Xeris Biopharma(XERS)

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Xeris Biopharma(XERS) - 2025 Q2 - Quarterly Report
2025-08-07 20:45
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 XERIS BIOPHARMA HOLDINGS, INC. (Exact name of the registrant as specified in its charter) Delaware 87-1082097 (State or other jurisdiction of For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ______ ...
Xeris Biopharma(XERS) - 2025 Q2 - Earnings Call Transcript
2025-08-07 13:30
Xeris Biopharma Holdings (XERS) Q2 2025 Earnings Call August 07, 2025 08:30 AM ET Speaker0Hello, everyone, and thank you for joining the Zerus Biopharma Second Quarter twenty twenty five Earnings Conference Call. My name is Sami, and I'll be coordinating your call today. I'll now hand over to your host, Alison Way, Senior Vice President of Investor Relations and Corporate Communications to begin. Please go ahead, Alison.Speaker1Thank you, Sami. Good morning, everyone, and thank you for joining our call toda ...
Xeris Biopharma Holdings (XERS) 2025 Earnings Call Presentation
2025-07-03 13:51
Financial Outlook & Growth Strategy - Xeris expects total revenue of approximately $260 million to $275 million in 2025 and to maintain positive adjusted EBITDA [21] - The company anticipates total revenue to reach approximately $750 million by 2030, driven by Recorlev and the launch of XP-8121 [20, 127] - Xeris projects Recorlev to achieve peak net revenue between $1 billion and $3 billion, with XP-8121 also expected to reach $1 billion to $3 billion in peak net revenue [23, 99, 132] Recorlev Growth Opportunities - Recorlev is expected to approach $1 billion in annual net revenue [26, 40] - The U S addressable market for hypercortisolism is estimated at 3 to 5 million patients [23] - Recorlev inhibits cortisol production at multiple points in the cortisol production pathway [32] XP-8121 Hypothyroidism Treatment - XP-8121 is designed to improve patient experience and clinical outcomes in hypothyroidism [91] - XP-8121 targets a U S addressable market of 3 to 5 million treated patients with inconsistent TSH levels [23, 100] - XP-8121 has a multi-billion dollar peak revenue potential [98] Operational & Commercial Strengths - Xeris has a management team with experience in promoting pharmaceutical products and expertise in market preparedness [114] - The company has in-house capabilities across rare, ultra-rare, and retail markets, with dedicated sales, patient support, and medical education [114] - Xeris' commercial model is designed to drive continuous rapid growth [115]
Xeris Biopharma: Great Numbers, Great Technologies, And Suitable For Long-Term Investing
Seeking Alpha· 2025-06-18 14:17
Group 1 - Xeris Biopharma Holdings, Inc. is a biotechnology company with three commercial products generating sales and proprietary formulation modification technologies [1] - The company's revenue is accelerating due to the sales of its products, indicating a positive growth trajectory [1] Group 2 - The company is listed on NASDAQ under the ticker symbol XERS, which may attract investor interest [1]
Xeris Biopharma Holdings (XERS) 2025 Conference Transcript
2025-06-04 18:25
Xeris Biopharma Holdings (XERS) 2025 Conference June 04, 2025 01:25 PM ET Speaker0 Health care conference day one. My name is Dennis Ding. I'm the biotech analyst here at Jefferies. I have the pleasure of having Xeris Biopharma here. We have CEO John Shannon as well as CFO Steve Piper here. Welcome. Speaker1 Thank you. Welcome. Speaker2 Yes, thanks for having us. Speaker0 So maybe to kick things off, just level set us in terms of where you are as a company and maybe talk also about the progress you have mad ...
Xeris Biopharma Holdings (XERS) 2025 Investor Day Transcript
2025-06-03 15:00
Xeris Biopharma Holdings (XERS) 2025 Investor Day June 03, 2025 10:00 AM ET Speaker0 Could everyone woah. Take their seats, please. Because we do have people on a live webcast so we want to start on time for them. Okay, two minutes. So everyone, this is your chance to turn your phones off for the ringers. Thank you. I can do it with a whistle, but that's really loud with a mic. Thank you everybody for coming to our very first Analyst and Investor Day. I appreciate you taking the time out of your day and the ...
Xeris Biopharma(XERS) - 2025 Q1 - Quarterly Report
2025-05-08 20:12
[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Xeris reported strong Q1 2025 revenue growth, a narrowed net loss, and improved operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets slightly decreased, liabilities marginally declined, and the stockholders' deficit widened due to the quarterly net loss Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $58,440 | $71,621 | | Total current assets | $163,494 | $167,662 | | Total assets | $315,453 | $323,060 | | Total current liabilities | $95,072 | $100,443 | | Long-term debt, net | $217,805 | $217,006 | | Total liabilities | $350,581 | $352,675 | | Total stockholders' equity (deficit) | $(35,128) | $(29,615) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q1 2025 total revenue increased 47.9% to $60.1 million, significantly reducing the operating loss to $3.1 million and narrowing the net loss to $9.2 million Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenue | $60,119 | $40,638 | | Total costs and expenses | $63,209 | $54,883 | | Loss from operations | $(3,090) | $(14,245) | | Net loss | $(9,220) | $(18,980) | | Net loss per common share | $(0.06) | $(0.14) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly improved to $10.0 million in Q1 2025, while investing activities remained minimal and financing activities shifted to a net use Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(10,031) | $(20,303) | | Net cash used in investing activities | $(13) | $(19,650) | | Net cash provided by (used in) financing activities | $(3,137) | $35,194 | | **Decrease in cash** | **$(13,181)** | **$(4,759)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes provide details on business operations, accounting policies, product revenue growth, debt obligations, and confirm sufficient cash resources for the next 12 months despite a cumulative deficit - The company is a commercial-stage biopharmaceutical firm focused on endocrine and neurological diseases, with key products being **Recorlev**, **Gvoke**, and **Keveyis**[19](index=19&type=chunk) - Despite an accumulated deficit of **$681.1 million** as of March 31, 2025, management believes current cash resources are sufficient to sustain operations for at least the next 12 months[22](index=22&type=chunk) Disaggregated Revenue by Product (in thousands) | Product | Q1 2025 Revenue | Q1 2024 Revenue | | :--- | :--- | :--- | | Recorlev | $25,530 | $10,599 | | Gvoke | $20,845 | $16,579 | | Keveyis | $11,427 | $13,085 | | **Total Product Revenue, net** | **$57,802** | **$40,263** | - In March 2025, **$3.2 million** of 2025 Convertible Notes were converted into common stock, with the remaining **$12.0 million** converted in April 2025[59](index=59&type=chunk)[60](index=60&type=chunk) - Total stock-based compensation expense was **$4.4 million** in Q1 2025, compared to **$3.8 million** in Q1 2024[97](index=97&type=chunk) - Due to the net loss, **43.2 million** potentially dilutive securities were excluded from the diluted EPS calculation for Q1 2025[111](index=111&type=chunk)[112](index=112&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q1 2025 revenue growth driven by commercial products, significantly narrowed net loss, and sufficient capital resources for the next twelve months [Overview and Strategy](index=22&type=section&id=Overview%20and%20Strategy) The company's strategy focuses on maximizing commercial product potential, advancing its pipeline including XP-8121, and leveraging proprietary formulation technologies to achieve profitability - The company's top priority is maximizing the potential of its three commercial products: **Recorlev**, **Gvoke**, and **Keveyis**[121](index=121&type=chunk) - The pipeline is led by **XP-8121**, a once-weekly subcutaneous injection of levothyroxine for hypothyroidism, with plans to initiate a Phase 3 trial[122](index=122&type=chunk) - The core strategy is to achieve profitability by growing commercial product sales, funding new therapies for unmet medical needs[124](index=124&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q1 2025 total revenue grew 47.9% to $60.1 million, primarily driven by strong Recorlev and Gvoke sales, leading to a significant reduction in operating loss Q1 2025 vs Q1 2024 Results of Operations (in thousands) | Line Item | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $60,119 | $40,638 | $19,481 | 47.9% | | Cost of goods sold | $8,728 | $5,971 | $2,757 | 46.2% | | Research and development | $7,753 | $7,821 | $(68) | (0.9%) | | Selling, general and administrative | $44,018 | $38,380 | $5,638 | 14.7% | | Loss from operations | $(3,090) | $(14,245) | $11,155 | (78.3%) | | Net loss | $(9,220) | $(18,980) | $9,760 | (51.4%) | - **Recorlev** revenue increased by **$14.9 million (140.9%)**, primarily driven by a **156.6%** increase in volume[141](index=141&type=chunk) - **Gvoke** revenue increased by **$4.3 million (25.7%)**, driven by both higher volume (**14.9%**) and favorable net pricing (**10.8%**)[142](index=142&type=chunk) - **Keveyis** revenue decreased by **$1.7 million (12.7%)** due to unfavorable net pricing, offsetting a slight increase in volume[143](index=143&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity for the next 12 months, supported by improved operating cash flow and recent financing activities, despite a cumulative deficit - The company believes its cash resources as of March 31, 2025, are sufficient to sustain operations and capital needs for at least the next twelve months[154](index=154&type=chunk) - Net cash used in operating activities decreased from **$20.3 million** in Q1 2024 to **$10.0 million** in Q1 2025, primarily due to higher sales[157](index=157&type=chunk) - In March 2024, the company entered into an Amended and Restated Credit Agreement for **$200.0 million** in term loans[152](index=152&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations affecting cash and SOFR-indexed debt, with foreign currency exchange risk deemed immaterial - The company is exposed to interest rate risk on its cash, cash equivalents, and **SOFR-indexed** long-term debt[165](index=165&type=chunk)[167](index=167&type=chunk) - A hypothetical **1%** change in interest rates would impact annual interest income by approximately **$0.6 million**[166](index=166&type=chunk) - Foreign currency exchange risk is not considered material[168](index=168&type=chunk) [Controls and Procedures](index=28&type=section&id=Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2025, following the Q1 2025 implementation of a new ERP system and related control updates - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[169](index=169&type=chunk) - A new Enterprise Resource Planning (**ERP**) system was implemented in Q1 2025, leading to updates in internal controls over financial reporting[170](index=170&type=chunk) [Part II. Other Information](index=29&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings expected to have an adverse effect on its business - As of the report date, the company is not a party to any legal proceedings expected to have a material adverse effect on its business[172](index=172&type=chunk) [Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred in the company's risk factors since the filing of its Annual Report on Form 10-K for FY2024 - No material changes have occurred in the company's risk factors since the filing of the Annual Report on Form 10-K for the year ended December 31, 2024[174](index=174&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no sales of unregistered equity securities during the period - There were no sales of unregistered securities in the reported period[175](index=175&type=chunk) [Other Information](index=31&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 trading plans during Q1 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading plan during the three months ended March 31, 2025[180](index=180&type=chunk)
Xeris Biopharma(XERS) - 2025 Q1 - Earnings Call Transcript
2025-05-08 13:32
Xeris Biopharma Holdings (XERS) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Company Participants Allison Wey - Senior Vice President of Investor Relations & Corporate CommunicationsJohn Shannon - CEOSteve Pieper - Chief Financial OfficerMazahir Alimohamed - Biotech Equity Research AssociateJason Dorr - Associate Director Conference Call Participants David Amsellem - Sr. Research AnalystChase Knickerbocker - Senior Equity Research Analyst - Healthcare Operator Good morning. Thank you for attending today's ...
Xeris Biopharma(XERS) - 2025 Q1 - Earnings Call Transcript
2025-05-08 13:30
Xeris Biopharma Holdings (XERS) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 Good morning. Thank you for attending today's Verisk Biopharma First Quarter twenty twenty five Results Conference Call. My name is Makayah, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for your questions and answers at the end. At this time, I would like to pass the call over to our Senior Vice President of Investor Relations and Corp ...
Xeris Biopharma (XERS) Reports Q1 Loss, Tops Revenue Estimates
ZACKS· 2025-05-08 13:20
Core Insights - Xeris Biopharma reported a quarterly loss of $0.06 per share, better than the Zacks Consensus Estimate of a loss of $0.07, and improved from a loss of $0.14 per share a year ago, representing an earnings surprise of 14.29% [1] - The company achieved revenues of $60.12 million for the quarter ended March 2025, exceeding the Zacks Consensus Estimate by 4.76% and up from $40.64 million year-over-year [2] - Xeris Biopharma's stock has increased by approximately 32.2% since the beginning of the year, contrasting with a decline of -4.3% in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.04 on revenues of $63.36 million, and for the current fiscal year, it is -$0.11 on revenues of $264.52 million [7] - The estimate revisions trend for Xeris Biopharma is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Medical - Drugs industry, to which Xeris Biopharma belongs, is currently ranked in the top 26% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Another company in the same industry, Zevra Therapeutics, is expected to report a quarterly loss of $0.21 per share, with revenues anticipated to be $15.8 million, reflecting a significant year-over-year increase of 360.6% [9][10]