Xeris Biopharma(US:XERS)2025-11-06 21:07Revenue Growth - For the three months ended September 30, 2025, net product revenue increased by $21.2 million or 40.1% to $74.1 million compared to $52.9 million for the same period in 2024[134]. - Recorlev's net revenue rose by $19.2 million or 108.6% for the three months ended September 30, 2025, primarily due to increased patient demand, despite a $1.4 million unfavorable net pricing impact[135]. - Gvoke's net revenue increased by $2.2 million or 9.6% for the three months ended September 30, 2025, reaching $25.2 million compared to $22.9 million in the same period of 2024[134]. - Total revenue for the nine months ended September 30, 2025, was $206.0 million, an increase of $63.1 million or 44.1% compared to $143.0 million for the same period in 2024[134]. - Net revenue increased by $52.3 million or 125.5% for the nine months ended September 30, 2025, primarily driven by higher volume of $56.3 million or 135.1%[136]. - Gvoke's net revenue increased by $2.2 million or 9.6% for the three months ended September 30, 2025, due to higher volume of $0.6 million or 2.7% and favorable net pricing of $1.6 million or 6.9%[137]. - Keveyis' net revenue decreased by $0.3 million or 2.1% for the three months ended September 30, 2025, due to unfavorable net pricing of $1.1 million or 8.8%[139]. Expenses - Research and development expenses for the three months ended September 30, 2025, were $7.5 million, an increase of $1.6 million or 27.1% compared to $5.9 million in the same period of 2024[134]. - Selling, general and administrative expenses for the three months ended September 30, 2025, were $46.5 million, an increase of $1.5 million or 3.3% compared to $45.0 million in the same period of 2024[134]. - Research and development expenses increased by $3.8 million or 19.6% for the nine months ended September 30, 2025, with project-specific expenses for pipeline increasing by $1.4 million or 25.6%[145]. - Selling, general and administrative expenses increased by $11.5 million or 9.3% for the nine months ended September 30, 2025, primarily due to higher personnel-related expenses of $7.9 million[147]. Net Loss and Financial Position - The company reported a net loss of $15.7 million for the nine months ended September 30, 2025, compared to a net loss of $49.7 million for the same period in 2024, reflecting a decrease of $34.0 million or 68.4%[134]. - The accumulated deficit as of September 30, 2025, was $682.4 million, indicating ongoing financial challenges despite revenue growth[121]. - The company has an accumulated deficit of $682.4 million as of September 30, 2025, and expects to incur substantial additional expenditures in the near term[157]. Cash Flow - Net cash provided by operating activities was $8.6 million for the nine months ended September 30, 2025, compared to $39.0 million used in operating activities for the same period in 2024[161]. - Net cash provided by financing activities was $11.7 million for the nine months ended September 30, 2025, driven by proceeds from the exercise of stock awards and issuance of common shares[163]. Patents and Clinical Trials - As of October 31, 2025, the company owned 191 patents globally, including key patents for its glucagon formulation expiring in 2036[120]. - The company plans to initiate a Phase 3 clinical trial for XP-8121, a once-weekly subcutaneous injection of levothyroxine for hypothyroidism[118]. Cost of Goods Sold - Cost of goods sold as a percent of total product revenue improved by 3.8%, to 15.8% for the nine months ended September 30, 2025, primarily due to higher sales of products with a lower cost of goods sold[144]. Foreign Currency Risk - The company is exposed to foreign currency exchange risk due to contracts with organizations outside the United States[169]. - Net foreign currency gains and losses did not have a material effect on the company's results of operations for the three and nine months ended September 30, 2025[169]. Interest Expense - Interest expense decreased by $0.9 million or 3.7% for the nine months ended September 30, 2025, primarily due to a lower principal amount of debt outstanding[150].