Xeris Biopharma(XERS)

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Xeris Biopharma(XERS) - 2024 Q4 - Annual Results
2025-03-06 12:21
Financial Results Announcement - Xeris Biopharma Holdings, Inc. announced preliminary financial results for Q4 and full year ended December 31, 2024 [7] - The press release detailing the financial results is attached as Exhibit 99.1 to the Form 8-K [7] Company Information - The company's common stock is traded on the Nasdaq Global Select Market under the symbol XERS [2] - The company is incorporated in Delaware and has its principal executive offices in Chicago, Illinois [4] Report Filing Details - The report was filed on January 10, 2025, and signed by Steven M. Pieper, the Chief Financial Officer [3]
Xeris Biopharma(XERS) - 2024 Q3 - Quarterly Report
2024-11-08 21:02
Financial Performance - For the nine months ended September 30, 2024, the company reported a net loss of $49.7 million, compared to a net loss of $48.9 million for the same period in 2023, with an accumulated deficit of $666.7 million as of September 30, 2024[83]. - Product revenue increased by 26.8% to $52.9 million for the three months ended September 30, 2024, compared to $41.7 million for the same period in 2023[96]. - The net loss for the three months ended September 30, 2024, was $15.7 million, compared to a net loss of $12.2 million for the same period in 2023, reflecting a 29.1% increase[96]. - Total revenue for the nine months ended September 30, 2024, increased by 19.6% to $143.0 million compared to $119.5 million for the same period in 2023[96]. - The company has an accumulated deficit of $666.7 million as of September 30, 2024[107]. - Net cash used in operating activities was $39.0 million for the nine months ended September 30, 2024, a decrease from $54.5 million for the same period in 2023[112]. - Net cash used in investing activities was $5.1 million for the nine months ended September 30, 2024, compared to $20.9 million for the same period in 2023[113]. - Net cash provided by financing activities was $35.8 million for the nine months ended September 30, 2024, compared to a cash outflow of $0.4 million for the same period in 2023[114]. Product Development - Gvoke, Recorlev, and Keveyis are the three commercial products with total addressable markets of approximately $5.0 billion, $3.0 billion, and greater than $0.5 billion in the United States, respectively[77]. - The company is focused on developing XP-8121, a once-weekly subcutaneous injection of levothyroxine, which has shown positive Phase 1 data indicating a four-time target dose conversion factor when switching from oral levothyroxine[81]. - The Phase 1 study of XP-8121 involved 30 healthy participants, comparing its pharmacokinetics to oral levothyroxine, with results indicating slower absorption and higher extended exposure[80]. - The proprietary formulation technologies, XeriSol and XeriJect, enable the development of room-temperature stable, highly concentrated injectable formulations, enhancing drug delivery and patient experience[78]. - The company is pursuing formulation and development partnerships to enhance the clinical profile of other companies' proprietary drugs using its formulation science[75]. Expenses and Costs - Research and development expenses are expected to remain significant as the company advances its pipeline candidates and conducts clinical trials[91]. - Research and development expenses rose by $0.9 million or 17.0% for the three months ended September 30, 2024, driven by higher spending on the pipeline[101]. - Selling, general and administrative expenses increased by $7.7 million or 20.6% for the three months ended September 30, 2024, mainly due to CEO succession and restructuring costs[103]. - Cost of goods sold increased by 65.7% to $13.6 million for the three months ended September 30, 2024, primarily due to manufacturing process changes[100]. - Interest expense increased by $0.9 million or 13.7% for the three months ended September 30, 2024, due to a higher principal amount and increased interest rates[105]. Future Outlook and Financing - The company anticipates continued significant expenses and operating losses in the near term due to ongoing commercialization and research efforts[83]. - The company expects to incur substantial additional expenditures to support the marketing and selling of Gvoke, Recorlev, and Keveyis, as well as ongoing research and development activities[107]. - The Amended and Restated Credit Agreement provided for the New Lenders to extend $200.0 million in term loans to the company on the closing date[106]. - The company may need to obtain additional financing in the future, which may include public or private debt and/or equity financings[110]. - A hypothetical one-percentage point increase or decrease in interest rates would increase or decrease interest income by approximately $0.7 million on an annual basis[119]. - Interest on the 2025 Convertible Notes is assessed at a fixed rate of 5.0% annually, while interest on the 2028 Convertible Notes is assessed at a fixed rate of 8.0% annually[119]. - The company has granted a first priority security interest on substantially all of its assets, including intellectual property, under the Amended and Restated Credit Agreement[106].
Xeris Biopharma(XERS) - 2024 Q3 - Earnings Call Transcript
2024-11-08 16:50
Financial Data and Key Metrics Changes - Total revenue for Q3 2024 was over $54 million, with product revenue nearly $53 million, marking a 27% growth year-over-year [6][29] - Product revenue growth of 27% represents the 12th consecutive quarter of over 20% growth, with the last two quarters accelerating to 26% and 27% respectively [6][29] - Year-to-date net product revenue was $139.6 million, increasing by approximately 26% compared to the prior year [30] Business Line Data and Key Metrics Changes - Recorlev achieved net revenue of $17.7 million for Q3, more than doubling compared to the prior year, with a 126% increase in new patient starts [31][10] - Gvoke generated $22.9 million in revenue for the quarter, a 29% increase year-over-year, with total prescriptions increasing by 20% [33][14] - Keveyis net revenue was $12.2 million for Q3, with a modest increase in the number of patients despite generic competition [34][18] Market Data and Key Metrics Changes - The Cushing syndrome marketplace is expanding rapidly, creating strong tailwinds for Recorlev, with increasing screenings and diagnoses of hypercortisolism [12][11] - Gvoke has a total addressable patient population of over 14 million people still unprotected, indicating significant market potential [16] Company Strategy and Development Direction - The company focuses on three strategic priorities: rapid growth of commercial franchises, enhancing financial discipline, and improving communication with stakeholders [8][19] - The company raised its revenue guidance for 2024 to $198 million to $202 million, reflecting confidence in continued growth [18][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, particularly regarding top-line growth and strong margin profiles [50][52] - The company anticipates providing detailed financial guidance for 2025 in March, with a focus on key metrics that reflect long-term health [72][27] Other Important Information - The company ended Q3 with over $69 million in cash, allowing for growth investments without the need for dilutive financing [20][42] - Research and development expenses were $5.9 million for Q3, primarily for the pipeline product XP8121 and technology partnerships [38][39] Q&A Session Summary Question: What are the specific drivers for Recorlev's growth? - Management highlighted market growth and effective execution by the team in identifying patients with hypercortisolemia as key drivers [46][47] Question: What is the outlook for cash flow breakeven? - Management indicated confidence in achieving cash flow breakeven in Q4, with further updates expected in early 2025 [50][52] Question: Can you comment on the cost of goods sold and gross margin? - Management acknowledged a higher write-off in Q3 but expects gross margins to remain healthy as sales increase [56][57] Question: What is the long-term outlook for Keveyis? - Management expressed confidence in the durability of Keveyis despite generic competition, emphasizing patient retention and support services [88][90] Question: How does the competitive landscape affect Recorlev? - Management views increased awareness and recognition of cortisol's role in various conditions as beneficial for Recorlev, creating a favorable environment for growth [92]
Xeris Biopharma (XERS) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2024-11-08 15:30
Core Insights - Xeris Biopharma reported $54.27 million in revenue for Q3 2024, marking a 12.3% year-over-year increase and a 5.09% surprise over the Zacks Consensus Estimate of $51.64 million [1] - The company posted an EPS of -$0.06, which is an improvement from -$0.09 a year ago, resulting in a 33.33% EPS surprise compared to the consensus estimate [1] Revenue Breakdown - Gvoke product revenue was $22.94 million, slightly below the estimated $22.97 million [3] - Keveyis product revenue reached $12.19 million, compared to the estimated $12.50 million [3] - Recorlev product revenue was $17.73 million, exceeding the estimated $15.07 million [3] - Total net product revenue was $52.86 million, surpassing the estimated $50.53 million [3] - Revenue from royalties, contracts, and other sources was $1.41 million, exceeding the estimated $0.93 million [3] Stock Performance - Xeris Biopharma shares have increased by 20.9% over the past month, outperforming the Zacks S&P 500 composite, which rose by 4.9% [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]
Xeris Biopharma (XERS) Reports Q3 Loss, Tops Revenue Estimates
ZACKS· 2024-11-08 14:10
Group 1 - Xeris Biopharma reported a quarterly loss of $0.06 per share, better than the Zacks Consensus Estimate of a loss of $0.09, representing an earnings surprise of 33.33% [1] - The company posted revenues of $54.27 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 5.09%, and showing an increase from $48.32 million year-over-year [2] - Xeris Biopharma shares have increased approximately 43% since the beginning of the year, outperforming the S&P 500's gain of 25.2% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $52.86 million, and for the current fiscal year, it is -$0.40 on revenues of $193.2 million [7] - The Medical - Drugs industry, to which Xeris Biopharma belongs, is currently ranked in the top 30% of over 250 Zacks industries, indicating a favorable outlook [8]
Xeris Biopharma Holdings: Promising Pipeline And Strategic Partnerships Make It Attractive
Seeking Alpha· 2024-10-25 16:50
Editor's note: Seeking Alpha is proud to welcome PJ Research as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. I'm an Investment Officer specializing in private equity and venture capital, focused on cutting-edge sectors like deeptech, quantum technologies, biotechnology, pharmaceuticals, and the energy transition. My approach is to evaluate the addres ...
Xeris Biopharma: Time For A Reassessment
Seeking Alpha· 2024-10-09 15:33
Core Insights - The article discusses the investment strategy of Compounding Healthcare, which utilizes data analytics, technical analysis, and clinical data to identify potential multi-bagger investments in the healthcare sector [1]. Group 1 - Compounding Healthcare has been actively managing a diverse healthcare portfolio, focusing on innovative companies that develop breakthrough therapies and pharmaceuticals [1]. - The leader of Compounding Healthcare has a background in the medical field and emphasizes the importance of catalysts for potential acquisitions in the biotech sector [1]. - The article indicates that it has been approximately seven months since the last analysis on Xeris Biopharma Holdings, Inc. (NASDAQ: XERS), during which a conservative investment stance was adopted while awaiting a strong reversal setup [1].
Xeris Biopharma (XERS) Reports Q2 Loss, Tops Revenue Estimates
ZACKS· 2024-08-08 13:25
Xeris Biopharma (XERS) came out with a quarterly loss of $0.10 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to loss of $0.14 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 9.09%. A quarter ago, it was expected that this company would post a loss of $0.12 per share when it actually produced a loss of $0.14, delivering a surprise of -16.67%. Over the last four quarters, the company has surpas ...
Xeris Biopharma (XERS) Now Trades Above Golden Cross: Time to Buy?
ZACKS· 2024-07-24 14:56
From a technical perspective, Xeris Biopharma Holdings, Inc. (XERS) is looking like an interesting pick, as it just reached a key level of support. XERS's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world. There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a posit ...
Xeris Biopharma unveils CEO succession plan, John Shannon to lead company
Proactiveinvestors NA· 2024-07-08 13:55
Group 1 - The company specializes in medium and small-cap markets while also providing updates on blue-chip companies, commodities, and broader investment stories to engage private investors [1] - The company is recognized as a forward-looking and enthusiastic adopter of technology [2] - Automation and software tools, including generative AI, are utilized by the company, but all content is edited and authored by humans to ensure quality and adherence to best practices [3] Group 2 - The publisher's news team operates from key financial hubs worldwide, including London, New York, Toronto, Vancouver, Sydney, and Perth [4] - Angela Harmantas, an editor with over 15 years of experience in equity markets, particularly in junior resource stocks, leads the content production [5] - The team provides news and insights across various sectors, including biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [6]