21h ago
Xeris Biopharma Reports Second Quarter 2026 Financial Results
Xeris Biopharma Reports Second Quarter 2026 Financial Results
Total revenue increased to over $92 million
Net product revenue increased 34% year-over-year to over $91 million
Recorlev net revenue increased 81% year-over-year to approximately $57 million
Tightens full-year 2026 total revenue guidance to $385 million to $390 million
Conference call and webcast today at 8:30 a.m. ET
CHICAGO--(BUSINESS WIRE)--Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced its financial results for the second quarter ended June 30, 2026.
"The second quarter was another strong period for Xeris, with net product revenue growing 34% year-over-year, driven by Recorlev’s exceptional commercial momentum,” said John Shannon, Chairman and Chief Executive Officer of Xeris. "The strategic investments we made for Recorlev earlier this year are gaining traction, and we expect their contribution to become increasingly meaningful as we move through the second half of 2026. Additionally, Gvoke delivered solid sequential improvement in line with our expectations, and Keveyis continued to provide a consistent, high-value contribution to our business."
Shannon continued, "Beyond our commercial execution, the second quarter also brought an important strategic milestone. We received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a new Keveyis patent expected to extend intellectual property protection through at least 2039, reinforcing our long-term commitment to the primary periodic paralysis community. With a strong first half behind us, we are tightening our full-year guidance to $385–$390 million, reflecting our confidence in the team, the portfolio, and the trajectory of our business."
Second Quarter 2026 Highlights
Three months ended June 30,
Change
2026
2025
$
%
Product revenue (in thousands):
Recorlev
$
56,780
$
31,444
$
25,336
81
Gvoke
22,549
23,467
(918
)
(4
)
Keveyis
11,675
11,485
190
2
Other product revenue
—
1,312
(1,312
)
—
Product revenue, net
91,004
67,708
23,296
34
Royalty, contract and other revenue
1,096
3,831
(2,735
)
(71
)
Total revenue
$
92,100
$
71,539
$
20,561
29
Net product revenue for the second quarter of 2026 was $91.0 million, an increase of 34% compared to the same period last year. The increase was primarily driven by increased patient demand for Recorlev.
Gross margin improved to 86% in the second quarter of 2026, up from 82% in the same period last year. The improvement was primarily driven by favorable product mix dynamics.
Research and development (R&D) expenses increased by $2.6 million, or 32%, in the second quarter of 2026 compared to the same period last year. The increase in R&D expenses primarily reflects higher personnel-related expenses to support XP-8121, and other external spend.
Selling, general and administrative (SG&A) expenses increased by $16.6 million, or 37%, in the second quarter of 2026 compared to the same period last year. This increase mainly reflects higher personnel related expenses to support the commercial enterprise, including the Recorlev expansion.
Net loss for the second quarter of 2026 was $31.1 million, compared to a net loss of $1.9 million in the same period last year. The loss was due to a one-time, non-cash charge of approximately $31 million in the second quarter of 2026, reflecting the increase in fair value as a result of entering into the 2028 Convertible Notes exchange agreements.
Adjusted EBITDA1for the second quarter of 2026 was $19.3 million, an improvement of $6.7 million compared to the same period last year.
Year-to-Date Highlights (As of June 30, 2026)
Six months ended June 30,
Change
2026
2025
$
%
Product revenue (in thousands):
Recorlev
$
106,548
$
56,974
$
49,574
87
Gvoke
43,349
44,312
(963
)
(2
)
Keveyis
23,561
22,912
649
3
Other product revenue
—
1,312
(1,312
)
—
Product revenue, net
173,458
125,510
47,948
38
Royalty, contract and other revenue
1,769
6,148
(4,379
)
(71
)
Total revenue
$
175,227
$
131,658
$
43,569
33
Net product revenue was $173.5 million for the six months ended June 30, 2026, an increase of 38% compared to the same period last year. The increase was primarily driven by increased patient demand for Recorlev.
Gross margin improved to 87%, up from 84% in the same period last year. The improvement was primarily driven by favorable product mix dynamics.
Research and development (R&D) expenses increased $3.6 million or 23% for the six months ended June 30, 2026 compared to the same period last year. The increase in R&D expenses primarily reflect higher personnel-related expenses to support XP-8121.
Selling, general and administrative (SG&A) expenses increased $25.8 million or 29% for the six months ended June 30, 2026 compared to the same period last year. This increase mainly reflects higher personnel related expense to support the commercial enterprise, including the Recorlev expansion.
Net loss for the six months ended June 30, 2026 was $28.9 million, compared to a net loss of $11.1 million in the same period last year. The loss was due to a one-time, non-cash charge of approximately $31 million in the second quarter, reflecting the increase in fair value as a result of entering into the 2028 Convertible Notes exchange agreements.
Adjusted EBITDA1for the six months ended June 30, 2026 was $34.4 million, an improvement of $17.5 million compared to the same period last year.
Total Shares Outstanding were 182,320,306 at July 31, 2026.
Key Business Highlights
- 2028 Convertible Notes: On June 11, 2026, Xeris entered into privately negotiated exchange agreements with certain holders of its 8.00% Convertible Senior Notes due 2028. The exchange transactions eliminated approximately $23.0 million of debt through the issuance of $23.0 million in cash and approximately 5.0 million shares of common stock in July 2026. Additionally, the remaining holder of $10.5 million elected to convert its principal into approximately 3.6 million shares of common stock in July 2026. Currently, no 2028 Convertible Notes remain outstanding.
- Notice of Allowance for New Patent Covering Keveyis: On June 11, 2026, Xeris announced that the USPTO had issued a Notice of Allowance with respect to U.S. Patent Application No. 17/151,405, entitled “Compositions and Methods of Use.” The allowed claims in this application cover the use of the Company’s KEVEYIS® (dichlorphenamide) product. Once granted, it is expected to provide intellectual property protection for Keveyis through at least 2039.
- Notice of Allowance for New Patent Covering XP-8121: On July 28, 2026, the USPTO granted Xeris U.S. Patent No. 12,691,089, entitled “Stable Levothyroxine Compositions in Aprotic Polar Solvents.” This is the second patent issued for XP-8121, the Company’s investigational drug product candidate for hypothyroidism.
Upcoming Events
- XP-8121 Program Overview (Webinar): Senior management will host a webinar on Wednesday, September 9, 2026, at 10:00 a.m. Eastern Time to review the Phase 3 development program for XP-8121, an investigational once-weekly subcutaneous levothyroxine for hypothyroidism. Management will provide details of the Company’s pivotal Phase 3 study, along with its comprehensive clinical development plan, and discuss the commercial opportunity for XP-8121. Presentations will also include remarks from a key opinion leader in endocrinology. A live webcast, along with accompanying materials, will be available under the “Events” section of the Xeris Investor Relations website the day of the event.
- H.C. Wainwright Global Healthcare Conference: Senior management will participate in 1x1 meetings and a fireside chat on September 14, 2026 in New York, NY. The fireside chat will be webcast live, with access available via the "Events" section of Xeris' Investor Relations website. Please contact the sponsor to arrange meetings with management.
- Morgan Stanley Global Healthcare Conference: Senior management will participate in 1x1 meetings on September 15, 2026 in New York City, NY. Please contact the sponsor to arrange meetings with management.
Conference Call and Webcast Details
Xeris will host a conference call and webcast at 8:30 a.m. Eastern Time today to discuss the Company's financial and operational results. Interested parties may pre-register for the call at by following https://events.q4inc.com/attendee/250146676. Attendees can also join via the “Events” section of the Xeris Investor Relations website.
The webcast, replay and other information related to the event can be accessed on the investor website https://xerispharma.com/investor-relations.
1 Adjusted EBITDA is a non-GAAP financial measure. See "Note Regarding Use of Non-GAAP Financial Measures" and the corresponding financial tables at the end of this press release for definitions and reconciliations of non-GAAP measures.
Note Regarding Use of Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP) and also certain historical and forward-looking non-GAAP financial measures, namely Adjusted EBITDA. This non-GAAP financial measure is not meant to be considered in isolation and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP, and was not prepared under any comprehensive set of accounting rules or principles. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP, and the calculation of the non-GAAP financial measure included herein may differ from similarly titled measures used by other companies. The Company believes that the presentation of Adjusted EBITDA, when viewed in conjunction with actual GAAP results, provides investors with a more meaningful understanding of the Company's ongoing and projected operating performance, exclusive of factors that do not directly affect what the Company considers to be its core operating performance, as well as unusual events. The Company believes this non-GAAP financial measure helps indicate underlying trends in the Company’s business and is important in comparing current results with prior period results and understanding expected operating performance. Also, management uses this non-GAAP financial measure to establish budgets and operational goals, and to manage the Company’s business and evaluate its performance. In addition, management believes that Adjusted EBITDA is important in evaluating the administrative costs of operating the Company’s business.
Adjusted EBITDA is GAAP net income (loss) before income tax (benefit) expense, plus interest and other income, less depreciation and amortization, interest expenses, share based compensation and debt refinancing fees or extinguishment losses.
About Xeris
Xeris (Nasdaq: XERS) is a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products: Recorlev®, for the treatment of endogenous Cushing’s syndrome; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; and Keveyis®, a proven therapy for primary periodic paralysis. Xeris also has a pipeline of development programs led by XP-8121, a Phase 3-ready, once-weekly subcutaneous injection for hypothyroidism, as well as multiple early-stage programs leveraging Xeris’ technology platforms, XeriSol® and XeriJect®, for its partners.
Xeris Biopharma Holdings is headquartered in Chicago, IL. For more information, visit www.xerispharma.com, or follow us on X, LinkedIn, or Instagram.
XERIS BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data, unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Product revenue, net
$
91,004
$
67,708
$
173,458
$
125,510
Royalty, contract and other revenue
1,096
3,831
1,769
6,148
Total revenue
92,100
71,539
175,227
131,658
Costs and expenses:
Cost of goods sold
12,512
11,898
23,086
20,626
Research and development
10,669
8,055
19,452
15,808
Selling, general and administrative
61,035
44,393
114,179
88,411
Amortization of intangible assets
2,711
2,711
5,421
5,421
Total costs and expenses
86,927
67,057
162,138
130,266
Income from operations
5,173
4,482
13,089
1,392
Other expenses
(36,274
)
(6,410
)
(41,956
)
(12,540
)
Net loss before benefit from income taxes
(31,101
)
(1,928
)
(28,867
)
(11,148
)
Income tax benefit
—
—
—
—
Net loss
$
(31,101
)
$
(1,928
)
$
(28,867
)
$
(11,148
)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments
14
1
15
1
Comprehensive loss
$
(31,087
)
$
(1,927
)
$
(28,852
)
$
(11,147
)
Net loss per common share - basic and diluted
$
(0.18
)
$
(0.01
)
$
(0.17
)
$
(0.07
)
Weighted average common shares outstanding - basic and diluted
172,823,455
159,459,413
171,679,686
155,972,048
XERIS BIOPHARMA HOLDINGS, INC.
Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA
(in thousands, unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
GAAP Net loss
$
(31,101
)
$
(1,928
)
$
(28,867
)
$
(11,148
)
Adjustments
Interest and other income
(1,455
)
(948
)
(2,657
)
(2,123
)
Interest expense
6,947
7,358
13,831
14,663
Income tax benefit
—
—
—
—
Depreciation and amortization
3,034
3,036
6,081
6,061
EBITDA
$
(22,575
)
$
7,518
$
(11,612
)
$
7,453
Adjustments
Share-based compensation (a)
11,066
5,008
15,206
9,451
Loss on debt extinguishment, net
30,782
—
30,782
—
Adjusted EBITDA
$
19,273
$
12,526
$
34,376
$
16,904
(a) Includes non-cash, stock-based compensation, net of forfeitures.
XERIS BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, 2026
December 31, 2025
Assets
(unaudited)
Current assets:
Cash and cash equivalents
$
121,747
$
111,042
Trade accounts receivable, net
58,105
51,050
Inventory, net
80,930
68,673
Prepaid expenses and other current assets
13,975
9,548
Total current assets
274,757
240,313
Property and equipment, net
4,834
4,945
Operating lease right-of-use assets
21,773
22,112
Goodwill
22,859
22,859
Intangible assets, net
82,657
88,078
Other assets
5,025
5,220
Total assets
$
411,905
$
383,527
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
9,337
$
3,076
Current portion of long-term debt
63,783
—
Current operating lease liabilities
6,310
6,232
Other accrued liabilities
39,706
33,155
Accrued trade discounts and rebates
46,858
43,253
Accrued returns reserve
18,598
18,969
Other current liabilities
4,976
4,889
Total current liabilities
189,568
109,574
Long-term debt, net of unamortized debt issuance costs
188,807
220,335
Non-current operating lease liabilities
30,542
31,531
Other liabilities
12,722
8,398
Total liabilities
421,639
369,838
Total stockholders’ (deficit) equity
(9,734
)
13,689
Total liabilities and stockholders’ equity
$
411,905
$
383,527
Contacts
Investor Contact
Allison Wey Senior Vice President, Investor Relations and Corporate Communications [email protected]