2024 Q1 Form 10-K Financial Statement

#000186709624000031 Filed on March 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $40.64M $44.39M $163.9M
YoY Change 22.42% 33.93% 48.68%
Cost Of Revenue $5.971M $7.570M $28.65M
YoY Change 12.26% 20.33% 26.56%
Gross Profit $34.67M $36.82M $135.3M
YoY Change 24.36% 37.12% 54.39%
Gross Profit Margin 85.31% 82.95% 82.52%
Selling, General & Admin $38.38M $37.57M $146.1M
YoY Change 14.21% 9.35% 6.06%
% of Gross Profit 110.71% 102.03% 108.0%
Research & Development $7.821M $6.382M $22.34M
YoY Change 61.66% 28.8% 6.56%
% of Gross Profit 22.56% 17.33% 16.52%
Depreciation & Amortization $326.0K $3.057M $1.487M
YoY Change -10.44% -0.65% 6.29%
% of Gross Profit 0.94% 8.3% 1.1%
Operating Expenses $46.20M $46.66M $168.4M
YoY Change 20.18% 11.04% 6.13%
Operating Profit -$14.25M -$9.841M -$44.01M
YoY Change 7.29% -35.13% -46.29%
Interest Expense $7.000M -$5.911M $26.60M
YoY Change 12.9% 134.19% 73.86%
% of Operating Profit
Other Income/Expense, Net -$4.428M $2.126M -$19.49M
YoY Change 24.49% -51.97% 37.83%
Pretax Income -$18.67M -$13.63M -$63.50M
YoY Change 10.92% 2.7% -33.91%
Income Tax $307.0K -$236.0K -$1.249M
% Of Pretax Income
Net Earnings -$18.98M -$13.39M -$62.26M
YoY Change 12.75% 3.56% -34.23%
Net Earnings / Revenue -46.71% -30.16% -37.98%
Basic Earnings Per Share -$0.14 -$0.45
Diluted Earnings Per Share -$0.14 -$0.10 -$0.45
COMMON SHARES
Basic Shares Outstanding 140.5M shares 138.1M shares 137.7M shares
Diluted Shares Outstanding 140.5M shares 137.7M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.35M $72.45M $72.45M
YoY Change -8.15% -40.6% -40.6%
Cash & Equivalents $62.69M $67.45M $67.45M
Short-Term Investments $24.66M $5.002M $5.002M
Other Short-Term Assets $7.636M $5.778M $5.778M
YoY Change -27.36% -37.78% -37.78%
Inventory $40.88M $38.84M $38.84M
Prepaid Expenses $7.636M $5.778M
Receivables $37.41M $39.20M $39.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $173.3M $156.3M $156.3M
YoY Change 4.69% -16.35% -16.35%
LONG-TERM ASSETS
Property, Plant & Equipment $5.783M $5.971M $29.18M
YoY Change -10.71% 8.25% 206.85%
Goodwill $22.86M $22.86M
YoY Change 0.0% 0.0%
Intangibles $107.1M $109.8M
YoY Change -9.2% -8.99%
Long-Term Investments
YoY Change
Other Assets $4.614M $4.540M $4.540M
YoY Change -2.43% -4.02% -4.02%
Total Long-Term Assets $163.3M $166.3M $166.3M
YoY Change 4.81% 5.47% 5.47%
TOTAL ASSETS
Total Short-Term Assets $173.3M $156.3M $156.3M
Total Long-Term Assets $163.3M $166.3M $166.3M
Total Assets $336.6M $322.6M $322.6M
YoY Change 4.75% -6.36% -6.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.094M $11.57M $11.57M
YoY Change -40.8% 151.09% 151.09%
Accrued Expenses $22.39M $23.51M $63.35M
YoY Change 11.13% -36.09% -4.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $73.08M $95.19M $95.19M
YoY Change -10.24% 29.3% 29.3%
LONG-TERM LIABILITIES
Long-Term Debt $229.7M $190.9M $190.9M
YoY Change 22.41% 2.06% 2.06%
Other Long-Term Liabilities $6.064M $4.848M $40.99M
YoY Change 19461.29% 15538.71% 16.71%
Total Long-Term Liabilities $6.064M $4.848M $231.9M
YoY Change 19461.29% 15538.71% 4.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.08M $95.19M $95.19M
Total Long-Term Liabilities $6.064M $4.848M $231.9M
Total Liabilities $345.8M $329.4M $329.4M
YoY Change 18.7% 10.04% 10.04%
SHAREHOLDERS EQUITY
Retained Earnings -$636.0M -$617.0M
YoY Change 11.27% 11.21%
Common Stock $15.00K $14.00K
YoY Change 7.14% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.178M -$6.782M -$6.782M
YoY Change
Total Liabilities & Shareholders Equity $336.6M $322.6M $322.6M
YoY Change 4.75% -6.36% -6.36%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$18.98M -$13.39M -$62.26M
YoY Change 12.75% 3.56% -34.23%
Depreciation, Depletion And Amortization $326.0K $3.057M $1.487M
YoY Change -10.44% -0.65% 6.29%
Cash From Operating Activities -$20.30M $7.471M -$47.02M
YoY Change -22.33% -146.35% -54.3%
INVESTING ACTIVITIES
Capital Expenditures $164.0K $132.0K $2.263M
YoY Change -31.09% 0.0% 331.87%
Acquisitions
YoY Change
Other Investing Activities -$19.49M $15.00M -$3.741M
YoY Change -55.45% 61.29% -110.69%
Cash From Investing Activities -$19.65M $14.87M -$6.004M
YoY Change -55.32% 62.17% -117.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities $35.19M -1.234M -$1.613M
YoY Change -4178.1% -102.51% -101.27%
NET CHANGE
Cash From Operating Activities -$20.30M 7.471M -$47.02M
Cash From Investing Activities -$19.65M 14.87M -$6.004M
Cash From Financing Activities $35.19M -1.234M -$1.613M
Net Change In Cash -$4.759M 21.10M -$54.64M
YoY Change -93.3% -49.99% -192.54%
FREE CASH FLOW
Cash From Operating Activities -$20.30M $7.471M -$47.02M
Capital Expenditures $164.0K $132.0K $2.263M
Free Cash Flow -$20.47M $7.339M -$49.29M
YoY Change -22.41% -145.16% -52.34%

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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 growth-oriented biopharmaceutical company committed to improving patients' lives by developing and commercializing clinically meaningful products across a range of therapies. The Company currently has three commercially available products: Gvoke, a ready-to-use, liquid-stable glucagon for the treatment of severe hypoglycemia; Keveyis, the first therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of Primary Periodic Paralysis ("PPP"); and Recorlev, a cortisol synthesis inhibitor for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome approved by the Food and Drug Administration ("FDA") in December 2021. The Company also has a pipeline of development programs to bring new products forward using its proprietary formulation science, XeriSol and XeriJect. </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%">As used herein, the "Company" or "Xeris" refers to Xeris Pharmaceuticals, Inc. ("Xeris Pharma") when referring to periods prior to the acquisition of Strongbridge Biopharma plc ("Strongbridge") on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021.</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%">Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, Gvoke Kit and Ogluo (glucagon).</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:115%">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-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 $617.0 million as of December 31, 2023. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these consolidated financial statements. Based on the Company’s current operating plans, existing working capital at December 31, 2023, the Company believes that its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these consolidated financial statements. </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%">If needed, the Company may elect to finance its operations through equity or debt financing along with revenues. 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, Recorlev and Keveyis. Market volatility resulting from geopolitical instability resulting from the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, rising interest rates, inflationary pressures, the tightening of lending standards, a potential shutdown of the U.S. government, any further deterioration in the macroeconomic economy or financial services industry resulting from actual or potential bank failures, or other factors could also adversely impact the Company's ability to access capital as and when needed. The issuance of equity securities may result in dilution to stockholders. If the Company raises additional funds through the issuance of additional debt, which may have rights, preferences and privileges senior to those of the Company's common stockholders, the terms of the debt could impose significant restrictions on the Company's operations. The failure to raise funds as and when needed could have a negative impact on the Company's financial condition and ability to pursue its business strategies. If additional funding is not secured when required, the Company may need to delay or curtail its operations until such funding is received, which would have a material adverse impact on the business prospects and results of operations.</span></div>
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