three months to 2026-03-31$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figure0.0Revenue, Q2 FY2026, three months to 2026-06-30$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Report this figure
Gross margin%not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)
Operating margin%not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)(969.8%)Operating margin, Q1 FY2025, three months to 2025-03-31. operating income / revenueOperating income: −$72.7m. XBRL concept us-gaap:OperatingIncomeLoss. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Revenue: $7.5m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figurenot reported (Revenue of zero not reported)not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)
Net margin%not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)(867.3%)Net margin, Q1 FY2025, three months to 2025-03-31. net income / revenueNet income: −$65.0m. XBRL concept us-gaap:NetIncomeLoss. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Revenue: $7.5m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figurenot reported (Revenue of zero not reported)not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)not reported (Revenue of zero not reported)
Diluted EPS$ per share(0.81)Diluted EPS, Q3 FY2024, three months to 2024-09-30−$0.81 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2025-11-03, accession 0001193125-25-262646.Report this figurenot reported (Diluted EPS not reported)(0.83)Diluted EPS, Q1 FY2025, three months to 2025-03-31−$0.83 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figure(1.07)Diluted EPS, Q2 FY2025, three months to 2025-06-30−$1.07 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Report this figure(1.15)Diluted EPS, Q3 FY2025, three months to 2025-09-30−$1.15 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2025-11-03, accession 0001193125-25-262646.Report this figurenot reported (Diluted EPS not reported)(1.17)Diluted EPS, Q1 FY2026, three months to 2026-03-31−$1.17 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figure(1.11)Diluted EPS, Q2 FY2026, three months to 2026-06-30−$1.11 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-Q filed 2026-08-06, accession 0001193125-26-338244.Report this figure
Free cash flow$m(50.3)Free cash flow, Q3 FY2024, three months to 2024-09-30. operating cash flow − capital expenditureOperating cash flow: −$49.7m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-Q filed 2025-11-03, accession 0001193125-25-262646. Derived: 9-month figure less the 6-month figure.Capital expenditure: $590.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-Q filed 2025-11-03, accession 0001193125-25-262646. Derived: 9-month figure less the 6-month figure.Report this figure(55.2)Free cash flow, Q4 FY2024, three months to 2024-12-31. operating cash flow − capital expenditureOperating cash flow: −$54.4m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-K filed 2026-02-26, accession 0001193125-26-076650. Derived: 12-month figure less the 9-month figure.Capital expenditure: $783.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-K filed 2026-02-26, accession 0001193125-26-076650. Derived: 12-month figure less the 9-month figure.Report this figure(61.7)Free cash flow, Q1 FY2025, three months to 2025-03-31. operating cash flow − capital expenditureOperating cash flow: −$61.7m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Capital expenditure: $43.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figure(64.4)Free cash flow, Q2 FY2025, three months to 2025-06-30. operating cash flow − capital expenditureOperating cash flow: −$64.2m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-Q filed 2026-08-06, accession 0001193125-26-338244. Derived: 6-month figure less the 3-month figure.Capital expenditure: $157.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-Q filed 2026-08-06, accession 0001193125-26-338244. Derived: 6-month figure less the 3-month figure.Report this figure(72.0)Free cash flow, Q3 FY2025, three months to 2025-09-30. operating cash flow − capital expenditureOperating cash flow: −$71.8m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-Q filed 2025-11-03, accession 0001193125-25-262646. Derived: 9-month figure less the 6-month figure.Capital expenditure: $281.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-Q filed 2025-11-03, accession 0001193125-25-262646. Derived: 9-month figure less the 6-month figure.Report this figure(81.8)Free cash flow, Q4 FY2025, three months to 2025-12-31. operating cash flow − capital expenditureOperating cash flow: −$81.5m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-K filed 2026-02-26, accession 0001193125-26-076650. Derived: 12-month figure less the 9-month figure.Capital expenditure: $318.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-K filed 2026-02-26, accession 0001193125-26-076650. Derived: 12-month figure less the 9-month figure.Report this figure(89.0)Free cash flow, Q1 FY2026, three months to 2026-03-31. operating cash flow − capital expenditureOperating cash flow: −$88.9m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Capital expenditure: $133.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-Q filed 2026-05-07, accession 0001193125-26-212153.Report this figure(95.7)Free cash flow, Q2 FY2026, three months to 2026-06-30. operating cash flow − capital expenditureOperating cash flow: −$95.4m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-Q filed 2026-08-06, accession 0001193125-26-338244. Derived: 6-month figure less the 3-month figure.Capital expenditure: $275.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-Q filed 2026-08-06, accession 0001193125-26-338244. Derived: 6-month figure less the 3-month figure.Report this figure

Focus or hover a figure to see its XBRL concept, period and filing; each links to that filing. A figure marked d is derived: a quarter computed from year-to-date figures, such as the fourth quarter as the fiscal year less the nine months before it. A ratio reads not reported when any input is missing.

Last five fiscal years

Revenue$7.5mOperating margin −4974.3%
Diluted EPS−$4.36, FY2025
Free cash flow−$279.9m, FY2025
Xenon Pharmaceuticals Inc., key figures for the last five fiscal years
Line itemUnitFY20212021-12-31FY20222022-12-31FY20232023-12-31FY20242024-12-31FY20252025-12-31Shape over the periods
Revenue$m18.4Revenue, FY2021, twelve months to 2021-12-31$18.4m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2024-02-29, accession 0000950170-24-023177.Report this figure9.4Revenue, FY2022, twelve months to 2022-12-31$9.4m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2025-02-27, accession 0000950170-25-029149.Report this figure0.0Revenue, FY2023, twelve months to 2023-12-31$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure0.0Revenue, FY2024, twelve months to 2024-12-31$0. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure7.5Revenue, FY2025, twelve months to 2025-12-31$7.5m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure
Gross margin%not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)not reported (Gross profit not reported)
Operating margin%(428.4%)Operating margin, FY2021, twelve months to 2021-12-31. operating income / revenueOperating income: −$79.0m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2024-02-29, accession 0000950170-24-023177.Revenue: $18.4m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2024-02-29, accession 0000950170-24-023177.Report this figure(1368.9%)Operating margin, FY2022, twelve months to 2022-12-31. operating income / revenueOperating income: −$129.1m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2025-02-27, accession 0000950170-25-029149.Revenue: $9.4m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2025-02-27, accession 0000950170-25-029149.Report this figurenot reported (Revenue of zero not reported)not reported (Revenue of zero not reported)(4974.3%)Operating margin, FY2025, twelve months to 2025-12-31. operating income / revenueOperating income: −$373.1m. XBRL concept us-gaap:OperatingIncomeLoss. 10-K filed 2026-02-26, accession 0001193125-26-076650.Revenue: $7.5m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure
Net margin%(427.8%)Net margin, FY2021, twelve months to 2021-12-31. net income / revenueNet income: −$78.9m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2024-02-29, accession 0000950170-24-023177.Revenue: $18.4m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2024-02-29, accession 0000950170-24-023177.Report this figure(1328.9%)Net margin, FY2022, twelve months to 2022-12-31. net income / revenueNet income: −$125.4m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2025-02-27, accession 0000950170-25-029149.Revenue: $9.4m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2025-02-27, accession 0000950170-25-029149.Report this figurenot reported (Revenue of zero not reported)not reported (Revenue of zero not reported)(4612.1%)Net margin, FY2025, twelve months to 2025-12-31. net income / revenueNet income: −$345.9m. XBRL concept us-gaap:NetIncomeLoss. 10-K filed 2026-02-26, accession 0001193125-26-076650.Revenue: $7.5m. XBRL concept us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure
Diluted EPS$ per share(1.77)Diluted EPS, FY2021, twelve months to 2021-12-31−$1.77 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2024-02-29, accession 0000950170-24-023177.Report this figure(2.06)Diluted EPS, FY2022, twelve months to 2022-12-31−$2.06 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2025-02-27, accession 0000950170-25-029149.Report this figure(2.73)Diluted EPS, FY2023, twelve months to 2023-12-31−$2.73 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure(3.01)Diluted EPS, FY2024, twelve months to 2024-12-31−$3.01 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure(4.36)Diluted EPS, FY2025, twelve months to 2025-12-31−$4.36 per share. XBRL concept us-gaap:EarningsPerShareDiluted. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure
Free cash flow$m(71.6)Free cash flow, FY2021, twelve months to 2021-12-31. operating cash flow − capital expenditureOperating cash flow: −$69.5m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-K filed 2024-02-29, accession 0000950170-24-023177.Capital expenditure: $2.0m. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-K filed 2024-02-29, accession 0000950170-24-023177.Report this figure(104)Free cash flow, FY2022, twelve months to 2022-12-31. operating cash flow − capital expenditureOperating cash flow: −$101.0m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-K filed 2025-02-27, accession 0000950170-25-029149.Capital expenditure: $2.9m. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-K filed 2025-02-27, accession 0000950170-25-029149.Report this figure(157)Free cash flow, FY2023, twelve months to 2023-12-31. operating cash flow − capital expenditureOperating cash flow: −$151.1m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-K filed 2026-02-26, accession 0001193125-26-076650.Capital expenditure: $5.6m. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure(184)Free cash flow, FY2024, twelve months to 2024-12-31. operating cash flow − capital expenditureOperating cash flow: −$181.4m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-K filed 2026-02-26, accession 0001193125-26-076650.Capital expenditure: $3.1m. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure(280)Free cash flow, FY2025, twelve months to 2025-12-31. operating cash flow − capital expenditureOperating cash flow: −$279.1m. XBRL concept us-gaap:NetCashProvidedByUsedInOperatingActivities. 10-K filed 2026-02-26, accession 0001193125-26-076650.Capital expenditure: $799.0k. XBRL concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. 10-K filed 2026-02-26, accession 0001193125-26-076650.Report this figure

Focus or hover a figure to see its XBRL concept, period and filing; each links to that filing. A figure marked d is derived: a quarter computed from year-to-date figures, such as the fourth quarter as the fiscal year less the nine months before it. A ratio reads not reported when any input is missing.

Insider purchases and sales

All insider transactions

The last 20 open-market transactions reported on Form 4 (codes P and S). The reported price is the price per share the insider stated on the form: filing data, not a market price.

No open-market purchases or sales by insiders are in coverage from Nov 2024 to Oct 2026.

No open-market purchases or sales by insiders are in coverage for this company.

Funds that report holding it

All funds

From each manager's latest Form 13F, largest reported value first. Reported value is as filed at the quarter end: filing data, not a price. A put or call is an option position, not shares held.

Funds that report holding Xenon Pharmaceuticals Inc.
FundQuarter endedReported valueSharesPut or callChange on the quarter before
FMR LLC2026-06-30$582.4m9,647,998Reduced−1,170,493
BlackRock, Inc.2026-06-30$454.1m7,522,482Added+1,882,364
Avoro Capital Advisors LLC2026-06-30$348.7m5,777,777Unchanged
Polar Capital Holdings Plc2026-06-30$275.9m4,570,556Added+165,244
Driehaus Capital Management LLC2026-06-30$266.7m4,418,557Reduced−73,096
Jupiter Topco LLC2026-06-30$252.7m4,186,519Not compared
JANUS HENDERSON GROUP PLC2026-03-31$242.9m4,175,982Not compared
JPMORGAN CHASE & CO2026-06-30$157.4m2,617,360Added+693,750
Capital International Investors2026-06-30$142.5m2,361,639Reduced−313,088
STATE STREET CORP2026-06-30$118.9m1,969,629Added+249,096

Recent filings

All 796 filings

Reports and events: 10-K, 10-Q, 8-K, proxy statements and ownership schedules.

Xenon Pharmaceuticals Inc., recent filings
FiledFormWhat it isAccession number
2026-08-0620:31 ET10-QQuarterly reportPeriod 2026-06-300001193125-26-338244
2026-08-0620:11 ET8-K2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits0001193125-26-338019
2026-06-0320:02 ET8-K5.02 Departure or appointment of officers or directors; 5.07 Shareholder vote results; 9.01 Financial statements and exhibits0001193125-26-255396
2026-05-0720:35 ET10-QQuarterly reportPeriod 2026-03-310001193125-26-212153
2026-05-0720:02 ET8-K2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits0001193125-26-211843
2026-04-2220:02 ETDEF 14AProxy statementPeriod 2026-04-220001193125-26-170320
2026-04-1320:01 ET8-K5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits0001193125-26-152834
2026-03-1320:10 ET8-K8.01 Other events; 9.01 Financial statements and exhibits0001193125-26-106144
2026-03-1220:17 ET8-K1.01 Entry into a material agreement; 8.01 Other events; 9.01 Financial statements and exhibits0001193125-26-104199
2026-03-0911:36 ET8-K7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits0001193125-26-097577

Latest annual report

Form 10-K for the fiscal year ended Dec 31, 2025Filed Feb 26, 2026. Its page lists the documents and the extracted sections, such as Business and Risk factors.

Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by [object Promise].Forecast this quarter

About the filer

CIK
1582313
Tickers
XENE
Exchange
Nasdaq
SIC code
2834 Pharmaceutical Preparations
Sector
Healthcare
Fiscal year ends
Dec 31
Incorporated in
A1
Filer category
Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:43 ET. Listed shows no prices and gives no investment advice.