Achieved first quarter total revenue of $33.2M
representing 50% growth compared to Q1 2022
Ended Q1 2023 with $95.1M in cash, cash
equivalents, and short-term investments
Affirms 2023 guidance: total revenue of
$135M-$165M; cash utilization from operating activities of
$57M-$77M; year-end cash, cash equivalents, and short-term
investments of $45M-$65M
Announced research collaboration and option
agreement with Regeneron for XeriJect® formulation®
Ricki Fairley joined Board of Directors
Hosting conference call and webcast today at
8:30 a.m. ET
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented
biopharmaceutical company committed to improving patients’ lives by
developing and commercializing innovative products across a range
of therapies, today announced financial results for the first
quarter ended March 31, 2023, and other corporate highlights.
“We had a very strong start to 2023 with record total revenue,
strong underlying patient demand in all three commercial products,
and the addition of another XeriJect collaboration,” said Paul R.
Edick, Chairman and CEO of Xeris Biopharma. “With continued steady
and strong execution, we believe that we can achieve our 2023
revenue and year-end cash guidance and achieve cash flow breakeven
in the fourth quarter this year.”
First Quarter Highlights and Recent
Events
Three Months Ended March
31,
Change
2023
2022
$
%
Product revenue (in thousands):
Gvoke
$
15,033
$
12,452
$
2,581
20.7
Keveyis
12,755
9,324
3,431
36.8
Recorlev
4,477
134
4,343
nm
Product revenue, net
32,265
21,910
10,355
47.3
Royalty, contract and other revenue
931
163
768
nm
Total revenue
$
33,196
$
22,073
$
11,123
50.4
nm - not meaningful
Commercial Products
- Gvoke®: First quarter net revenue was $15.0 million as
compared to $12.5 million in the first quarter of 2022, an increase
of approximately 21%. Gvoke prescriptions topped 45,000 for the
first time, growing approximately 50% compared to the same period
in 2022. Year over year glucagon TRx and NRx market growth was 10%
and 9%, respectively. At the end of April, Gvoke’s NRx and TRx
market share of the retail glucagon market exceeded 30% and 29%,
respectively. In the first quarter, the U.S. Patent and Trademark
Office issued US Patent Number 11,590,205, entitled ‘METHODS FOR
PRODUCING STABLE THERAPEUTIC GLUCAGON FORMULATIONS IN APROTIC POLAR
SOLVENTS.’ The claims in this newly issued patent cover certain
pharmaceutical formulations in Xeris’ Gvoke® product line, methods
of use of such formulations in treating hypoglycemia, and methods
of manufacturing the therapeutic formulations.
- Keveyis®: First quarter net revenue was $12.8 million,
an increase of approximately 37% compared to the same period in
2022, driven by higher patient demand.
- Recorlev®: First quarter net revenue was $4.5 million
driven primarily by increases in the number of patients on
therapy.
Pipeline and Partnership Programs
- XeriSol® levothyroxine (XP-8121): The Phase 2 study is
on track to begin enrolling patients in the second quarter.
- XeriJect®: In March, Xeris announced a research
collaboration and option agreement with Regeneron to develop an
ultra-concentrated, ultra-highly concentrated, ready-to-use, small
volume subcutaneous injections of two undisclosed monoclonal
antibodies developed by Regeneron. Regeneron has an option to
commercially license XeriJect for these molecules and nominate
additional molecules for reformulation and potential
commercialization.
Corporate Highlights
- In March, Xeris appointed Ricki Fairley to its Board of
Directors, increasing the number of members to nine.
- Xeris will hold its Annual Meeting of Stockholders on June 7,
2023.
- Members of Xeris’ senior management will participate in
Jefferies Global Healthcare Conference June 7-9, 2023, in New York
City.
First Quarter 2023 Other
Results
Cost of goods sold was $5.3 million and $6.3 million for
the three months ended March 31, 2023 and 2022, respectively. The
decrease was attributable to a one-time contract credit and
favorable product mix offset by an increase in product sales.
Research and development expenses decreased $1.4 million
for the three months ended March 31, 2023 when compared to the same
period in 2022. The decrease was primarily driven by lower product
development costs in the period.
Selling, general and administrative expenses decreased
$2.3 million for the three months ended March 31, 2023 when
compared to the same period in 2022. The decrease was primarily
driven by lower costs related to the restructuring plan commenced
in 2021 and fully expensed by 2022.
Net Loss for the three months ended March 31, 2023, was
$16.8 million, or $0.12 per share.
Cash, cash equivalents, and short-term investments at
March 31, 2023 was $95.1 million compared to $122.0 million at
December 31, 2022. Total shares outstanding at May 1, 2023, were
137,311,468.
Conference Call and Webcast Details
Xeris will host a conference call and webcast today, Tuesday,
May 9, 2023 at 8:30 a.m. Eastern Time.
To pre-register for the call, please go to the following link:
https://www.netroadshow.com/events/login?show=148ea405&confId=49077
After registering, a confirmation email will be sent, including
dial-in details and a unique code for entry. The Company recommends
registering at least ten minutes before the call starts. Following
the conference call, a replay will be available until Thursday,
June 8, at US:1 929 458 6194, US Toll Free: 1 866 813 9403, UK:
0204 525 0658, Canada: 1 226 828 7578, or all other locations: +44
204 525 0658 Access Code: 104892
To join the webcast, please visit “Events” on investor relations
page of the Company’s website at www.xerispharma.com or use this
link: https://events.q4inc.com/attendee/964102801
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical
company committed to improving patients’ lives by developing and
commercializing differentiated and innovative products across a
range of therapies. Xeris has three commercially available
products: Gvoke®, a ready-to-use liquid glucagon for the treatment
of severe hypoglycemia; Keveyis®, a proven therapy for primary
periodic paralysis; and Recorlev® for the treatment of endogenous
Cushing’s syndrome. Xeris has a diverse pipeline of development and
partnered programs using its formulation sciences, XeriSol™ and
XeriJect™, to support long-term product development and commercial
success.
Xeris Biopharma Holdings is headquartered in Chicago, IL. For
more information, visit www.xerispharma.com, or follow us on
Twitter, LinkedIn, or Instagram.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Xeris Biopharma Holdings, Inc. including
statements regarding the financial outlook for 2023, including
projections regarding year-end 2023 cash estimates and total
revenue, the Company’s expectations regarding its cash flow
breakeven timeline, the market and therapeutic potential of its
products and product candidates, continued growth of Gvoke, Keveyis
and Recorlev, continued use of Xeris’ formulation sciences in
development and partnered programs, potentially new partnerships
and collaborations, expectations regarding clinical data or results
from planned clinical trials, the timing of clinical trials,
including advancement of its levothyroxine clinical program and a
related Phase 2 study in mid-2023, the potential utility of its
formulation platforms, cash management, becoming a self-sustaining
enterprise, and other statements containing the words “will,”
“would,” “continue,” “expect,” “anticipate” and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on numerous assumptions
and assessments made in light of Xeris’ experience and perception
of historical trends, current conditions, business strategies,
operating environment, future developments, geopolitical factors
and other factors it believes appropriate. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the future. The various factors
that could cause Xeris’ actual results, performance or
achievements, industry results and developments to differ
materially from those expressed in or implied by such
forward-looking statements, include its financial position and need
for financing, including to fund its product development programs
or commercialization efforts, whether its products will achieve and
maintain market acceptance in a competitive business environment,
its reliance on third-party suppliers, including single-source
suppliers, its reliance on third parties to conduct clinical
trials, the ability of its product candidates to compete
successfully with existing and new drugs, and its and
collaborators’ ability to protect its intellectual property and
proprietary technology. No assurance can be given that such
expectations will be realized and persons reading this
communication are, therefore, cautioned not to place undue reliance
on these forward-looking statements. Additional information about
potential impacts of COVID-19, financial, operational, economic,
competitive, regulatory, governmental, technological, and other
factors that may affect Xeris can be found in Xeris’ filings,
including its most recently filed Annual Report on Form 10-K filed
with the Securities and Exchange Commission, the contents of which
are not incorporated by reference into, nor do they form part of,
this communication. Forward-looking statements in this
communication are based on information available to us, as of the
date of this communication and, while believed to be reasonable,
actual results may differ materially. Subject to any obligations
under applicable law, we do not undertake any obligation to update
any forward-looking statement whether as a result of new
information, future developments or otherwise, or to conform any
forward-looking statement to actual results, future events, or to
changes in expectations.
XERIS BIOPHARMA HOLDINGS,
INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share and
per share data)
(unaudited)
Three months ended March
31,
2023
2022
Product revenue, net
$
32,265
$
21,910
Royalty, contract and other revenue
931
163
Total revenue
33,196
22,073
Costs and expenses:
Cost of goods sold
5,319
6,273
Research and development
4,838
6,250
Selling, general and administrative
33,605
35,913
Amortization of intangible assets
2,711
2,711
Total costs and expenses
46,473
51,147
Loss from operations
(13,277
)
(29,074
)
Other expense
(3,557
)
(5,048
)
Net loss before benefit from income
taxes
(16,834
)
(34,122
)
Benefit from income taxes
—
408
Net loss
$
(16,834
)
$
(33,714
)
Net loss per common share - basic and
diluted
$
(0.12
)
$
(0.25
)
Weighted average common shares outstanding
- basic and diluted
137,142,565
135,032,782
XERIS BIOPHARMA HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
March 31, 2023
December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
50,984
$
121,966
Short-term investments
44,118
—
Trade accounts receivable, net
30,860
30,830
Inventory
29,039
24,735
Prepaid expenses and other current
assets
10,512
9,287
Total current assets
165,513
186,818
Property and equipment, net
6,477
5,516
Goodwill
117,896
120,607
Operating lease right-of-use assets
22,859
22,859
Intangible assets, net
3,886
3,992
Other assets
4,729
4,730
Total assets
$
321,360
$
344,522
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
11,983
$
4,606
Current operating lease liabilities
1,448
1,580
Other accrued liabilities
20,149
36,786
Accrued trade discounts and rebates
16,874
16,818
Accrued returns reserve
13,254
11,173
Current portion of contingent value
rights
14,958
—
Other current liabilities
2,757
2,658
Total current liabilities
81,423
73,621
Long-term debt, net of unamortized debt
issuance costs
187,623
187,075
Contingent value rights
9,371
25,688
Non-current operating lease
liabilities
9,346
9,402
Deferred tax liabilities
3,518
3,518
Other liabilities
31
31
Total liabilities
291,312
299,335
Total stockholders’ equity
30,048
45,187
Total liabilities and stockholders’
equity
$
321,360
$
344,522
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509005324/en/
Investor Contact Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com 312-736-1237
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