2021 Q4 Form 10-K Financial Statement

#000186709622000040 Filed on March 11, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $21.43M $49.59M $7.170M
YoY Change 198.87% 142.67% 291.8%
Cost Of Revenue $4.889M $13.32M $3.410M
YoY Change 43.37% 42.74% 117.2%
Gross Profit $16.54M $36.27M $3.770M
YoY Change 338.73% 226.48% 1350.0%
Gross Profit Margin 77.19% 73.14% 52.58%
Selling, General & Admin $51.98M $125.7M $18.00M
YoY Change 188.77% 70.51% -12.79%
% of Gross Profit 314.26% 346.6% 477.45%
Research & Development $10.08M $25.16M $5.110M
YoY Change 97.3% 20.26% -58.86%
% of Gross Profit 60.96% 69.36% 135.54%
Depreciation & Amortization $899.0K $1.329M $450.0K
YoY Change 99.78% -9.41% 18.42%
% of Gross Profit 5.44% 3.66% 11.94%
Operating Expenses $62.61M $150.9M $23.11M
YoY Change 170.93% 59.4% -30.1%
Operating Profit -$46.07M -$115.2M -$19.34M
YoY Change 138.22% 37.84% -41.04%
Interest Expense -$1.726M $7.200M -$2.570M
YoY Change -32.84% -32.71% 188.76%
% of Operating Profit
Other Income/Expense, Net -$793.0K -$7.569M $60.00K
YoY Change -1421.67% -1.75% -60.0%
Pretax Income -$50.79M -$122.7M -$21.86M
YoY Change 132.34% 34.49% -34.82%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$50.79M -$122.7M -$21.86M
YoY Change 132.34% 34.66% -33.92%
Net Earnings / Revenue -237.02% -247.48% -304.88%
Basic Earnings Per Share -$1.55
Diluted Earnings Per Share -$416.5K -$1.553M -$408.0K
COMMON SHARES
Basic Shares Outstanding 124.7M shares 79.03M shares
Diluted Shares Outstanding 79.03M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.4M $102.4M $133.8M
YoY Change -23.44% -23.44% 77.22%
Cash & Equivalents $67.27M $67.27M $37.60M
Short-Term Investments $35.16M $35.16M $96.20M
Other Short-Term Assets $4.589M $4.589M $3.200M
YoY Change 43.41% 43.41% -21.95%
Inventory $18.12M $18.12M $8.353M
Prepaid Expenses $4.589M $3.196M
Receivables $17.46M $17.46M $6.875M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $142.6M $142.6M $152.2M
YoY Change -6.32% -6.31% 73.96%
LONG-TERM ASSETS
Property, Plant & Equipment $6.627M $6.627M $6.707M
YoY Change -1.19% -1.09% -15.1%
Goodwill $22.86M $0.00
YoY Change
Intangibles $131.5M $0.00
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $829.0K $829.0K $232.0K
YoY Change 257.33% 314.5% -42.0%
Total Long-Term Assets $161.8M $161.8M $6.939M
YoY Change 2231.24% 2210.93% -67.73%
TOTAL ASSETS
Total Short-Term Assets $142.6M $142.6M $152.2M
Total Long-Term Assets $161.8M $161.8M $6.939M
Total Assets $304.4M $304.4M $159.2M
YoY Change 91.24% 91.18% 46.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.924M $8.924M $3.117M
YoY Change 186.3% 187.87% -44.34%
Accrued Expenses $49.09M $68.13M $15.90M
YoY Change 208.83% 174.71% -26.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $79.04M $79.04M $28.21M
YoY Change 180.21% 180.28% 3.32%
LONG-TERM LIABILITIES
Long-Term Debt $88.07M $88.07M $87.00M
YoY Change 1.23% 1.23% 49.23%
Other Long-Term Liabilities $1.676M $37.08M $3.533M
YoY Change -52.56% 263.54% -60.3%
Total Long-Term Liabilities $1.676M $125.1M $3.533M
YoY Change -52.56% 28.75% -94.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.04M $79.04M $28.21M
Total Long-Term Liabilities $1.676M $125.1M $3.533M
Total Liabilities $209.1M $209.1M $125.4M
YoY Change 66.78% 66.77% 32.55%
SHAREHOLDERS EQUITY
Retained Earnings -$460.1M -$337.4M
YoY Change 36.38%
Common Stock $13.00K $6.000K
YoY Change 116.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $95.23M $95.23M $33.76M
YoY Change
Total Liabilities & Shareholders Equity $304.4M $304.4M $159.2M
YoY Change 91.24% 91.18% 46.01%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$50.79M -$122.7M -$21.86M
YoY Change 132.34% 34.66% -33.92%
Depreciation, Depletion And Amortization $899.0K $1.329M $450.0K
YoY Change 99.78% -9.41% 18.42%
Cash From Operating Activities -$28.95M -$95.54M -$10.87M
YoY Change 166.29% 18.59% -63.25%
INVESTING ACTIVITIES
Capital Expenditures -$131.0K $1.085M -$230.0K
YoY Change -43.04% 187.8% -8.0%
Acquisitions
YoY Change
Other Investing Activities $36.73M $99.05M $7.470M
YoY Change 391.74% -466.44% -184.89%
Cash From Investing Activities $36.60M $97.96M $7.240M
YoY Change 405.55% -457.47% -180.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $27.00M
YoY Change -59.02%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 125.0K $27.25M 3.320M
YoY Change -96.23% -78.39% 68.53%
NET CHANGE
Cash From Operating Activities -28.95M -$95.54M -10.87M
Cash From Investing Activities 36.60M $97.96M 7.240M
Cash From Financing Activities 125.0K $27.25M 3.320M
Net Change In Cash 7.781M $29.68M -310.0K
YoY Change -2610.0% 63.95% -99.15%
FREE CASH FLOW
Cash From Operating Activities -$28.95M -$95.54M -$10.87M
Capital Expenditures -$131.0K $1.085M -$230.0K
Free Cash Flow -$28.81M -$96.62M -$10.64M
YoY Change 170.82% 19.38% -63.72%

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CY2021 us-gaap Fair Value Adjustment Of Warrants
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CY2020 us-gaap Fair Value Adjustment Of Warrants
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2020 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Increase Decrease In Prepaid Expense
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CY2020 us-gaap Increase Decrease In Prepaid Expense
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CY2021 us-gaap Increase Decrease In Inventories
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CY2020 us-gaap Increase Decrease In Inventories
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CY2021 us-gaap Increase Decrease In Accounts Payable
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5527000 USD
CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2021 us-gaap Increase Decrease In Accrued Liabilities
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CY2020 xers Accruedtradediscountsandrebates
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CY2020 us-gaap Increase Decrease In Accrued Liabilities
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CY2021 xers Accruedtradediscountsandrebates
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4213000 USD
CY2021 xers Increaseinaccruedreturnsreserve
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1110000 USD
CY2020 xers Increaseinaccruedreturnsreserve
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932000 USD
CY2021 us-gaap Increase Decrease In Deferred Liabilities
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254000 USD
CY2020 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-447000 USD
CY2021 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1441000 USD
CY2020 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
3201000 USD
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-95535000 USD
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-80558000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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1085000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
377000 USD
CY2021 us-gaap Payments To Acquire Investments
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43020000 USD
CY2020 us-gaap Payments To Acquire Investments
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101773000 USD
CY2021 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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103600000 USD
CY2020 us-gaap Proceeds From Sale Maturity And Collections Of Investments
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74745000 USD
CY2021 us-gaap Cash Acquired From Acquisition
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38469000 USD
CY2020 us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
CY2021 us-gaap Proceeds From Issuance Of Common Stock
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27000000 USD
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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97964000 USD
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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-27405000 USD
CY2020 us-gaap Proceeds From Issuance Of Common Stock
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65891000 USD
CY2021 us-gaap Payments Of Stock Issuance Costs
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54000 USD
CY2020 us-gaap Payments Of Stock Issuance Costs
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4315000 USD
CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
CY2020 us-gaap Proceeds From Issuance Of Long Term Debt
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94839000 USD
CY2021 us-gaap Repayments Of Long Term Debt
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0 USD
CY2020 us-gaap Repayments Of Long Term Debt
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25089000 USD
CY2021 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Payments Of Debt Issuance Costs
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5603000 USD
CY2021 xers Payments For Debt Conversion Costs
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CY2020 xers Payments For Debt Conversion Costs
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400000 USD
CY2021 us-gaap Proceeds From Stock Plans
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642000 USD
CY2020 us-gaap Proceeds From Stock Plans
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669000 USD
CY2021 us-gaap Proceeds From Stock Options Exercised
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193000 USD
CY2020 us-gaap Proceeds From Stock Options Exercised
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135000 USD
CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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534000 USD
CY2020 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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63000 USD
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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27247000 USD
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
126064000 USD
CY2021 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3000 USD
CY2020 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-22000 USD
CY2021 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
29673000 USD
CY2020 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
18079000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37598000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19519000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
67271000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37598000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
7294000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
4555000 USD
CY2021 us-gaap Stock Issued1
StockIssued1
0 USD
CY2020 us-gaap Stock Issued1
StockIssued1
37812000 USD
CY2021 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 USD
CY2020 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
347000 USD
CY2021 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
137655000 USD
CY2020 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0 USD
CY2021 xers Noncash Or Part Noncash Acquisition Equity Assumed
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8871000 USD
CY2020 xers Noncash Or Part Noncash Acquisition Equity Assumed
NoncashOrPartNoncashAcquisitionEquityAssumed
0 USD
CY2021 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
22531000 USD
CY2020 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
0 USD
CY2021 us-gaap Nature Of Operations
NatureOfOperations
Organization and nature of the business <div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Nature of business </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Xeris Biopharma Holdings, Inc. ("Xeris Biopharma" or the "Company") is a biopharmaceutical company committed to developing and commercializing innovative solutions to enhance the lives of people with life-threatening diseases. The Company's primary focus is on therapies for patient populations in endocrinology, neurology, and gastroenterology. The Company currently has three commercially available products, Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, Keveyis, the first and only U.S. Food and Drug Administration (“FDA”) approved therapy for primary periodic paralysis (“PPP”), and Recorlev, approved by the FDA in December 2021 for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s Syndrome. The Company also has a pipeline of development programs to extend the current marketed products into new indications and uses or bring new products forward using the proprietary formulation technology platforms, XeriSol</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> and XeriJect</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:-3.48pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">On October 5, 2021, Xeris Pharmaceuticals, Inc. ("Xeris Pharma") acquired Strongbridge Biopharma plc (“Strongbridge”), a biopharmaceutical company commercializing therapies for rare diseases with significant unmet needs. Immediately following the acquisition and related transactions, both Xeris Pharma and Strongbridge became wholly owned subsidiaries of Xeris Biopharma. The common stock of Xeris Pharma and the ordinary shares of Strongbridge were de-registered after completion of the Transactions. On October 6, 2021, Xeris Biopharma’s common stock, par value $0.0001 per share, commenced trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “XERS”. See “Note 3 – Business combination” for a more detailed description of the acquisition.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As used herein, the “Company” or "Xeris" refers to Xeris Pharma when referring to periods prior to the acquisition of Strongbridge, an Irish public limited company, on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021. As a result, Xeris Pharma became the predecessor to Xeris Biopharma Holdings, Inc. upon completion of the Merger on October 5, 2021.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Liquidity and capital resources</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company has incurred operating losses since inception and has an accumulated deficit of $460.1 million as of December 31, 2021. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these consolidated financials. Based on the Company’s current operating plans, existing working capital at December 31, 2021, and capital raised after year-end (refer to Note 19), the Company believes the cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these consolidated financial statements. If needed, the Company may elect to finance the operations through equity or debt financing along with revenues.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">There can be no assurance that such funding may be available to the Company on acceptable terms, or at all, or that the Company will be able to successfully market and sell Gvoke, Keveyis and Recorlev. Market volatility resulting from the COVID-19 pandemic or other factors could also adversely impact the Company's ability to access capital as and when needed. 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 our common stockholders, the terms of the debt could impose significant restrictions on the 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 the business strategies. If additional funding is not secured when required, the Company may need to delay or curtail the operations until such funding is received, which would have a material adverse impact on the business prospects and results of operations.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Significant risks</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 the product candidates, the development of new technological innovations by competitors, and protection of intellectual property.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ongoing global outbreak of the coronavirus disease (“COVID-19”) has resulted in significant governmental measures being implemented to control the spread of the virus and has caused the Company to modify the business practices (including remote work for most of the employees from time to time). While the Company cannot predict the scope and severity, these developments and measures could materially and adversely affect the business, results of operations and financial condition. The Company is continuing to closely monitor the impact of the COVID-19 pandemic on all aspects of the business and is taking steps to minimize the impact on the business. However, the extent to which COVID-19 impacts the business, results of operations or financial condition will depend on the extent and severity of the continued spread of COVID-19 globally, the effectiveness of actions taken to contain the pandemic or treat its impact, and the resulting economic consequences, among others. Furthermore, if the Company or any of the third parties with whom the Company engages were to experience shutdowns or other business disruptions, the Company's ability to conduct the </span></div>business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on the business, results of operations and financial condition.
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-460100000 USD
CY2021 us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue recognition</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company applies the guidance in ASC 606, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue Recognition</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, to all contracts with customers within the scope of the standard. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company sells product primarily to wholesalers or a specialty pharmacy who 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 Gvoke, Keveyis and Recorlev in the United States only and Ogulo (European brand name of Gvoke) in the United Kingdom. </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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. </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">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.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">    Patient Copay Assistance Program</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company offers savings programs to commercially insured patients under which the cost of a prescription to a patient is discounted. The Company reimburses pharmacies for this discount through a third-party vendor. The Company records an accrual to reduce gross sales for the estimated copay on units sold to wholesalers and other customers. The estimate is based on estimated percentages of products that will be prescribed to qualified patients, expected patient utilization of the discount program, average assistance paid based on reporting from the third-party vendor as well as industry data and estimated levels of inventory in the distribution channel. Accrued copay fees are recorded as a reduction of product revenues and included in accrued trade discounts and rebates on the consolidated balance sheets.</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Commercial Rebates</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company contracts with certain private payor organizations, primarily insurance companies and pharmacy benefit managers, to provide rebates with respect to utilization of the products and contracted formulary status. The Company accrues estimated rebates based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebate as a reduction of product revenues. Accrued commercial rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">    Government Rebates</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company participates in certain federal and state government rebate programs such as the Medicaid Drug Rebate Program, TRICARE Retail Refunds Program, and Medicare Part D Program. The Company accrues estimated rebates and discounts based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebates as a reduction of product revenues. Accrued government rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Chargebacks</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company arranges with certain commercial and government entities allowing them to buy products directly from wholesalers at specific prices. These entities purchase products through wholesalers at the discounted price, and the wholesalers charge the difference between their list price and the discounted price back to the Company. The Company accrues estimated chargebacks based on estimated percentages of products sold to these entities, contract prices, and estimated levels of inventory in the distribution channel and records the chargebacks as a reduction of product revenues. Accrued chargebacks are recorded as an allowance against trade receivables on the consolidated balance sheets.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">    Product Returns</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For some products, the Company's customers generally have the right to return product during the period beginning six months prior to the product expiration date and up to one year after the product expiration date. The Company does not have extensive history of product returns and uses various factors to estimate the provision for returns, including the launch date of products, third-party industry data for comparable products in the market and estimated channel inventory data. In a reporting period, the Company may decide to constrain revenue for product returns based on information from various sources, including channel inventory levels, inventory dating, prescription data, the expiration dates of product currently being shipped, price changes of competitive products and introductions of generic products. While the Company believes that the returns reserve is sufficient to avoid a significant reversal of revenue in future periods, if it were to increase or decrease the rate by 1%, it would have a $0.6 million impact on revenue in the year ended December 31, 2021. The Company records estimated product returns in accrued returns reserve on the consolidated balance sheets and as a reduction of product revenues.</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Prompt Payment Discounts</span></div><div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As an incentive for prompt payment, the Company offers a discount to most customers. The Company expects that all eligible customers will comply with the contractual terms to earn the discount, and, therefore, the Company accrues the discount on all eligible sales. The Company records the discount as an allowance against trade accounts receivable on the consolidated balance sheets and as a reduction of product revenues.</span></div>
CY2021Q4 xers A Change Of Returns Reserve Percentage
AChangeOfReturnsReservePercentage
0.01
CY2021Q4 xers Impact On Revenue If Returns Reserve Changed By1
ImpactOnRevenueIfReturnsReserveChangedBy1
600000 USD
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:6pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of credit risk</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the years ended December 31, 2021 and 2020, four customers accounted for 95% and 92% of the Company’s gross product revenues, respectively. The same four customers accounted for 99% and 98% of the trade accounts receivable, net at December 31, 2021 and December 31, 2020, respectively.</span></div>
CY2021 xers Concentrationrisknumberofmajorcustomers
Concentrationrisknumberofmajorcustomers
4
CY2021 xers Concentration Risk Percentageof Gross Revenue
ConcentrationRiskPercentageofGrossRevenue
0.95
CY2020 xers Concentration Risk Percentageof Gross Revenue
ConcentrationRiskPercentageofGrossRevenue
0.92
CY2021 xers Concentrationrisknumberofmajorcustomers
Concentrationrisknumberofmajorcustomers
4
CY2021 xers Concentration Risk Percentageof Accounts Receivable
ConcentrationRiskPercentageofAccountsReceivable
0.99
CY2020 xers Concentration Risk Percentageof Accounts Receivable
ConcentrationRiskPercentageofAccountsReceivable
0.98
CY2021 xers Available For Sale Securities Maturities Period
AvailableForSaleSecuritiesMaturitiesPeriod
P0Y6M
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
35169000 USD
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000 USD
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
9000 USD
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
35162000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
96159000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
36000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
96190000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
5181000 USD
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2874000 USD
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
7442000 USD
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
4247000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
5495000 USD
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1232000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
18118000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
8353000 USD
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1000000 USD
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2200000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
131450000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10762000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9258000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4135000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2551000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6627000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6707000 USD
CY2021 xers Depreciation Depletionand Amortizationnotincludingassetimpairments
DepreciationDepletionandAmortizationnotincludingassetimpairments
1300000 USD
CY2020 xers Depreciation Depletionand Amortizationnotincludingassetimpairments
DepreciationDepletionandAmortizationnotincludingassetimpairments
1500000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
132000000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
550000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
10843000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
10843000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
10843000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
10843000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
10293000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
77785000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
131450000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19638000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7989000 USD
CY2021Q4 xers Accrued Supply Liabilities Current
AccruedSupplyLiabilitiesCurrent
6009000 USD
CY2020Q4 xers Accrued Supply Liabilities Current
AccruedSupplyLiabilitiesCurrent
0 USD
CY2021Q4 xers Accrued Supply Chain Costs
AccruedSupplyChainCosts
595000 USD
CY2020Q4 xers Accrued Supply Chain Costs
AccruedSupplyChainCosts
1702000 USD
CY2021Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
3237000 USD
CY2020Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
1114000 USD
CY2021Q4 xers Accruedresearchcosts
Accruedresearchcosts
1998000 USD
CY2020Q4 xers Accruedresearchcosts
Accruedresearchcosts
678000 USD
CY2021Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
6715000 USD
CY2020Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
811000 USD
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1413000 USD
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1527000 USD
CY2021Q4 xers Accrued Transaction Costs Current
AccruedTransactionCostsCurrent
1839000 USD
CY2020Q4 xers Accrued Transaction Costs Current
AccruedTransactionCostsCurrent
0 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7644000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2074000 USD
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
49088000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15895000 USD
CY2020Q3 xers Convertible Notes Purchased Due To Exercise Of Underwriter Option
ConvertibleNotesPurchasedDueToExerciseOfUnderwriterOption
11300000 USD
xers Principal Amount Of Convertible Notes Converted
PrincipalAmountOfConvertibleNotesConverted
8400000 USD
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
2736591 shares
CY2020Q4 xers Principal Amount Of Convertible Notes Converted Privately
PrincipalAmountOfConvertibleNotesConvertedPrivately
30700000 USD
CY2020Q4 xers Stock Issued During Period Shares Conversion Of Convertible Securities Privately Exchanged
StockIssuedDuringPeriodSharesConversionOfConvertibleSecuritiesPrivatelyExchanged
10435200 shares
CY2021Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
90675000 USD
CY2021 us-gaap Interest Expense
InterestExpense
7200000 USD
CY2020 us-gaap Interest Expense
InterestExpense
10700000 USD
CY2020 xers Loss On The Convertible Note Exchange Transactions
LossOnTheConvertibleNoteExchangeTransactions
2600000 USD
CY2021Q4 xers Prepaymentallowedperdebtagreement
Prepaymentallowedperdebtagreement
2000000 USD
CY2021 xers Prepaymentpenaltypercentage
Prepaymentpenaltypercentage
0.0150
CY2021Q4 xers Finalpaymentfeepercentage
Finalpaymentfeepercentage
0.030
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2608000 USD
CY2020Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
3654000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
88067000 USD
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
87021000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Two
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearTwo
29000000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Three
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearThree
14500000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal In Year Four
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInYearFour
47175000 USD
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4540437 shares
CY2021Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
67271000 USD
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
35162000 USD
CY2021Q4 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
22531000 USD
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1769000 USD
CY2020Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
37598000 USD
CY2020Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
96190000 USD
CY2020Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
159000 USD
CY2020Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
159000 USD
CY2021 xers Class Of Warrant Or Right Warrants Assumed
ClassOfWarrantOrRightWarrantsAssumed
908000 USD
CY2021 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
702000 USD
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1769000 USD
CY2021Q4 xers Total Common Stock And Preferred Stock Authorized Shares
TotalCommonStockAndPreferredStockAuthorizedShares
375000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
350000000 shares
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2020Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
10299769 shares
CY2020Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
4.15
CY2020Q1 xers Commonsharesissuedduetoexerciseofunderwriteroption
Commonsharesissuedduetoexerciseofunderwriteroption
1299769 shares
CY2020Q1 xers Netproceedsfromissuanceofpublicoffering
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39900000 USD
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8510000 shares
CY2020Q3 xers Netproceedsfromissuanceofpublicoffering
Netproceedsfromissuanceofpublicoffering
21600000 USD
xers Principal Amount Of Convertible Notes Converted
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8400000 USD
CY2020Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
2.72
CY2020Q3 xers Commonsharesissuedduetoexerciseofunderwriteroption
Commonsharesissuedduetoexerciseofunderwriteroption
1110000 shares
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
2736591 shares
CY2020Q4 xers Principal Amount Of Convertible Notes Converted Privately
PrincipalAmountOfConvertibleNotesConvertedPrivately
30700000 USD
CY2020Q4 xers Stock Issued During Period Shares Conversion Of Convertible Securities Privately Exchanged
StockIssuedDuringPeriodSharesConversionOfConvertibleSecuritiesPrivatelyExchanged
10435200 shares
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6553398 shares
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6553398 shares
CY2021Q1 us-gaap Shares Issued Price Per Share
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4.12
CY2021Q1 xers Netproceedsfromissuanceofpublicoffering
Netproceedsfromissuanceofpublicoffering
26900000 USD
CY2021 xers Restricted Stock Units Vested And Settled During Period
RestrictedStockUnitsVestedAndSettledDuringPeriod
458416 shares
CY2021 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
141644 shares
CY2021 xers Statutory Withholding Taxes On Vesting And Settlement Of Rs Us
StatutoryWithholdingTaxesOnVestingAndSettlementOfRSUs
500000 USD
CY2020 xers Restricted Stock Units Vested And Settled During Period
RestrictedStockUnitsVestedAndSettledDuringPeriod
31250 shares
CY2020 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
9801 shares
CY2020 xers Statutory Withholding Taxes On Vesting And Settlement Of Rs Us
StatutoryWithholdingTaxesOnVestingAndSettlementOfRSUs
100000 USD
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
93399 shares
CY2021 xers Leastamountofannualincreaseofsharesavailableforissuance
Leastamountofannualincreaseofsharesavailableforissuance
386000 shares
CY2020Q4 xers Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period Upon Option Exchange
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriodUponOptionExchange
832907 shares
CY2020Q4 xers Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Upon Option Exchange
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCancelledUponOptionExchange
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CY2020Q4 xers Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Upon Option Exchange Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodUponOptionExchangeWeightedAverageExercisePrice
4.09
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4953906 shares
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.84
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M15D
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
741613 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.86
CY2021 xers Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period Upon Option Exchange
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriodUponOptionExchange
6400246 shares
CY2021 xers Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Upon Option Exchange Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodUponOptionExchangeWeightedAverageExercisePrice
6.17
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.14
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
411080 shares
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
6.31
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
228950 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
11.42
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11362336 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.86
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y7M13D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
9645482 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.94
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y2M4D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
11362336 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.86
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y7M13D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.07
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.62
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
6.29
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
4.94
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
5.15
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11381000 USD
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8273000 USD
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
11741000 USD
CY2021 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
700000 USD
CY2020 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
600000 USD
CY2021 us-gaap Deferred Compensation Arrangement With Individual Cash Awards Granted Percentage
DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage
1
CY2021 xers Deferred Compensation Accrued Interest Rate
DeferredCompensationAccruedInterestRate
0.02
CY2021 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
1600000 USD
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1813000 USD
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2031000 USD
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1981000 USD
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1931000 USD
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1982000 USD
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
21479000 USD
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2400000 USD
CY2020 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2300000 USD
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
1400000 USD
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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35157496 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21231135 shares
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-25772000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-19162000 USD
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-4422000 USD
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-4375000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-350000 USD
CY2020 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
-480000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
302000 USD
CY2020 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
16000 USD
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
1779000 USD
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
710000 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
901000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
1014000 USD
CY2021 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-2450000 USD
CY2020 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-1203000 USD
CY2021 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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663000 USD
CY2020 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
0 USD
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
29642000 USD
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
23543000 USD
CY2021 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
311000 USD
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-141000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-110000 USD
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
100790000 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
74894000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
7184000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
8362000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3177000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
1894000 USD
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
27094000 USD
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
7785000 USD
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
137881000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
92493000 USD
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
364000 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
442000 USD
CY2021Q4 xers Deferred Tax Liabilities Fixedand Intangible Assets
DeferredTaxLiabilitiesFixedandIntangibleAssets
197000 USD
CY2020Q4 xers Deferred Tax Liabilities Fixedand Intangible Assets
DeferredTaxLiabilitiesFixedandIntangibleAssets
404000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
5109000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
38000 USD
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
5306000 USD
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
442000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities
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