Xeris Biopharma Q1 2024 Financial Results and Recent Events

Xeris Biopharma Holdings, Inc., a growth-driven biopharmaceutical company focused on developing and marketing innovative therapies, has released its financial outcomes for the first quarter ending March 31, 2024, along with notable recent events.

Paul R. Edick, the Chairman and CEO of Xeris, highlighted the company’s 25% growth in total product revenue for the quarter compared to the previous year. Despite an estimated $3 million negative impact on Gvoke’s revenue due to the Change Healthcare cyberattack, the company saw robust growth, particularly in Recorlev sales and Keveyis’ market performance. Gvoke's market share also increased notably. This success, coupled with strong early second-quarter performance and a new technology partnership with Beta Bionics, has given Xeris the confidence to narrow its full-year 2024 total revenue guidance to between $175 million and $200 million.

First Quarter 2024 Highlights

Xeris reported a total revenue of $40.6 million for Q1 2024, a 22% increase from the $33.2 million reported in Q1 2023. Key product revenues included:

- Gvoke: Net revenue of $16.6 million, up approximately 10% from $15.0 million in Q1 2023. Gvoke’s market share in the retail TRx glucagon market exceeded 36% by late April.
- Keveyis: Net revenue of $13.1 million, showing a 3% increase compared to Q1 2023, with strong patient referrals and lower-than-expected patient loss.
- Recorlev: Net revenue of $10.6 million, marking an impressive 136.7% increase from $4.5 million in Q1 2023. The average number of Recorlev patients rose by 139% compared to Q1 2023 and 18% compared to Q4 2023.

Pipeline Program

XeriSol™ levothyroxine (XP-8121) has successfully completed its Phase 2 clinical study, with data expected to be available by mid-2024. This development highlights Xeris’ ongoing commitment to expanding its product pipeline.

Technology Partnerships

Xeris established two significant technology partnerships:

- XeriSol™: In May, Xeris announced an exclusive worldwide collaboration and license agreement with Beta Bionics for the development and commercialization of a new liquid stable glucagon formulation, intended for use in bi-hormonal pumps and pump systems.
- XeriJect®: In January, Xeris entered into an exclusive worldwide license agreement with Amgen to develop, manufacture, and commercialize a subcutaneous formulation of teprotumumab using XeriJect® technology for Thyroid Eye Disease (TED). This agreement could potentially bring Xeris up to $75 million in development, regulatory, and sales-based milestones, and royalties based on future sales of TEPEZZA® utilizing this technology.

Financial Overview

Xeris ended Q1 with $87.4 million in cash, cash equivalents, and short-term investments, and successfully reduced the borrowing rate of its Hayfin debt by 2.05%. The company reported a net loss of $19.0 million, or $0.14 per share, for the quarter. Research and development expenses increased by $3.0 million, mainly due to investments in the pipeline and technology partnerships, while selling, general, and administrative expenses rose by $4.8 million, attributed to higher personnel costs and new headquarters lease expenses.

In summary, Xeris Biopharma has demonstrated strong financial and operational performance in the first quarter of 2024. The company’s strategic initiatives, including new technology partnerships and pipeline advancements, position it for continued growth and success in the biopharmaceutical industry. As Xeris continues to innovate and expand its market presence, it remains committed to enhancing patient lives through its diverse and evolving product portfolio.

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