2024 Q3 Form 10-Q Financial Statement

#000186709624000162 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $54.27M $48.07M
YoY Change 12.31% 26.46%
Cost Of Revenue $13.59M $7.790M
YoY Change 65.77% 3.04%
Gross Profit $40.68M $40.28M
YoY Change 1.38% 32.27%
Gross Profit Margin 74.95% 83.79%
Selling, General & Admin $44.97M $39.99M
YoY Change 20.6% 6.27%
% of Gross Profit 110.56% 99.3%
Research & Development $5.888M $5.759M
YoY Change 16.96% -5.39%
% of Gross Profit 14.48% 14.3%
Depreciation & Amortization $3.018M $2.991M
YoY Change -2.65% -3.52%
% of Gross Profit 7.42% 7.43%
Operating Expenses $50.86M $45.75M
YoY Change 20.17% 4.64%
Operating Profit -$12.89M -$8.187M
YoY Change 162.43% -48.76%
Interest Expense -$6.589M -$6.673M
YoY Change -196.9% -202.66%
% of Operating Profit
Other Income/Expense, Net -$6.169M -$6.069M
YoY Change -18.98% 33.74%
Pretax Income -$19.06M -$14.26M
YoY Change 52.13% -30.53%
Income Tax -$3.324M $749.0K
% Of Pretax Income
Net Earnings -$15.74M -$15.01M
YoY Change 29.12% -24.38%
Net Earnings / Revenue -29.0% -31.22%
Basic Earnings Per Share -$0.11 -$0.10
Diluted Earnings Per Share -$0.11 -$0.10
COMMON SHARES
Basic Shares Outstanding 149.0M shares 148.3M shares
Diluted Shares Outstanding 149.0M shares 148.3M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.40M $77.57M
YoY Change 5.15% -3.88%
Cash & Equivalents $59.23M $57.60M
Short-Term Investments $10.17M $19.96M
Other Short-Term Assets $7.140M $7.355M
YoY Change -10.75% -11.39%
Inventory $45.12M $42.98M
Prepaid Expenses $7.140M $7.355M
Receivables $41.14M $42.44M
Other Receivables $0.00 $0.00
Total Short-Term Assets $162.8M $170.3M
YoY Change 3.0% 9.37%
LONG-TERM ASSETS
Property, Plant & Equipment $5.613M $5.833M
YoY Change -9.25% -10.97%
Goodwill $22.86M $22.86M
YoY Change 0.0% 0.0%
Intangibles $101.6M $104.3M
YoY Change -9.64% -9.41%
Long-Term Investments
YoY Change
Other Assets $5.443M $5.494M
YoY Change 13.23% 14.27%
Total Long-Term Assets $158.3M $161.4M
YoY Change -6.73% -6.73%
TOTAL ASSETS
Total Short-Term Assets $162.8M $170.3M
Total Long-Term Assets $158.3M $161.4M
Total Assets $321.1M $331.7M
YoY Change -2.04% 0.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.451M $5.798M
YoY Change -38.31% -50.11%
Accrued Expenses $23.54M $23.49M
YoY Change 23.44% 21.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.06M
YoY Change
Total Short-Term Liabilities $91.01M $75.49M
YoY Change 4.57% -5.26%
LONG-TERM LIABILITIES
Long-Term Debt $216.2M $230.5M
YoY Change 13.56% 22.47%
Other Long-Term Liabilities $8.548M $7.710M
YoY Change 131.03% 190.72%
Total Long-Term Liabilities $8.548M $7.710M
YoY Change 131.03% 190.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.01M $75.49M
Total Long-Term Liabilities $8.548M $7.710M
Total Liabilities $349.4M $351.0M
YoY Change 7.87% 11.39%
SHAREHOLDERS EQUITY
Retained Earnings -$666.7M -$651.0M
YoY Change 10.45% 10.08%
Common Stock $15.00K $15.00K
YoY Change 7.14% 7.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.32M -$19.29M
YoY Change
Total Liabilities & Shareholders Equity $321.1M $331.7M
YoY Change -2.04% 0.9%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$15.74M -$15.01M
YoY Change 29.12% -24.38%
Depreciation, Depletion And Amortization $3.018M $2.991M
YoY Change -2.65% -3.52%
Cash From Operating Activities -$8.305M -$10.35M
YoY Change -43.16% -24.69%
INVESTING ACTIVITIES
Capital Expenditures $87.00K $397.0K
YoY Change -74.41% -74.39%
Acquisitions
YoY Change
Other Investing Activities $10.00M $5.000M
YoY Change -33.33% -50.0%
Cash From Investing Activities $9.914M $4.603M
YoY Change -32.37% -45.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.00K 659.0K
YoY Change 18.57% 19.82%
NET CHANGE
Cash From Operating Activities -8.305M -10.35M
Cash From Investing Activities 9.914M 4.603M
Cash From Financing Activities -83.00K 659.0K
Net Change In Cash 1.526M -5.086M
YoY Change -7730.0% 7.3%
FREE CASH FLOW
Cash From Operating Activities -$8.305M -$10.35M
Capital Expenditures $87.00K $397.0K
Free Cash Flow -$8.392M -$10.74M
YoY Change -43.87% -29.73%

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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; 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; and Keveyis, the first therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of Primary Periodic Paralysis ("PPP"). 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 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 $651.0 million as of June 30, 2024. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these condensed consolidated financial statements. Based on the Company's current operating plans and existing working capital at June 30, 2024, the Company believes that its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these condensed consolidated financial statements. </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, 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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<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%">Use of estimates</span></div>The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses included in the financial statements and accompanying notes. Actual results could differ from those estimates.
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y3M21D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
8943175 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P3Y3M21D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
8840519 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.30
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y3M7D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.83
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
2.45
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
2.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
2.02
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.10
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4233000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2928000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5492000 usd
CY2024Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P11Y2M12D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.119
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
839000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
440000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1204000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
918000 usd
CY2024Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2023Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
20043000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
20043000 usd
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1340000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1350000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
2680000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
1763000 usd
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
325000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
302000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
566000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
652000 usd
CY2024Q2 us-gaap Sublease Income
SubleaseIncome
52000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
54000 usd
us-gaap Sublease Income
SubleaseIncome
105000 usd
us-gaap Sublease Income
SubleaseIncome
108000 usd
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1613000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1598000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
3141000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
2307000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2290000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6080000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6232000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6389000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6549000 usd
CY2024Q2 xers Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
45441000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
72981000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
33658000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
39323000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5307000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
34016000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
39323000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
50010550 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43689554 shares
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001867096-24-000162-index.html Edgar Link pending
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a2024q210-qexhibit311.htm Edgar Link pending
a2024q210-qexhibit312.htm Edgar Link pending
a2024q210-qexhibit321.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
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strongbridge_regissupply.htm Edgar Link pending
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xeris-lonzacsaamendment1.htm Edgar Link pending
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xeris-lonzacsaamendment1002.jpg Edgar Link pending
xers-20240630.htm Edgar Link pending
xers-20240630.xsd Edgar Link pending
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