Xeris Biopharma(XERS) - 2024 Q1 - Quarterly Results

Q1 2024 Performance Highlights Xeris Biopharma reported a strong first quarter with total revenue of $40.6 million, a 22% increase year-over-year, tightening its full-year 2024 revenue guidance to $175-$200 million, and ending the quarter with a solid cash position of $87.4 million while securing significant new technology partnerships | Metric | Q1 2024 | Q1 2023 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $40.6M | $33.2M | +$7.4M | +22.4% | - Full-year 2024 total revenue guidance has been tightened to a range of $175 million to $200 million[1][4] - Ended Q1 2024 with $87.4 million in cash, cash equivalents, and short-term investments, with the borrowing rate on Hayfin debt lowered by 2.05%[1][10] - Entered into a worldwide license agreement with Amgen for a XeriJect® formulation of teprotumumab and an exclusive worldwide agreement with Beta Bionics for a new XeriSol™ formulation of glucagon[1][17] Commercial Product Performance Total product revenue grew 25% to $40.3 million, primarily driven by a remarkable 137% surge in Recorlev sales, while Gvoke revenue increased by 10% to $16.6 million despite an estimated $3 million negative impact from the Change Healthcare cyberattack, and Keveyis sales remained resilient, growing 3% to $13.1 million | Product | Q1 2024 Net Revenue (in thousands) | Q1 2023 Net Revenue (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Gvoke® | $16,579 | $15,033 | 10.3% | | Keveyis® | $13,085 | $12,755 | 2.6% | | Recorlev® | $10,599 | $4,477 | 136.7% | | Total Product Revenue | $40,263 | $32,265 | 24.8% | - Gvoke's market share of the retail TRx glucagon market grew to over 36% through late April 2024[6] - Recorlev's average number of patients increased by 139% compared to Q1 2023 and 18% compared to Q4 2023[6] - Gvoke revenue was negatively impacted by an estimated $3 million due to the Change Healthcare cyberattack[4] Pipeline and Technology Partnerships The company advanced its pipeline by successfully completing the Phase 2 clinical study for XeriSol™ levothyroxine (XP-8121), with data expected mid-2024, and expanded its technology partnerships by signing an exclusive worldwide license with Amgen for its XeriJect® technology and a collaboration with Beta Bionics for its XeriSol™ technology - Successfully completed the Phase 2 clinical study for XeriSol™ levothyroxine (XP-8121); data is expected to be available in mid-2024[7] - Entered an exclusive worldwide license agreement with Amgen for a XeriJect® formulation of teprotumumab, making Xeris eligible for up to $75 million in milestones plus escalating single-digit royalties[17] - Signed an exclusive worldwide collaboration and license agreement with Beta Bionics to develop a new XeriSol™ liquid stable glucagon formulation for use in bi-hormonal pumps[17] Financial Results Analysis For Q1 2024, Xeris reported a net loss of $19.0 million, or $0.14 per share, driven by higher operating expenses, including a $3.0 million rise in R&D for pipeline investments and a $4.8 million increase in SG&A from higher personnel and rent costs, while maintaining a strong cash position of $87.4 million - Research and development (R&D) expenses increased by $3.0 million YoY, driven by investments in the XP-8121 pipeline program and technology partnerships[9] - Selling, general and administrative (SG&A) expenses rose by $4.8 million YoY, mainly due to higher personnel costs and rent for the new headquarters[10] | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Loss | $19.0 million | $16.8 million | | Net Loss Per Share | $0.14 | $0.12 | - Cash, cash equivalents, and short-term investments totaled $87.4 million at March 31, 2024, an increase from $72.5 million at December 31, 2023[10] Condensed Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements for Xeris Biopharma Holdings, Inc. as of March 31, 2024, including the Statement of Operations for the first quarter and the Balance Sheet at the end of the period Condensed Consolidated Statements of Operations For the three months ended March 31, 2024, total revenues increased to $40.6 million from $33.2 million in the prior-year period, offset by a rise in total costs and expenses to $54.9 million from $46.5 million, resulting in a net loss of $19.0 million, compared to a net loss of $16.8 million in Q1 2023 | (in thousands) | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total revenue | $40,638 | $33,196 | | Total costs and expenses | $54,883 | $46,473 | | Loss from operations | ($14,245) | ($13,277) | | Net loss | ($18,980) | ($16,834) | | Net loss per common share | ($0.14) | ($0.12) | Condensed Consolidated Balance Sheets As of March 31, 2024, total assets were $336.6 million, an increase from $322.6 million at year-end 2023, with total liabilities also increasing to $345.8 million from $329.4 million, primarily due to a rise in long-term debt, resulting in a total stockholders' deficit of $9.2 million | (in thousands) | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total current assets | $173,280 | $156,264 | | Total assets | $336,616 | $322,602 | | Total current liabilities | $73,084 | $95,193 | | Long-term debt, net | $229,674 | $190,932 | | Total liabilities | $345,794 | $329,384 | | Total stockholders' equity (deficit) | ($9,178) | ($6,782) |