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  4. [8-K] Xeris Biopharma Holdings, Inc. Reports Material Event

Xeris Biopharma (Nasdaq: XERS) tightens 2026 outlook and retires 2028 notes

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Xeris Biopharma Holdings reported strong growth for the three and six months ended June 30, 2026. Second quarter total revenue was $92.1 million, up 29% from $71.5 million a year earlier, driven by net product revenue of $91.0 million, which grew 34%. Recorlev revenue rose 81% to $56.8 million, while Gvoke slipped 4% and Keveyis grew 2%. Gross margin improved to 86% from 82%.

For the first half of 2026, total revenue reached $175.2 million, up 33%, with net product revenue of $173.5 million, up 38%. Adjusted EBITDA, a non-GAAP measure, was $19.3 million in the quarter and $34.4 million year-to-date, both higher than 2025. GAAP net loss widened to $31.1 million in the quarter and $28.9 million year-to-date, largely due to a one-time, non-cash charge of about $31 million related to 2028 Convertible Notes exchange agreements. Cash and cash equivalents were $121.7 million at June 30, 2026, and total shares outstanding were 182.3 million at July 31, 2026.

Xeris eliminated all outstanding 8.00% Convertible Senior Notes due 2028 by exchanging approximately $23.0 million of notes for $23.0 million in cash and about 5.0 million shares, and through conversion of another $10.5 million into about 3.6 million shares. The company tightened its 2026 total revenue guidance to $385–$390 million. It also received a Notice of Allowance for a new Keveyis patent expected to extend protection through at least 2039 and secured a new U.S. patent for its XP-8121 hypothyroidism candidate.

Positive

  • Total revenue grew to $92.1 million in Q2 2026, up 29% year-over-year, with net product revenue up 34% and Recorlev sales up 81%, indicating strong commercial momentum.
  • Gross margin expanded to 86% in Q2 2026 and 87% year-to-date, up from 82% and 84% respectively, reflecting a more favorable product mix.
  • Adjusted EBITDA reached $19.3 million in Q2 2026 and $34.4 million year-to-date, both improving significantly versus 2025 and showing stronger underlying profitability on a non-GAAP basis.
  • The company eliminated all 8.00% Convertible Senior Notes due 2028, exchanging or converting approximately $33.5 million of principal into cash and equity, simplifying the capital structure.
  • Management tightened full-year 2026 total revenue guidance to $385 million to $390 million, signaling confidence in continued revenue growth.
  • A Notice of Allowance for a new Keveyis patent is expected to extend intellectual property protection through at least 2039, supporting longer-term product durability.

Negative

  • GAAP net loss widened to $31.1 million in Q2 2026 and $28.9 million year-to-date, compared with losses of $1.9 million and $11.1 million in the prior-year periods, driven by a ~$31 million non-cash charge.
  • Selling, general and administrative expenses increased 37% in Q2 2026 and 29% year-to-date, reflecting a meaningfully higher operating cost base.
  • Royalty, contract and other revenue declined 71% year-over-year in both Q2 and year-to-date periods, reducing diversification of revenue sources.
  • Total stockholders’ (deficit) equity shifted to a deficit of $9.7 million at June 30, 2026, from positive equity of $13.7 million at December 31, 2025.

Filing Explained

At June 30, Xeris reported $421,639 thousand of liabilities and a $9,734 thousand stockholders’ deficit.

The August 6 Form 8-K furnishes Xeris’ second-quarter results and business highlights; its Item 2.02 information and Exhibit 99.1 are not treated as filed under Section 18 or incorporated by reference, except as expressly stated.

The June 30 balance sheet reported $421,639 thousand of total liabilities and a $9,734 thousand total stockholders’ deficit, documenting a negative reported equity position at that date.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Total Revenue $92,100 thousand Three months ended June 30, 2026; up 29% from $71,539 thousand in 2025
Q2 2026 Net Product Revenue $91,004 thousand Three months ended June 30, 2026; up 34% from $67,708 thousand in 2025
Q2 2026 Recorlev Revenue $56,780 thousand Three months ended June 30, 2026; 81% growth versus $31,444 thousand in 2025
Q2 2026 Net Loss $31,101 thousand Three months ended June 30, 2026; includes ~$31 million one-time non-cash charge
Q2 2026 Adjusted EBITDA $19,273 thousand Non-GAAP measure for three months ended June 30, 2026; up from $12,526 thousand
Cash and Cash Equivalents $121,747 thousand Balance at June 30, 2026 on condensed consolidated balance sheet
2026 Revenue Guidance Range $385 million to $390 million Tightened full-year 2026 total revenue guidance
Total Shares Outstanding 182,320,306 shares Total shares outstanding at July 31, 2026
Adjusted EBITDA financial
"Adjusted EBITDA for the second quarter of 2026 was $19.3 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Convertible Senior Notes financial
"8.00% Convertible Senior Notes due 2028"
Convertible senior notes are a type of loan that a company issues to investors, which can be turned into company shares later on. They are called "senior" because they are paid back before other debts if the company runs into trouble. This allows investors to earn interest like a loan but also have the chance to own part of the company if its value rises.
Notice of Allowance regulatory
"the USPTO had issued a Notice of Allowance with respect to U.S. Patent"
A notice of allowance is an official confirmation from a patent office that a patent application has met all necessary requirements and is approved for granting. It signals that the invention is likely to receive legal protection soon, which can be important for investors considering the value and exclusivity of a new product or technology. Think of it as a green light indicating that the invention is on track to become legally protected.
primary periodic paralysis medical
"a proven therapy for primary periodic paralysis"
A rare inherited muscle disorder that causes sudden, temporary episodes of muscle weakness or paralysis when the balance of potassium in the blood shifts; think of it as a brief power outage in the body’s muscles triggered by changes in minerals or certain foods, activity, or temperature. It matters to investors because its chronic, episodic nature creates specific medical needs, influences the size and urgency of the treatment market, shapes clinical trial design and regulatory risk for therapies, and can affect long‑term healthcare costs and adoption of new drugs or devices.
once-weekly subcutaneous medical
"XP-8121, an investigational once-weekly subcutaneous levothyroxine"
stockholders’ (deficit) equity financial
"Total stockholders’ (deficit) equity | (9,734)"
Q2 2026 total revenue $92.1 million up 29% from $71.5 million in Q2 2025
Q2 2026 net product revenue $91.0 million up 34% from $67.7 million in Q2 2025
Q2 2026 net loss $31.1 million vs $1.9 million net loss in Q2 2025
Q2 2026 Adjusted EBITDA $19.3 million up from $12.5 million in Q2 2025
Six-month 2026 total revenue $175.2 million up 33% from $131.7 million in the 2025 period
Six-month 2026 net product revenue $173.5 million up 38% from $125.5 million in the 2025 period
Guidance

Full-year 2026 total revenue guidance tightened to $385 million to $390 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did XERS perform financially in Q2 2026?
Xeris reported Q2 2026 total revenue of $92.1 million, up 29% from $71.5 million in Q2 2025. Net product revenue was $91.0 million, up 34%, and Adjusted EBITDA rose to $19.3 million from $12.5 million.

What drove revenue growth for XERS in the quarter and year-to-date?
Growth was primarily driven by Recorlev. Q2 2026 Recorlev revenue rose 81% to $56.8 million, and six-month revenue rose 87% to $106.5 million. Net product revenue increased 34% in Q2 and 38% year-to-date compared with 2025.

What is XERS’s 2026 revenue guidance after this 8-K?
The company tightened its full-year 2026 total revenue guidance to a range of $385 million to $390 million. Management stated this reflects confidence in its team, portfolio, and business trajectory following a strong first half.

Why did XERS report a larger net loss in Q2 2026 despite higher revenue?
The Q2 2026 GAAP net loss of $31.1 million was mainly due to a one-time, non-cash charge of about $31 million tied to the 2028 Convertible Notes exchange agreements, offsetting improved operating performance and higher Adjusted EBITDA.

What actions did XERS take regarding its 2028 Convertible Notes?
On June 11, 2026, Xeris entered exchange agreements that eliminated approximately $23.0 million of 8.00% Convertible Senior Notes due 2028 via cash and share issuance. A remaining $10.5 million was converted to equity, leaving no 2028 notes outstanding.

What new intellectual property developments did XERS report?
Xeris received a USPTO Notice of Allowance for a Keveyis patent expected to protect the product through at least 2039 and was granted U.S. Patent No. 12,691,089 for XP-8121, its investigational once-weekly levothyroxine candidate.

What is XERS’s cash position and share count as of mid-2026?
As of June 30, 2026, Xeris held $121.7 million in cash and cash equivalents. Total shares outstanding were 182,320,306 at July 31, 2026, reflecting issuances related to the 2028 Convertible Notes exchanges and conversions.
☐000186709600018670962026-08-062026-08-06


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026


XERIS BIOPHARMA HOLDINGS, INC.

(Exact name of registrant as specified in its charter)
Delaware001-4088087-1082097
(State or other jurisdiction of
incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)

1375 West Fulton Street, Suite 1300
Chicago, Illinois 60607
(Address of principal executive offices, including zip code)

(844) 445-5704
(Registrant's telephone number, including area code)

(Not applicable)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareXERSThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐



Item 2.02 Results of Operations and Financial Condition.
On August 6, 2026, Xeris Biopharma Holdings, Inc. (the “Company”) issued a press release containing information about the Company’s results of operations and business highlights for the three and six months ended June 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number
Description
99.1
Press release, dated August 6, 2026, regarding the Company's second quarter 2026 financial results
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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 hereunto duly authorized.

Date: August 6, 2026Xeris Biopharma Holdings, Inc.
By:/s/ Steven M. Pieper
Name: Steven M. Pieper
Title: Chief Financial Officer






Exhibit 99.1
picture1revised.jpg                                

XERIS BIOPHARMA REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS

Total revenue increased to over $92 million

Net product revenue increased 34% year-over-year to over $91 million

Recorlev net revenue increased 81% year-over-year to approximately $57 million

Tightens full-year 2026 total revenue guidance to $385 million to $390 million

Conference call and webcast today at 8:30 a.m. ET

CHICAGO, IL; August 6, 2026 – Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced its financial results for the second quarter ended June 30, 2026.

"The second quarter was another strong period for Xeris, with net product revenue growing 34% year-over-year, driven by Recorlev’s exceptional commercial momentum,” said John Shannon, Chairman and Chief Executive Officer of Xeris. "The strategic investments we made for Recorlev earlier this year are gaining traction, and we expect their contribution to become increasingly meaningful as we move through the second half of 2026. Additionally, Gvoke delivered solid sequential improvement in line with our expectations, and Keveyis continued to provide a consistent, high-value contribution to our business."

Shannon continued, "Beyond our commercial execution, the second quarter also brought an important strategic milestone. We received a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a new Keveyis patent expected to extend intellectual property protection through at least 2039, reinforcing our long-term commitment to the primary periodic paralysis community. With a strong first half behind us, we are tightening our full-year guidance to $385–$390 million, reflecting our confidence in the team, the portfolio, and the trajectory of our business."

Second Quarter 2026 Highlights
Three months ended June 30,Change
20262025$%
Product revenue (in thousands):
Recorlev$56,780 $31,444 $25,336 81 
Gvoke22,549 23,467 (918)(4)
Keveyis11,675 11,485 190 2 
Other product revenue— 1,312 (1,312)— 
Product revenue, net91,004 67,708 23,296 34 
Royalty, contract and other revenue1,096 3,831 (2,735)(71)
Total revenue$92,100 $71,539 $20,561 29 

1

Net product revenue for the second quarter of 2026 was $91.0 million, an increase of 34% compared to the same period last year. The increase was primarily driven by increased patient demand for Recorlev.

Gross margin improved to 86% in the second quarter of 2026, up from 82% in the same period last year. The improvement was primarily driven by favorable product mix dynamics.

Research and development (R&D) expenses increased by $2.6 million, or 32%, in the second quarter of 2026 compared to the same period last year. The increase in R&D expenses primarily reflects higher personnel-related expenses to support XP-8121, and other external spend.

Selling, general and administrative (SG&A) expenses increased by $16.6 million, or 37%, in the second quarter of 2026 compared to the same period last year. This increase mainly reflects higher personnel related expenses to support the commercial enterprise, including the Recorlev expansion.

Net loss for the second quarter of 2026 was $31.1 million, compared to a net loss of $1.9 million in the same period last year. The loss was due to a one-time, non-cash charge of approximately $31 million in the second quarter of 2026, reflecting the increase in fair value as a result of entering into the 2028 Convertible Notes exchange agreements.

Adjusted EBITDA1 for the second quarter of 2026 was $19.3 million, an improvement of $6.7 million compared to the same period last year.

Year-to-Date Highlights (As of June 30, 2026)
Six months ended June 30,Change
20262025$%
Product revenue (in thousands):
Recorlev$106,548 $56,974 $49,574 87 
Gvoke43,349 44,312 (963)(2)
Keveyis23,561 22,912 649 3 
Other product revenue— 1,312 (1,312)— 
Product revenue, net173,458 125,510 47,948 38 
Royalty, contract and other revenue1,769 6,148 (4,379)(71)
Total revenue$175,227 $131,658 $43,569 33 

Net product revenue was $173.5 million for the six months ended June 30, 2026, an increase of 38% compared to the same period last year. The increase was primarily driven by increased patient demand for Recorlev.

Gross margin improved to 87%, up from 84% in the same period last year. The improvement was primarily driven by favorable product mix dynamics.

Research and development (R&D) expenses increased $3.6 million or 23% for the six months ended June 30, 2026 compared to the same period last year. The increase in R&D expenses primarily reflect higher personnel-related expenses to support XP-8121.

Selling, general and administrative (SG&A) expenses increased $25.8 million or 29% for the six months ended June 30, 2026 compared to the same period last year. This increase mainly reflects higher personnel related expense to support the commercial enterprise, including the Recorlev expansion.

Net loss for the six months ended June 30, 2026 was $28.9 million, compared to a net loss of $11.1 million in the same period last year. The loss was due to a one-time, non-cash charge of approximately $31 million in the second quarter, reflecting the increase in fair value as a result of entering into the 2028 Convertible Notes exchange agreements.

1 Adjusted EBITDA is a non-GAAP financial measure. See "Note Regarding Use of Non-GAAP Financial Measures" and the corresponding financial tables at the end of this press release for definitions and reconciliations of non-GAAP measures.
2

Adjusted EBITDA1 for the six months ended June 30, 2026 was $34.4 million, an improvement of $17.5 million compared to the same period last year.

Total Shares Outstanding were 182,320,306 at July 31, 2026.

Key Business Highlights
•2028 Convertible Notes: On June 11, 2026, Xeris entered into privately negotiated exchange agreements with certain holders of its 8.00% Convertible Senior Notes due 2028. The exchange transactions eliminated approximately $23.0 million of debt through the issuance of $23.0 million in cash and approximately 5.0 million shares of common stock in July 2026. Additionally, the remaining holder of $10.5 million elected to convert its principal into approximately 3.6 million shares of common stock in July 2026. Currently, no 2028 Convertible Notes remain outstanding.

•Notice of Allowance for New Patent Covering Keveyis: On June 11, 2026, Xeris announced that the USPTO had issued a Notice of Allowance with respect to U.S. Patent Application No. 17/151,405, entitled “Compositions and Methods of Use.” The allowed claims in this application cover the use of the Company’s KEVEYIS® (dichlorphenamide) product. Once granted, it is expected to provide intellectual property protection for Keveyis through at least 2039.

•Notice of Allowance for New Patent Covering XP-8121: On July 28, 2026, the USPTO granted Xeris U.S. Patent No. 12,691,089, entitled “Stable Levothyroxine Compositions in Aprotic Polar Solvents.” This is the second patent issued for XP-8121, the Company’s investigational drug product candidate for hypothyroidism.

Upcoming Events
•XP-8121 Program Overview (Webinar): Senior management will host a webinar on Wednesday, September 9, 2026, at 10:00 a.m. Eastern Time to review the Phase 3 development program for XP-8121, an investigational once-weekly subcutaneous levothyroxine for hypothyroidism. Management will provide details of the Company’s pivotal Phase 3 study, along with its comprehensive clinical development plan, and discuss the commercial opportunity for XP-8121. Presentations will also include remarks from a key opinion leader in endocrinology. A live webcast, along with accompanying materials, will be available under the “Events” section of the Xeris Investor Relations website the day of the event.

•H.C. Wainwright Global Healthcare Conference: Senior management will participate in 1x1 meetings and a fireside chat on September 14, 2026 in New York, NY. The fireside chat will be webcast live, with access available via the "Events" section of Xeris' Investor Relations website. Please contact the sponsor to arrange meetings with management.

•Morgan Stanley Global Healthcare Conference: Senior management will participate in 1x1 meetings on September 15, 2026 in New York City, NY. Please contact the sponsor to arrange meetings with management.

Conference Call and Webcast Details
Xeris will host a conference call and webcast at 8:30 a.m. Eastern Time today to discuss the Company's financial and operational results. Interested parties may pre-register for the call at by following
https://events.q4inc.com/attendee/250146676. Attendees can also join via the “Events” section of the Xeris Investor Relations website.

The webcast, replay and other information related to the event can be accessed on the investor website
https://xerispharma.com/investor-relations.

Note Regarding Use of Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with generally accepted accounting principles in the United States (GAAP) and also certain historical and forward-looking non-GAAP financial measures, namely Adjusted EBITDA. This non-GAAP financial measure is not meant to be considered in isolation and should be read in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP, and was not prepared under any comprehensive set of accounting rules or principles.
1 Adjusted EBITDA is a non-GAAP financial measure. See "Note Regarding Use of Non-GAAP Financial Measures" and the corresponding financial tables at the end of this press release for definitions and reconciliations of non-GAAP measures.
3

Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP, and the calculation of the non-GAAP financial measure included herein may differ from similarly titled measures used by other companies. The Company believes that the presentation of Adjusted EBITDA, when viewed in conjunction with actual GAAP results, provides investors with a more meaningful understanding of the Company's ongoing and projected operating performance, exclusive of factors that do not directly affect what the Company considers to be its core operating performance, as well as unusual events. The Company believes this non-GAAP financial measure helps indicate underlying trends in the Company’s business and is important in comparing current results with prior period results and understanding expected operating performance. Also, management uses this non-GAAP financial measure to establish budgets and operational goals, and to manage the Company’s business and evaluate its performance. In addition, management believes that Adjusted EBITDA is important in evaluating the administrative costs of operating the Company’s business.

Adjusted EBITDA is GAAP net income (loss) before income tax (benefit) expense, plus interest and other income, less depreciation and amortization, interest expenses, share based compensation and debt refinancing fees or extinguishment losses.

About Xeris
Xeris (Nasdaq: XERS) is a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies. Xeris has three commercially available products: Recorlev®, for the treatment of endogenous Cushing’s syndrome; Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; and Keveyis®, a proven therapy for primary periodic paralysis. Xeris also has a pipeline of development programs led by XP-8121, a Phase 3-ready, once-weekly subcutaneous injection for hypothyroidism, as well as multiple early-stage programs leveraging Xeris’ technology platforms, XeriSol® and XeriJect®, for its partners.

Xeris Biopharma Holdings is headquartered in Chicago, IL. For more information, visit www.xerispharma.com, or follow us on X, LinkedIn, or Instagram.

Forward-Looking Statements
Any statements in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, statements about future expectations, plans, opportunities, and prospects for Xeris Biopharma Holdings, Inc., including statements regarding the Company’s expected benefits from its commercial investments in Recorlev in the second half of 2026 and beyond; financial guidance for full-year 2026, including the potential for revenue growth, the Company’s ability to generate net income, Recorlev’s growth potential, the ability to continue to deliver on all full-year financial targets, the term of intellectual property protection for Keveyis, including the expectation that the allowed patent application, once granted, will provide intellectual property protection for Keveyis through at least 2039; the Company’s intention to protect and strengthen the long-term value of its assets; the effectiveness of the Company’s strategic execution, the Company’s ability to continue on its current growth trajectory and continue to drive patient demand, advancing its strategic initiatives, its ability to create sustainable long-term value for shareholders, the ability to continue to demonstrate sustained momentum across the portfolio and the market and therapeutic and commercial potential of its products and product candidates, including its expectations regarding the timely execution of XP-8121's ongoing development leading into the start of its Phase 3 clinical trial and the expected timing of the XP-8121 Phase 3 clinical trial later in 2026, and the Company’s comprehensive clinical development plan and commercial opportunity for XP-8121, the potential utility of its formulation platforms, the advancement of its pipeline, and other statements containing the words "achieve," "anticipate," “will,” “would,” “continue,” “expect,” “should,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on numerous assumptions and assessments made in light of Xeris’ experience and perception of historical trends, current conditions, business strategies, operating environment, future developments, geopolitical factors and other factors it believes appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. The various factors that could cause Xeris’ actual results (including revenue and sales in the near- and long-term), performance or achievements, industry results, market opportunity and developments to differ materially from those expressed in or implied by such forward-looking statements (including its 2026 guidance), include, but are not limited to, its financial position and need for financing, including to fund its product development programs or commercialization efforts, whether its products will achieve and maintain market acceptance in a competitive business environment, its reliance on third-party suppliers, including single-source suppliers, its reliance on third parties to conduct clinical trials, the
4

ability of its product candidates to compete successfully with existing and new drugs, its and collaborators’ ability to protect its intellectual property and proprietary technology, the accuracy and completeness of its assumptions and its ability to accurately estimate future financial results and market opportunities, and general macroeconomic and geopolitical conditions, including the possibility of an economic downturn, political unrest, trade disputes, changes in U.S. governmental priorities and resources, announced or implemented tariffs or export controls and market volatility. No assurance can be given that such expectations will be realized and persons reading this communication are, therefore, cautioned not to place undue reliance on these forward-looking statements. Additional risks and information about potential impacts of financial, operational, economic, competitive, regulatory, governmental, technological, and other factors that may affect Xeris can be found in Xeris’ filings, including its most recently filed Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, the contents of which are not incorporated by reference into, nor do they form part of, this communication. The risks described herein and in Xeris’ U.S. Securities and Exchange Commission filings are not the only risks the Company faces. Additional risks and uncertainties not currently known to it or that it currently deems immaterial may also impact its business operations or financial results. Forward-looking statements in this communication are based on information available to management, as of the date of this communication and, while the Company believes its assumptions are reasonable, actual results may differ materially. Subject to any obligations under applicable law, the Company does not undertake any obligation to update any forward-looking statement whether as a result of new information, future developments or otherwise, or to conform any forward-looking statement to actual results, future events, or to changes in expectations.

Investor Contact
Allison Wey
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com

5


XERIS BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data, unaudited)


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Product revenue, net$91,004 $67,708 $173,458 $125,510 
Royalty, contract and other revenue1,096 3,831 1,769 6,148 
Total revenue92,100 71,539 175,227 131,658 
Costs and expenses:
Cost of goods sold12,512 11,898 23,086 20,626 
   Research and development10,669 8,055 19,452 15,808 
   Selling, general and administrative61,035 44,393 114,179 88,411 
   Amortization of intangible assets 2,711 2,711 5,421 5,421 
      Total costs and expenses86,927 67,057 162,138 130,266 
Income from operations 5,173 4,482 13,089 1,392 
Other expenses(36,274)(6,410)(41,956)(12,540)
Net loss before benefit from income taxes(31,101)(1,928)(28,867)(11,148)
Income tax benefit— — — — 
      Net loss$(31,101)$(1,928)$(28,867)$(11,148)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments14 1 15 1 
Comprehensive loss$(31,087)$(1,927)$(28,852)$(11,147)
Net loss per common share - basic and diluted$(0.18)$(0.01)$(0.17)$(0.07)
Weighted average common shares outstanding - basic and diluted172,823,455 159,459,413 171,679,686 155,972,048 
6


XERIS BIOPHARMA HOLDINGS, INC.
Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA
(in thousands, unaudited)


Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
GAAP Net loss$(31,101)$(1,928)$(28,867)$(11,148)
Adjustments
Interest and other income(1,455)(948)(2,657)(2,123)
Interest expense6,947 7,358 13,831 14,663 
Income tax benefit— — — — 
Depreciation and amortization3,034 3,036 6,081 6,061 
EBITDA$(22,575)$7,518 $(11,612)$7,453 
Adjustments
Share-based compensation (a)11,066 5,008 15,206 9,451 
Loss on debt extinguishment, net30,782 — 30,782 — 
Adjusted EBITDA$19,273 $12,526 $34,376 $16,904 


(a) Includes non-cash, stock-based compensation, net of forfeitures.

7


XERIS BIOPHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)


June 30, 2026December 31, 2025
Assets(unaudited)
Current assets:
Cash and cash equivalents$121,747$111,042
Trade accounts receivable, net58,10551,050
Inventory, net80,93068,673
Prepaid expenses and other current assets13,9759,548
Total current assets274,757240,313
Property and equipment, net4,8344,945
Operating lease right-of-use assets21,77322,112
Goodwill22,85922,859
Intangible assets, net82,65788,078
Other assets5,0255,220
Total assets$411,905$383,527
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$9,337$3,076
Current portion of long-term debt63,783—
Current operating lease liabilities6,3106,232
Other accrued liabilities39,70633,155
Accrued trade discounts and rebates46,85843,253
Accrued returns reserve18,59818,969
Other current liabilities4,9764,889
Total current liabilities189,568109,574
Long-term debt, net of unamortized debt issuance costs188,807220,335
Non-current operating lease liabilities30,54231,531
Other liabilities12,7228,398
Total liabilities421,639369,838
Total stockholders’ (deficit) equity(9,734)13,689
Total liabilities and stockholders’ equity$411,905$383,527
8

Source: View Original Filing on SEC EDGAR

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