Xeris Biopharma(XERS) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 reached a record $54.3 million, with product revenue of $52.9 million, marking a 27% increase year-over-year and a 14% increase quarter-over-quarter[1][2] - Gvoke® net revenue was $22.9 million, a 29% increase compared to Q3 2023, with prescriptions exceeding 70,000, growing 20% year-over-year[4] - Recorlev® net revenue was $17.7 million, representing a 119% increase year-over-year, driven by a 125% increase in the average number of patients on therapy[4] - Total revenue for the nine months ended September 30, 2024, reached $142,971,000, compared to $119,524,000 for the same period in 2023, reflecting a year-over-year increase of 19.6%[14] - The net loss for the three months ended September 30, 2024, was $15,738,000, compared to a net loss of $12,189,000 for the same period in 2023, indicating a 29% increase in losses[14] Guidance and Projections - The company raised its full-year revenue guidance to $198 million - $202 million, up from the previous guidance of $190 million - $200 million[1][2] - The company is focused on maintaining over 20% product revenue growth and advancing its pipeline, including the Phase 3 ready XP-8121[2] Expenses and Losses - Net loss for Q3 2024 was $15.7 million, or ($0.11) per share, with adjusted earnings per share of ($0.06) after excluding CEO succession plan costs[6] - Total operating expenses remained relatively flat compared to the previous quarter when excluding non-routine charges, indicating effective cost management[2] - Research and development expenses increased by $0.9 million for Q3 2024, primarily due to higher spending on pipeline and personnel-related expenses[6] - Selling, general and administrative expenses for the three months ended September 30, 2024, were $44,969,000, compared to $37,287,000 in the same period last year, reflecting a 20.7% increase[14] - Research and development expenses for the nine months ended September 30, 2024, were $19,468,000, up from $15,959,000 in the prior year, marking a 22.5% increase[14] Assets and Liabilities - Total cash, cash equivalents, and short-term investments at the end of Q3 2024 were $69.4 million, down from $72.5 million at the end of 2023[7] - Total current assets as of September 30, 2024, amounted to $162,799,000, up from $156,264,000 at the end of 2023, showing a growth of 4.3%[15] - Cash and cash equivalents decreased to $59,232,000 from $67,449,000, a decline of 12.5%[15] - Total liabilities increased to $349,427,000 as of September 30, 2024, compared to $329,384,000 at the end of 2023, representing a rise of 6.1%[15] Operational Losses - The company reported a loss from operations of $12,893,000 for the three months ended September 30, 2024, compared to a loss of $4,913,000 in the same period last year[14] Pipeline and Development - Xeris has a robust pipeline of development programs aimed at extending current marketed products and introducing new products using proprietary formulation technology platforms[10] - Product revenue for the three months ended September 30, 2024, was $52,861,000, an increase from $41,697,000 in the same period last year, representing a growth of 26%[14]