Xeris Biopharma(US:XERS)2023-05-09 20:31Financial Performance - For the three months ended March 31, 2023, Xeris reported a net loss of $16.8 million, compared to a net loss of $33.7 million for the same period in 2022, with an accumulated deficit of $571.6 million as of March 31, 2023[128]. - Product revenue for the three months ended March 31, 2023, was $32.3 million, a 47.3% increase from $21.9 million in the same period of 2022[149]. - Gvoke net revenue increased by $2.6 million or 20.7%, with prescriptions growing approximately 50% year-over-year[150]. - Keveyis net revenue rose by $3.4 million or 36.8%, driven by higher patient demand and increased net pricing[151]. - Total expenses decreased by $4.7 million or 9.1%, from $51.1 million in Q1 2022 to $46.5 million in Q1 2023[149]. - Research and development expenses decreased by $1.4 million or 22.6%, primarily due to lower product development costs[154]. - Interest expense increased by $2.7 million or 76.5%, attributed to a higher principal amount and increased interest rates related to the Hayfin loan[157]. - Net cash used in operating activities was $26.1 million for Q1 2023, down from $48.4 million in Q1 2022, indicating reduced working capital usage[165]. - Net cash used in investing activities was $44.0 million in Q1 2023, compared to net cash provided of $6.7 million in Q1 2022, primarily due to short-term investments[166]. - As of March 31, 2023, the accumulated deficit was $571.6 million, with expectations of continued net losses for at least the next 12 months[162]. Market Potential - The estimated total addressable market for Gvoke is approximately $5.0 billion, for Keveyis is greater than $0.5 billion, and for Recorlev is approximately $3.0 billion in the United States[125]. Product Development - The company is focused on the development of XP-8121, a once-weekly subcutaneous injection of levothyroxine, with a Phase 2 dose-finding study commenced in April 2023[130]. - Xeris aims to leverage its proprietary formulation science to enhance drug delivery and clinical profiles of other companies' products through collaborations[132]. - The company is committed to maximizing the potential of its three commercial products: Gvoke, Keveyis, and Recorlev, which address unique unmet needs in the market[132]. - Xeris has established a proven capability to bring new products through the development and regulatory process to successful commercialization[132]. Financing and Capital Requirements - The company anticipates continued operating losses and may seek additional public equity and debt financing to meet capital requirements[128]. - The company may need additional financing in the future to support marketing and selling efforts for Gvoke, Keveyis, and Recorlev[163]. Interest and Currency Impact - Interest income from cash, cash equivalents, restricted cash, and investments could change by approximately $1.0 million annually with a hypothetical one-percentage point increase or decrease in interest rates as of March 31, 2023[171]. - The company incurs interest on outstanding borrowings at a floating rate of 9.0% per annum, which may decrease to 8.0% if the Wall Street Journal Prime Rate is applicable[172]. - As of March 31, 2023, the company had immaterial liabilities denominated in the Australian Dollar, with net foreign currency gains and losses not materially affecting operations for the three months ended March 31, 2023[173].