Raises year-end cash, cash equivalents, and
short-term investment guidance from $55M-$65M to $65M-$70M
2023 Cash Utilization expected to be
$52M-$57M
Tightens 2023 Total Revenue guidance from
$145M-$165M to $155M-$165M
Received $6M milestone payment for successfully
formulating sub-cutaneous TEPEZZA®
Q3 2023 financial results conference call and
webcast November 9, 2023 at 8:30 a.m. ET
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented
biopharmaceutical company committed to improving patient lives by
developing and commercializing innovative products across a range
of therapies, today announced that, it is raising its full-year
2023 financial guidance and that it has received a $6 million
milestone payment from Amgen, which acquired Horizon Therapeutics,
for developing an ultra-concentrated, ready-to-use, subcutaneous
injection of TEPEZZA® that met the target product profile set forth
in the research collaboration and option agreement signed in
November 2022.
Steven Pieper, Chief Financial Officer of Xeris stated, “We
remain on track to achieve cash flow breakeven in the fourth
quarter which would be an important milestone for the company. We
are also raising our year-end 2023 cash guidance from $55-65
million to $65-$70 million. This would suggest a net cash outflow
in the 2nd half of 2023 of approximately $11-16 million, which is a
significant improvement over the first half net cash outflow of
approximately $41 million. Our total cash utilization for full-year
2023 is expected to be $52-57 million. As the business continues to
perform, our rate of cash utilization continues to improve. Given
the strength of all three brands and achievement of the Horizon
milestone, we are also tightening our total revenue guidance from
$145-$165 million to $155-$165 million.”
“We are also proud to announce that we have successfully
formulated the prespecified target product profile of the XeriJect™
formulation of TEPEZZA, and as such, received the associated $6
million success payment,” said Paul R. Edick, Chairman and CEO of
Xeris. “They also have an option to license the XeriJect technology
to further the development of the XeriJect subcutaneous TEPEZZA. We
want to thank the legacy Horizon team for being an incredible
partner throughout this part of the process and look forward to
continuing great work together, should Amgen pick up the option to
move forward with continued development of XeriJect subcutaneous
TEPEZZA. If the option is executed, Xeris may be entitled to
receive development milestones, regulatory milestones, sales-based
milestones, and royalties based on future sales.”
Third Quarter Conference Call Details
Xeris will host a conference call and webcast on Thursday,
November 9, 2023 at 8:30 a.m. Eastern Time. To pre-register for the
conference call, please use the following link:
https://www.netroadshow.com/events/login?show=59946218&confId=55658.
After registering, a confirmation email will be sent, including
dial-in details and a unique code for entry. The Company recommends
registering a minimum of ten minutes prior to the start of the
call. Following the conference call, a replay will be available
until Thursday, November 23, 2023 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: 328140.
In addition, a live audio of the conference call will be
available as a webcast. To join the webcast, please visit “Events”
on the investor relations page of the Company’s website at
www.xerispharma.com or use the following link:
https://events.q4inc.com/attendee/482975153
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical
company committed to improving patient lives by developing and
commercializing 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 also has a robust pipeline of development programs
to extend the current marketed products into important new
indications and uses and bring new products forward using its
proprietary formulation technology platforms, XeriSol™ and
XeriJect™, supporting long-term product development and commercial
success.
Xeris Biopharma Holdings, Inc. is headquartered in Chicago, IL.
For more information, visit www.xerispharma.com, or follow us on X,
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 payment Xeris received from Amgen for
XeriJect™ formulation of TEPEZZA®, the financial outlook for 2023,
including projections regarding year-end 2023 cash estimates and
total revenue, the effect of Xeris’ business performance on its
cash utilization, Xeris’ continued use of its formulation sciences
in development and partnered programs, the expectations regarding
any future product development efforts between Xeris and Amgen, the
continued development of XeriJect subcutaneous TEPEZZA, Xeris’
potential entitlements to milestone and royalty payments from
Amgen, the market and therapeutic potential of Xeris’ products and
product candidates, the potential utility of its formulation
platforms, 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 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 Quarterly Report on Form 10-Q 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231016784672/en/
Investor Contact Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com 312-736-1237
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