Xeris Biopharma(XERS) - 2025 Q1 - Quarterly Results

Revenue Performance - Total revenue for Q1 2025 increased by 48% year-over-year to over $60 million, reaching $60.1 million compared to $40.6 million in Q1 2024[1][19] - Recorlev® revenue grew by approximately 141% year-over-year, with Q1 2025 net revenue at $25.5 million, up from $10.6 million in Q1 2024[3][4] - Gvoke® revenue increased by approximately 26% year-over-year, with Q1 2025 net revenue at $20.8 million compared to $16.6 million in Q1 2024[4] Financial Guidance - The company tightened its full-year 2025 total revenue guidance to a range of $260 million to $275 million, up from the previous range of $255 million to $275 million[2] Profitability Metrics - Adjusted EBITDA for Q1 2025 was positive at $4.4 million, an improvement of $8.4 million compared to a loss of $4.0 million in Q1 2024[7][21] - The net loss for Q1 2025 was $9.2 million, or ($0.06) per share, compared to a net loss of $18.0 million, or ($0.14) per share, in Q1 2024[7][19] Cost and Expense Analysis - Cost of goods sold (COGS) increased by $2.8 million, or 46%, in Q1 2025 compared to Q1 2024, primarily due to increased product revenue[5] - Selling, general and administrative (SG&A) expenses rose by $5.6 million, or 15%, in Q1 2025 compared to the same period last year, driven by investments in the Recorlev commercial organization[6] Patient Metrics - The average number of patients on Recorlev increased by 124% year-over-year, contributing to its revenue growth[3] Regulatory Developments - Xeris obtained FDA approval for Gvoke VialDx in Q1 2025, which contributed significantly to other revenue[10] Asset and Liability Overview - Total assets decreased from $323,060 million as of December 31, 2024, to $315,453 million as of March 31, 2025, a decline of approximately 2.0%[24] - Current assets decreased from $167,662 million to $163,494 million, representing a decrease of about 2.6%[24] - Cash and cash equivalents decreased significantly from $71,621 million to $58,440 million, a drop of approximately 18.3%[24] - Total current liabilities decreased from $100,443 million to $95,072 million, a reduction of about 5.0%[24] - Accounts payable increased from $2,290 million to $6,352 million, an increase of approximately 177.5%[24] - Total liabilities slightly decreased from $352,675 million to $350,581 million, a decrease of about 0.6%[24] - Total stockholders' equity showed a deficit of $(35,128) million as of March 31, 2025, compared to a deficit of $(29,615) million as of December 31, 2024[24] - Long-term debt remained relatively stable, increasing slightly from $217,006 million to $217,805 million[24] - Inventory increased from $48,175 million to $52,690 million, an increase of approximately 9.4%[24] - Other liabilities increased from $1,967 million to $4,834 million, an increase of approximately 145.5%[24]