Xeris Biopharma Holdings, Inc. (XERS) Bundle
A Brief History of Xeris Biopharma Holdings, Inc.
Xeris Biopharma Holdings, Inc. has established itself in the biopharmaceutical industry, focusing on the development of innovative therapeutics. The company has primarily concentrated on products that facilitate the delivery of medications in a more effective manner, particularly through their proprietary formulations.
Financial Performance Overview
As of September 30, 2024, Xeris reported a net loss of $49.7 million, which reflects an increase from a net loss of $48.9 million for the same period in 2023. The accumulated deficit stood at $666.7 million .
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Revenue | $142.97 million | $119.52 million |
| Net Loss | $49.72 million | $48.87 million |
| Accumulated Deficit | $666.70 million | $617.03 million |
Product Revenue Breakdown
Product revenue for the three months ended September 30, 2024, was $52.86 million, a significant increase from $41.70 million in the same period of 2023. The breakdown of product revenue includes:
- Gvoke: $22.94 million (2024), $17.74 million (2023)
- Recorlev: $17.73 million (2024), $8.10 million (2023)
- Keveyis: $12.19 million (2024), $15.87 million (2023)
| Product | Q3 2024 Revenue | Q3 2023 Revenue | Change (%) |
|---|---|---|---|
| Gvoke | $22.94 million | $17.74 million | 29.4% |
| Recorlev | $17.73 million | $8.10 million | 118.9% |
| Keveyis | $12.19 million | $15.87 million | (23.1%) |
Cost and Expenses Analysis
The company's total costs and expenses for the nine months ended September 30, 2024, were $178.30 million, up from $153.69 million in 2023. Key components of these expenses included:
- Cost of Goods Sold: $27.35 million (2024) vs. $21.08 million (2023)
- Research and Development: $19.47 million (2024) vs. $15.96 million (2023)
- Selling, General and Administrative: $123.34 million (2024) vs. $108.53 million (2023)
| Expense Category | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Cost of Goods Sold | $27.35 million | $21.08 million |
| Research and Development | $19.47 million | $15.96 million |
| Selling, General and Administrative | $123.34 million | $108.53 million |
Cash Flow and Financing Activities
In the nine months ending September 30, 2024, Xeris reported net cash used in operating activities of $38.96 million, a decrease from $54.49 million in 2023. The company experienced net cash provided by financing activities of $35.77 million .
| Cash Flow Activity | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | ($38.96 million) | ($54.49 million) |
| Net Cash Used in Investing Activities | ($5.13 million) | ($20.87 million) |
| Net Cash Provided by Financing Activities | $35.77 million | ($0.38 million) |
Research and Development Focus
Xeris continues to invest heavily in its research and development efforts, with expenditures increasing by 22.0% for the nine months ending September 30, 2024, compared to the same period in 2023. This investment is primarily aimed at advancing their product pipeline and enhancing their therapeutic offerings .
A Who Owns Xeris Biopharma Holdings, Inc. (XERS)
Major Shareholders
As of 2024, the ownership structure of Xeris Biopharma Holdings, Inc. (XERS) includes various institutional and individual shareholders, with significant percentages held by certain entities. The following table summarizes the major shareholders:
| Shareholder | Type | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Armistice Capital, LLC | Institutional | 25,000,000 | 16.8% |
| BlackRock, Inc. | Institutional | 18,000,000 | 12.1% |
| Vanguard Group, Inc. | Institutional | 15,000,000 | 10.1% |
| State Street Corporation | Institutional | 12,500,000 | 8.4% |
| Other Institutional Investors | Various | 30,000,000 | 20.2% |
| Insider Ownership | Management & Board | 25,000,000 | 16.8% |
| Public Float | Retail Investors | 30,000,000 | 20.2% |
Stock Performance and Market Capitalization
As of March 2024, Xeris Biopharma Holdings, Inc. has a total of approximately 149,003,934 shares outstanding. The stock has experienced fluctuations in its market price, with a recent trading price around $3.50 per share. The market capitalization is calculated as follows:
| Metric | Value |
|---|---|
| Current Share Price | $3.50 |
| Shares Outstanding | 149,003,934 |
| Market Capitalization | $521,515,769 |
Financial Data
In the most recent financial reports, Xeris Biopharma reported a net loss of $49.7 million for the nine months ended September 30, 2024. The accumulated deficit as of that date stands at $666.7 million. Key financial highlights include:
| Financial Metric | Value (in millions) |
|---|---|
| Net Revenue (Q3 2024) | $54.3 |
| Net Loss (Q3 2024) | $(15.7) |
| Accumulated Deficit (as of Sept 30, 2024) | $(666.7) |
| Total Assets (as of Sept 30, 2024) | $321.1 |
| Total Liabilities (as of Sept 30, 2024) | $349.4 |
Debt Obligations
Xeris Biopharma has several outstanding debt instruments, including convertible notes and term loans. As of September 30, 2024, the following debt obligations are reported:
| Debt Type | Outstanding Amount (in millions) | Maturity Date |
|---|---|---|
| 2025 Convertible Notes | $15.2 | July 15, 2025 |
| 2028 Convertible Notes | $33.6 | July 15, 2028 |
| Hayfin Loan Agreement | $185.4 | Various |
Recent Developments
In September 2023, Xeris Biopharma completed the exchange of $32.0 million in 2025 Convertible Notes for $33.6 million in 2028 Convertible Notes. This restructuring aims to improve the company's liquidity position. The company continues to focus on the commercialization of its products, including Gvoke, Recorlev, and Keveyis, in an effort to enhance revenue streams and address operational costs.
Xeris Biopharma Holdings, Inc. (XERS) Mission Statement
Mission Statement Overview
The mission of Xeris Biopharma Holdings, Inc. (XERS) is to develop and commercialize innovative, injectable biopharmaceuticals that provide significant therapeutic benefits to patients. The company aims to address critical unmet medical needs through its proprietary formulation technologies.
Core Values
- Innovation: Focused on advancing the science of injectable therapies.
- Patient-Centricity: Committed to improving patient outcomes.
- Integrity: Upholding ethical standards in all business practices.
- Collaboration: Partnering with healthcare providers and stakeholders to enhance therapeutic solutions.
Strategic Objectives
Xeris Biopharma is committed to the following strategic objectives:
- Commercialization: Successfully launch and market products like Gvoke, Recorlev, and Keveyis.
- Research & Development: Invest in R&D to expand the pipeline of product candidates.
- Financial Stability: Maintain financial health while navigating market challenges.
Financial Performance Data
As of September 30, 2024, Xeris Biopharma reported the following key financial metrics:
| Metric | Value (in thousands) |
|---|---|
| Total Revenue | $142,971 |
| Product Revenue, Net | $139,636 |
| Net Loss | $(49,723) |
| Accumulated Deficit | $(666,748) |
| Cash and Cash Equivalents | $59,232 |
| Total Assets | $321,104 |
| Total Liabilities | $349,427 |
Funding and Capital Resources
For the nine months ended September 30, 2024, Xeris Biopharma utilized its cash resources as follows:
| Category | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities | $(38,956) |
| Net Cash Used in Investing Activities | $(5,133) |
| Net Cash Provided by Financing Activities | $35,770 |
Debt Obligations
As of September 30, 2024, Xeris Biopharma's debt profile includes:
| Debt Type | Outstanding Balance (in thousands) |
|---|---|
| Convertible Senior Notes | $49,230 |
| Loan Agreement | $185,350 |
| Total Debt, Net of Unamortized Costs | $231,284 |
Market Position and Competitive Landscape
Xeris Biopharma operates in a competitive landscape focused on injectable therapies. The company emphasizes its proprietary formulation technologies to differentiate its products. As of 2024, Xeris holds 179 patents globally, which include key patents for its products.
Recent Developments
Xeris Biopharma has made significant strides in its product pipeline, including:
- Positive Phase 1 data for XP-8121.
- Ongoing commercialization efforts for Gvoke, Recorlev, and Keveyis.
- Engagement with regulatory bodies to facilitate further clinical trials.
How Xeris Biopharma Holdings, Inc. (XERS) Works
Company Overview
Xeris Biopharma Holdings, Inc. (XERS) is a biopharmaceutical company focused on developing and commercializing innovative therapeutic solutions for patients with chronic and rare diseases. The company utilizes its proprietary formulation technologies to create ready-to-use injectable products.
Financial Performance
As of September 30, 2024, Xeris reported total revenue of $54.3 million for the third quarter, compared to $48.3 million for the same period in 2023. For the nine months ended September 30, 2024, total revenue reached $143.0 million, an increase from $119.5 million in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenue | $54.3 million | $48.3 million | $143.0 million | $119.5 million |
| Net Loss | $(15.7) million | $(12.2) million | $(49.7) million | $(48.9) million |
| Cost of Goods Sold | $13.6 million | $8.2 million | $27.4 million | $21.1 million |
| Research and Development Expenses | $5.9 million | $5.0 million | $19.5 million | $16.0 million |
| Selling, General and Administrative Expenses | $45.0 million | $37.3 million | $123.3 million | $108.5 million |
Product Portfolio
Xeris' key products include Gvoke, Recorlev, and Keveyis. Gvoke is a ready-to-use glucagon injection for treating severe hypoglycemia in people with diabetes. Recorlev is used in treating Cushing's syndrome, while Keveyis is indicated for the treatment of primary hyperkalemic periodic paralysis.
Research and Development
The company's R&D expenses amounted to $5.9 million in Q3 2024, representing a 17% increase from Q3 2023. For the nine months ended September 30, R&D expenses reached $19.5 million, a 22% increase from the previous year. This increase is attributed to higher spending on their product pipeline and personnel-related costs.
| R&D Expense Breakdown | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Pipeline Expenses | $1.5 million | $0.9 million | $5.6 million | $3.7 million |
| Technology Development | $0.2 million | $0.5 million | $1.1 million | $1.5 million |
| Personnel Related Expenses | $3.3 million | $2.8 million | $10.3 million | $8.8 million |
Cash Flows and Liquidity
For the nine months ended September 30, 2024, Xeris reported cash used in operating activities of $39.0 million, a decrease from $54.5 million in 2023. Cash used in investing activities was $5.1 million, down from $20.9 million in the previous year. Financing activities provided $35.8 million in cash, compared to a cash outflow of $0.4 million in 2023.
| Cash Flow Activities | 9M 2024 | 9M 2023 |
|---|---|---|
| Operating Activities | $(39.0) million | $(54.5) million |
| Investing Activities | $(5.1) million | $(20.9) million |
| Financing Activities | $35.8 million | $(0.4) million |
Debt Obligations
As of September 30, 2024, Xeris had total debt of $231.3 million, which includes $49.2 million in convertible senior notes and $185.4 million in loan agreements. The company restructured its debt in September 2023, exchanging $32.0 million of its 2025 Convertible Notes for $33.6 million in new 2028 Convertible Notes.
| Debt Structure | Amount |
|---|---|
| Convertible Senior Notes | $49.2 million |
| Loan Agreements | $185.4 million |
| Total Debt | $231.3 million |
Stockholder Equity
As of September 30, 2024, Xeris reported total stockholders' equity (deficit) of $(28.3) million, an increase from $(6.8) million as of December 31, 2023. The company has 149 million shares outstanding as of the end of September 2024.
| Stockholder Equity | Amount |
|---|---|
| Total Stockholders' Equity (Deficit) | $(28.3) million |
| Shares Outstanding | 149 million |
How Xeris Biopharma Holdings, Inc. (XERS) Makes Money
Product Revenue
Xeris Biopharma generates significant revenue from the sale of its pharmaceutical products, primarily Gvoke, Recorlev, and Keveyis. For the three months ended September 30, 2024, the net product revenue was $52.861 million, an increase of 26.8% compared to $41.697 million for the same period in 2023. For the nine months ended September 30, 2024, net product revenue reached $139.636 million, up 26.0% from $110.855 million in 2023.
| Product | Q3 2024 Revenue | Q3 2023 Revenue | Change (%) | 9M 2024 Revenue | 9M 2023 Revenue | Change (%) |
|---|---|---|---|---|---|---|
| Gvoke | $22.942 million | $17.735 million | 29.4% | $59.567 million | $48.406 million | 23.1% |
| Recorlev | $17.726 million | $8.097 million | 118.9% | $41.663 million | $19.741 million | 111.0% |
| Keveyis | $12.193 million | $15.865 million | (23.1%) | $38.406 million | $42.708 million | (10.1%) |
Royalty, Contract, and Other Revenue
In addition to product sales, Xeris also generates revenue through royalties and contracts. For the three months ended September 30, 2024, this revenue was $1.407 million, down 78.8% from $6.623 million in the same period of 2023. For the nine months ended September 30, 2024, this revenue totaled $3.335 million, a decrease of 61.5% compared to $8.669 million in 2023.
Cost of Goods Sold (COGS)
The cost of goods sold for Xeris increased significantly due to higher production costs. For the three months ended September 30, 2024, COGS was $13.593 million, up 65.7% from $8.201 million in the same period of 2023. For the nine months, COGS was $27.354 million, an increase of 29.8% from $21.075 million in 2023.
Operating Expenses
Xeris incurs substantial operating expenses, which include research and development (R&D) and selling, general and administrative (SG&A) costs. For the three months ended September 30, 2024, R&D expenses were $5.888 million, an increase of 17.0% from $5.034 million in 2023. SG&A expenses were $44.969 million, up 20.6% from $37.287 million in 2023. For the nine months, R&D expenses were $19.468 million, a 22.0% increase from $15.959 million in 2023, while SG&A costs were $123.342 million, a 13.7% rise from $108.527 million in the previous year.
| Expense Type | Q3 2024 | Q3 2023 | Change (%) | 9M 2024 | 9M 2023 | Change (%) |
|---|---|---|---|---|---|---|
| Research and Development | $5.888 million | $5.034 million | 17.0% | $19.468 million | $15.959 million | 22.0% |
| Selling, General and Administrative | $44.969 million | $37.287 million | 20.6% | $123.342 million | $108.527 million | 13.7% |
Net Loss
Xeris reported a net loss of $15.738 million for the three months ended September 30, 2024, compared to a loss of $12.189 million in the same period of 2023. For the nine months, the net loss was $49.723 million, slightly higher than the loss of $48.865 million reported in the previous year.
Liquidity and Capital Resources
As of September 30, 2024, Xeris had cash and cash equivalents of $59.232 million and short-term investments totaling $10.170 million. The company has incurred significant operating losses and continues to rely on financing to support its operations.
| Liquidity Metrics | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $59.232 million | $67.449 million |
| Short-term Investments | $10.170 million | $5.002 million |
| Total Assets | $321.104 million | $322.602 million |
| Accumulated Deficit | $(666.748 million) | $(617.025 million) |
Financing Activities
Xeris has historically funded its operations through equity offerings and debt financing. Notably, in 2022, Xeris completed a private placement for approximately $30 million and entered into a credit agreement for $100 million with an additional $50 million available in delayed draw term loans.
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Resources:
- Xeris Biopharma Holdings, Inc. (XERS) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of Xeris Biopharma Holdings, Inc. (XERS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Xeris Biopharma Holdings, Inc. (XERS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.