[10-Q] Xeris Biopharma Holdings, Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Xeris Biopharma reported stronger Q3 results. Total revenue reached $74.380 million (up 37.1% year over year), led by Recorlev $36.975 million, Gvoke $25.151 million, and Keveyis $11.937 million. Operating income was $6.731 million versus a loss a year ago, and net income was $621 thousand.

For the first nine months, revenue was $206.038 million with a net loss of $10.527 million. Cost discipline and mix improved gross costs: cost of goods sold fell to 14.8% of product revenue in Q3 from 25.7% a year earlier, aided by fewer inventory write-offs.

Cash and cash equivalents were $91.598 million and total cash, cash equivalents and restricted cash were $95.619 million. Net debt stood at $219.469 million (including $33.6 million of 2028 convertible notes and $188.045 million of 2029 loans). Stockholders’ equity (deficit) improved to $(0.861) million from $(29.615) million at year-end. Management believes cash resources are sufficient for at least the next 12 months, while noting ongoing net losses and market risks.

Insights

Biopharma equity analyst

Revenue mix shift and lower COGS turned Q3 profitable.

Q3 revenue rose to $74.380M, with Recorlev doubling year over year to $36.975M as the main growth driver. Product mix and reduced write-offs lowered cost of goods sold to 14.8% of product revenue, supporting operating income of $6.731M and net income of $0.621M.

Balance sheet shows $91.598M in cash and $219.469M in debt, including $33.6M 2028 converts and $188.045M 2029 term loans. Equity deficit narrowed to $(0.861)M. Four customers represented 97% of gross product revenue, highlighting concentration risk.

Key items to track include sustained Recorlev demand, SG&A trajectory, and interest expense. Debt maturities of 2028 and 2029 frame refinancing needs alongside operating cash flow progress.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number: 001-40880

XERIS BIOPHARMA HOLDINGS, INC.

(Exact name of the registrant as specified in its charter)

Delaware

87-1082097

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1375 West Fulton Street, Suite 1300 Chicago, Illinois

60607

(Address of principal executive offices)

(Zip Code)

(844) 445-5704

(Registrant's telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

XERS

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes   ☒     No   ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   ☒     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨

Accelerated filer

☒

Non-accelerated filer ¨

Smaller reporting company

¨

Emerging growth company

¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes   ☐    No   ☒

As of October 31, 2025, 165,924,289 shares, par value $0.0001 per share, of common stock were outstanding.

Table of Contents

XERIS BIOPHARMA HOLDINGS, INC.

Index to Quarterly Report on Form 10-Q

									Page
Part I. Financial Information
			Item 1. Financial Statements
						Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024			3
						Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024			4
						Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the three and nine months ended September 30, 2025 and 2024			5
						Condensed Consolidated Statements of Cash Flow for the nine months ended September 30, 2025 and 2024			7
						Notes to Condensed Consolidated Financial Statements			9
			Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations						23
			Item 3. Quantitative and Qualitative Disclosures About Market Risk						29
			Item 4. Controls and Procedures						30
Part II. Other Information
			Item 1. Legal Proceedings						31
			Item 1A. Risk Factors						32
			Item 2. Unregistered Sales of Equity Securities and Use of Proceeds						32
			Item 3. Defaults Upon Senior Securities						32
			Item 4. Mine Safety Disclosures						32
			Item 5. Other Information						32
			Item 6. Exhibits						34
			Signatures						35

Solely for convenience, the trademarks and trade names in this Quarterly Report on Form 10-Q (this "Quarterly Report") are referred to without the ® and ™ symbols, but absence of such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. The trademarks, trade names and service marks appearing in this Quarterly Report are the property of their respective owners.

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

XERIS BIOPHARMA HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(in thousands, except share and par value)

			September 30, 2025						December 31, 2024
Assets			(unaudited)
Current assets:
Cash and cash equivalents			$	91,598					$	71,621
Trade accounts receivable, net			53,751						40,415
Inventory, net			67,462						48,175
Prepaid expenses and other current assets			11,206						7,451
Total current assets			224,017						167,662
Property and equipment, net			4,946						5,562
Operating lease right-of-use assets			22,263						22,649
Goodwill			22,859						22,859
Intangible assets, net			90,789						98,921
Other assets			5,317						5,407
Total assets			$	370,191					$	323,060
Liabilities and Stockholders' Equity (deficit)
Current liabilities:
Accounts payable			$	6,527					$	2,290
Current portion of long-term debt			—						15,102
Current operating lease liabilities			6,194						6,080
Other accrued liabilities			30,350						27,716
Accrued trade discounts and rebates			51,264						29,084
Accrued returns reserve			19,216						19,082
Other current liabilities			2,649						1,089
Total current liabilities			116,200						100,443
Long-term debt, net of current portion and unamortized debt issuance costs			219,469						217,006
Non-current operating lease liabilities			31,991						33,259
Other liabilities			3,392						1,967
Total liabilities			371,052						352,675
Commitments and contingencies (Note 13)
Stockholders' equity (deficit):
Preferred stock—par value $0.0001, 25,000,000 shares and 25,000,000 shares authorized and no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			—						—
Common stock—par value $0.0001, 350,000,000 shares and 350,000,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 165,528,253 and 149,429,410 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively			17						15
Additional paid in capital			681,535						642,256
Accumulated deficit			(682,388)						(671,861)
Accumulated other comprehensive loss			(25)						(25)
Total stockholders' equity (deficit)			(861)						(29,615)
Total liabilities and stockholders' equity (deficit)			$	370,191					$	323,060

See accompanying notes to consolidated financial statements.

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XERIS BIOPHARMA HOLDINGS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except share and per share data, unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Product revenue, net			$	74,063					$	52,861					$	199,573					$	139,636
Royalty, contract and other revenue			317						1,407						6,465						3,335
Total revenue			74,380						54,268						206,038						142,971
Costs and expenses:
Cost of goods sold			10,996						13,593						31,622						27,354
Research and development			7,483						5,888						23,291						19,468
Selling, general and administrative			46,459						44,969						134,870						123,342
Amortization of intangible assets			2,711						2,711						8,132						8,132
Total costs and expenses			67,649						67,161						197,915						178,296
Income (loss) from operations			6,731						(12,893)						8,123						(35,325)
Other income (expense):
Interest and other income			1,158						1,197						3,281						4,411
Debt refinancing costs			—						—						—						(2,690)
Interest expense			(7,268)						(7,786)						(21,931)						(22,782)
Change in fair value of warrants			—						—						—						7
Change in fair value of contingent value rights			—						420						—						4,388
Total other expense			(6,110)						(6,169)						(18,650)						(16,666)
Net income (loss) before income taxes			621						(19,062)						(10,527)						(51,991)
Income tax benefit			—						3,324						—						2,268
Net income (loss)			$	621					$	(15,738)					$	(10,527)					$	(49,723)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investments			—						15						—						9
Foreign currency translation adjustments			(1)						—						—						—
Comprehensive income (loss)			$	620					$	(15,723)					$	(10,527)					$	(49,714)
Net income (loss) per common share - basic			$	0.00					$	(0.11)					$	(0.07)					$	(0.34)
Net income (loss) per common share - diluted			$	0.00					$	(0.11)					$	(0.07)					$	(0.34)
Weighted average common shares outstanding:
Basic			163,649,932						148,993,823						158,559,467						145,962,198
Diluted			177,617,307						148,993,823						158,559,467						145,962,198

See accompanying notes to consolidated financial statements.

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XERIS BIOPHARMA HOLDINGS, INC.

Condensed Consolidated Statements of Stockholders' Equity (Deficit)

(in thousands, except share data, unaudited)

						Common Stock												Additional Paid In Capital						Accumulated Other Comprehensive Loss						Accumulated Deficit						Total Stockholders' Equity (Deficit)
						Shares						Amount
Balance, December 31, 2023						138,130,715						$	14					$	610,254					$	(25)					$	(617,025)					$	(6,782)
Net loss						—						—						—						—						(18,980)						(18,980)
Issuance of common stock to settle contingent value rights						7,525,048						1						15,802						—						—						15,803
Exercise of stock options						229,417						—						459						—						—						459
Vesting of restricted stock units (net of 1,437,592 shares withheld for tax)						2,339,223						—						(3,434)						—						—						(3,434)
Stock-based compensation						—						—						3,767						—						—						3,767
Other comprehensive loss						—						—						—						(11)						—						(11)
Balance, March 31, 2024						148,224,403						$	15					$	626,848					$	(36)					$	(636,005)					$	(9,178)
Net loss						—						—						—						—						(15,005)						(15,005)
Vesting of restricted stock units (net of 23,230 shares withheld for tax)						340,417						—						(51)						—						—						(51)
Stock-based compensation						—						—						4,233						—						—						4,233
Issuance of common stock through employee stock purchase plan						371,907						—						710						—						—						710
Other comprehensive gain						—						—						—						5						—						5
Balance, June 30, 2024						148,936,727						$	15					$	631,740					$	(31)					$	(651,010)					$	(19,286)
Net loss						—						—						—						—						(15,738)						(15,738)
Vesting of restricted stock units (net of 38,918 shares withheld for tax)						67,207						—						(82)						—						—						(82)
Stock-based compensation						—						—						6,768						—						—						6,768
Other comprehensive gain						—						—						—						15						—						15
Balance, September 30, 2024						149,003,934						$	15					$	638,426					$	(16)					$	(666,748)					$	(28,323)

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XERIS BIOPHARMA HOLDINGS, INC.

Condensed Consolidated Statements of Stockholders' Equity (Deficit)

(in thousands, except share data, unaudited)

						Common Stock												Additional Paid In Capital						Accumulated Other Comprehensive Loss						Accumulated Deficit						Total Stockholders' Equity (Deficit)
						Shares						Amount
Balance, December 31, 2024						149,429,410						$	15					$	642,256					$	(25)					$	(671,861)					$	(29,615)
Net loss						—						—						—						—						(9,220)						(9,220)
Exercise of stock options						1,366,498						—						4,960						—						—						4,960
Vesting of restricted stock units (net of 2,255,124 shares withheld for tax)						3,721,805						1						(7,999)						—						—						(7,998)
Issuance of common shares in partial settlement of 2025 Convertible Debt						1,045,752						—						3,188						—						—						3,188
Issuance of common shares for warrants exercised						450,585						—						—						—						—						—
Stock-based compensation						—						—						3,557						—						—						3,557
Balance, March 31, 2025						156,014,050						$	16					$	645,962					$	(25)					$	(681,081)					$	(35,128)
Net loss						—						—						—						—						(1,928)						(1,928)
Exercise of stock options						315,724						—						1,152						—						—						1,152
Vesting of restricted stock units (net of 170,442 shares withheld for tax)						680,154						—						(859)						—						—						(859)
Issuance of common shares in settlement of 2025 Convertible Debt						3,932,399						—						11,958						—						—						11,958
Issuance of common stock through employee stock purchase plan						282,435						—						830						—						—						830
Stock-based compensation						—						—						4,670						—						—						4,670
Other comprehensive gain						—						—						—						1						—						1
Balance, June 30, 2025						161,224,762						$	16					$	663,713					$	(24)					$	(683,009)					$	(19,304)
Net income						—						—						—						—						621						621
Exercise of stock options						1,179,760						—						5,183						—						—						5,183
Vesting of restricted stock units (net of 93,725 shares withheld for tax)						167,986						—						(478)						—						—						(478)
Issuance of common shares in settlement of warrants						2,955,745						1						9,166						—						—						9,167
Stock-based compensation						—						—						3,951						—						—						3,951
Other comprehensive gain						—						—						—						(1)						—						(1)
Balance, September 30, 2025						165,528,253						$	17					$	681,535					$	(25)					$	(682,388)					$	(861)

See accompanying notes to condensed consolidated financial statements.

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XERIS BIOPHARMA HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

									Nine Months Ended September 30,
															2025						2024
Cash flows from operating activities:
Net loss															$	(10,527)					$	(49,723)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation															978						914
Amortization of intangible assets															8,132						8,132
Amortization of premium/discount on investments															—						(674)
Amortization of debt discount and debt issuance costs															2,507						2,183
Amortization of operating right-of-use assets															386						446
Deferred income tax expense (benefit)															—						(2,268)
Stock-based compensation															17,094						14,768
Change in fair value of contingent value rights															—						(4,388)
Changes in operating assets and liabilities:
Trade accounts receivable															(13,336)						(1,941)
Prepaid expenses and other current assets															(3,350)						(1,362)
Inventory															(15,275)						(5,645)
Accounts payable															1,629						(4,410)
Other accrued liabilities															(398)						(603)
Accrued trade discounts and rebates															20,375						(1,630)
Accrued returns reserve															134						3,525
Operating lease liabilities															(1,154)						1,422
Other															1,388						2,298
Net cash provided by (used in) operating activities															8,583						(38,956)
Cash flows from investing activities:
Capital expenditures															(363)						(648)
Purchases of investments															—						(34,485)
Sales and maturities of investments															—						30,000
Net cash provided by (used in) investing activities															(363)						(5,133)
Cash flows from financing activities:
Proceeds from debt refinancing															—						50,000
Payment of debt discount															—						(11,831)
Proceeds from issuance of employee stock purchase plan shares															830						710
Proceeds from exercise of stock options															10,994						459
Proceeds from issuance of common shares in settlement of warrants															9,167						—
Repurchase of common stock withheld for taxes															(9,336)						(3,568)
Net cash provided by (used in) financing activities															11,655						35,770
Net cash provided by (used in) in cash, cash equivalents and restricted cash															19,875						(8,319)
Cash, cash equivalents and restricted cash, beginning of year															75,744						71,674
Cash, cash equivalents and restricted cash, end of quarter															$	95,619					$	63,355
															Nine Months Ended September 30,
															2025						2024
Supplemental schedule of cash flow information:
Cash paid for interest															$	20,170					$	20,925
Supplemental schedule of non-cash activities:
Issuance of common shares to settle 2025 Convertible Debt															15,146						—
Exercise of stock options															301						—
Issuance of common shares in settlement of CVR liability															—						15,803

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XERIS BIOPHARMA HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that agrees to the same amounts shown in the condensed consolidated statements of cash flows:

									Nine Months Ended September 30,
															2025						2024
Cash flows from operating activities:
Cash and cash equivalents															$	91,598					$	59,232
Restricted cash included in Other assets (1)															4,021						4,123
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows															$	95,619					$	63,355

(1) These restricted cash items are primarily security deposits in the form of letters of credit for the Company to secure certain leases.

See accompanying notes to consolidated financial statements.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 1. Organization and Business

Nature of Business

Xeris Biopharma Holdings, Inc. ("Xeris Biopharma" or the "Company") is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. The Company offers Recorlev for the treatment of Cushing’s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis ("PPP"). The Company leverages its proprietary formulation technologies (XeriSol and XeriJect) in the creation of new products such as its own XP-8121 (once-weekly subcutaneous (SC) levothyroxine) as well as through the formation of development partnerships with other biopharmaceutical companies.

As used herein, the "Company" or "Xeris" refers to Xeris Pharmaceuticals, Inc. ("Xeris Pharma") when referring to periods prior to the acquisition of Strongbridge Biopharma plc ("Strongbridge") on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021.

Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, and Gvoke Kit (glucagon).

The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of available products and any future products, if and when approved, successful development of product candidates, the development of new technological innovations by competitors, the ability to acquire additional capital when needed and on acceptable terms, and the ability to successfully protect intellectual property. The Company relies on a number of single source suppliers and manufacturers for the supply of its products and product candidates. Disruptions from these suppliers or manufacturers, which has occurred in the past and could occur in the future, could have a negative impact on the Company's business, financial position and results of operations. In addition, the Company is subject to risks and uncertainties as a result of political and macroeconomic events and conditions.

Liquidity and Capital Resources

The Company has incurred operating losses since inception and has an accumulated deficit of $682.4 million as of September 30, 2025. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these condensed consolidated financial statements. Based on the Company's current operating plans and existing working capital at September 30, 2025, the Company believes that its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these condensed consolidated financial statements.

If needed, the Company may elect to finance its operations through equity or debt financing along with revenues. In addition, there can be no assurance that the Company will be able to successfully market and sell Recorlev, Gvoke and Keveyis. The Company's ability to raise additional capital and repay or restructure its indebtedness will depend on the capital markets and its financial condition at such time, among other factors. Market volatility resulting from announced or implemented U.S. trade tariffs or export controls and trade disputes with other countries, instability in the global credit markets, changes in U.S. governmental policies or resources that negatively affect us, and geopolitical instability resulting from the ongoing military conflicts between Russia and Ukraine, Israel and Hamas and the potential for wider conflict in the Middle East, elevated and fluctuating interest rates, inflationary pressures, the tightening of lending standards, any further deterioration in the macroeconomic economy or financial services industry resulting from actual or potential bank failures or other factors could also adversely impact the Company's ability to access capital as and when needed. In addition, equity or debt financing may not be available to the Company on acceptable terms, or at all, or be subject to restrictions that could negatively impact the Company's business. As a result of these factors, the Company may not be able to engage in any of the alternative activities, or engage in such activities on desirable terms, which could harm the Company's business, financial condition and results of operations. The issuance of equity securities may result in dilution to stockholders. If the Company raises additional funds through the issuance of additional debt, which may have rights, preferences and privileges senior to those of the Company's common stockholders, the terms of the debt could impose significant restrictions on the Company's operations. The failure to raise funds as and when needed could have a negative impact on the Company's financial condition and ability to pursue its business strategies. If additional funding is not secured when required, the Company may need to delay or curtail its operations until such funding is received, which would have a material adverse impact on the business prospects and results of operations.

Note 2. Basis of presentation and summary of significant accounting policies and estimates

Basis of presentation

The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC").

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K filed with the SEC on March 6, 2025.

Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted.

Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") issued by the Financial Accounting Standards Board ("FASB").

Basis of consolidation

These condensed consolidated financial statements include the financial statements of Xeris Biopharma Holdings, Inc. and its subsidiaries. All intercompany transactions have been eliminated.

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses included in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue recognition

The Company applies the guidance in ASC Topic 606, Revenue from Contracts with Customers, to all contracts with customers within the scope of the standard.

The Company sells product primarily to wholesalers or a specialty pharmacy that subsequently resell to retail pharmacies or patients. The Company enters into arrangements with payors, group purchasing organizations, and healthcare providers that provide for government-mandated or privately-negotiated rebates, chargebacks and discounts related to the Company's products. The Company currently sells Recorlev, Gvoke and Keveyis in the United States only.

Revenue is recognized when the Company's customer (e.g., a wholesaler or specialty pharmacy) obtains control of promised goods or services, which is when the Company's obligations under the terms of the contract with the customer are satisfied, based on the consideration the Company expects to receive in exchange for those goods or services.

Revenues are recorded at the net product sales price, which includes estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. The Company applies significant judgments and estimates in determining some of these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known.

Such revenue is reported as product revenue, net in the condensed consolidated statements of operations and comprehensive loss.

Additionally, the Company earns revenue from research collaborations for the use of Xeris' proprietary formulation technology platforms and royalties from branded products. Such revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. This revenue is reported as royalty, contract and other revenue in the condensed consolidated statements of operations and comprehensive loss.

Concentration of credit risk

For the three and nine months ended September 30, 2025, four customers accounted for 97% of the Company's gross product revenue. For the three and nine months ended September 30, 2024, four customers accounted for 95% and 96% of the Company's gross product revenue, respectively. At September 30, 2025 and December 31, 2024, the same four customers accounted for 98% and 97% of the trade accounts receivable, net, respectively.

New accounting pronouncements

Pending accounting standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard expands the requirements for income tax disclosures in order to provide greater transparency. The standards are effective for fiscal years beginning after December 15, 2024, and requires additional disclosures related to the income tax rate reconciliation, income taxes paid by jurisdiction, and other income tax-related disclosures. The Company has completed its assessment and

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

determined there is no impact on the financial statements, other than the expanded disclosures required for ASU 2023-09. The Company intends to implement ASU 2023-09 for the fiscal year ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20) - Induced Conversions of Convertible Debt Instruments. The FASB issued final guidance to clarify the requirements for determining whether to account for certain early settlements of convertible debt instruments as induced conversions. The guidance, which is based on a consensus-for-exposure of the Emerging Issues Task Force (EITF), is intended to address issues that stakeholders encountered when applying the guidance on induced conversions in Accounting Standards Codification (ASC or Codification) 470-20, Debt — Debt with Conversion and Other Options, to certain settlements of cash convertible debt instruments. For all entities, the guidance is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted for all entities that have adopted ASU 2020-06, which simplified an issuer’s accounting for certain financial instruments with characteristics of liabilities and equity. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.

In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220). This standard clarifies the effective date of ASU 2024-03 to annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.

Note 3. Disaggregated Revenue

Disaggregated revenue by product (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Product revenue:
Recorlev						$	36,975					$	17,726					$	93,949					$	41,663
Gvoke						25,151						22,942						69,463						59,567
Keveyis						11,937						12,193						34,849						38,406
Other product revenue						—						—						1,312						—
Product revenue, net						74,063						52,861						199,573						139,636
Royalty, contract and other revenue						317						1,407						6,465						3,335
Total revenue						$	74,380					$	54,268					$	206,038					$	142,971

Note 4. Inventory

The components of inventory consist of the following (in thousands):

			September 30, 2025						December 31, 2024
Raw materials			$	36,417					$	31,732
Work in process			12,734						10,991
Finished goods			18,311						5,452
Inventory, net			$	67,462					$	48,175

Inventory reserves were $11.4 million and $7.7 million at September 30, 2025 and December 31, 2024, respectively.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 5. Property and Equipment

Property and equipment consist of the following (in thousands):

			September 30, 2025						December 31, 2024
Lab equipment			$	4,991					$	4,730
Furniture and fixtures			545						530
Computer equipment			946						905
Office equipment			97						97
Software			514						507
Leasehold improvements			5,695						6,056
Total property and equipment			12,788						12,825
Less: accumulated depreciation and amortization			(7,842)						(7,263)
Property and equipment, net			$	4,946					$	5,562

Depreciation and amortization expense relating to property and equipment was $0.3 million for each of the three months ended September 30, 2025 and 2024, respectively. Depreciation and amortization expense relating to property and equipment was $1.0 million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.

Note 6. Intangible Assets

Identified intangible assets consist of the following (in thousands):

						September 30, 2025												December 31, 2024
			Life (Years)			Gross assets			Accumulated amortization			Net						Gross assets			Accumulated amortization			Net
Definite-lived intangible asset - Keveyis			5			$	11,000		$	(8,800)		$	2,200					$	11,000		$	(7,150)		$	3,850
Definite-lived intangible asset - Recorlev			14			121,000			(32,411)			88,589						121,000			(25,929)			95,071
Total intangible assets						$	132,000		$	(41,211)		$	90,789					$	132,000		$	(33,079)		$	98,921

As of September 30, 2025, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands):

2025			$	2,711
2026			10,293
2027			8,643
2028			8,643
2029			8,643
Thereafter			51,856
Total			$	90,789

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Note 7. Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

			September 30, 2025						December 31, 2024
Accrued employee costs			$	20,148					$	19,577
Accrued interest expense			1,066						2,123
Accrued supply chain costs			607						871
Accrued marketing costs			1,802						1,506
Accrued research and development costs			3,465						766
Accrued other costs			3,262						2,873
Other accrued liabilities			$	30,350					$	27,716

Note 8. Debt

The components of debt are as follows (in thousands):

			September 30, 2025						December 31, 2024
Convertible senior notes			$	33,922					$	49,204
Less: unamortized debt issuance costs			(690)						(973)
Loan agreement			188,045						185,995
Less: unamortized debt issuance costs			(1,808)						(2,118)
Debt, net of unamortized debt issuance costs			$	219,469					$	232,108
Debt, net of unamortized debt issuance costs, current portion			$	—					$	15,102
Debt, net of unamortized debt issuance costs, non-current portion			219,469						217,006
Total debt, net of unamortized debt issuance costs			$	219,469					$	232,108

Convertible Senior Notes

On September 29, 2023, the Company completed the exchange of $32.0 million in aggregate principal amount of its then outstanding Convertible Notes due 2025 (the "2025 Convertible Notes") for $33.6 million in aggregate principal amount of new 8.00% Convertible Notes due 2028 (the "2028 Convertible Notes" and together with the 2025 Convertible Notes, the "Convertible Notes").

In March and April of 2025, holders of all outstanding 2025 Convertible Senior Notes, totaling $15.2 million in aggregate principal amount, were converted by the noteholders into 4,978,151 shares of the Company's common stock. As of September 30, 2025, the outstanding balance of the 2028 Convertible Notes was $33.6 million. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The effective interest rate of the 2028 Convertible Notes, including the amortization of debt issuance costs was 8.9%.

The 2028 Convertible Notes are senior, unsecured obligations and are equal in right of payment with the issuer's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the 2028 Convertible Notes, and effectively subordinated to its existing and future secured indebtedness to the extent of the value of the collateral securing that indebtedness. The 2028 Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company or Xeris Pharma is not a holder thereof) preferred equity, if any, of the Company's direct and indirect subsidiaries other than Xeris Pharma.

At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of 2028 Convertible Notes may convert their 2028 Convertible Notes at their option into shares of the Company's common stock, together, if applicable, with cash in lieu of any fractional share, at a conversion rate of 326.7974 shares of the Company's common stock per $1,000 principal amount of 2028 Convertible Notes, subject to adjustment in certain circumstances.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The fair value of the 2028 Convertible Notes is determined using current interest rates based on credit ratings and the remaining term of maturity. As of September 30, 2025, the fair value of the 2028 Convertible Notes was approximately $90.5 million. The fair value of the convertible debt was estimated using inputs for volatility, the Company's stock price, time to maturity, the risk-free rate and the Company's credit spread, some of which are considered Level 3 inputs in the fair value hierarchy disclosed in "Note 10 - Fair value measurement."

Loan Agreement

On March 5, 2024, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into an Amended and Restated Credit Agreement and Guaranty (the "Amended and Restated Credit Agreement") with the lenders from time to time parties thereto (the "Lenders") and Hayfin Services LLP, as administrative agent for the Lenders, pursuant to which the Company and its subsidiaries party thereto granted a first priority security interest on substantially all of their assets, including intellectual property, subject to certain exceptions. The Amended and Restated Credit Agreement amends and restates in its entirety the Credit Agreement dated March 8, 2022, between the Company, Xeris Pharma, and certain subsidiary guarantors of the Company and Hayfin Services, LLP, as administrative agent for the lenders ("Credit Agreement"). The Amended and Restated Credit Agreement provided for the Lenders to extend $200.0 million in term loans (the "Tranche 1 Loans") to Xeris Pharma on the closing date and $15.2 million in additional term loans (the "Tranche 2 Loans" and, together with the Tranche 1 Loans, the "2029 Loans") on any date after the closing date and through July 15, 2025. The Tranche 2 Loans were only to be used to redeem the then outstanding 2025 Convertible Notes. The Company did not borrow any funds under the Tranche 2 Loans, which expired on July 15, 2025. In conjunction with the execution of the Amended and Restated Credit Agreement, the aggregate principal balance of $150.0 million plus all accrued and unpaid interest outstanding under the Credit Agreement was continued under the Amended and Restated Credit Agreement as Tranche 1 Loans. In addition to utilizing the proceeds to repay the obligations under the Credit Agreement in full, the proceeds of the Tranche 1 Loans are being used for general corporate purposes. After repayment, the 2029 Loans may not be re-borrowed.

The 2029 Loans will mature on March 5, 2029; provided, however, that the 2029 Loans will mature on January 15, 2028 if the 2028 Convertible Notes are outstanding as of such date and either (i) the maturity date of the applicable notes has not been extended to a date not earlier than September 5, 2029 and (ii) the Company has not received net cash proceeds from one or more permitted equity raises or permitted raises of convertible debt which, together with no more than $15.6 million of cash on hand, is sufficient to redeem and discharge the 2028 Convertible Notes in full.

The 2029 Loans incur interest at a floating per annum rate in an amount equal to the sum of (i) 6.95% (or 5.95% if the replacement rate is in effect) plus (ii) the greater of (x) the forward-looking term rate based on SOFR for a three month tenor (or the replacement rate, if applicable), and (y) 2.00% per annum. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The effective interest rate of the 2029 Loans, including the amortization of debt discount and debt issuance costs, amounts to approximately 11.4%. As of September 30, 2025, the fair value of the loan approximates its book value.

The Amended and Restated Credit Agreement allows Xeris Pharma to voluntarily prepay the outstanding amounts thereunder. Xeris Pharma is subject to an early prepayment fee equal to (i) for any prepayment that occurs on or prior to the second anniversary of the closing date, the applicable make-whole amount, (ii) for any prepayment that occurs after the second anniversary of the closing date but on or prior to the fourth anniversary of the closing date, the product of (x) the amount of any principal so prepaid, multiplied by (y) for any prepayment that occurs (A) after the second anniversary of the closing date and on or prior to the third anniversary of the closing date, five percent (5.00%), (B) after the third anniversary of the closing date and on or prior to the fourth anniversary of the closing date, three percent (3.00%), and (C) after the fourth anniversary of the closing date, zero percent (0.00%).

The Amended and Restated Credit Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company's (and its subsidiaries) ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions.

The Amended and Restated Credit Agreement was accounted for as a modification of debt in accordance with ASC 470-50, Debt - Modifications and Extinguishments, thus there was no gain or loss recognized on the transaction.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The following table sets forth the Company's future minimum principal payments on the 2028 Convertible Notes and the 2029 Loans (in thousands):

2025 remaining			$	—
2026			—
2027			—
2028			33,574
2029			200,000
Thereafter			—
			$	233,574

For the three months ended September 30, 2025 and 2024, the Company recognized interest expense of $7.3 million and $7.8 million, respectively, of which $0.8 million and $0.8 million, respectively, related to the amortization of debt discount and issuance costs, respectively. For the nine months ended September 30, 2025 and 2024, the Company recognized interest expense of $21.9 million and $22.8 million, respectively, of which $2.5 million and $2.2 million, respectively, related to the amortization of debt discount and issuance costs, respectively.

Note 9. Warrants

Warrants required to be settled in cash are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity. The fair value of these warrants are remeasured each reporting period using the Black-Scholes option-pricing model which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The liability is recorded in other current liabilities on the consolidated balance sheets. Generally, changes in the fair value of the warrant liabilities are recorded in the consolidated statements of operations and comprehensive loss.

As of September 30, 2025, the following warrants were outstanding:

Warrants classified as equities:			Outstanding Warrants			Exercise Price per Warrant			Expiration Date
Warrants in connection with Horizon and Oxford loan agreement			125,999			$3.130			December 2026
Warrants in connection with Armistice securities purchase agreement			2,275,313			$3.223			February 2027
Warrants in connection with Hayfin Amended and Restated Credit Agreement			263,158			$2.280			March 2029
			2,664,470

In August 2025, the Company issued an aggregate of 2,844,141 shares of its common stock pursuant to a notice of cash exercise of warrants by Armistice Capital for an aggregate purchase price of $9.2 million. Additionally, the Company issued an aggregate of 111,604 of its common stock pursuant to a notice of cashless exercise of 209,633 warrants by Avenue Capital.

In February 2025, the Company issued an aggregate of 450,585 of its common stock pursuant to a notice of cashless exercise of 1,052,631 warrants by Hayfin Services LLP, as administrative agent for the Lenders under the Credit Agreement, and 209,633 warrants by Avenue Capital.

Note 10. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below considers the market for the financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The following tables present the Company's fair value hierarchy for those assets and liabilities measured at fair value as of September 30, 2025 and December 31, 2024 (in thousands):

						Total as of September 30, 2025						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents:
Cash and money market funds						$	91,598					$	91,598					$	—					$	—
Other assets:
Restricted cash						$	4,021					$	4,021					$	—					$	—

						Total as of December 31, 2024						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents:
Cash and money market funds						$	71,621					$	71,621					$	—					$	—
Other assets:
Restricted cash						$	4,123					$	4,123					$	—					$	—

Note 11. Stock Compensation Plan

In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the "2011 Plan") and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards. The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the Xeris Pharmaceutical IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants). No grants of stock options or other awards may be made under the 2018 Plan after the tenth anniversary of the effective date. As of September 30, 2025, there were 6.6 million shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. In June 2024, the Company's stockholders approved an amendment to the ESPP that removed the "evergreen" provision which provided for annual increases in the aggregate number of shares available for issuance thereunder and increased the aggregate number of shares available for issuance thereunder by 6,636,632 additional shares. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee's offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval. As of September 30, 2025, there were 6.1 million shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercialization of products and the expansion of the Company generally. As of September 30, 2025, there were 1.0 million shares of common stock available for future issuance under the Inducement Plan.

Assumed Plans

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

On the acquisition date of Strongbridge, the Company assumed all then-outstanding stock options and shares available and reserved for issuance under some legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, the "Assumed Plans"). Shares reserved under the Assumed Plans will be available for future grants. The Company also assumed all then-outstanding stock options from the remainder of the legacy equity incentive plans of Strongbridge without assuming the shares available and reserved for issuance under those plans. The number of shares subject to stock options outstanding under all Strongbridge legacy equity incentive plans are included in the tables below. As of September 30, 2025, there were 0.2 million shares reserved for future grants under the Assumed Plans.

Stock Options

Stock options are granted with an exercise price equal to the market price of the Company's common stock at the date of grant. Stock option awards typically vest over either two, three or four years after the grant date and expire seven to ten years from the grant date.

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the nine months ended September 30, 2025 was as follows:

			Number of Options						Weighted Average Exercise Price Per Share						Weighted Average Contractual Life (Years)
Outstanding - December 31, 2024			8,832,170						$5.31						2.77
Exercised			(2,861,982)						$3.95
Forfeited			(22)						$5.29
Expired			(204,566)						$13.99
Outstanding - September 30, 2025			5,765,600						$5.67						2.78
Vested and expected to vest at September 30, 2025			5,765,600						$5.67						2.78
Exercisable - September 30, 2025			5,765,600						$5.67						2.78

Intrinsic value for stock options is defined as the difference between the current market value of the Company's common stock and the exercise price. At September 30, 2025 the total intrinsic value of stock options was $19.2 million.

At September 30, 2025, the amount of unrecognized stock based compensation expense related to stock options was less than $0.1 million.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

Restricted Stock Units

The Company grants Restricted Stock Units ("RSUs") to employees. RSUs that are granted vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant, provided that the employee is employed by the Company on such vesting date. If and when the RSUs vest, the Company will issue one share of common stock for each whole RSU that has vested, subject to satisfaction of the employee's tax withholding obligations. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee's requisite service period.

A summary of outstanding RSU awards and the activity for the nine months ended September 30, 2025 was as follows:

			Number of Units						Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2024			16,420,640						$	2.12
Granted			5,592,200						$	3.73
Vested			(7,089,236)						$	2.10
Forfeited			(1,147,499)						$	2.50
Unvested balance - September 30, 2025			13,776,105						$	2.76

The total fair value of RSUs vested for the nine months ended September 30, 2025 was $26.8 million. Of the vested RSUs, 2.5 million shares were surrendered to fulfill tax withholding obligations.

As of September 30, 2025, there was $24.4 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 1.5 years.

Stock Appreciation Rights

Stock appreciation rights ("SARs") are granted under the 2018 Plan. SARs allow the recipient to receive the appreciation in the fair market value of the Company's common stock between the exercise date and the date of grant. SARs are settled in cash and vest in full and automatically exercise on the second anniversary of the date of grant, subject to continued service through the vesting date. The grant price for a stock appreciation right is equal to the fair market value per share on the date of grant.

As of September 30, 2025, there was $8.2 million of unrecognized stock-based compensation expense related to SARs, which is expected to be recognized over the weighted-average remaining vesting period of 1.2 years.

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs, SARs, and the ESPP (in thousands):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Research and development			$	421					$	308					$	1,189					$	1,027
Selling, general and administrative			7,222						6,460						15,905						13,741
Total stock-based compensation expense			$	7,643					$	6,768					$	17,094					$	14,768

Note 12. Leases

The Company has non-cancellable operating leases for office and laboratory space, which expire at various times in 2031 and 2036. The non-cancellable lease agreements provide for monthly lease payments, which increase during the term of each lease agreement.

All of the Company's leases are classified as operating leases, which are included as operating lease right-of-use assets and current and non-current operating lease liabilities in the consolidated balance sheets. The Company's operating lease costs are included in operating expenses in the accompanying consolidated statements of operations and comprehensive loss. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

A majority of the Company's lease agreements include fixed rental payments. Certain lease agreements include fixed rental payments that are adjusted periodically by a fixed rate. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised. The majority of the Company's real estate leases require that the Company pay maintenance, real estate taxes and insurance in addition to rent. These payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the right-of-use asset and lease liability but are reflected as variable lease expenses.

As the interest rate implicit in the lease is not readily determinable, the Company uses the incremental borrowing rate as the discount rate. The Company considers observable inputs as of the effective date of the ASC 842 adoption including the credit rating, existing borrowings and other relevant borrowing rates, such as risk-free rates like the United States Treasury rate, and then adjusting as necessary for the appropriate lease term. The incremental borrowing rate is reassessed if there is a change to the lease term or if a modification occurs and it is not accounted for as a separate contract. As of September 30, 2025, the Company's operating leases had a weighted-average remaining lease term of 10.0 years and a weighted-average discount rate of 11.9%.

Supplemental cash flow information related to the Company's operating leases was as follows (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases						$	1,531					$	1,309					$	4,548					$	2,513

The Company reports the amortization of operating lease right-of-use assets and the change in operating lease liabilities on a net basis in other in the operating activities of the accompanying consolidated statements of cash flows.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The components of lease expense were as follows (in thousands):

						Three Months Ended September 30,												Nine Months Ended September 30,
Lease expense						2025						2024						2025						2024
Operating lease expense						$	1,298					$	1,301					$	3,865					$	3,981
Variable lease expense						986						471						2,935						1,037
Sublease income						(216)						(194)						(800)						(299)
Total lease expense						$	2,068					$	1,578					$	6,000					$	4,719

The operating and variable lease expenses are reported within operating expenses while sublease income is reported in interest and other income.

As of September 30, 2025, maturities of lease liabilities are summarized as follows (in thousands):

2025 remaining			$	1,531
2026			6,232
2027			6,389
2028			6,549
2029			6,714
Thereafter			38,727
Total lease payments			66,142
Less: Effect of discounting to net present value			(27,957)
Present value of lease liabilities			$	38,185
Operating lease liabilities, current			6,194
Operating lease liabilities, non-current			31,991
Total operating lease liabilities			$	38,185

Note 13. Commitments and Contingencies

Commitments

Commitments to Taro

The Company has a supply agreement with Taro Pharmaceuticals North America, Inc. ("Taro") to produce Keveyis. In 2023, the Company amended the agreement to extend the initial term until March 2027. As part of the agreement, as amended, the Company has agreed to certain annual minimum marketing spend requirements and minimum purchase order quantities for each year, which in the case of the minimum purchase order quantities, is based on the previous year's purchases.

Leases

As of September 30, 2025, the Company had unused letters of credit of $4.0 million, which were issued primarily to secure leases. These letters of credit are collateralized by $4.0 million of restricted cash, which is recorded in other assets in the consolidated balance sheets.

Contingencies

Legal Matters

From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of September 30, 2025, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company.

Long Term Debt

The 2029 Loans will mature on March 5, 2029; provided, however, that the 2029 Loans will mature on January 15, 2028 if the 2028 Convertible Notes are outstanding as of such date and either (i) the maturity date of the applicable notes has not been extended to a

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

date not earlier than September 5, 2029 and (ii) the Company has not received net cash proceeds from one or more permitted equity raises or permitted raises of convertible debt which, together with no more than $15.6 million of cash on hand, is sufficient to redeem and discharge the 2028 Convertible Notes in full.

Note 14. Net Income (Loss) Per Common Share

Basic and diluted net income (loss) per common share are determined by dividing net income (loss) applicable to common stockholders by the weighted average common shares outstanding during the period. For periods in which the Company was in a net loss, the shares issuable upon conversion, exercise or vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows (in thousands):

			Three months ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Numerator (basic and diluted):
Net income (loss)			$	621					$	(15,738)					$	(10,527)					$	(49,723)
Denominator:
Weighted-average shares outstanding for basic net income (loss) per share			163,649,932						148,993,823						158,559,467						145,962,198
Effect of dilutive securities:
Stock Options			2,041,961						—						—						—
Restricted stock units (RSUs)			9,829,642						—						—						—
Warrants			2,095,772						—						—						—
Weighted-average shares outstanding for diluted net income (loss) per share			177,617,307						148,993,823						158,559,467						145,962,198

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:

			Three months ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Stock Options			—						8,940,872						5,765,600						8,940,872
Restricted stock units (RSUs)			—						16,373,663						13,776,105						16,373,663
Warrants			—						8,053,148						2,664,470						8,053,148
Shares to be issued upon conversion of Convertible Notes			10,971,895						15,939,216						10,971,895						15,939,216
Total anti-dilutive securities excluded from EPS computation			10,971,895						49,306,899						33,178,070						49,306,899

Note 15. Segment Reporting

The Company is a single operating and reporting segment dedicated to developing and commercializing therapies for people with chronic endocrine and neurological diseases. The Company has identified the Chief Executive Officer as the chief operating decision maker ("CODM").

The CODM regularly reviews consolidated financial information, including net income (loss), to assess the performance of the Company and allocate resources. The CODM also considers budget versus actual results and revenue trends to evaluate expenditures and allocate resources across the organization.

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XERIS BIOPHARMA HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

The condensed consolidated financial statements provide a comprehensive view of the Company’s overall financial condition, including information on segment assets and liabilities reported in the condensed consolidated balance sheets. The significant expense categories are consistent with those presented on the face of the condensed consolidated statements of operations and comprehensive income (loss), and the CODM does not receive or use any other disaggregated or significant expense information for decision making purposes.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary statements for forward-looking information

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and notes to those financial statements appearing elsewhere in this Quarterly Report on Form 10-Q and with the audited financial statements and the notes to those financial statements included in the Annual Report on Form 10-K filed on March 6, 2025 with the U.S. Securities and Exchange Commission ("SEC"). In addition to financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. All statements in this document other than statements of historical fact are, or could be, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "will," "would," "may," "should," "expects," "focus," "goal," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," and terms of similar meaning are also generally intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including without limitation, the regulatory approval of our product candidates, including potential impacts of regulatory agency staffing cuts and reduced resources as well as shifting policy priorities and the impact on regulatory feedback and timing thereof, changes in macroeconomic conditions such as the possibility of an economic downturn or general economic uncertainty, our ability to market and sell our products and product candidates if approved, increasing geopolitical tensions and market volatility, including announced or implemented tariffs, and factors discussed in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our other subsequent filings with the SEC, including elsewhere in this Quarterly Report on Form 10-Q. Any forward-looking statements contained herein speak only as of the date hereof, and Xeris expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Overview

Xeris Biopharma Holdings, Inc. along with its subsidiaries, is referenced herein as the "Company", "Xeris", "Xeris Biopharma", "we" or "our". Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, and Gvoke Kit.

We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. We offer Recorlev for the treatment of Cushing’s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis ("PPP"). We leverage our proprietary formulation technologies (XeriSol and XeriJect) in the creation of new products such as our own XP-8121 (once-weekly subcutaneous (SC) levothyroxine) as well as through the formation of development partnerships with other biopharmaceutical companies.

Commercial Products

Our top priority is maximizing the potential of our three commercial products:

•Recorlev is a cortisol synthesis inhibitor approved for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome for whom surgery is not an option or has not been curative. Endogenous Cushing's syndrome is a rare but serious and potentially fatal endocrine disease caused by chronic elevated cortisol exposure.

•Gvoke is a ready-to-use, liquid-stable glucagon for the treatment of severe hypoglycemia. The product is indicated for use in pediatric and adult patients with diabetes age 2 years and above and can be administered in 2 simple steps.

•Keveyis is the first therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of PPP. PPP is a rare genetic, neuromuscular disorder that can cause extreme muscle weakness and/or paralysis; some forms are also commonly associated with myotonia or muscle stiffness.

Our Pipeline

Our company name, Xeris, is derived from the ancient Greek word xērós meaning 'dry' or 'without water/non-aqueous'. Our proprietary, non-aqueous formulation capabilities are designed to enable the convenient injection of medicines previously uninjectable or poorly injectable when utilizing aqueous approaches. Both XeriSol and XeriJect offer the opportunity to create ready-to-use, room-temperature stable, highly concentrated, injectable formulations of both small and large molecules.

•XP-8121: We are in the process of developing the first and only, once-weekly, subcutaneous injection of levothyroxine for the treatment of hypothyroidism. We are working with the United States Food and Drug Administration ("FDA") to plan and initiate a Phase 3 clinical trial of our XP-8121 product candidate.

•Partnerships: We are pursuing formulation and development partnerships to apply our XeriSol and XeriJect formulation technologies to enhance the drug delivery and clinical profile of other companies’ proprietary drugs and biologics. We are currently collaborating with several major pharmaceutical companies on the development of formulations of their proprietary therapeutics.

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Our Strategy

Our strategy is to build a profitable biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases. Xeris is uniquely positioned to execute on this strategy through the continued growth of our three commercial products, which enables us to invest in and develop therapies for unmet medical needs. We believe this will generate value to all of our stakeholders.

Patent Rights

As of October 31, 2025, we owned 191 patents issued globally, including composition of matter patents covering our ready-to-use glucagon formulation that expire in 2036. Included in the total patents, we have 66 granted patents globally related to our platform technologies and nine patents granted in the United States and listed in the FDA Orange Book covering proprietary formulations of levoketoconazole (the active pharmaceutical ingredient in Recorlev) and the uses of such formulations in treating certain endocrine-related diseases and syndromes. The latter includes United States Patent Nos. 11,020,393, 11,278,547, 11,903,940, and 12,377,096, which were granted on June 1, 2021, March 22, 2022, February 20, 2024, and August 5, 2025, respectively, and which provide patent protection through 2040 for the use of Recorlev in the treatment of certain patients with persistent or recurrent Cushing's syndrome.

Financing

We have funded our operations to date primarily with proceeds from the sale of our preferred and common stock and debt financing.

For the nine months ended September 30, 2025 and September 30, 2024, we reported net losses of $10.5 million and $49.7 million, respectively. Our accumulated deficit was $682.4 million. In the near term, we may incur net losses as we, among other things:

			<						continue our selling and marketing efforts related to our commercial products;
			<						continue our research and development efforts;
			<						continue to operate as a public company; and
			<						continue to fund our operations with an increased cost of borrowing due to a high interest rate environment and tighter lending requirements.

We may continue to seek public equity and debt financing to meet our capital requirements. There can be no assurance that such funding may be available to us on acceptable terms, or at all, or that we will be able to commercialize our product candidates, if approved. In addition, we may not be profitable even if we commercialize any of our product candidates.

Components of our Results of Operations

The following discussion sets forth certain components of the statement of operations of Xeris for the three and nine months ended September 30, 2025 and 2024 as well as factors that impact those items.

Product revenue, net

Product revenue, net, represents gross product sales less estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. We apply significant judgment and estimates in determining some of these allowances. If actual results differ from our estimates, we make adjustments to these allowances in the period in which the actual results or updates to estimates become known.

Royalty, contract and other revenue

Royalty and contract revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. Revenue generated from various collaboration and technology partnerships are included in this line item.

Cost of goods sold

Cost of goods sold primarily includes product costs, which include all costs directly related to the purchase of raw materials, charges from our contract manufacturing organizations, and manufacturing overhead costs, as well as shipping and distribution charges. Cost of goods sold also includes losses from excess, slow-moving or obsolete inventory and inventory purchase commitments, if any.

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Research and development expenses

Research and development expenses consist of expenses incurred in connection with the discovery and development of our products and product candidates. We recognize research and development expenses as incurred. Expenses that are paid in advance of performance are capitalized until services are provided or goods are delivered. We track external research and development costs by project, however, personnel related expenses related to research and development are not allocated by project. Research and development expenses primarily include:

			<						the cost of acquiring and manufacturing preclinical study and clinical trial materials and manufacturing costs related to commercial production and scale-up until a product is approved and initially available for commercial sale;
			<						expenses incurred under agreements with contract research organizations ("CROs") as well as investigative sites and consultants that conduct our preclinical studies and clinical trials;
			<						personnel-related expenses, which include salaries, benefits and stock-based compensation;
			<						laboratory materials and supplies used to support our research activities;
			<						outsourced product development services;
			<						expenses relating to regulatory activities, including filing fees paid to regulatory agencies; and
			<						allocated expenses for facility-related costs.

Research and development activities are central to our business model. We expect to continue to incur significant research and development expenses as we advance our pipeline candidates and in particular plan and conduct clinical trials, prepare regulatory filings for our product candidates, and utilize internal resources to support these efforts.

Our research and development expenses may vary significantly over time due to uncertainties relating to the timing and results of our clinical trials, feedback received from interactions with the FDA and the timing of regulatory approvals.

Selling, general and administrative expenses

Selling, general and administrative expenses consist primarily of compensation and related personnel costs, marketing and selling expenses, professional fees and facility costs not otherwise included in research and development expenses.

Amortization of intangible assets

Amortization of intangible assets relates to the amortization of our products: Recorlev and Keveyis. These two intangible assets are being amortized over a five-year and fourteen-year period, respectively, using the straight-line method.

Other income (expense)

Other income (expense) consists primarily of interest expense related to our convertible debt and loan, interest income earned on deposits and investments, debt refinancing costs and gains and losses on the change in fair value of the Contingent Value Rights ("CVRs").

Results of Operations

The following table summarizes our results of operations for the three and nine months ended September 30, 2025 and 2024 (in thousands):

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			Three Months Ended September 30,									Change									Nine Months Ended September 30,									Change
			2025			2024						$			%						2025			2024									$			%
Product revenue, net:
Recorlev			$	36,975		$	17,726					$	19,249		108.6						$	93,949		$	41,663								$	52,286		125.5
Gvoke			25,151			22,942						2,209			9.6						69,463			59,567									9,896			16.6
Keveyis			11,937			12,193						(256)			(2.1)						34,849			38,406									(3,557)			(9.3)
Other product revenue			—			—						—			—						1,312			—									1,312			—
Product revenue, net			74,063			52,861						21,202			40.1						199,573			139,636									59,937			42.9
Royalty, contract and other revenue			317			1,407						(1,090)			(77.5)						6,465			3,335									3,130			93.9
Total revenue			74,380			54,268						20,112			37.1						206,038			142,971									63,067			44.1
Cost and expenses:
Cost of goods sold, excluding amortization of intangible assets			10,996			13,593						(2,597)			(19.1)						31,622			27,354									4,268			15.6
Research and development			7,483			5,888						1,595			27.1						23,291			19,468									3,823			19.6
Selling, general and administrative			46,459			44,969						1,490			3.3						134,870			123,342									11,528			9.3
Amortization of intangible assets			2,711			2,711						—			—						8,132			8,132									—			—
Total cost and expenses			67,649			67,161						488			0.7						197,915			178,296									19,619			11.0
Income (loss) from operations			6,731			(12,893)						19,624			(152.2)						8,123			(35,325)									43,448			(123.0)
Other income (expense):
Interest and other income			1,158			1,197						(39)			(3.3)						3,281			4,411									(1,130)			(25.6)
Debt refinancing costs			—			—						—			—						—			(2,690)									2,690			100.0
Interest expense			(7,268)			(7,786)						518			(6.7)						(21,931)			(22,782)									851			(3.7)
Change in fair value of warrants			—			—						—			—						—			7									(7)			(100.0)
Change in fair value of contingent value rights			—			420						(420)			(100.0)						—			4,388									(4,388)			(100.0)
Total other expense			(6,110)			(6,169)						59			(1.0)						(18,650)			(16,666)									(1,984)			11.9
Net income (loss) before income taxes			621			(19,062)						19,683			(103.3)						(10,527)			(51,991)									41,464			(79.8)
Income tax benefit			—			3,324						(3,324)			(100.0)						—			2,268									(2,268)			(100.0)
Net income (loss)			$	621		$	(15,738)					$	16,359		(103.9)						$	(10,527)		$	(49,723)								$	39,196		(78.8)

Product revenue, net

Recorlev

Net revenue increased by $19.2 million or 108.6% for the three months ended September 30, 2025 compared to the same period ended September 30, 2024. The increase was due to higher volume ($20.6 million or 115.9%), primarily driven by increased patient demand, offset by unfavorable net pricing ($1.4 million or 7.3%).

Net revenue increased by $52.3 million or 125.5% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was due to higher volume ($56.3 million or 135.1%), primarily driven by increased patient demand, offset by unfavorable net pricing ($4.0 million or 9.6%).

Gvoke

Net revenue increased by $2.2 million or 9.6% for the three months ended September 30, 2025 compared to the same period ended September 30, 2024. The increase was due to higher volume ($0.6 million or 2.7%) and favorable net pricing ($1.6 million or 6.9%).

Net revenue increased by $9.9 million or 16.6% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The increase was due to higher volume ($3.9 million or 6.5%) and favorable net pricing ($6.0 million or 10.1%).

Keveyis

Net revenue decreased by $0.3 million or 2.1% for the three months ended September 30, 2025 compared to the same period ended September 30, 2024. The decrease was due to unfavorable net pricing ($1.1 million or 8.8%) offset by higher volume ($0.8 million or 6.7%).

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Net revenue decreased by $3.6 million or 9.3% for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease was due to unfavorable net pricing ($4.9 million or 12.6%), offset by higher volume ($1.3 million or 3.3%).

Other product revenue

Other product revenue increased by $1.3 million for the nine months ended September 30, 2025. This includes the sale of Gvoke VialDx units to American Regent.

Cost of goods sold

Cost of goods sold decreased by $2.6 million or 19.1% for the three months ended September 30, 2025 compared to the same period ended September 30, 2024. Cost of goods sold increased by $4.3 million or 15.6% for the nine months ended September 30, 2025 compared to the same period ended September 30, 2024.

Cost of goods sold as a percent of total product revenue improved by 10.9%, to 14.8% for the three months ended September 30, 2025 compared to 25.7% for the same period ended September 30, 2024, primarily due to higher sales of products with a lower cost of goods sold ($3.1 million or 5.8%) and a reduction of Gvoke inventory write-offs ($2.0 million or 5.1%).

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 compared to 19.6% for the same period ended September 30, 2024, primarily due to higher sales of products with a lower cost of goods sold ($5.2 million or 3.7%).

Research and development expenses

Research and development expenses increased by $1.6 million or 27.1% for the three months ended September 30, 2025 compared to the same period ended September 30, 2024.

Research and development expenses increased by $3.8 million or 19.6% for the nine months ended September 30, 2025 compared to the same period ended September 30, 2024.

The following table summarizes our research and development expenses by type for the three and nine months ended September 30, 2025 and 2024:

			Three Months Ended September 30,									Change									Nine Months Ended September 30,									Change
			2025			2024						$			%						2025			2024									$			%
Project specific expenses:
Pipeline			$	2,015		$	1,539					$	476		30.9						$	7,046		$	5,610								$	1,436		25.6
Technology development (1)			29			235						(206)			(87.7)						844			1,074									(230)			(21.4)
Personnel related expenses			4,826			3,280						1,546			47.1						13,377			10,288									3,089			30.0
Lab supplies and equipment depreciation			368			442						(74)			(16.7)						1,144			1,206									(62)			(5.1)
Other			245			392						(147)			(37.5)						880			1,290									(410)			(31.8)
Total			$	7,483		$	5,888					$	1,595		27.1						$	23,291		$	19,468								$	3,823		19.6

(1) Technology development represents any investment in our proprietary technology platforms, XeriSol and XeriJect.

Selling, general and administrative expenses

Selling, general and administrative expenses increased $1.5 million or 3.3% for the three months ended September 30, 2025 compared to the same period ended September 30, 2024. This increase was due to incremental personnel related expenses.

Selling, general and administrative expenses increased $11.5 million or 9.3% for the nine months ended September 30, 2025 compared to the same period ended September 30, 2024. This increase was primarily due to higher personnel related expense ($7.9 million), largely due to investments made in the Recorlev commercial organization starting in the third quarter of 2024.

Amortization of intangible assets

For the three and nine months ended September 30, 2025 and September 30, 2024, amortization of intangible assets were both $2.7 million and $8.1 million, respectively.

Other income (expense)

For the three months ended September 30, 2025, interest expense decreased $0.5 million or 6.7% compared to the three months ended September 30, 2024. The decrease is primarily due to a lower principal amount of debt outstanding during the period.

For the nine months ended September 30, 2025, interest expense decreased $0.9 million or 3.7% compared to the nine months ended September 30, 2024. The decrease is primarily due to a lower principal amount of debt outstanding during the period.

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For the nine months ended September 30, 2025, interest and other income decreased $1.1 million or 25.6% compared to the nine months ended September 30, 2024. The decrease is driven by the decline in interest rates which began in the later half of 2024, resulting in lower overall interest income.

Liquidity and Capital Resources

Our primary uses of cash are to fund costs related to the manufacturing, marketing and selling of products, the research and development of our product candidates, general and administrative expenses and working capital requirements. Historically, we have funded our operations primarily through private placements of convertible preferred stock, public equity offerings of common stock, and the issuance of debt.

Financing Transactions

In May 2022, we entered into an Open Market Sale Agreement with Jefferies LLC, as agent, dated May 11, 2022 ("Sales Agreement") for the offering, issuance and sale of up to a maximum aggregate offering price of $75.0 million of our common stock. The Sales Agreement will terminate upon the earlier of (i) the sale of all shares of common stock subject to the Sales Agreement and (ii) the termination of the Sales Agreement as permitted therein. Either party may each terminate the Sales Agreement at any time upon ten days’ prior notice. To date, we have not sold any shares pursuant to the Sales Agreement.

In September 2023, we completed the exchange of $32.0 million in aggregate principal amount of our 5.00% Convertible Senior Note due 2025 ("2025 Convertible Notes") for $33.6 million in aggregate principal amount of our 8.00% Convertible Senior Note due 2028 ("2028 Convertible Notes").

In March 2024, we entered into an Amended and Restated Credit Agreement and Guaranty (the "Amended and Restated Credit Agreement") with the lenders from time to time parties thereto (the "Lenders") and Hayfin Services LLP, as administrative agent for the New Lenders, pursuant to which we and our subsidiaries granted a first priority security interest on substantially all of our assets, including intellectual property, subject to certain exceptions. The Amended and Restated Credit Agreement provides for the Lenders to extend $200.0 million in term loans to the Company on the closing date and up to an additional $15.2 million in additional term loans, which additional term loans are available only to redeem the Company's then outstanding 2025 Convertible Notes.

In March and April of 2025, holders of the 2025 Convertible Senior Notes converted the outstanding $15.2 million in aggregate principal amount of the notes into 4,978,152 shares of the Company's common stock. As of September 30, 2025, the outstanding balance of the 2028 Convertible Notes was $33.6 million.

Capital Resources and Funding Requirements

We have an accumulated deficit of $682.4 million at September 30, 2025. Based on our current operating plans and existing working capital at September 30, 2025, we believe that our cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next twelve months. We expect to incur substantial additional expenditures in the near term to support the marketing and selling of Recorlev, Gvoke and Keveyis as well as our ongoing research and development activities. We expect to continue to incur net losses for at least the next twelve months. Our ability to fund the marketing and selling of Recorlev, Gvoke and Keveyis, as well as our product development and clinical operations, including completion of future clinical trials, will depend on the amount and timing of cash received from product revenue and potential future financings. Our future capital requirements will depend on many factors, including, but not limited to:

			<						our degree of success in commercializing Recorlev, Gvoke and Keveyis;
			<						the costs of commercialization activities, including product marketing, sales and distribution;
			<						the costs, timing and outcomes of clinical trials and regulatory reviews associated with our product candidates;
			<						the effect on our product development activities of actions taken by the FDA or other regulatory authorities;
			<						the number and types of future products we develop and commercialize;
			<						the emergence of competing technologies and products and other adverse market developments; and
			<						the costs of preparing, filing and prosecuting patent applications and maintaining, enforcing and defending intellectual property-related claims.

As we continue the marketing and selling of Recorlev, Gvoke and Keveyis, we may not generate a sufficient amount of product revenue to fund our cash requirements. Accordingly, we may need to obtain additional financing in the future which may include public or private debt and/or equity financings. As detailed in "Note 1 – Liquidity and Capital Resources" above, there can be no assurance that such funding may be available to us on acceptable terms, or at all, or that we will be able to successfully market and sell Recorlev, Gvoke and Keveyis.

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Cash Flows			Nine Months Ended September 30,
(in thousands)			2025						2024
Net cash provided by (used in) operating activities			$	8,583					$	(38,956)
Net cash used in investing activities			$	(363)					$	(5,133)
Net cash provided by financing activities			$	11,655					$	35,770

Operating Activities

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 nine months ended September 30, 2024. The increase in net cash provided by operating activities was primarily driven by higher product sales. For a discussion regarding product revenue, net and increases in spending, refer to "Results of Operations" included in this "Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations" of Part I of this Quarterly Report on Form 10-Q.

Investing Activities

Net cash used in investing activities was $363.0 thousand for the nine months ended September 30, 2025, compared to $5.1 million used in investing activities for the nine months ended September 30, 2024. The decrease in cash used by investing activities for the nine months ended September 30, 2025 was due to fewer purchases of short-term investments.

Financing Activities

Net cash provided by financing activities was $11.7 million for the nine months ended September 30, 2025, compared to $35.8 million provided by financing activities for the nine months ended September 30, 2024. The net cash provided by financing activities for the nine months ended September 30, 2025 was driven by proceeds from the exercise of stock awards and issuance of common shares in settlement of warrants of $20.2 million offset by repurchase of common stock withheld for taxes of $9.3 million. The net cash provided by financing activities in the nine months ended September 30, 2024 was primarily due to the net proceeds of $38.2 million from the term loan made to the Company on the closing date of the Amended and Restated Credit Agreement.

CRITICAL ACCOUNTING POLICIES AND USE OF ESTIMATES AND ASSUMPTIONS

Our Annual Report on Form 10-K for the year ended December 31, 2024 describes the critical accounting policies for which management uses significant judgments and estimates in the preparation of our consolidated financial statements. There have been no significant changes to our critical accounting policies since December 31, 2024.

NEW ACCOUNTING STANDARDS

Refer to "Note 2 - Basis of presentation and summary of significant accounting policies and estimates," for a description of recent accounting pronouncements applicable to our financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to certain market risks arising from transactions in the normal course of business, principally risk associated with interest rate and foreign currency exchange rate fluctuations.

Interest Rate Risk

Cash, Cash Equivalents Restricted Cash and Investments—We are exposed to the risk of interest rate fluctuations on the interest income earned on our cash, cash equivalents, restricted cash and investments. A hypothetical one-percentage point increase or decrease in interest rates applicable to our cash, cash equivalents, restricted cash and investments outstanding at September 30, 2025 would increase or decrease interest income by approximately $1.0 million on an annual basis.

Long-term Debt—Our interest rate risk relates primarily to the United States dollar SOFR-indexed borrowings. Based on our outstanding borrowings pursuant to the Amended and Restated Credit Agreement, interest is incurred at a floating per annum rate in an amount equal to the sum of (i) 6.95% (or 5.95% if the replacement rate is in effect) plus (ii) the greater of (x) the forward-looking term rate based on SOFR for a three month tenor (or the replacement rate, if applicable), and (y) 2.00% per annum. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. Interest on the 2028 Convertible Notes is assessed at a fixed rate of 8.0% annually and therefore does not subject us to interest rate risk.

Foreign Currency Exchange Risk

We contract with organizations outside the United States at times. We may be subject to fluctuations in foreign currency exchange rates in connection with certain of these agreements. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. Net foreign currency gains and losses did not have a material effect on our results of operations for the three and nine months ended September 30, 2025.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our chief executive officer (principal executive officer) and chief financial officer (principal financial officer), evaluated the effectiveness of our disclosure controls and procedures, as such term is defined under Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended ("Exchange Act"). Based on such evaluation, our chief executive officer and chief financial officer have concluded that the disclosure controls and procedures were effective as of September 30, 2025 to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the U.S. Securities and Exchange Commission's ("SEC") rules and forms, and to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company's management, including its chief executive and chief financial officers, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not currently subject to any material legal proceedings. From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Although the results of litigation and claims cannot be predicted with certainty, as of the date of this report, we do not believe we are party to any claim or litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

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ITEM 1A. RISK FACTORS

In addition to the information set forth in this report, you should carefully consider the risks discussed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the U.S. Securities and Exchange Commission, which could have a material adverse effect on our business or consolidated financial statements, results of operations, and cash flows. Additional risks not currently known, or risks that are currently believed to be not material, may also impair business operations. There have been no material changes to our risk factors since the filing of our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) Recent Sales of Unregistered Securities

None.

(b) Use of Proceeds from Initial Public Offering

Not applicable.

(c) Issuer Purchases of Equity Securities

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plan

The following table describes for the three months ended September 30, 2025 each trading arrangement under which the Company’s directors or officers adopted, materially modified, or terminated any contract, instruction, or written plan for the purchase or sale of Company securities under a “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Name & Title

Date Adopted

Type of Trading Arrangement(1)

Aggregate Number of Shares of Common Stock to be Sold Pursuant to Trading Arrangement

Expiration Date(2)

Beth Hecht Chief Legal Officer and Corporate Secretary

8/8/2025

Rule 10b5-1

200,000

10/31/2026

John Johnson Member of Board of Directors

8/13/2025

Rule 10b5-1

25,367

(3)

6/12/2026

John Shannon Chief Executive Officer and Director

8/14/2025

Rule 10b5-1

48,149

(4)

8/14/2026

Steve Pieper Chief Financial Officer

8/18/2025

Rule 10b5-1

70,000

12/31/2026

Dawn Halkuff Member of Board of Directors

9/4/2025

Rule 10b5-1

20,000

6/12/2026

Kevin McCulloch President and Chief Operating Officer

9/4/2025

Rule 10b5-1

230,000

12/31/2026

BJ Bormann Member of Board of Directors

9/12/2025

Rule 10b5-1

31,000

12/31/2026

(1) Each trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2) Each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales and (b) the date listed in the table. Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

(3) Includes shares underlying stock options expiring in October 2025.

(4) Includes shares underlying stock option expiring in February 2027.

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Table of Contents

During the quarter ended September 30, 2025, no other directors or officers adopted, materially modified, or terminated any contract, instruction, or written plan for the purchase or sale of Company securities under a “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement.”

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Table of Contents

ITEM 6. EXHIBITS

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference.

Exhibit No.						Description
3.1						Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K12B (File No. 001-40880) filed with the Securities and Exchange Commission on October 5, 2021)
3.2						Amended and Restated By-laws of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K12B (File No. 001-40880) filed with the Securities and Exchange Commission on October 5, 2021)
31.1*						Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended
31.2*						Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended
32.1*+						Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*						XBRL Instance Document
101.SCH*						Inline XBRL Taxonomy Extension Schema Document
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*						Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith. All other exhibits listed have previously been filed with the SEC and are incorporated herein by reference.

+ The certifications furnished in Exhibit 31.1, Exhibit 31.2 and Exhibit 32.1 hereto are deemed to accompany this report and will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. Such certifications will not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Securities Act of 1934, as amended, except to the extent that the Registrant specifically incorporates it by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Xeris Biopharma Holdings, Inc.

Date:

November 6, 2025

By

/s/ John Shannon

John Shannon

Chief Executive Officer and Director

(Principal Executive Officer)

Date:

November 6, 2025

By

/s/ Steven M. Pieper

Steven M. Pieper

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

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FAQ

How did XERS perform in Q3 2025?

Total revenue was $74.380 million, with operating income of $6.731 million and net income of $621 thousand.

What were XERS’s product sales by brand in Q3 2025?

Recorlev $36.975M, Gvoke $25.151M, Keveyis $11.937M.

What is XERS’s cash and debt position?

Cash and cash equivalents were $91.598 million; total debt net of issuance costs was $219.469 million.

Did margins improve in Q3 2025?

Yes. Cost of goods sold fell to 14.8% of product revenue from 25.7% a year earlier, aided by mix and fewer write-offs.

What were nine-month 2025 results for XERS?

Revenue of $206.038 million and a net loss of $10.527 million.

How concentrated are XERS’s customers?

Four customers accounted for 97% of gross product revenue and 98% of trade receivables at quarter-end.

What are the key debt maturities?

$33.574 million due in 2028 (convertible notes) and $200.000 million due in 2029 (term loans).