Summary of Xeris Biopharma Holdings (XERS) Conference Call Company Overview - Xeris Biopharma is a unique biopharma company with three commercial products: Gvoke, KEVEYIS, and Recorlev [6][7] - The company has achieved 13 to 14 consecutive quarters of over 20% growth, projecting $268 million in revenue for the current year, representing a 32% growth rate year-over-year [7][11] Financial Performance - The company has reached adjusted EBITDA positive status and aims to maintain this going forward, allowing for self-funding of growth and pipeline development [7] - Long-term revenue guidance includes $750 million by 2030 and $1 billion in net revenue for Recorlev by 2035 [11][12] Product Pipeline and Market Opportunities - Recorlev is positioned as a significant growth driver, with a large emerging market opportunity in hypercortisolism and Cushing syndrome [13][14] - The company anticipates that its Phase III ready product, XP 8,001.21, could generate $1 billion to $3 billion in peak sales [12] Competitive Landscape - Recorlev is differentiated in the market for treating Cushing's syndrome, focusing on normalizing cortisol synthesis, which is crucial for patients with resistant diabetes and other conditions [15][19] - The company views the entry of new competitors as an opportunity to raise awareness about cortisol testing and treatment options rather than a threat [26][28] Gvoke and KEVEYIS - Gvoke is a rescue medication for diabetes, with a significant market opportunity as only about 1 million of the estimated 15 million eligible patients currently have access to it [30][31] - The company is focused on educating the medical community to increase compliance with guidelines recommending rescue medications for insulin users [41] XP 8,001.21 Development - XP 8,001.21 targets a large unmet medical need in the thyroid space, with an estimated 3 to 5 million patients unable to achieve consistent control with current oral therapies [44][45] - The company plans to initiate Phase III trials in 2026, with potential market entry by 2030, estimating a market opportunity of $1 billion to $3 billion [48][67] Clinical Trial Insights - Phase II data demonstrated the ability to normalize thyroid levels with 40% less drug compared to traditional therapies [51] - The primary endpoint for the upcoming Phase III trial will focus on the percentage of patients achieving normal TSH levels after one year [56][62] Conclusion - Xeris Biopharma is positioned for significant growth with its current products and pipeline, particularly in addressing unmet medical needs in diabetes and thyroid disorders. The company is actively working to educate healthcare providers and expand market access for its therapies.

Summary of Xeris Biopharma Holdings (XERS) 2025 Investor Day Company Overview - Xeris Biopharma Holdings is positioned for significant transformation and growth, focusing on three commercial products: Gvoke, KEVEYIS, and Recorlev, which address critical unmet medical needs in patients with diabetes, primary periodic paralysis, and hypercortisolism respectively [9][10] - The company is preparing to launch a new product, XP-8121, targeting hypothyroidism, which is expected to meet a significant unmet need in the market [11][15] Financial Performance - Xeris anticipates total revenue between $260 million to $275 million, with a positive adjusted EBITDA and 85% gross margins, indicating financial stability and self-sustainability [14][17] - Recorlev is projected to reach $1 billion in annual net revenue within the next ten years, serving as a growth engine for the company [19][15] Product Insights Recorlev - Recorlev is designed for treating hypercortisolism in patients with Cushing's syndrome, with a unique mechanism that normalizes cortisol levels [20][32] - The product is expected to address significant unmet needs and is positioned to generate sustainable long-term cash flow [21][19] - Clinical studies have shown that Recorlev can improve various health markers, including blood glucose levels, BMI, and cholesterol levels [34][33] XP-8121 - XP-8121 is a new formulation for hypothyroidism, utilizing proprietary XEROSOL technology for a once-weekly subcutaneous injection, which aims to provide consistent control of thyroid hormone levels [63][74] - The product addresses challenges associated with oral levothyroxine therapy, such as absorption issues and the need for frequent monitoring [70][72] Market Dynamics - The market for hypercortisolism is evolving, with increased awareness and screening for Cushing's syndrome, which is expected to drive demand for Recorlev [26][41] - The hypothyroidism market has not seen significant innovation in nearly fifty years, creating a substantial opportunity for XP-8121 [63][64] Clinical Perspectives - Experts highlighted the complexities of diagnosing and treating Cushing's syndrome, emphasizing the need for a comprehensive approach to patient care [47][50] - The burden of managing hypothyroidism is significant, with many patients experiencing inconsistent control due to various factors, including dietary influences and medication interactions [70][89] Strategic Initiatives - Xeris plans to expand its sales force and invest in market education to enhance the understanding of hypercortisolism and the value of Recorlev [36][39] - The company aims to partner with healthcare professionals to improve screening and treatment guidelines for both hypercortisolism and hypothyroidism [39][38] Conclusion - Xeris Biopharma is on a growth trajectory with a strong product pipeline and a commitment to addressing unmet medical needs in endocrinology, positioning itself as a leader in the biopharmaceutical space [18][15]

[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)

Financial Data and Key Metrics Changes - Total revenue grew by 48% year-over-year to $60.1 million, while net product revenue increased by 44% to $57.8 million, marking the fourteenth consecutive quarter of over 20% product revenue growth [20][24] - Adjusted EBITDA for the quarter was positive at $4.4 million, supporting the commitment to delivering positive adjusted EBITDA going forward [23][24] - Gross margin improved to 85%, reflecting a 200 basis point increase driven by a favorable product mix [22] Business Line Data and Key Metrics Changes - RECORLEV revenue surged by 141% to $25.5 million, with the average number of patients on therapy increasing by 124% compared to the same period in 2024 [20][21] - Gvoke revenue reached nearly $21 million, reflecting a 26% increase year-over-year, supported by an 8% rise in total prescriptions [10][21] - KEVEYIS revenue was over $11 million, showing slight growth compared to Q4 2024, indicating resilience in the brand [11][21] Market Data and Key Metrics Changes - The glucagon market grew by approximately 5%, with the company achieving an 8% growth in prescriptions, indicating a strong competitive position [49] - The company anticipates no material impact from potential sector-specific tariffs, as the majority of operations are U.S.-based [25][55] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving rapid growth of commercial products, maintaining financial discipline, and enhancing communication with stakeholders [16] - The upcoming Analyst and Investor Day on June 3 is expected to provide deeper insights into the strategic vision and initiatives for the future [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum, particularly with RECORLEV, and indicated that the market for hypercortisolism is expanding [32] - The company plans to provide more detailed guidance on peak sales potential for RECORLEV during the Analyst and Investor Day [31] Other Important Information - The FDA approved the supplemental new drug application for Gvoke VialDx, which will expand its use and is expected to enhance market reach through a partnership with American Regent [12][13] - The company has accelerated the redemption of convertible notes, reducing total debt by $15 million, which will generate interest expense savings [24] Q&A Session Summary Question: What is the peak sales potential for RECORLEV? - Management has not updated guidance on peak sales potential but will provide more details at the Analyst and Investor Day [31][32] Question: What are the primary drivers behind operational efficiency? - The company has maintained financial discipline, with significant growth primarily from RECORLEV and controlled expenses contributing to operational efficiency [38][39] Question: Can you provide details on the pivotal study design for XP-8121? - Management prefers to wait for the Analyst and Investor Day to provide comprehensive details on XP-8121 [44][45] Question: What is the competitive landscape for the glucagon market? - The company is driving market growth, having outperformed the overall market growth rate [49] Question: Any updates on KEVEYIS and formulary changes? - There were no significant formulary changes or competitive impacts noted for KEVEYIS, which is expected to maintain its performance [51][52] Question: Where are your drugs manufactured in relation to potential tariffs? - Most manufacturing operations are U.S.-based, and the company does not expect any material impact from tariffs [55][56]

Financial Data and Key Metrics Changes - Total revenue grew by 48% year-over-year to $60.1 million, while net product revenue increased by 44% to $57.8 million, marking the fourteenth consecutive quarter of over 20% product revenue growth [19][20] - Gross margin improved to 85%, up by 200 basis points sequentially due to a favorable product mix [21] - Adjusted EBITDA was positive at $4.4 million, supporting the commitment to deliver positive adjusted EBITDA going forward [22][24] Business Line Data and Key Metrics Changes - RECORLEV revenue surged by 141% to $25.5 million, with the average number of patients on therapy increasing by 124% compared to the same period last year [19][20] - Gvoke revenue reached nearly $21 million, reflecting an 8% increase in prescriptions year-over-year [9][20] - KEVEYIS revenue was over $11 million, showing slight growth compared to the previous quarter [11][20] Market Data and Key Metrics Changes - The glucagon market grew by approximately 5%, while Gvoke outperformed this growth with an 8% increase in prescriptions [50] - The company anticipates no material impact from potential sector-specific tariffs, as the majority of operations are U.S.-based [24][54] Company Strategy and Development Direction - The company is focused on three strategic priorities: driving growth of commercial products, managing financial discipline, and enhancing communication with stakeholders [16] - A key achievement includes the FDA approval of Gvoke VialDx, which expands its use as an IV administration [12][13] - The company plans to provide a comprehensive update on XP-8121 at the upcoming Analyst and Investor Day scheduled for June 3 [15][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth momentum, particularly with RECORLEV and Gvoke, and highlighted the importance of strategic investments made in the previous year [6][8] - The company raised the bottom end of its revenue guidance for the year from $255 million to $260 million, indicating an expected total revenue growth of nearly 32% [24][25] Other Important Information - The company has accelerated the redemption of its 2025 convertible notes, reducing total debt by $15 million [23] - The upcoming Analyst and Investor Day is expected to provide deeper insights into the company's strategic vision and initiatives [17][58] Q&A Session Summary Question: What is the peak sales potential for RECORLEV given market expansion? - Management indicated that they will provide more guidance on peak sales potential at the Analyst and Investor Day in June, acknowledging significant market expansion opportunities [28][32] Question: What are the primary drivers behind operational efficiency and profitability improvement? - Management attributed operational efficiency to top-line growth, particularly from RECORLEV, and disciplined expense management [36][38] Question: Can you provide details on the pivotal study design for XP-8121? - Management declined to provide details at this time, preferring to wait for the Analyst and Investor Day to present a comprehensive overview [44][45] Question: What is the competitive landscape in the glucagon market? - Management noted that they are driving market growth, with Gvoke prescriptions growing faster than the overall market [50] Question: Any updates on KEVEYIS and its competitive position? - Management reported no significant changes in formulary or competitive landscape for KEVEYIS, maintaining a steady performance [51][52] Question: How are potential sector-specific tariffs expected to impact operations? - Management stated that most manufacturing operations are U.S.-based, and they do not expect any material impact from tariffs [54][56]

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]

Exhibit 99.1 XERIS BIOPHARMA REPORTS RECORD FIRST QUARTER 2025 FINANCIAL RESULTS Total revenue increased 48% YoY to over $60 million Recorlev® revenue grew 141% on YoY basis Tightens full-year total revenue 2025 guidance to $260 million to $275 million Announces upcoming Investor and Analyst Day on June 3 in New York City rd Hosts conference call and webcast today at 8:30 a.m. ET CHICAGO, IL (BUSINESS WIRE); May 8, 2025 – Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a fast-growing biopharmaceutical compan ...

Group 1 - The article discusses the potential for Xeris Biopharma Holdings, Inc. (NASDAQ: XERS) to make significant upward movements in its stock price, indicating a positive outlook for the company [1] - The author has a long position in XERS shares, suggesting confidence in the company's future performance [2] - The author emphasizes a focus on innovative companies in the biotech sector that are developing breakthrough therapies and pharmaceuticals, which aligns with Xeris Biopharma's business model [1]

Company Overview - Xeris Biopharma (XERS) shares increased by 5.6% to $5.51 in the last trading session, with a notable trading volume, contributing to a total gain of 34.9% over the past four weeks [1][2] Recent Developments - The FDA approved Xeris' supplemental new drug application for Gvoke VialDx, which is intended to temporarily inhibit gastrointestinal movement during radiologic procedures in adults [2] - Xeris entered a partnership with American Regent to commercialize Gvoke VialDx in the United States, which has likely contributed to the recent optimism and share price increase [2] Financial Expectations - Xeris is projected to report a quarterly loss of $0.07 per share, reflecting a year-over-year improvement of 50% [3] - Expected revenues for the upcoming quarter are $57.75 million, representing a 42.1% increase compared to the same quarter last year [3] Earnings Estimate Revisions - The consensus EPS estimate for Xeris has been revised 10% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] - The stock currently holds a Zacks Rank of 2 (Buy), suggesting favorable market sentiment [4] Industry Context - Xeris Biopharma is part of the Zacks Medical - Drugs industry, where another company, Aurinia Pharmaceuticals (AUPH), saw a 1.7% increase in its last trading session and has returned 3% over the past month [4] - Aurinia's consensus EPS estimate has decreased by 17.5% over the past month, although it reflects a significant year-over-year change of 400% [5]

Financial Performance - Xeris Biopharma Holdings, Inc. reported total revenue of $203.07 million for the year ended December 31, 2024, an increase of 24% compared to $163.91 million in 2023 [521]. - Product revenue, net for 2024 was $196.64 million, up 28% from $153.36 million in 2023 [521]. - The company incurred a net loss of $54.84 million in 2024, compared to a net loss of $62.26 million in 2023, reflecting a 12% improvement [521]. - Total costs and expenses increased to $236.72 million in 2024, up from $207.92 million in 2023, primarily driven by higher selling, general, and administrative expenses [521]. - The company reported a net loss of $54.8 million for the year ended December 31, 2024, compared to a net loss of $62.3 million in 2023 and $94.7 million in 2022, indicating a 12% improvement year-over-year [527]. Cash Flow and Liquidity - Net cash used in operating activities decreased to $37.0 million for the year ended December 31, 2024, from $47.0 million in 2023, primarily due to reduced working capital usage [462]. - Cash and cash equivalents as of December 31, 2024, were $71.62 million, an increase from $67.45 million in 2023 [518]. - The company had cash, cash equivalents, and restricted cash of $75.7 million at the end of 2024, up from $71.7 million in 2023 [529]. - The company expects to continue incurring net losses for at least the next 12 months, but believes current cash resources are sufficient to sustain operations during this period [535]. Debt and Financing - Long-term debt, net of current portion, rose to $217.01 million in 2024, compared to $190.93 million in 2023 [518]. - Total debt increased to $232,108,000 as of December 31, 2024, compared to $190,932,000 in 2023, reflecting a growth of 21.5% [608]. - The Amended and Restated Credit Agreement provided for $200 million in term loans, with an effective interest rate of approximately 11.4% [625]. - The company may finance operations through equity or debt financing, but there is no assurance that such funding will be available on acceptable terms, which could negatively impact financial condition and business strategies [536]. Revenue Recognition and Accounting Policies - The company recognizes revenue when customers obtain control of promised goods, with revenues recorded at the net product sales price after accounting for various allowances [471]. - The company applies significant judgments and estimates in determining allowances for patient copay assistance, commercial rebates, and government rebates, impacting reported revenues [471]. - If the company were to increase or decrease the returns reserve rate by 1%, it would have a $1.8 million impact on revenue for the year ended December 31, 2024 [552]. - The company offers savings programs to commercially insured patients, which are recorded as a reduction of product revenue [546]. Assets and Inventory - The company's total assets slightly increased to $323.06 million in 2024 from $322.60 million in 2023 [518]. - Total inventory as of December 31, 2024, was $48.18 million, compared to $38.84 million in 2023, reflecting a 24% increase [603]. - Inventory reserves increased to $7.7 million at December 31, 2024, from $2.4 million in 2023 [603]. Stock-Based Compensation - Stock-based compensation expenses increased to $18.4 million in 2024 from $10.7 million in 2023, reflecting higher employee incentives [527]. - The total fair value of RSUs vested during 2024 was $10.7 million, compared to $2.8 million in 2023 [656]. - The company recognized total stock-based compensation expense of $18.4 million in 2024, significantly higher than $10.7 million in 2023 [657]. Market Risks - The company is subject to market risks, including interest rate and foreign currency exchange rate fluctuations, but net foreign currency gains and losses did not materially affect operations for the year ended December 31, 2024 [480]. - A hypothetical one-percentage point increase or decrease in interest rates would impact interest income by approximately $0.8 million annually based on cash and investments outstanding as of December 31, 2024 [481]. Internal Controls and Compliance - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the auditor's opinion [505]. - The company adopted several new accounting standards, including ASU 2023-03, with no material impact on financial statements [586].