0001867096-23-000031 | 10-K | XBRL Viewer | Xeris Biopharma Holdings INC

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Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40880
Entity Registrant Name	XERIS BIOPHARMA HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1082097
Entity Address, Address Line One	180 N. LaSalle Street
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	844
Local Phone Number	445-5704
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	XERS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 209.3
Entity Common Stock, Shares Outstanding		137,288,602
Entity Central Index Key	0001867096
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	185

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 121,966,000	$ 67,271,000
Short-term Investments	0	35,162,000
Trade accounts receivable, net	30,830,000	17,456,000
Inventory	24,735,000	18,118,000
Prepaid expenses and other current assets	9,287,000	4,589,000
Total current assets	186,818,000	142,596,000
Property and equipment, net	5,516,000	6,627,000
Operating lease right-of-use assets	3,992,000	0
Goodwill	22,859,000	22,859,000
Intangible Assets, Net (Excluding Goodwill)	120,607,000	131,450,000
Other assets	4,730,000	829,000
Total assets	344,522,000	304,361,000
Current Liabilities
Accounts payable	4,606,000	8,924,000
Current operating lease liabilities	1,580,000	0
Other accrued liabilities	36,786,000	49,088,000
Accrued trade discounts and rebates	16,818,000	15,041,000
Accrued returns reserve	11,173,000	4,000,000
Other current liabilities	2,658,000	1,987,000
Total current liabilities	73,621,000	79,040,000
Long-term debt, net of unamortized debt issuance costs	187,075,000	88,067,000
Non-current operating lease liabilities	9,402,000	0
Contingent value rights	25,688,000	22,531,000
Supply agreement liability, less current portion	0	5,991,000
Deferred rent	0	6,883,000
Deferred tax liabilities	3,518,000	4,942,000
Other liabilities	31,000	1,676,000
Total liabilities	299,335,000	209,130,000
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred stock, par value $0.0001	0	0
Common stock, par value $0.0001	14,000	13,000
Additional paid in capital	599,966,000	555,359,000
Accumulated deficit	(554,770,000)	(460,110,000)
Accumulated other comprehensive income (loss)	(23,000)	(31,000)
Total stockholders' equity	45,187,000	95,231,000
Total liabilities and stockholders' equity	$ 344,522,000	$ 304,361,000
Preferred stock shares issued (in shares)	0

Consolidated Balance Sheets Parenthetical - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position Parenthetical [Abstract]
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Preferred stock shares outstanding (in shares)	0	0
Preferred stock shares issued (in shares)	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	350,000,000	350,000,000
Common stock shares issues (in shares)	136,273,090	124,873,316
Common stock shares outstanding (in shares)	136,273,090	124,873,316

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net sales	$ 110,248	$ 49,590
Operating expenses
Cost of goods sold	22,634	13,318
Research and development	20,966	25,160
Selling, general and administrative	137,745	125,718
Amortization of Intangible Assets	10,843	550
Total operating expenses	192,188	164,746
Loss from operations	(81,940)	(115,156)
Other income (expense)
Interest and other income	2,578	313
Interest expense	15,325	7,180
Change in fair value of warrants	1,760	(702)
Change in fair value of contingent value rights	(3,157)	0
Other income (expense)	(14,144)	(7,569)
Net loss before benefit from income taxes	(96,084)	(122,725)
Benefit from income taxes	1,424	0
Net loss	(94,660)	(122,725)
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	7	(38)
Foreign currency translation adjustments	1	1
Comprehensive loss	$ (94,652)	$ (122,762)
Net loss per common share - basic (in dollars per share)	$ (0.70)	$ (1.55)
Net loss per common share - Diluted (in dollars per share)	$ (0.70)	$ (1.55)
Weighted average common shares outstanding - basic (in shares)	135,628,721	79,027,062
Weighted average common shares outstanding - Diluted (in shares)	135,628,721	79,027,062
Product revenue, net
Net sales	$ 109,263	$ 49,280
Royalty, contract and other revenue
Net sales	$ 985	$ 310

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Shares, Issued, Beginning Balance at Dec. 31, 2020		59,611,202
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 33,761	$ 6	$ 371,134	$ 6	$ (337,385)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(122,725)				(122,725)
Issuance of common stock upon equity offerings, shares		6,553,398
Issuance of common stock upon equity offerings, value	26,925	$ 1	26,924
Issuance of common stock in connection with the Transactions (in shares)		58,082,606
Issuance of common stock in connection with the Transactions	137,655	$ 6	137,649
Issuance of equity awards to Strongbridge equity award holders in connection with the Transactions	7,964		7,964
Exercise and vesting of stock options, shares		93,399
Exercise and vesting of stock options, value	199		199
Stock Issued During Period, Shares, Vesting Of Restricted Stock Units		316,772
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(534)		(534)
Stock-based compensation	11,381		11,381
Issuance of common stock through employee stock purchase plan (in shares)		215,939
Issuance of common stock through employee stock purchase plan, value	642		642
Other comprehensive loss	(37)			(37)
Shares, Issued at Dec. 31, 2021		124,873,316
Stockholders' Equity Attributable to Parent at Dec. 31, 2021	95,231	$ 13	555,359	(31)	(460,110)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(94,660)				(94,660)
Issuance of common stock upon equity offerings, shares		10,238,908
Issuance of common stock upon equity offerings, value	$ 30,000	$ 1	29,999
Exercise and vesting of stock options, shares	11,228	11,228
Exercise and vesting of stock options, value	$ 8		8
Adjustments to Additional Paid in Capital, Warrant Issued	2,080		2,080
Stock Issued During Period, Shares, Vesting Of Restricted Stock Units		477,771
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(468)		(468)
Stock-based compensation	12,160		12,160
Issuance of common stock through employee stock purchase plan (in shares)		671,867
Issuance of common stock through employee stock purchase plan, value	828		828
Other comprehensive loss	8			8
Shares, Issued at Dec. 31, 2022		136,273,090
Stockholders' Equity Attributable to Parent at Dec. 31, 2022	$ 45,187	$ 14	$ 599,966	$ (23)	$ (554,770)

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (94,660)	$ (122,725)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,399	1,329
Amortization of Intangible Assets	10,843	550
Amortization of investments	(184)	(413)
Amortization of debt issuance costs	1,559	961
Amortization of operating right-of-use assets	426	0
Deferred income tax benefit	(1,424)	0
Stock-based compensation	12,160	11,381
Loss on extinguishment of debt	(1,223)	0
Loss on disposal of property and equipment	236	0
Gain on the remeasurement of lease liabilities	(1,084)	0
Change in fair value of warrants	(1,760)	702
Change in fair value of contingent value rights	3,157	0
Changes in operating assets and liabilities
Trade accounts receivable	13,374	6,237
Prepaid expenses and other current assets	3,887	(3,290)
Inventory	7,465	7,418
Accounts payable	(4,318)	5,527
Other accrued liabilities	(11,384)	12,556
Accrued trade discounts and rebates	1,777	4,213
Accrued returns reserve	7,173	1,110
Supply agreement liabilities	(5,280)	0
Operating lease liabilities	(899)	0
Other	2,507	(1,187)
Net cash used in operating activities	(102,891)	(95,535)
Cash flows from investing activities
Capital expenditures	(524)	(1,085)
Payments to Acquire Investments	0	(43,020)
Sales and maturities of investments	34,985	103,600
Cash acquired through acquisition of business	0	38,469
Net cash used in investing activities	34,461	97,964
Cash flows from financing activities
Proceeds from equity offerings	30,000	27,000
Payments of Stock Issuance Costs	0	(54)
Proceeds from issuance of debt	146,214	0
Repayments of Long-term Debt	43,496	0
Payments of debt issuance costs	4,876	0
Payments for loss on extinguishment of debt	(737)	0
Proceeds from issuance of employee stock purchase plan shares	828	642
Proceeds from exercise of stock awards	8	193
Repurchase of common stock withheld for taxes	468	534
Net cash provided by financing activities	127,473	27,247
Effect of exchange rate on cash and cash equivalents	0	(3)
Increase (decrease) in cash and cash equivalents	59,043	29,673
Cash and cash equivalents, beginning of period	67,271	37,598
Cash and cash equivalents, end of period	126,314	67,271
Supplemental schedule of cash flow information
Cash paid for interest	10,859	7,294
Supplemental schedule of non-cash investing and financing activities
Issuance of warrants related to loan agreement	2,080	0
Initial operating lease right-of-use assets for adoption of ASU 2016-02	0
Stock issued in connection with the Acquisition	0	137,655
Initial fair value of equity awards and PIPE warrants consideration at acquisition date	0	8,871
Initial fair value of contingent consideration at acquisition date	0	22,531
Cash flows from operating activities:
Cash and cash equivalents	121,966	67,271
Restricted cash included in Other assets	4,348	0
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	126,314	67,271
Accounting Standards Update 2016-02
Supplemental schedule of non-cash investing and financing activities
Initial operating lease right-of-use assets for adoption of ASU 2016-02	(6,277)	0
Initial current and non-current operating lease liabilities for adoption of ASU 2016-02	$ 14,013	$ 0

Statements of Stockholders' Equity (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) [Abstract]
Shares withheld for tax (in shares)	231,324	141,644

Organization and Nature of the Business	12 Months Ended
Organization and Nature of the Business	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Organization and nature of the business Nature of business 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, approved by the Food and Drug Administration ("FDA") in December 2021, a cortisol synthesis inhibitor for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome. The Company also has a pipeline of development programs to bring new products forward using its proprietary formulation science, XeriSolTM and XeriJectTM. 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 (as defined below in Note 4). 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 4 – Business combination" for a more detailed description of the Transactions. As used herein, the "Company" or "Xeris" refers to Xeris Pharma when referring to periods prior to the acquisition of Strongbridge on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021. Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, Gvoke Kit and Ogluo (glucagon). Liquidity and capital resources The Company has incurred operating losses since inception and has an accumulated deficit of $554.8 million as of December 31, 2022. 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, 2022, capital raised in 2022, 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. 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, Keveyis and Recorlev. Market volatility resulting from COVID-19, geopolitical instability resulting from the ongoing military conflict between Russia and Ukraine, rising interest rates, inflationary pressures, the tightening of lending standards 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. Significant risks 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. The ongoing COVID-19 pandemic has resulted in significant governmental measures being implemented to control the spread of the virus and has caused the Company to modify its business practices (including remote work for most of its 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 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.

Basis of presentation and summary of significant accounting policies and estimates

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies and estimates

Basis of presentation

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period.

Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") issued by the Financial Accounting Standards Board ("FASB").

Basis of consolidation

These consolidated financial statements include the financial statements of Xeris Biopharma Holdings, Inc. and subsidiaries. All intercompany transactions have been eliminated.

Use of estimates

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.

Revenue recognition

The Company applies the guidance in ASC 606, Revenue Recognition, to all contracts with customers within the scope of the standard.

The Company sells product primarily to wholesalers or a specialty pharmacy that 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.

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.

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.

Patient Copay Assistance Program

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 revenue and included in accrued trade discounts and rebates on the consolidated balance sheets.

Commercial Rebates

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 revenue. Accrued commercial rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.

Government Rebates

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 revenue. Accrued government rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.

Chargebacks

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 revenue. Accrued chargebacks are recorded as an allowance against trade receivables on the consolidated balance sheets.

Product Returns

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 $1.1 million impact on revenue in the year ended December 31, 2022. The Company records estimated product returns in accrued returns reserve on the consolidated balance sheets and as a reduction of product revenue.

Prompt Payment Discounts

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 revenue.

Service Fees

The Company records service fees paid to the wholesaler and specialty pharmacy customers for distribution and inventory management services as a reduction to product revenue. The Company accrues estimated service fees based on contractually determined amounts. Accrued service fees are included in accrued trade discounts and rebates on the consolidated balance sheets.

Concentration of credit risk

For the years ended December 31, 2022 and 2021, four customers accounted for 96% and 95% of the Company’s gross product revenue, respectively. At both December 31, 2022 and December 31, 2021, the same four customers accounted for 99% of the trade accounts receivable, net.

Cost of goods sold

Cost of goods sold includes primarily product costs, which include all costs directly related to the purchase of raw materials, charges from contract manufacturing organizations, and manufacturing overhead costs, including shipping and distribution charges. Cost of goods sold also includes losses on excess, slow-moving or obsolete inventory and inventory purchase commitments, if any. Manufacturing costs for Gvoke and Recorlev incurred prior to approval and initial commercialization were expensed as research and development expenses.

The Company does not incur material cost of goods sold related to royalty, contract and other revenue.

Research and development expenses

Research and development expenses are expensed as incurred. Research and development expenses include salaries, stock compensation and other personnel-related costs, consulting fees, fees paid for contract research and development services including those for preclinical and clinical trials, laboratory equipment and facilities costs, and other external costs. In addition, manufacturing costs of products prior to approval and initial commercialization are expensed as research and development costs.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are received, the services are performed, or the arrangement is terminated.

Stock-based compensation expense

The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments, including stock options, restricted stock units and employee stock purchases, to be recognized in the statements of operations based on their grant date fair values. The Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, the risk-free interest rate and the expected dividend yield of the common stock. Restricted stock units are valued based on the fair market value of the Company’s common stock on the date they were granted. The Company recognizes stock-based compensation expense equal to the grant date fair value of stock options, restricted stock units and employee stock purchases on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they are incurred.

Income taxes

Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company determines the deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company's policy is to include interest and penalties related to uncertain tax positions, if any, within the provision for taxes in the statements of operations and comprehensive loss. For the years ended December 31, 2022 and 2021, the Company did not accrue any interest or penalties on uncertain tax positions.

Cash and cash equivalents

The Company considers all demand deposits with financial institutions and highly liquid investments with an original maturity of three months or less when purchased as cash equivalents.

Restricted Cash

Restricted cash includes amounts required to be held as a security deposit in the form of letters of credit for the Company to secure leases and state licenses.

Investments

The Company classifies investments in debt securities as available-for-sale investments. Investments classified as short-term on the balance sheets have original maturities of greater than 90 days but less than one year.

Inventory

Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out convention. Inventory consists of raw materials, work in process and finished goods. The Company has entered into manufacturing and supply agreements for the manufacture or purchase of raw materials and production supplies. The Company’s inventory includes the direct purchase cost of materials and supplies, charges from contract manufacturing organizations and manufacturing overhead costs. The Company reviews inventory to assess if there is obsolete or excess inventory and records a charge to cost of goods sold if and when applicable.

Property and equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Impairment of long-lived assets

The Company periodically evaluates long-lived assets for potential impairment in accordance with ASC 360, Property, Plant and Equipment. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value.

The Company recognized no impairment charges for the years ended December 31, 2022 and 2021, respectively.

Business combinations

The Company accounts for business combinations using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Identifiable assets acquired and liabilities assumed are recorded at their acquisition date fair values. The excess of the fair value of purchase consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. Acquisition related costs are expensed as incurred. Upon acquisition, the accounts and results of operations are consolidated as of and subsequent to the acquisition date.

When determining the fair values of assets acquired and liabilities assumed, management makes significant estimates and assumptions, especially with respect to intangible assets. The Company utilizes commonly accepted valuation techniques, such as the income approach in establishing the fair value of intangible assets. See “Note 4 – Business combination” for additional detail.

Goodwill

The Company tests goodwill for impairment on an annual basis or whenever events occur that may indicate possible impairment. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and identified intangible assets acquired under a business combination. Goodwill is reviewed for impairment at a reporting unit level annually in the fourth quarter, or more frequently if events or circumstances indicate that the goodwill might be impaired. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of the net assets is less than their carrying amount, then the quantitative goodwill impairment test is unnecessary.

If, based on the qualitative assessment, it is determined that it is more likely than not that the fair value of the net assets is less than their carrying amount, then the Company proceeds to perform the quantitative goodwill impairment test. In connection with the annual impairment test conducted in the fourth quarter of 2022 and 2021, the Company performed a qualitative assessment in connection with the annual goodwill impairment evaluation and determined that it was more likely than not that the fair value of the net assets exceeded their carrying value.

Intangible assets

Acquired definite life intangible assets are amortized using the straight-line method over their respective estimated useful lives. The Company evaluates the potential impairment of intangible assets if events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate.

The identified intangible assets are reviewed for impairment whenever events or changes in business circumstances arise that may indicate that the carrying amount of its intangible assets may not be recoverable. These events and changes can include significant current period operating losses or negative cash flows associated with the use of an intangible asset, or group of assets, combined with a history of such factors, significant changes in the manner of use of the assets, and current expectations that it is more likely than not that an intangible asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When impairment indicators are present, the Company compares undiscounted future cash flows to the asset group’s carrying value to determine if the asset group is recoverable. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value.

No impairment expense was recorded for identified intangible assets during the year ended December 31, 2022 and 2021.

For further discussion of identified intangible assets, see “Note 9 – Intangible assets”.

Debt issuance costs

Debt issuance costs incurred in connection with financing arrangements are amortized to interest expense over the life of the respective financing arrangement using the effective interest method. Debt issuance costs, net of related amortization, reduce the carrying value of the related debt.

Contingent considerations

The fair value of the Contingent Value Rights (“CVRs") is calculated by using a discounted cash flow method for the Keveyis patent milestone and an option pricing method for the Recorlev and Keveyis sales milestones. In the case of Keveyis milestones, the Company applies a scenario-based method and weights them based on the possible achievement of the milestone. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement. The key assumptions used include the discount rate and sales growth. The estimated value of the CVR consideration is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration. This value is then remeasured for future expected payout as well as the increase in fair value due to the time value of money. These gains or losses, if any, are recognized in the consolidated statements of operations and comprehensive loss.

Deferred rent

Certain of the Company’s lease agreements provide for scheduled rent increases during the lease term and also for abatement of some or all rental payments for a period of time after the occupancy date. In addition, certain of the Company’s lease agreements provide for tenant improvement allowances whereby the landlord funded the cost to build out the space. The Company records a liability for such lease incentives which is amortized to rent expense on a straight-line basis throughout the lease term. The Company adopted ASU 2016-02 on January 1, 2022 and the deferred rent balance was recorded as a reversal of right-of-use assets under the new standard.

Warrant liability

Warrants required to be settled in cash are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity. The fair value of these warrants are remeasured each reporting period using the Black-Scholes option-pricing model which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The liability is recorded in other current liabilities on the consolidated balance sheets. Generally, changes in the fair value of the warrant liabilities are recorded in the consolidated statements of operations and comprehensive loss.

Fair value of financial instruments

Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a non-recurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including cash, cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, and accounts payable, are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Amended and Restated Loan and Security Agreement approximates fair value due to the variable interest rate on the debt. Items measured at fair value on a recurring basis include the Company’s investments, warrants and CVRs. The fair value of the convertible senior notes is determined from using current interest rates based on credit ratings and the remaining term of maturity.

Segment reporting

Operating segments are identified as components of an enterprise for which separate discrete financial information is available and utilized by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The Company operates in one segment.

New accounting pronouncements

Adopted accounting standards

In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). This standard addresses issuers' accounting for certain modifications or exchanges of freestanding equity-classified written call options. This standard is effective for all entities, for fiscal years beginning after December 15, 2021, including interim

periods within those fiscal years. The Company adopted this standard in first quarter 2022 and it did not have a material impact on the financial statements.

In October 2020, the FASB issued ASU 2020-10, Codification Improvements, to make incremental improvements to GAAP and address stakeholder suggestions, including, among other things, clarifying that the requirement to provide comparative information in the financial statements extends to the corresponding disclosures section. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company adopted this standard as of the reporting period beginning January 1, 2022 and it did not have a material impact on the financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard eliminates certain exceptions in the current guidance related to the approach for intra-period tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify United States GAAP. This standard is effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company adopted this standard as of the reporting period beginning January 1, 2022 and it did not have a material impact on the financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use ("ROU") asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. This standard is effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The FASB has extended the effective date of this standard for certain companies. As amended in ASU 2020-05, this standard will be effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.

The Company adopted the new standard on January 1, 2022, using the modified retrospective approach by recognizing and measuring leases without revising comparative period information or disclosures. The Company elected the transition package of three practical expedients permitted within the standard, which among other things, allows for the carryforward of historical lease classifications. The Company made an accounting policy election to keep leases with terms of twelve months or less off the balance sheet and recognize those lease payments on a straight-line basis over the lease term.

The Company recorded a $14.0 million lease liability equal to the present value of lease payments and a $6.3 million operating lease ROU asset, which is the corresponding lease liability adjusted for unamortized lease incentives. The impact of these changes at adoption had no impact on net income or shareholders’ equity. Prior periods were not restated under the new standard. See "Note 18 - Leases" for further details.

The impact to the Company’s opening consolidated balance sheets as of January 1, 2022 was as follows (in thousands):


	As Reported	Effect of Adopting	Balance at
	December 31, 2021	ASC 842	January 1, 2022
Assets
Right-of-use assets	—	6,277	6,277
Other assets	829	(373)	456
Liabilities and stockholders’ equity
Other accrued liabilities	49,088	(1,022)	48,066
Current operating lease liabilities	—	1,028	1,028
Deferred rent	6,883	(6,883)	—
Other liabilities	1,676	(204)	1,472
Non-current operating lease liabilities	—	12,985	12,985

Pending accounting standards

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This standard eliminates certain accounting models to simplify the accounting for convertible instruments, expands the disclosure requirements related to the terms and features of convertible instruments, and amends the guidance for the derivatives scope exception for contracts settled in an entity’s own equity. This standard enhances the consistency of earnings-per-share ("EPS") calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted EPS calculations and disclosures. This standard is effective for the Company for fiscal years beginning after

December 15, 2023. Early adoption is permitted but not earlier than periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and disclosures.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or other reference rates that are expected to be discontinued because of reference rate reform. This standard is effective for all entities as of March 12, 2020 through December 31, 2022. On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard requires allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if the fair value increases. This standard would have been effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The effective date of ASC Topic 326 was then delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements.

Disaggregated revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregated revenue

The Company’s revenue is comprised primarily of sales of products and royalty revenue. Depending on the type of contract, the method of accounting and timing of revenue recognition may differ. Below is a description of the Company’s different types of revenue.

•Product revenue - 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. Revenue is recognized at the point in time 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.

•Royalty, contract and other revenue - Royalty and contract revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured.

The disaggregated revenue by primary products is as follows:


	Years Ended December 31,
		2022		2021
Product revenue (in thousands):
Gvoke		$	52,527	$	38,917
Keveyis		49,307		10,363
Recorlev		7,429		—
Product revenue, net		109,263		49,280
Royalty, contract and other revenue		985		310
Total revenue		$	110,248	$	49,590

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Business combination

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Business combination

On October 5, 2021 (the "acquisition closing date"), Xeris Pharma completed the acquisition of Strongbridge (the "Acquisition") pursuant to the Transaction Agreement, dated as of May 24, 2021, among Xeris Pharma, Strongbridge, Xeris Biopharma and Wells MergerSub, Inc. (the "Transaction Agreement"). Upon completion of the Acquisition, (a) the Company acquired Strongbridge by means of a scheme of arrangement (the "Scheme") under Irish law pursuant to which the Company acquired all of the outstanding ordinary shares of Strongbridge ("Strongbridge Shares") in exchange for (i) 0.7840 of a share of the Company’s common stock ("Company Shares") and cash in lieu of fractions of Company Shares in exchange for each Strongbridge Share held by such Strongbridge Shareholders and (ii) one (1) non-tradeable Contingent Value Right ("CVR"), worth up to a maximum of $1.00 per Strongbridge Share settleable in cash, additional Company Shares, or a combination of cash and additional Company Shares, at the Company’s sole election and (b) MergerSub merged with and into Xeris Pharma, with Xeris Pharma, as the surviving corporation in the merger (the “Merger,” and the Merger together with the Acquisition, the "Transactions").

Upon completion of the Merger, (a) each share of Xeris Pharma common stock was assumed by the Company and converted into the right to receive one Company Share and any cash in lieu of fractional entitlements due to a Xeris Pharma shareholder and (b) each Xeris Pharma option, stock appreciation right, restricted share award and other Xeris Pharma share based award that was outstanding was assumed by the Company and converted into an equivalent equity award of the Company, which award was subject to the same number of shares and the same terms and conditions as were applicable to the Xeris Pharma award in respect of which it was issued. On October 6, 2021, the Company’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 16 – Stock compensation plans" for a more detailed description of the equity award plans assumed in the Transactions. See "Note 13 – Warrants" for a more detailed description of the warrants assumed in the Transactions.

The Acquisition was accounted for as a business combination using the acquisition method of accounting under the provisions of ASC 805, Business Combinations.

The Acquisition has and will continue to diversify and increase the Company’s revenue base into the specialized commercial platforms and expand the development pipeline. Additionally, the Company has achieved significant synergies by eliminating redundant processes and reducing headcount, most notably within the commercial, executive and general and administrative functions.

Acquisition consideration

The acquisition-date fair value of the consideration transferred totaled $169.1 million, which consisted of the following:


Fair value of consideration transferred (in thousands, except share number)
Xeris Biopharma Holdings, Inc. common shares (58,082,606 shares)	$	137,655
Unexercised Strongbridge options assumed by Xeris Pharma and converted into options to purchase Company Shares	6,404
Strongbridge warrants	2,467
Contingent consideration (Contingent value rights)	22,531
Total consideration	$	169,057

The fair value of the common stock issued was determined based on the closing market price of shares of the Company’s common stock on the acquisition date. There were no changes to the purchase price allocation in 2022 and the measurement period closed on June 30, 2022.

The fair value of the equity accounting warrants, which were assumed by the Company in connection with the Transactions, was determined using the Black-Scholes valuation model, which considers the expected terms of the warrants from the acquisition closing date as well as the risk-free interest rate, new exercise price after the 0.7840 conversion rate multiplied by and a volatility of 89.63% (a weighting of 60% of Xeris volatility and 40% of Strongbridge volatility is used).

The fair value of the private placement warrants which were assumed by the Company in connection with the Transactions, was determined using the Black-Scholes valuation model which considers the expected terms of the private placement warrants from the acquisition closing date as well as the risk-free interest rate, current exercise price of $2.50 multiplied by (the average of Xeris Pharma closing prices for the 20-day period ending three trading days prior to acquisition closing date/the average of Strongbridge closing prices for the 20-day period ending three trading days prior to acquisition closing date) and a volatility of 50%.

The CVRs represent contingent additional consideration of up to $1.00 for each CVR, payable to CVR holders, to satisfy future performance milestones, settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. The CVRs are conditioned upon the achievement of the following:

•Keveyis Milestone: $0.25 per CVR, upon the earlier of the first listing of any patent in the FDA's Orange Book for Keveyis by the end of 2023 or the first achievement of at least $40 million in net revenue of Keveyis in 2023;

•2023 Recorlev Milestone: $0.25 per CVR, upon the first achievement of at least $40 million in net revenue of Recorlev in 2023; and

•2024 Recorlev Milestone: $0.50 per CVR, upon the first achievement of at least $80 million in net revenue of Recorlev in 2024.

Refer to "Note 14 - Fair Value Measurements", for information related to the fair value measurements on CVRs and valuation methods utilized.

As of the acquisition closing date, there were approximately 74.1 million CVRs. There will be additional issuances of up to 10.5 million CVRs to holders of Strongbridge rollover options and assumed warrants upon exercise.

Purchase price allocation

In accordance with ASC 805, Xeris Pharma was determined to be the accounting acquirer in the Acquisition. The Company has applied the acquisition method of accounting that requires, among other things, that identifiable assets acquired and liabilities assumed generally be recognized on the balance sheet at fair value as of the acquisition date. In determining the fair value, the Company utilized various forms of the income, cost and market approaches depending on the asset or liability being fair valued. The estimation of fair value required significant judgment related to future net cash flows (including revenue, operating expenses, and working capital), discount rates reflecting the risk inherent in each cash flow stream, competitive trends, market comparables and other factors. Inputs were generally determined by taking into account historical data (supplemented by current and anticipated market conditions), trends and growth rates.

The table below presents the estimated fair value that was allocated to Strongbridge’s assets and liabilities based upon fair values as determined by the Company (in thousands):


	Fair Value
Cash and cash equivalents	$	38,469
Trade accounts receivable	4,344
Inventory	1,862
Prepaid expenses and other current assets	4,683
Property and equipment	161
IPR&D	121,000
Other intangible asset	11,000
Other assets	860
Total identifiable assets acquired	182,379
Accounts payable	(279)
Other accrued liabilities	(13,703)
Accrued trade discounts and rebates	(4,844)
Supply agreement liability	(12,000)
Deferred tax liabilities	(4,942)
Other liabilities	(413)
Total liabilities assumed	(36,181)
Net identifiable assets acquired	146,198
Goodwill	22,859
Net assets acquired	$	169,057

There were no changes to the purchase price allocation in 2022 and the measurement period closed on June 30, 2022.

The following is a description of the methods used to determine the fair values of significant assets and liabilities.

In-process research and development ("IPR&D") and other intangible asset

The IPR&D intangible asset represents the recording of the acquired IPR&D indefinite-lived intangible asset related to Recorlev. The other intangible asset represents the commercial product in the form of Keveyis. The fair value for the IPR&D and other intangible assets were based on assumptions developed by management and other information compiled by management including, but not

limited to, discounted future expected cash flows. The fair value of intangibles relies heavily on projected future net cash flows including, but not limited to, key assumptions for revenue and operating expenses. The discount rates used for intangible assets are based on current market rates and reflect the risk inherent in each cash flow stream. The estimated useful life of the intangible asset of Keveyis is five years which reflects the time period in which the Company expects to receive the benefits of the related cash flows.

Goodwill

The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed was recognized as goodwill. Goodwill is generated from operational synergies and cost savings the Company expects to achieve from the combined operations and Strongbridge’s knowledgeable and experienced workforce. The majority of the goodwill is not expected to be deductible for tax purposes.

Transaction costs

In connection with the Transactions, the Company incurred significant expenses in 2021, including transaction costs (e.g., bankers' fees, legal fees, consultant fees, etc.). Such transaction costs totaled $8.6 million and were fully recorded in the selling, general and administrative expenses in 2021 through the first half of 2022.

Supplemental pro forma information

The following unaudited supplemental pro forma financial information assumes the companies were combined as of January 1, 2020. The pro forma financial information as presented below is for informational purposes only and is based on estimates and assumptions that have been made solely for purposes of developing such pro forma information. This is not necessarily indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2020, nor is it necessarily indicative of future results. Consequently, actual results could differ materially from the unaudited pro forma financial information presented below. The following table presents the pro forma operating results as if Strongbridge had been included in the Company's consolidated statements of operations and comprehensive loss as of January 1, 2020 (unaudited, in thousands):


	Years Ended December 31,
		2022		2021
Revenue		$	110,248	$	79,509
Net loss		$	(94,660)	$	(160,342)

These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Xeris to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2020.

The unaudited supplemental pro forma information above does not include any cost saving synergies from operating efficiencies. There is a tax impact on the pro forma adjustments due to deferred tax liabilities being greater than the deferred tax assets in Ireland. For the other non-Irish entities, there is no tax impact of the pro forma adjustments reflected as both companies are, and have been for some time, in net operating loss positions and have full valuation allowances against their net deferred tax assets on both a historical and pro forma basis.

Inventory

12 Months Ended

Dec. 31, 2022

Inventory [Line Items]

Inventory Disclosure [Text Block]

Inventory

The components of inventories consisted of the following (in thousands):


	December 31, 2022		December 31, 2021

Raw materials	$	7,410	$	5,181
Work in process	11,367		7,442
Finished goods	5,958		5,495
Inventory	$	24,735	$	18,118

Inventory reserves were $1.3 million and $1.0 million at December 31, 2022 and December 31, 2021, respectively.

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipmentProperty and equipment consisted of the following (in thousands):


	December 31, 2022		December 31, 2021

Lab equipment	$	3,841	$	3,739
Furniture and fixtures	1,355		1,355
Computer equipment	474		307
Office equipment	8		28
Software	307		307
Leasehold improvements	5,065		5,026
Total property and equipment	11,050		10,762
Less: accumulated depreciation and amortization	(5,534)		(4,135)
Property and equipment, net	$	5,516	$	6,627

Depreciation and amortization expense relating to property and equipment was $1.4 million and $1.3 million for the years ended December 31, 2022 and 2021, respectively.

Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets

Identified intangible assets consisted of the following (in thousands):


	Life (Years)	December 31, 2022						December 31, 2021
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(2,750)	$	8,250	$	11,000	$	(550)	$	10,450
Definite-lived intangible asset - Recorlev	14	121,000		(8,643)		112,357		121,000		—		121,000
Total intangible assets		$	132,000	$	(11,393)	$	120,607	$	132,000	$	(550)	$	131,450

Keveyis is the developed product rights obtained from Strongbridge's acquisition of the United States marketing rights to Keveyis (dichlorphenamide) from Taro Pharmaceuticals North America, Inc. ("Taro").

Recorlev was acquired as a result of the Acquisition and was approved by the FDA on December 30, 2021. The IPR&D asset was reclassified as a definite-lived intangible asset in 2021 and began being amortized on a straight-line basis over an estimated useful life of 14 years assigned based on the economic life and remaining patent life.

As of December 31, 2022 and 2021, the Company reviewed the indicators for impairment and concluded that no impairment of its definite-lived intangible assets existed.

As of December 31, 2022, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands):


2023	$	10,843
2024	10,843
2025	10,843
2026	10,293
2027	8,643
Thereafter	69,142
Total	$	120,607

Other Accrued Liabilities (Notes)

12 Months Ended

Dec. 31, 2022

Accrued Expenses [Abstract]

Other Accrued Liabilities

Other accrued liabilities Other accrued liabilities consisted of the following (in thousands):


	December 31, 2022		December 31, 2021
Accrued employee costs	$	13,400	$	19,638
Supply agreement - current portion	6,720		6,009
Accrued supply chain costs	562		595
Accrued marketing costs	2,593		3,237
Accrued research and development costs	1,411		1,998
Accrued restructuring charges	2,799		6,715
Accrued interest expense	4,656		1,413
Accrued Strongbridge transaction costs	—		1,839
Accrued other costs	4,645		7,644
Other accrued liabilities	$	36,786	$	49,088

Long-Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt

Convertible Senior Notes

In June 2020, Xeris Pharma completed a public offering of $86.3 million aggregate principal amount of Xeris Pharma's 5.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes, which was exercised in full in July 2020. Xeris Pharma incurred debt issuance costs of $5.1 million in connection with the issuance of the Convertible Notes. Xeris Pharma used $20.0 million and $4.2 million of the net proceeds from the sale to prepay a portion of the principal amount on the Term A Loan (as defined below) and the remaining amount of borrowings outstanding under the PPP Loan (as defined below), respectively.

The Convertible Notes are governed by the terms of a base indenture for senior debt securities dated June 30, 2020 (the "Base Indenture"), between Xeris Pharma and U.S. Bank National Association, as trustee, as supplemented by the first supplemental indenture thereto dated June 30, 2020 (the "First Supplemental Indenture"), between U.S. Bank National Association, as trustee, and the second supplemental indenture thereto dated October 5, 2021 (the "Supplemental Indenture" and together with the Base Indenture

and First Supplemental Indenture, the "Indenture"), among the Company, Xeris Pharma and U.S. Bank National Association, as trustee. The Convertible Notes bear cash interest at the rate of 5.00% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021, to holders of record at the close of business on the preceding January 1 and July 1, respectively. The Convertible Notes will mature on July 15, 2025, unless earlier converted or redeemed or repurchased by the Company.

At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of Convertible Notes may convert their Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The conversion rate for the Convertible Notes will initially be 326.7974 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $3.06 per share of common stock, and is subject to adjustment under the terms of the Convertible Notes. In the event of certain circumstances, the Company will increase the conversion rate, provided that the conversion rate will not exceed 367.6470 shares of the Company's common stock per $1,000 principal amount of Convertible Notes.

In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of Xeris Pharma’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, Xeris Pharma entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of Xeris Pharma’s common stock. Xeris Pharma recognized a $2.6 million loss related to the convertible note exchange transactions.

The Convertible Notes are senior, unsecured obligations and are equal in right of payment with Xeris Pharma's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the Convertible Notes, and effectively subordinated to its existing and future secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent Xeris Pharma is not a holder thereof) preferred equity, if any, of the Company’s other direct and indirect subsidiaries.

As a result of the Transactions, and pursuant to the Second Supplemental Indenture, the Convertible Notes are no longer convertible into shares of common stock of Xeris Pharma common stock. Instead, subject to the terms and conditions of the Indenture, the Convertible Notes will be exchangeable into cash and shares of common stock of the Company in proportion to the transaction consideration payable pursuant to the Transaction Agreement, and the "Reference Property" provisions in the Indenture.

Pursuant to the Second Supplemental Indenture, the Company agreed to guarantee (a) the full and punctual payment when due of all monetary obligations of Xeris Pharma under the Indenture and (b) the full and punctual performance within applicable grace periods of all other obligations of Xeris Pharma under the Indenture.

The fair value of the convertible senior notes is determined from using current interest rates based on credit ratings and the remaining term of maturity. As of December 31, 2022, the fair value of the convertible senior notes was approximately $40.5 million.

Loan Agreement

In September 2019, Xeris Pharma entered into an Amended and Restated Loan and Security Agreement (the "Amended Loan Agreement") with Oxford Finance LLC ("Oxford"), as the collateral agent (in such capacity, the "Collateral Agent") and a lender, and Silicon Valley Bank, as a lender ("SVB", and together with Oxford, the "Prior Lenders"), which amended and restated that certain Loan and Security Agreement dated February 28, 2018 with the Prior Lenders in its entirety. The Amended Loan Agreement provided for the Prior Lenders to extend up to $85.0 million in term loans to Xeris Pharma in three tranches, of which $60.0 million was drawn down in September 2019.

In March 2022, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into a Credit Agreement and Guaranty (the "Hayfin Loan Agreement") with the lenders from time to time parties thereto (the "Lenders") and Hayfin Services LLP, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the "Agent"), pursuant to which the Company and its subsidiaries party thereto granted a first priority security interest on substantially all of their assets, including intellectual property, subject to certain exceptions. The Hayfin Loan Agreement provided for the Lenders to extend $100.0 million in term loans to the Company on the closing date and up to an additional $50.0 million in delayed draw term loans during the one year period immediately following the closing date (collectively, the "Loans"). On December 28, 2022, the Company borrowed the full amount of such $50.0 million delayed draw term loan under the Hayfin Loan Agreement. In conjunction with the execution of the Hayfin Loan Agreement, the Amended Loan Agreement balance of $43.5 million was repaid in full and fees of $2.1 million in connection with the loan repayment were paid. In addition to utilizing the proceeds to repay the obligations under the Amended Loan Agreement in full, the proceeds will otherwise be used for general corporate purposes. After repayment, the Loans may not be re-borrowed.

All of the Loans incur interest at a floating per annum rate in an amount equal to the sum of (i) 9.0% (or 8.0% per annum if the replacement rate in effect is the Wall Street Journal Prime Rate) plus (ii) the greater of (x) (1) CME Group Benchmark Administration

Limited (CBA) Term SOFR (or the replacement rate, if applicable) if CBA Term SOFR is greater than 1.00% plus 0.26161% or (2) 1.00% if CME Term SOFR is less than 1.00% and (y) one percent (1.00%) per annum (or 2.0% per annum if the replacement rate in effect is the Wall Street Journal Prime Rate). Following the borrowing of the delayed draw term loans in December 2022, the Company has incurred total debt issuance costs of approximately $3.6 million related to the Hayfin Loan Agreement, which are being amortized to interest expense over the life of the loan using the effective interest method. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The effective interest rate, including the amortization of debt discount and debt issuance costs, amounts to 11.8%, maturing March 2027. The debt outstanding under the Hayfin Loan Agreement approximates fair value due to the variable interest rate on the debt.

The Loans will mature on March 8, 2027; provided, however, that the Loans will mature on January 15, 2025 if the Convertible Notes are still outstanding as of such date and either (i) the maturity date thereof has not been extended to a date on or after September 4, 2027 or (ii) the Company has not received net cash proceeds from one or more permitted equity raises or permitted raises of convertible debt which, together with no more than $15.0 million of cash on hand, is sufficient to redeem and discharge the Convertible Notes in full.

The Hayfin Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder. The Company is subject to an early prepayment fee equal to (i) for any prepayment that occurs prior to the second anniversary of the closing date, the applicable make-whole amount, (ii) for any prepayment that occurs after the second anniversary of the closing date but on or prior to the fourth anniversary of the closing date: (x) the amount of any principal so prepaid, multiplied by (y) for any prepayment that occurs (A) after the second anniversary of the closing date and on or prior to the third anniversary of the closing date, five percent (5.0%), (B) after the third anniversary of the closing date and on or prior to the fourth anniversary of the closing date, three percent (3.0%), and (C) after the fourth anniversary of the closing date, zero percent (0.0%).

The Hayfin Loan Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions. Associated with the Hayfin Loan Agreement, the Lenders also received warrants to purchase 1,315,789 shares of the common stock of the Company at a price of $2.28 per share. Refer to "Note 13 - Warrants" for further information on the warrants.

On September 29, 2022, the Company entered into Amendment No. 1 to Credit Agreement and Guaranty ("Amendment No. 1") with Xeris Pharma, the Lenders parties thereto and the Agent, to amend the Hayfin Loan Agreement. Amendment No. 1 provides for the Lenders’ consent to and allows for the issuance of the letter of credit that was issued to the landlord under the Amended and Restated Lease dated September 29, 2022 between Xeris Pharma and Fulton Ogden Venture, LLC, as the landlord, for the premises located at 1375 West Fulton Street in Chicago.

The components of debt are as follows (in thousands):


	December 31, 2022		December 31, 2021

Convertible Notes	$	47,175	$	47,175
Loan facility	144,487		43,500
Less: unamortized debt issuance costs	(4,587)		(2,608)
Long-term debt, net of unamortized debt issuance costs	$	187,075	$	88,067

The following table sets forth the Company’s future minimum principal payments on the Convertible Note and the loan facility (in thousands):


2023	$	—
2024	—
2025	47,175
2026	—
2027	150,000
	$	197,175

For the years ended December 31, 2022 and 2021, the Company recognized interest expense of $15.3 million and $7.2 million, respectively, of which $1.6 million and $1.0 million, respectively, related to the amortization of debt discount and issuance costs and a $1.2 million loss on extinguishment of debt in the year ended December 31, 2022 related to the Amended Loan Agreement with the Prior Lenders, which ceased in March 2022.

Stockholders' equity	12 Months Ended
Stockholders' equity	Dec. 31, 2022
Reverse Stock Split and Initial Public Offering [Abstract]
Stockholders' equity	Stockholders' equity The Company’s 375.0 million authorized shares of stock are divided into 350.0 million shares of common stock, par value $0.0001 per share, and 25.0 million shares of undesignated preferred stock, par value $0.0001 per share. At December 31, 2022, none of the 25.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on the common stock during the periods presented. In March 2021, the Company completed a registered direct offering of 6,553,398 shares of the common stock at a price of $4.12 per share. Net proceeds from the equity offering were approximately $26.9 million after deducting offering expenses. On October 5, 2021, the Company completed the acquisition of Strongbridge. Upon completion of the Merger, (a) each share of Xeris Pharma common stock was assumed by the Company and converted into the right to receive one Company Share and any cash in lieu of fractional entitlements due to a Xeris Pharma shareholder and (b) each Xeris Pharma option, stock appreciation right, restricted share award and other Xeris Pharma share based award that was outstanding was assumed by the Company and converted into an equivalent equity award of the Company, which award was subject to the same number of shares and the same terms and conditions as were applicable to the Xeris Pharma award in respect of which it was issued. Upon completion of the Merger, the Company acquired all of the outstanding Strongbridge Shares in exchange for (i) 0.7840 of a share of the Company Shares and cash in lieu of fractions of Company Shares in exchange for each Strongbridge Share held by such Strongbridge Shareholders and (ii) one CVR. Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each Strongbridge Share Award was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company Shares. On January 3, 2022, the Company entered into a securities purchase agreement in connection with a private placement with an affiliate of Armistice Capital, LLC (“Armistice”) for aggregate gross proceeds of approximately $30.0 million. In accordance with the purchase agreement, the Company issued to Armistice an aggregate of (i) 10,238,908 shares of the Company’s common stock, par value $0.0001 per share at a purchase price of $2.93 per share, and (ii) warrants to purchase an aggregate of 5,119,454 shares of the Company's common stock at an exercise price of $3.223 per share. The warrants became exercisable immediately upon the closing of the transaction and have a term of five years from the earliest of the date (a) of effectiveness of the resale registration statement, which was February 7, 2022, (b) all of the shares and the Company's common stock issuable upon exercise of the warrants (the "Warrant Shares") have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one-year anniversary of the date of closing provided that the holder of Shares or Warrant Shares is not an affiliate of the Company, or (d) all of the shares and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 505
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Warrants (Notes)

12 Months Ended

Dec. 31, 2021

Warrants [Abstract]

Other Liabilities Disclosure

Warrants

On completion of the Strongbridge Acquisition, (a) each outstanding and unexercised Strongbridge warrant (except private placement warrants) was assumed by the Company such that, upon exercise, the applicable holders will have the right to have delivered to them the reference property (as such term is defined in the Strongbridge assumed warrants) and (b) each outstanding and unexercised Strongbridge private placement warrant was assumed by the Company such that the applicable holders will have the right to subscribe for Company Shares, in accordance with certain terms of the Strongbridge private placement warrants. The assumed Strongbridge private placement warrants expired in June 2022.

Associated with the Armistice securities purchase agreement disclosed in "Note 15 - Stockholders' equity", the Company also issued warrants (the "Armistice Warrants") to purchase an aggregate of 5,119,454 shares of the Company's common stock at an exercise price of $3.223 per share. The warrants became exercisable immediately upon the closing of the transaction and have a term of five years from the earliest of the date (a) of effectiveness of the resale registration statement, which was February 7, 2022, (b) all of the shares of the Company’s common stock issued or issuable to Armistice under the securities purchase agreement and all shares of the Company's common stock issuable upon exercise of the warrants (the "Warrant Shares") have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one-year anniversary of the date of closing provided that the holder of Shares or Warrant Shares is not an affiliate of the Company, or (d) all of the shares and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions.

Associated with the Hayfin Loan Agreement disclosed in "Note 12 - Long-term debt", the Lenders also received warrants to purchase 1,315,789 shares of the common stock of the Company at a price of $2.28 per share. The warrants are (i) exercisable until the seventh (7th) anniversary of the closing date; (ii) freely transferable and detachable from the Loans; and (iii) subject to customary warrant holder rights and protections, including structural-based anti-dilution protection and adjustments for stock dividends, splits, combinations, reclassifications and the like.

As of December 31, 2022, the following warrants were outstanding:


Warrants classified as liabilities:	Outstanding Warrants	Exercise Price per Warrant	Expiration Date


2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	94,012
Warrants classified as equities:


Warrants in connection with CRG loan agreement	309,122	$9.410	July 2024
Warrants in connection with CRG loan amendment in January 2018	978,628	$12.760	January 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	May 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	December 2025
Warrants in connection with Horizon and Oxford loan agreement	125,999	$3.130	December 2026
Warrants in connection with Armistice securities purchase agreement	5,119,454	$3.223	February 2027
Warrants in connection with Hayfin loan agreement	1,315,789	$2.280	March 2029
	8,268,258

The Company recognized gains of $49,000 and $35,000 upon the change in fair value of the warrants during the year ended December 31, 2022 related to the 2018 Term A Warrants and the 2018 Term B Warrants, respectively. The Company recognized gains of $1.7 million related to the change in fair value and the expiration of the assumed Strongbridge private placement warrants in June 2022. The Company recognized gains (losses) of $(768,000), $39,000 and $27,000 upon the change in fair value of the warrants during the year ended December 31, 2021 related to the assumed Strongbridge private placement warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies Commitments Commitments to Taro Upon the completion of Strongbridge acquisition, the Company also acquired the supply agreement Strongbridge had with Taro to produce Keveyis. Strongbridge was obligated to purchase annual minimum amounts of product totaling approximately $29.1 million over a six-year period from Taro. As of December 31, 2022, the remaining obligation under the Supply Agreement was $8.0 million. The term of the agreement with Taro was renewed for an additional two years beyond the termination of the orphan exclusivity period. If Taro declines to renew the agreement during the next renewal period, the Company has the right to manufacture the product on its own or have the product manufactured by a third party on its behalf. The Company is also required to reimburse Taro for a royalty obligation resulting from its sale of Keveyis to the Company. As of December 31, 2022, the Company had unused letters of credit of $4.3 million, which were issued primarily to secure leases. These letters of credit are collateralized by $4.3 million of restricted cash, which is recorded in other assets in the consolidated balance sheets. Leases We have obligations under operating leases for office and laboratory spaces. For a description of the Company's leases, please see "Note 18 - Leases". Contingencies CVR liability Upon closing the Transactions, the Company entered into a CVR Agreement. Each CVR entitles its holder to receive additional consideration of up to $1.00, to satisfy future performance milestones, settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. As of the acquisition closing date, there were approximately 74.1 million CVRs. There will be additional issuances of up to 10.5 million CVRs to holders of Strongbridge rollover options and assumed warrants upon exercise. Litigation From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of December 31, 2022, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company. Long Term Debt In the event the Convertible Notes are still outstanding as of January 15, 2025 and the maturity date thereof has not been extended to a date on or after September 4, 2027, then unless the Company has received net cash proceeds from one or more permitted equity raises or permitted raises of convertible debt which, together with no more than $15.0 million of cash on hand, is sufficient to redeem and discharge the Convertible Notes in full, the loans outstanding under the Hayfin Loan Agreement will mature on January 15, 2025.

Restructuring costs

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring costs

After the completion of the Acquisition on October 5, 2021, the Company undertook a strategic restructuring to streamline the organization and realize operating expense synergies. The costs associated with the restructuring include employee termination costs. The Company incurred total restructuring costs of approximately $11.1 million related to this plan, which has been fully recorded through 2022. Costs of $1.5 million were incurred in the year ended December 31, 2022, with the majority incurred in the first quarter of 2022. The majority of the restructuring costs are included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive loss. The Company anticipates the restructuring related to the Strongbridge acquisition to be complete by the fourth quarter of 2023. The restructuring reserve is included in other accrued liabilities in the consolidated balance sheets.

The following table summarizes the initial restructuring reserve in connection with the Strongbridge acquisition and the payments made during the years ended December 31, 2022 and 2021 (in thousands):


	Restructuring Costs
Restructuring costs	$	9,657
Payments	(2,944)
Balance accrued at December 31, 2021	$	6,713
Restructuring costs	$	1,488
Payments	(5,402)
Balance accrued at December 31, 2022	$	2,799

1 Additionally in 2021, costs of $0.3 million were incurred related to the relocation of the Company's research and development laboratory from San Diego to Chicago and the restructuring was substantially complete by the end of the fourth quarter of 2021, with a balance of $2 thousand remained as of December 31, 2021.

Stock Compensation Plan (Notes)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock Compensation Plan

Stock compensation plan

In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the "2011 Plan") and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards.

The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants). No grants of stock options or other awards may be made under the 2018 Plan after the tenth anniversary of the effective date.

The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019, and each January 1 thereafter, by 4% of the outstanding number of shares of the Company's common stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. On January 1, 2022 and 2021, the number of shares of common stock available for issuance under the 2018 Plan was automatically increased by 4,994,933 shares and 2,384,448 shares, respectively. As of December 31, 2022, there were 3,380,363 shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee’s offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval with a purchase date of the last business day of June and December each year. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of our common stock on the immediately preceding December 31; (ii) 386,000 shares or (iii) such lesser number of shares as determined by the ESPP administrator. On January 1, 2022 and 2021, the number of shares of common stock available for issuance under the ESPP increased by 386,000 shares and 386,000 shares, respectively. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. The Company issued 671,867 shares at a weighted average price of $1.45 per share during the year ended December 31, 2022. As of December 31, 2022, there were 191,860 shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercialization of products and the expansion of the Company generally. The Company initially reserved 750,000 shares of common stock for the issuance of awards under the Inducement Plan. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of December 31, 2022, there were 305,349 shares of common stock available for future issuance under the Inducement Plan.

Assumed Plans

At the effective time of the Scheme, Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each award (other than options to buy shares, each a "Strongbridge Share Award") denominated in Strongbridge Shares was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company shares (each, a "Strongbridge Rollover Option"), with the exercise price per Company share and the number of Company shares underlying the Strongbridge Rollover Option adjusted to reflect the conversion from Strongbridge Shares into Company shares, provided that each Strongbridge Rollover Option will continue to have, and be subject to, the same terms and conditions that applied to the corresponding Strongbridge Rollover Option (except for terms rendered inoperative by reason of the Acquisition or for immaterial administrative or ministerial changes that are not adverse to any holder other than in any de minimis respect), provided that the terms of each Strongbridge Rollover Option with an exercise price of $4.50 or less (prior to the adjustment described above) were amended to provide that it shall remain exercisable for a period of time following the effective time of the Scheme equal to the lesser of (A) the maximum remaining term of such corresponding Strongbridge Option and (B) the fourth anniversary of the effective date of the Merger, in each case regardless of whether the holder of such Strongbridge Rollover Option experiences a termination of employment or service on or following the effective time of the Scheme.

On the acquisition closing date, the Company assumed all then-outstanding stock options and shares available and reserved for issuance under some legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, the "Assumed Plans"). Shares reserved under the Assumed Plans will be available for future grants. The Company also assumed all then-outstanding stock options from the rest of the legacy equity incentive plans of Strongbridge without assuming the shares available and reserved for issuance under these plans. The number of shares subject to stock options outstanding under all Strongbridge legacy equity incentive plans are included in the tables below. As of December 31, 2022, there were 3,674,889 shares reserved for future grants under the Assumed Plans.

CVRs were also issued to the holders of Strongbridge vested and unexercised options that were outstanding and assumed by the Company at the acquisition date, provided that in no event shall such holder be entitled to any payments with respect to such CVR unless the corresponding option has been exercised on or prior to any such payment.

Stock options

Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two, three or four years after the grant date and expire seven to ten years from the grant date.

The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods during the contractual life of the option is based on the United States Treasury yield curve in effect at the time of grant. The expected stock price volatility assumption is based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of the Company's common stock since the Company began trading subsequent to the IPO in June 2018 over the period corresponding to the expected life as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date.

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Years Ended December 31,
	2022	2021
Expected term (years)	5.5	6.0
Risk-free interest rate	3.01%	1.15%
Expected volatility	80.18%	76.34%
Expected dividends	—	—

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the year ended December 31, 2022 was as follows:


	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Contractual Life (Years)
Outstanding - December 31, 2021	11,362,336	$	5.86	5.62
Granted	175,000	2.10


Exercised	(11,228)	0.69
Forfeited	(87,680)	5.25
Expired	(1,738,267)	8.31
Outstanding - December 31, 2022	9,700,161	$	5.37	4.76
Exercisable - December 31, 2022	9,032,882	$	5.44	4.51
Vested and expected to vest at December 31, 2022	9,700,161	$	5.37	4.76

The weighted average fair value of awards granted during the year ended December 31, 2022 was $1.43 per share.

At December 31, 2022, there was a total of $1.7 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 1.4 years.

Restricted Stock Units

The Company grants Restricted Stock Units ("RSU"s) to employees. RSUs that are granted vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant, provided that the employee is employed by the Company on such vesting date. If and when the RSUs vest, the Company will issue one share of common stock for each whole RSU that has vested, subject to satisfaction of the employee’s tax withholding obligations. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period.

A summary of outstanding RSU awards and the activity for the year ended December 31, 2022 was as follows:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2021	2,005,041	$	5.15
Granted	4,477,850	2.71
Vested	(708,970)	5.46
Forfeited	(518,361)	2.90
Unvested balance - December 31, 2022	5,255,560	$	3.25

As of December 31, 2022, there was $10.3 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 1.8 years.

Employee Stock Purchase Plan

The fair value of the ESPP Plan shares was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:


	Years Ended December 31,
	2022		2021
Expected term (years)	0.5		0.5
Risk-free interest rate	1.18	%	0.08	%
Expected volatility	79.50	%	77.40	%
Expected dividends	—		—

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Years Ended December 31,
		2022		2021
Cost of goods sold		$	—	$	106
Research and development		1,593		1,696
Selling, general and administrative		10,567		9,579
Total stock-based compensation expense		$	12,160	$	11,381

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company has non-cancellable operating leases for office and laboratory space, which expire at various times in 2031 and 2037. The non-cancellable lease agreements provide for monthly lease payments which increase during the term of each lease agreement.

On September 29, 2022, Xeris Pharma entered into an Amended and Restated Lease (the “Lease”) with Fulton Ogden Venture, LLC (“Landlord”) whereby Xeris Pharma will lease approximately 87,032 square feet of office and laboratory space at 1375 West Fulton Street, Chicago, Illinois (the “Premises”), which Premises includes Xeris Pharma’s existing laboratory space. The term of the original lease commenced on January 1, 2021 as to Xeris Pharma’s existing space at 1375 West Fulton Street, and the Lease will commence on the later of the substantial completion of the Landlord’s improvement work and April 1, 2023 (“Expansion Commencement Date”) as to the expansion portion of the Premises, and for the entire Premises, the term will expire on the earlier of the last day of the One Hundred Fifty-Sixth (156th) full calendar month following the Expansion Commencement Date and March 31, 2037, unless extended or earlier terminated pursuant to the terms of the Lease. Xeris Pharma has the option to extend the term of the Lease for two successive five-year periods, subject to the terms and conditions of the Lease. In addition, the Lease contains customary default provisions, including, without limitation, those relating to payment default and bankruptcy events. The lease on the expansion portion of the Premises has not yet commenced but created significant rights and obligations for us. The estimated initial operating lease liability related to the expansion portion of the Premises is approximately $22.8 million and operating lease ROU asset is approximately $23.1 million upon commencement in 2023.

Real estate leases often require that the Company pays maintenance, real estate taxes and insurance in addition to rent. These payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the ROU asset and lease liability, but are reflected as variable lease expenses.

All of the Company's leases are classified as operating leases, which are included as operating lease ROU assets and current and non-current operating lease liabilities in the consolidated balance sheets. The Company’s operating lease costs are included in operating expenses in the accompanying consolidated statements of operations and comprehensive loss. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

A majority of the Company's lease agreements include fixed rental payments. Certain of the lease agreements include fixed rental payments that are adjusted periodically by a fixed rate. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. Most of the real estate leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised.

As the interest rate implicit in the lease is not readily determinable, the Company uses the incremental borrowing rate as the discount rate. The Company considers observable inputs as of the effective date of the ASC 842 adoption including the credit rating, existing borrowings and other relevant borrowing rates, such as risk-free rates like the United States Treasury rate, and then adjusting as necessary for the appropriate leas term. The incremental borrowing rate is reassessed if there is a change to the lease term or if a modification occurs and it is not accounted for as a separate contract. As of December 31, 2022, the Company’s operating leases had a weighted-average remaining lease term of 7.6 years and a weighted-average discount rate of 11.4%.

Supplemental cash flow information related to the Company’s operating and finance leases was as follows (in thousands):


						Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases						$2,159
Right of use assets obtained in exchange for new lease obligations:
Operating leases						—

The Company reports the amortization of operating lease ROU assets and the change in operating lease liabilities on a net basis in other in the operating activities of the accompanying consolidated statements of cash flows.

The components of lease expense were as follows (in thousand):


Lease cost						Year Ended December 31, 2022
Operating lease expense						1,799
Variable lease cost						1,091
Sublease income						(212)
Total lease cost						2,678

As of December 31, 2022, maturities of lease liabilities are summarized as follows (in thousands):


2023	$	1,586
2024	1,556
2025	1,820
2026	1,869
2027	1,918
Thereafter	10,674
Total lease payments	19,423
Less: Effect of discounting to net present value	(8,441)
Present value of lease liabilities	$	10,982

Operating lease liabilities, current	1,580
Operating lease liabilities, non-current	9,402
Total operating lease liabilities	$	10,982

Fiscal 2021 Activity Before Adoption of Topic 842

The Company leases office facilities under various noncancelable operating leases. Rental expense for operating leases was approximately $2.4 million for the year ended December 31, 2021.

Under the previous lease accounting prior to the adoption of ASC 842, future minimum annual rental commitments for operating leases as of December 31, 2021 were as follows (in thousands):


2022	$	1,813
2023	2,031
2024	1,981
2025	1,931
2026	1,982
Thereafter	11,741
Total minimum lease payments	$	21,479

Fair value measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below takes into account the market for the financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2022 and December 31, 2021 (in thousands):


	Total as of December 31, 2022		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	121,966	$	121,966	$	—	$	—








Liabilities
Contingent value rights	$	25,688	$	—	$	—	$	25,688

Warrant liabilities	$	9	$	—	$	—	$	9


	Total as of December 31, 2021		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	67,271	$	67,271	$	—	$	—

Investments:

Corporate securities	12,067		—		12,067		—
Commercial paper	21,773		—		21,773		—
Foreign government	1,322		—		1,322		—
Total investments	$	35,162	$	—	$	35,162	$	—

Liabilities
Contingent value rights	$	22,531	$	—	$	—	$	22,531
Warrant liabilities	$	1,769	$	—	$	—	$	1,769

Contingent Value Rights

Upon completion of the Merger described in "Note 4 – Business combination", the Company acquired all of the outstanding Strongbridge Shares in exchange for (i) 0.7840 of a share of the Company Shares and cash in lieu of fractions of Company Shares in exchange for each Strongbridge Share held by such Strongbridge Shareholders and (ii) one CVR. Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each Strongbridge Share Award was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company Shares.

Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued each reporting period until the related contingencies are resolved. The CVRs are adjusted to fair value using the methods described above at the end of each reporting period. Significant changes which increase or decrease the probabilities of achieving the related milestones or shorten or lengthen the time required to achieve such events would result in corresponding increases or decreases in the fair values of these obligations.

The Company has determined that the CVR liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the CVR liabilities (in thousands):


Balance at the Acquisition	$	22,531
Change in fair value of CVRs	—
Balance at December 31, 2021	22,531
Change in fair value of CVRs	3,157
Balance at December 31, 2022	$	25,688

Refer to "Note 19 – Commitments and contingencies" for additional information on the CVRs.

Warrant liability

The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation, which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could result in higher or lower fair value measurement.

The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands):



Balance at December 31, 2020	$	159
Assumption of Strongbridge private placement warrants	908
Change in fair value of warrants	702
Balance at December 31, 2021	1,769
Change in fair value of warrants and expiration of Strongbridge private placement warrants	(1,760)
Balance at December 31, 2022	$	9

There were no transfers between any of the levels of the fair value hierarchy during the years ended December 31, 2022 and 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Short-term investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Short-term investments

The Company classifies investments in debt securities as available-for-sale. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Refer to "Note 14 - Fair Value Measurements", for information related to the fair value measurements and valuation methods utilized.

There were no short-term investments as of December 31, 2022. The following table represents the Company’s available-for-sale investments by major security type as of December 31, 2021 (in thousands):











	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value

Investments:
Commercial paper	$	21,773	$	—	$	—	$	21,773
Corporate securities	12,072		2		(7)		12,067
Foreign government securities	1,324		—		(2)		1,322
Total available-for-sale investments	$	35,169	$	2	$	(9)	$	35,162

The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity of and reason for the decline in value, the potential recovery period and the Company's intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the years ended December 31, 2022 and 2021, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months.

Net loss per common share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net loss per common share

Basic and diluted net loss per common share are determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the shares issuable upon conversion, exercise or vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same.

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of December 31,
	2022	2021
Shares to be issued upon conversion of Convertible Notes	15,416,667	15,416,667
Vested and unvested stock options	9,700,161	11,362,336
Restricted stock units	5,255,560	2,005,041
Warrants	8,362,270	6,373,452
Total anti-dilutive securities excluded from EPS computation 2	38,734,658	35,157,496

2 Total anti-dilutive securities exclude CVRs which are settleable in cash, additional Xeris Biopharma shares, or a combination, at the election of the Company.

Other Employee Benefit Plans	12 Months Ended
Other Employee Benefit Plans	Dec. 31, 2022
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	Other employee benefit plans Defined Contribution Plan The Company sponsors an employee retirement plan qualifying under Section 401(k) of the Internal Revenue Code for all eligible employees in the United States. Employees become eligible to contribute to the plan upon meeting certain age requirements and 30 days of service. Commencing in 2019, the Company began discretionary matching employee contributions up to certain limits. For the years ended December 31, 2022 and 2021, the Company made $1.7 million and $0.7 million of matching contributions to the plan, respectively. Deferred Compensation Plan The Compensation Committee of the Board of Directors adopted a deferred compensation plan ("Deferred Compensation Plan") in April 2020. The Deferred Compensation Plan allows a select group of executive management and non-employee directors to defer payment of certain of their cash compensation. Participants in the Deferred Compensation Plan who are employees may defer all or a portion of their annual base salaries and all or a portion of their annual cash performance-based compensation. Participants who are non-employee directors may defer all or a portion of their annual cash retainers. The participants’ elective deferrals are 100% vested immediately and accrue interest at a rate of two percent per annum. The Deferred Compensation Plan is unfunded and unsecured. As of December 31, 2021, the total deferred compensation liability under the Deferred Compensation Plan was approximately $1.6 million recorded in other current liabilities in the consolidated balance sheets

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income taxes

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate of 21% to the Company’s effective income tax rate is as follows (in thousands):



	Years Ended December 31,
	2022		2021
Federal tax benefit at statutory rate	$	(20,178)	$	(25,772)
State tax benefit, net of federal benefit	(4,325)		(4,422)

Research and development and orphan drug credits	(320)		(350)
Uncertain tax positions	94		(302)
Permanent adjustments to expenses	726		1,779
Stock-based compensation	414		901
Return to provision adjustment	(1,103)		(2,450)
Statutory tax rate differential	1,600		663
Changes in valuation allowance	21,162		29,642
Other	506		311
Total income tax benefit	$	(1,424)	$	—

The benefit for income taxes for 2022 was attributable to the amortization of the deferred tax liability set up with the Acquisition and it represented the foreign deferred income tax benefit.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The guidance on accounting for income taxes provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient taxable income in recent years and whether sufficient income can reasonably be expected in future years in order to utilize the deferred tax asset. For the years ended December 31, 2022 and 2021, the Company evaluated the need to maintain a valuation allowance for deferred tax assets based on the assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance.

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating losses	$	111,631	$	100,790
Federal research and orphan drug credits	8,836		7,184
Stock-based compensation	5,714		3,177
Other temporary differences	32,977		27,094
Valuation allowance	(159,043)		(137,881)
Total assets	115		364
Deferred tax liabilities:
Fixed and intangible assets	(11)		(197)
Other deferred tax liabilities	(3,622)		(5,109)
Total liabilities	(3,633)		(5,306)
Net deferred tax liabilities	$	(3,518)	$	(4,942)

As of December 31, 2022, the Company had federal net operating loss carryforwards of $501.4 million and various state net operating loss carryforwards of $345.3 million. As of December 31, 2021, the Company had federal net operating loss carryforwards of $475.7 million and various state net operating loss carryforwards of $309.7 million. Net operating loss carryforwards for the United States federal income tax purposes that were generated prior to January 1, 2018 have a twenty-year carryforward life, and the earliest layers will begin to expire in 2025. Under the Tax Cuts and Jobs Act of 2017, federal net operating losses incurred in 2018 and later years may be carried forward indefinitely, but the deductibility of such net operating losses is limited to 80% of the current year’s taxable income. The United States state net operating loss carryforwards will start to expire in 2029 for the earliest net operating loss layers to the extent there is not sufficient state taxable income to utilize those net operating loss carryforwards.

At December 31, 2022, the Company had $6.7 million and $3.1 million of federal and state income tax credits, respectively, to reduce future tax liabilities. At December 31, 2021, the Company had $5.4 million and $2.5 million of federal and state income tax credits, respectively, to reduce future tax liabilities. The federal income tax credits consist primarily of orphan drug credits and research and development credits. The United States state income tax credits consist primarily of California and Illinois research and development credits. Both the United States federal orphan drug credits and research and development credits have a twenty-year carryforward life. The United States federal orphan drug credits and research and development credits will both begin to expire in 2025 and the state research and development credits will begin to expire in 2022.

A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2022 and 2021 is as follows (in thousands):



Valuation allowance at December 31, 2020	$	(92,493)
Increase for 2021 activity	(45,388)
Valuation allowance at December 31, 2021	(137,881)
Increase for 2022 activity	(21,162)
Valuation allowance at December 31, 2022	$	(159,043)

The Company is required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken, or are expected to be taken, on an income tax return. The changes in the Company's uncertain income tax positions for the years ended December 31, 2022 and 2021, excluding interest and penalties, consisted of the following (in thousands):


	December 31,
	2022		2021
Beginning balance - uncertain tax positions	$	627	$	929
Increases related to tax positions taken during the current year	92		17
Increases/(decreases) related to tax positions taken during the prior year	3		(319)
Ending balance - uncertain tax positions	$	722	$	627

For the year ended December 31, 2022, the increase in current year uncertain tax positions was attributable primarily to the United States federal orphan drug credits and research and development credits and the decrease related to tax positions taken during the prior year was a result of return to provision adjustments. In the Company’s balance sheet, uncertain tax positions of $0.7 million were offset against deferred tax assets. Tax years prior to 2019 generally are not subject to examination by the Internal Revenue Service or state or local taxing authorities.

The Company policy is to include interest and penalties related to uncertain tax penalties, if any, within the provision for taxes in the statements of operations. During the years ended December 31, 2022 and 2021, the Company incurred no interest and penalties related to income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of presentation and summary of significant accounting policies and estimates (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Revenue recognition

The Company applies the guidance in ASC 606, Revenue Recognition, to all contracts with customers within the scope of the standard.

Patient Copay Assistance Program

Commercial Rebates

Government Rebates

patients and records the rebates as a reduction of product revenue. Accrued government rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.

Chargebacks

Product Returns

Prompt Payment Discounts

Service Fees

New accounting pronouncements

Adopted accounting standards

periods within those fiscal years. The Company adopted this standard in first quarter 2022 and it did not have a material impact on the financial statements.

The impact to the Company’s opening consolidated balance sheets as of January 1, 2022 was as follows (in thousands):


	As Reported	Effect of Adopting	Balance at
	December 31, 2021	ASC 842	January 1, 2022
Assets
Right-of-use assets	—	6,277	6,277
Other assets	829	(373)	456
Liabilities and stockholders’ equity
Other accrued liabilities	49,088	(1,022)	48,066
Current operating lease liabilities	—	1,028	1,028
Deferred rent	6,883	(6,883)	—
Other liabilities	1,676	(204)	1,472
Non-current operating lease liabilities	—	12,985	12,985

Pending accounting standards

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Basis of presentation and summary of significant accounting policies and estimates (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Property and Equipment Useful Lives

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Property and equipment consisted of the following (in thousands):


	December 31, 2022		December 31, 2021

Lab equipment	$	3,841	$	3,739
Furniture and fixtures	1,355		1,355
Computer equipment	474		307
Office equipment	8		28
Software	307		307
Leasehold improvements	5,065		5,026
Total property and equipment	11,050		10,762
Less: accumulated depreciation and amortization	(5,534)		(4,135)
Property and equipment, net	$	5,516	$	6,627

Summary of ASU 2016-12 Adoption Impact

The impact to the Company’s opening consolidated balance sheets as of January 1, 2022 was as follows (in thousands):


	As Reported	Effect of Adopting	Balance at
	December 31, 2021	ASC 842	January 1, 2022
Assets
Right-of-use assets	—	6,277	6,277
Other assets	829	(373)	456
Liabilities and stockholders’ equity
Other accrued liabilities	49,088	(1,022)	48,066
Current operating lease liabilities	—	1,028	1,028
Deferred rent	6,883	(6,883)	—
Other liabilities	1,676	(204)	1,472
Non-current operating lease liabilities	—	12,985	12,985

Disaggregated revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The disaggregated revenue by primary products is as follows:


	Years Ended December 31,
		2022		2021
Product revenue (in thousands):
Gvoke		$	52,527	$	38,917
Keveyis		49,307		10,363
Recorlev		7,429		—
Product revenue, net		109,263		49,280
Royalty, contract and other revenue		985		310
Total revenue		$	110,248	$	49,590

Business combination (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition-date fair value of the consideration transferred totaled $169.1 million, which consisted of the following:


Fair value of consideration transferred (in thousands, except share number)
Xeris Biopharma Holdings, Inc. common shares (58,082,606 shares)	$	137,655
Unexercised Strongbridge options assumed by Xeris Pharma and converted into options to purchase Company Shares	6,404
Strongbridge warrants	2,467
Contingent consideration (Contingent value rights)	22,531
Total consideration	$	169,057

The table below presents the estimated fair value that was allocated to Strongbridge’s assets and liabilities based upon fair values as determined by the Company (in thousands):


	Fair Value
Cash and cash equivalents	$	38,469
Trade accounts receivable	4,344
Inventory	1,862
Prepaid expenses and other current assets	4,683
Property and equipment	161
IPR&D	121,000
Other intangible asset	11,000
Other assets	860
Total identifiable assets acquired	182,379
Accounts payable	(279)
Other accrued liabilities	(13,703)
Accrued trade discounts and rebates	(4,844)
Supply agreement liability	(12,000)
Deferred tax liabilities	(4,942)
Other liabilities	(413)
Total liabilities assumed	(36,181)
Net identifiable assets acquired	146,198
Goodwill	22,859
Net assets acquired	$	169,057

Business Acquisition, Pro Forma Information

The following table presents the pro forma operating results as if Strongbridge had been included in the Company's consolidated statements of operations and comprehensive loss as of January 1, 2020 (unaudited, in thousands):


	Years Ended December 31,
		2022		2021
Revenue		$	110,248	$	79,509
Net loss		$	(94,660)	$	(160,342)

Inventory (Tables)

12 Months Ended

Dec. 31, 2022

Inventory [Line Items]

Schedule of Inventory

The components of inventories consisted of the following (in thousands):


	December 31, 2022		December 31, 2021

Raw materials	$	7,410	$	5,181
Work in process	11,367		7,442
Finished goods	5,958		5,495
Inventory	$	24,735	$	18,118

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Property and equipment consisted of the following (in thousands):


	December 31, 2022		December 31, 2021

Lab equipment	$	3,841	$	3,739
Furniture and fixtures	1,355		1,355
Computer equipment	474		307
Office equipment	8		28
Software	307		307
Leasehold improvements	5,065		5,026
Total property and equipment	11,050		10,762
Less: accumulated depreciation and amortization	(5,534)		(4,135)
Property and equipment, net	$	5,516	$	6,627

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Identified intangible assets consisted of the following (in thousands):


	Life (Years)	December 31, 2022						December 31, 2021
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(2,750)	$	8,250	$	11,000	$	(550)	$	10,450
Definite-lived intangible asset - Recorlev	14	121,000		(8,643)		112,357		121,000		—		121,000
Total intangible assets		$	132,000	$	(11,393)	$	120,607	$	132,000	$	(550)	$	131,450

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2022, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands):


2023	$	10,843
2024	10,843
2025	10,843
2026	10,293
2027	8,643
Thereafter	69,142
Total	$	120,607

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Expenses [Abstract]

Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	December 31, 2022		December 31, 2021
Accrued employee costs	$	13,400	$	19,638
Supply agreement - current portion	6,720		6,009
Accrued supply chain costs	562		595
Accrued marketing costs	2,593		3,237
Accrued research and development costs	1,411		1,998
Accrued restructuring charges	2,799		6,715
Accrued interest expense	4,656		1,413
Accrued Strongbridge transaction costs	—		1,839
Accrued other costs	4,645		7,644
Other accrued liabilities	$	36,786	$	49,088

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of debt are as follows (in thousands):


	December 31, 2022		December 31, 2021

Convertible Notes	$	47,175	$	47,175
Loan facility	144,487		43,500
Less: unamortized debt issuance costs	(4,587)		(2,608)
Long-term debt, net of unamortized debt issuance costs	$	187,075	$	88,067

Schedule of Maturities of Long-term Debt

The following table sets forth the Company’s future minimum principal payments on the Convertible Note and the loan facility (in thousands):


2023	$	—
2024	—
2025	47,175
2026	—
2027	150,000
	$	197,175

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Warrants (Tables)

12 Months Ended

Dec. 31, 2022

Warrants [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of December 31, 2022, the following warrants were outstanding:


Warrants classified as liabilities:	Outstanding Warrants	Exercise Price per Warrant	Expiration Date


2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	94,012
Warrants classified as equities:


Warrants in connection with CRG loan agreement	309,122	$9.410	July 2024
Warrants in connection with CRG loan amendment in January 2018	978,628	$12.760	January 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	May 2025
Warrants in connection with Avenue Capital loan agreement	209,633	$2.390	December 2025
Warrants in connection with Horizon and Oxford loan agreement	125,999	$3.130	December 2026
Warrants in connection with Armistice securities purchase agreement	5,119,454	$3.223	February 2027
Warrants in connection with Hayfin loan agreement	1,315,789	$2.280	March 2029
	8,268,258

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases (Topic 840)

Under the previous lease accounting prior to the adoption of ASC 842, future minimum annual rental commitments for operating leases as of December 31, 2021 were as follows (in thousands):


2022	$	1,813
2023	2,031
2024	1,981
2025	1,931
2026	1,982
Thereafter	11,741
Total minimum lease payments	$	21,479

Restructuring costs (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs


	Restructuring Costs
Restructuring costs	$	9,657
Payments	(2,944)
Balance accrued at December 31, 2021	$	6,713
Restructuring costs	$	1,488
Payments	(5,402)
Balance accrued at December 31, 2022	$	2,799

Stock Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Years Ended December 31,
	2022	2021
Expected term (years)	5.5	6.0
Risk-free interest rate	3.01%	1.15%
Expected volatility	80.18%	76.34%
Expected dividends	—	—

Share-based Compensation, Activity

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the year ended December 31, 2022 was as follows:


	Number of Options	Weighted Average Exercise Price Per Share		Weighted Average Contractual Life (Years)
Outstanding - December 31, 2021	11,362,336	$	5.86	5.62
Granted	175,000	2.10


Exercised	(11,228)	0.69
Forfeited	(87,680)	5.25
Expired	(1,738,267)	8.31
Outstanding - December 31, 2022	9,700,161	$	5.37	4.76
Exercisable - December 31, 2022	9,032,882	$	5.44	4.51
Vested and expected to vest at December 31, 2022	9,700,161	$	5.37	4.76

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Years Ended December 31,
		2022		2021
Cost of goods sold		$	—	$	106
Research and development		1,593		1,696
Selling, general and administrative		10,567		9,579
Total stock-based compensation expense		$	12,160	$	11,381

Schedule of Nonvested Restricted Stock Units Activity

A summary of outstanding RSU awards and the activity for the year ended December 31, 2022 was as follows:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2021	2,005,041	$	5.15
Granted	4,477,850	2.71
Vested	(708,970)	5.46
Forfeited	(518,361)	2.90
Unvested balance - December 31, 2022	5,255,560	$	3.25

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Lease Cost

Supplemental cash flow information related to the Company’s operating and finance leases was as follows (in thousands):


						Year Ended December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases						$2,159
Right of use assets obtained in exchange for new lease obligations:
Operating leases						—

The components of lease expense were as follows (in thousand):


Lease cost						Year Ended December 31, 2022
Operating lease expense						1,799
Variable lease cost						1,091
Sublease income						(212)
Total lease cost						2,678

Schedule of Operating Lease Maturities (Topic 842)

As of December 31, 2022, maturities of lease liabilities are summarized as follows (in thousands):


2023	$	1,586
2024	1,556
2025	1,820
2026	1,869
2027	1,918
Thereafter	10,674
Total lease payments	19,423
Less: Effect of discounting to net present value	(8,441)
Present value of lease liabilities	$	10,982

Operating lease liabilities, current	1,580
Operating lease liabilities, non-current	9,402
Total operating lease liabilities	$	10,982

Schedule of Future Minimum Rental Payments for Operating Leases (Topic 840)

Under the previous lease accounting prior to the adoption of ASC 842, future minimum annual rental commitments for operating leases as of December 31, 2021 were as follows (in thousands):


2022	$	1,813
2023	2,031
2024	1,981
2025	1,931
2026	1,982
Thereafter	11,741
Total minimum lease payments	$	21,479

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2022 and December 31, 2021 (in thousands):


	Total as of December 31, 2022		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	121,966	$	121,966	$	—	$	—








Liabilities
Contingent value rights	$	25,688	$	—	$	—	$	25,688

Warrant liabilities	$	9	$	—	$	—	$	9


	Total as of December 31, 2021		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	67,271	$	67,271	$	—	$	—

Investments:

Corporate securities	12,067		—		12,067		—
Commercial paper	21,773		—		21,773		—
Foreign government	1,322		—		1,322		—
Total investments	$	35,162	$	—	$	35,162	$	—

Liabilities
Contingent value rights	$	22,531	$	—	$	—	$	22,531
Warrant liabilities	$	1,769	$	—	$	—	$	1,769

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the change in the CVR liabilities (in thousands):


Balance at the Acquisition	$	22,531
Change in fair value of CVRs	—
Balance at December 31, 2021	22,531
Change in fair value of CVRs	3,157
Balance at December 31, 2022	$	25,688

The following table presents the change in the warrant liabilities (in thousands):



Balance at December 31, 2020	$	159
Assumption of Strongbridge private placement warrants	908
Change in fair value of warrants	702
Balance at December 31, 2021	1,769
Change in fair value of warrants and expiration of Strongbridge private placement warrants	(1,760)
Balance at December 31, 2022	$	9

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Short-term investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following table represents the Company’s available-for-sale investments by major security type as of December 31, 2021 (in thousands):











	December 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value

Investments:
Commercial paper	$	21,773	$	—	$	—	$	21,773
Corporate securities	12,072		2		(7)		12,067
Foreign government securities	1,324		—		(2)		1,322
Total available-for-sale investments	$	35,169	$	2	$	(9)	$	35,162

Net loss per common share (Tables)

12 Months Ended

Dec. 31, 2022

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of December 31,
	2022	2021
Shares to be issued upon conversion of Convertible Notes	15,416,667	15,416,667
Vested and unvested stock options	9,700,161	11,362,336
Restricted stock units	5,255,560	2,005,041
Warrants	8,362,270	6,373,452
Total anti-dilutive securities excluded from EPS computation 2	38,734,658	35,157,496

2 Total anti-dilutive securities exclude CVRs which are settleable in cash, additional Xeris Biopharma shares, or a combination, at the election of the Company.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Years Ended December 31,
		2022		2021
Cost of goods sold		$	—	$	106
Research and development		1,593		1,696
Selling, general and administrative		10,567		9,579
Total stock-based compensation expense		$	12,160	$	11,381

Summary of Valuation Allowance [Table Text Block]

A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2022 and 2021 is as follows (in thousands):



Valuation allowance at December 31, 2020	$	(92,493)
Increase for 2021 activity	(45,388)
Valuation allowance at December 31, 2021	(137,881)
Increase for 2022 activity	(21,162)
Valuation allowance at December 31, 2022	$	(159,043)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate of 21% to the Company’s effective income tax rate is as follows (in thousands):



	Years Ended December 31,
	2022		2021
Federal tax benefit at statutory rate	$	(20,178)	$	(25,772)
State tax benefit, net of federal benefit	(4,325)		(4,422)

Research and development and orphan drug credits	(320)		(350)
Uncertain tax positions	94		(302)
Permanent adjustments to expenses	726		1,779
Stock-based compensation	414		901
Return to provision adjustment	(1,103)		(2,450)
Statutory tax rate differential	1,600		663
Changes in valuation allowance	21,162		29,642
Other	506		311
Total income tax benefit	$	(1,424)	$	—

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31,
	2022		2021
Deferred tax assets:
Net operating losses	$	111,631	$	100,790
Federal research and orphan drug credits	8,836		7,184
Stock-based compensation	5,714		3,177
Other temporary differences	32,977		27,094
Valuation allowance	(159,043)		(137,881)
Total assets	115		364
Deferred tax liabilities:
Fixed and intangible assets	(11)		(197)
Other deferred tax liabilities	(3,622)		(5,109)
Total liabilities	(3,633)		(5,306)
Net deferred tax liabilities	$	(3,518)	$	(4,942)

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block]


	December 31,
	2022		2021
Beginning balance - uncertain tax positions	$	627	$	929
Increases related to tax positions taken during the current year	92		17
Increases/(decreases) related to tax positions taken during the prior year	3		(319)
Ending balance - uncertain tax positions	$	722	$	627

Organization and Nature of the Business Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2022 USD ($) commerciallyAvailableProduct $ / shares	Dec. 31, 2021 USD ($) $ / shares	Oct. 06, 2021 $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number Of Commercially Available Products \| commerciallyAvailableProduct	3
Common stock par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Accumulated deficit \| $	$ 554,770	$ 460,110

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Basis of presentation and summary of significant accounting policies and estimates - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022
Concentration Risk [Line Items]
Revenue product return description	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.
Revenue performance obligation, product return, rate increase (decrease) scenario, percent	1.00%
Revenue performance obligation, product return, impact on revenue of 1% increase (decrease)	$ 1,100
Present value of lease liabilities	10,982
Right-of-use assets	$ 3,992	$ 0
Accounting Standards Update 2016-02
Concentration Risk [Line Items]
Present value of lease liabilities			$ 14,000
Right-of-use assets			$ 6,300
Revenue Benchmark \| Customer Concentration Risk \| Four Customers \| Product revenue, net
Concentration Risk [Line Items]
Concentration Risk, Percentage	96.00%	95.00%
Accounts Receivable \| Customer Concentration Risk \| Four Customers
Concentration Risk [Line Items]
Concentration Risk, Percentage	99.00%	99.00%

Basis of presentation and summary of significant accounting policies and estimates - Schedule of Property and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years

Basis of presentation and summary of significant accounting policies and estimates - Summary of ASU 2016-02 Adoption Impact (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets	$ 3,992		$ 0
Other assets	4,730		829
Other accrued liabilities	36,786		49,088
Current operating lease liabilities	1,580		0
Deferred rent	0		6,883
Other liabilities	31		1,676
Non-current operating lease liabilities	$ 9,402		$ 0
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		$ 6,300
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		6,277
Other assets		(373)
Other accrued liabilities		(1,022)
Current operating lease liabilities		1,028
Deferred rent		(6,883)
Other liabilities		(204)
Non-current operating lease liabilities		12,985
Cumulative Effect, Period of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use assets		6,277
Other assets		456
Other accrued liabilities		48,066
Current operating lease liabilities		1,028
Deferred rent		0
Other liabilities		1,472
Non-current operating lease liabilities		$ 12,985

Revenue from Contract with Customer (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 110,248	$ 49,590
Product revenue, net
Disaggregation of Revenue [Line Items]
Net sales	109,263	49,280
Gvoke
Disaggregation of Revenue [Line Items]
Net sales	52,527	38,917
Keveyis
Disaggregation of Revenue [Line Items]
Net sales	49,307	10,363
Recorlev
Disaggregation of Revenue [Line Items]
Net sales	7,429	0
Royalty, contract and other revenue
Disaggregation of Revenue [Line Items]
Net sales	$ 985	$ 310

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Business combination (Details) $ / shares in Units, contingentValueRight in Millions		12 Months Ended
	Oct. 05, 2021 USD ($) conversionRate contingentValueRight $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($) $ / shares	Oct. 06, 2021 $ / shares
Business Acquisition [Line Items]
Common stock par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001	$ 0.0001
Goodwill		$ 22,859,000		$ 22,859,000
Depreciation Depletion and Amortization, not including asset impairments		1,400,000		1,300,000
Warrants
Business Acquisition [Line Items]
Class Of Warrant Or Right, Multiplier Period	20 days
Strongbridge
Business Acquisition [Line Items]
Business Combination, Shares Conversion Rate \| conversionRate	0.7840
Contingent Value Right Maximum Value Per Right \| $ / shares	$ 1.00
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 1.00
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares \| shares	58,082,606
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 38,469,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	4,344,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	1,862,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	4,683,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	161,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	121,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	11,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	860,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	182,379,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(279,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Liabilities, Other	(13,703,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Trade Discounts And Rebates	(4,844,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Supply Agreement	(12,000,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(4,942,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(413,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(36,181,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	146,198,000
Goodwill	22,859,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	169,057,000
Business Combination, Consideration Transferred	169,057,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	137,655,000
Business Combination, Consideration Transferred, Value Of Options Assumed	6,404,000
Business Combination, Consideration Transferred, Value Of Warrants Assumed	2,467,000
Business Combination, Consideration Transferred, Other	$ 22,531,000
Business Combination, Contingent Consideration, Number Of Additional Contingent Value Rights To Be Issued \| contingentValueRight	10.5
Business Combination, Contingent Consideration, Number Of Contingent Value Rights \| contingentValueRight	74.1
Business Acquisition, Pro Forma Revenue		110,248,000		79,509,000
Business Acquisition, Pro Forma Net Income (Loss)		(94,660,000)		$ (160,342,000)
Expected volatility	89.63%
Goodwill, Purchase Accounting Adjustments		$ 0
Strongbridge \| Commercial Product Kaveyis
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Strongbridge \| Xeris
Business Acquisition [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate Per Entity	60.00%
Strongbridge \| Stonebridge
Business Acquisition [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate Per Entity	40.00%
Strongbridge \| Achievement In Net Sales Of Keveyis In 2023
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Strongbridge \| Achievement In Net Sales Of Recorlev In 2023
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Strongbridge \| Achievement In Net Sales Of Recorlev In 2024
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.50
Business Combination, Contingent Consideration, Net Sales Threshold	$ 80,000,000
Strongbridge \| Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business Combination, Transaction Costs			$ 8,600,000
Strongbridge \| Warrants
Business Acquisition [Line Items]
Class Of Warrant Or Right, Multiplier Period	20 days
Exercise Price Per Warrant \| $ / shares	$ 2.50
Class Of Warrant Or Right, Threshold Trading Days	3 days
Strongbridge \| Warrants \| Measurement Input, Price Volatility
Business Acquisition [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.50

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 1,300	$ 1,000

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Raw materials	$ 7,410	$ 5,181
Work in process	11,367	7,442
Finished goods	5,958	5,495
Inventory	$ 24,735	$ 18,118

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,050	$ 10,762
Less: accumulated depreciation and amortization	(5,534)	(4,135)
Property and equipment, net	5,516	6,627
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,841	3,739
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,355	1,355
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	474	307
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8	28
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	307	307
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,065	$ 5,026

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation Depletion and Amortization, not including asset impairments	$ 1,400	$ 1,300

Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000	$ 132,000
Accumulated amortization	(11,393)	(550)
Net	$ 120,607	131,450
Developed Technology Rights - Keveyis
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000	11,000
Accumulated amortization	(2,750)	(550)
Net	$ 8,250	10,450
Developed Technology Rights - Recorlev
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000	121,000
Accumulated amortization	(8,643)	0
Net	$ 112,357	$ 121,000

Intangible Assets - Expected Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 10,843
2024	10,843
2025	10,843
2026	10,293
2027	8,643
Thereafter	69,142
Net	$ 120,607	$ 131,450

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses [Abstract]
Accrued employee costs	$ 13,400	$ 19,638
Supply agreement - current portion	6,720	6,009
Accrued supply chain costs	562	595
Accrued marketing and selling costs	2,593	3,237
Accrued research and development costs	1,411	1,998
Accrued restructuring charges	2,799	6,715
Accrued interest expense	4,656	1,413
Accrued Strongbridge transaction costs	0	1,839
Accrued other costs	4,645	7,644
Other accrued liabilities	$ 36,786	$ 49,088

Long-Term Debt - Narrative (Details)		1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details)	Dec. 28, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Jul. 07, 2020 USD ($)	Sep. 30, 2019 USD ($) tranche
Debt Instrument [Line Items]
Convertible notes purchased, due to exercise of underwriter option							$ 11,300,000
Principal amount of convertible notes converted				$ 8,400,000
Issuance of common stock upon conversion of convertible notes, shares \| shares				2,736,591
Principal amount of convertible notes converted privately			$ 30,700,000
Stock Issued During Period, Shares, Conversion of Convertible Securities privately exchanged \| shares			10,435,200
Loss on the convertible note exchange transactions			$ 2,600,000
Proceeds from issuance of debt					$ 146,214,000	$ 0
Payments of debt issuance costs					$ 4,876,000	0
Outstanding warrants \| shares					94,012
Interest expense					$ (15,325,000)	(7,180,000)
Amortization of debt issuance costs					1,559,000	961,000
Loss on extinguishment of debt					$ 1,223,000	0
Warrants In Connection With Hayfin Loan Agreement Due March 2029
Debt Instrument [Line Items]
Outstanding warrants \| shares					1,315,789
Exercise Price Per Warrant \| $ / shares					$ 2.28
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 144,487,000	43,500,000	$ 86,300,000
Cash interest per annum on convertible notes					5.00%		5.00%
Debt Issuance Costs, Gross							$ 5,100,000
Initial conversion rate for Convertible Notes \| shares				326.7974	326.7974
Per principal amount of Convertible Notes				$ 1,000	$ 1,000
Debt Instrument, Convertible, Conversion Price \| $ / shares					$ 3.06
Maximum conversion rate of Convertible Notes \| shares					367.6470
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 60,000,000
Repayments of Notes Payable				20,000,000
PPP Loan
Debt Instrument [Line Items]
Repayments of Notes Payable				$ 4,200,000
Amended Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity								$ 85,000,000
Debt Instrument, Number Of Tranches \| tranche								3
Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 100,000,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount		50,000,000
Proceeds from issuance of debt	$ 50,000,000
Hayfin Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount		43,500,000
Debt Instrument, Payment Of Fees		$ 2,100,000
Debt Instrument, Interest Rate During Period		9.00%
Debt Instrument, Interest Rate, Replacement Rate		8.00%
Debt Instrument, Replacement Rate		1.00%
Debt Instrument, Basis Spread on Variable Rate		0.26161%
Payments of debt issuance costs		$ 3,600,000
Debt Instrument, Interest Rate, Effective Percentage					11.80%
Debt Instrument, Covenant, Maximum Cash On Hand					$ 15,000,000
Debt Instrument, Covenant, Prepayment Fee One, Percentage		5.00%
Debt Instrument, Covenant, Prepayment Fee Two, Percentage		3.00%
Debt Instrument, Covenant, Prepayment Fee Three, Percentage		0.00%
Hayfin Loan \| Prime Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.00%
Debt
Debt Instrument [Line Items]
Amortization of debt issuance costs					$ 1,600,000	$ 1,000,000

Long-Term Debt - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jul. 07, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ (4,587)	$ (2,608)
Long-term debt, net of unamortized debt issuance costs	187,075	88,067
Senior Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	47,175	47,175
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 144,487	$ 43,500	$ 86,300

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	47,175
2026	0
2027	150,000
Long-term debt total	$ 197,175

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Jan. 03, 2022	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Oct. 06, 2021	Mar. 17, 2021
Class of Stock [Line Items]
Total common stock and preferred stock authorized shares			375,000,000
Common stock shares authorized (in shares)			350,000,000	350,000,000
Common stock par value (in dollars per share)			$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock shares authorized (in shares)			25,000,000	25,000,000		6,553,398
Preferred stock par value (in dollars per share)			$ 0.0001	$ 0.0001
Shares issued (in usd per share)						$ 4.12
Net proceeds from issuance of public offering		$ 26.9
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Stock [Line Items]
Warrants term			5 years
Private Placement
Class of Stock [Line Items]
Proceeds from sale of stock	$ 30.0
Private Placement \| Common Stock
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.0001
Stock issued (in shares)	10,238,908
Price per share of stock issued (in dollars per share)	$ 2.93
Private Placement \| Warrants
Class of Stock [Line Items]
Stock issued (in shares)	5,119,454
Price per share of stock issued (in dollars per share)	$ 3.223

Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Outstanding warrants	94,012
Change in fair value of warrants and expiration of Strongbridge private placement warrants	$ (1,760)	$ 702
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	53,720
Exercise Price Per Warrant	$ 11.169
Change in fair value of warrants and expiration of Strongbridge private placement warrants	$ 49	39
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	40,292
Exercise Price Per Warrant	$ 11.169
Change in fair value of warrants and expiration of Strongbridge private placement warrants	$ 35	27
Assumed Strongbridge Private Placement Warrants
Class of Warrant or Right [Line Items]
Change in fair value of warrants and expiration of Strongbridge private placement warrants	$ 1,700	$ (768)
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	5,119,454
Exercise Price Per Warrant	$ 3.223
Warrants term	5 years

Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	Dec. 31, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Outstanding warrants	94,012
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	53,720
Exercise Price Per Warrant \| $ / shares	$ 11.169
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	40,292
Exercise Price Per Warrant \| $ / shares	$ 11.169
Warrants In Connection With Horizon and Oxford Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	125,999
Exercise Price Per Warrant \| $ / shares	$ 3.130
Warrants In Connection With CRG Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	309,122
Exercise Price Per Warrant \| $ / shares	$ 9.410
Warrants In Connection With CRG Loan Amendment Dated January 2028
Class of Warrant or Right [Line Items]
Outstanding warrants	978,628
Exercise Price Per Warrant \| $ / shares	$ 12.760
Warrants In Connection With Avenue Capital Loan Agreement Due May 2025
Class of Warrant or Right [Line Items]
Outstanding warrants	209,633
Exercise Price Per Warrant \| $ / shares	$ 2.390
Warrants In Connection With Avenue Capital Loan Agreement Due December 2025
Class of Warrant or Right [Line Items]
Outstanding warrants	209,633
Exercise Price Per Warrant \| $ / shares	$ 2.390
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	5,119,454
Exercise Price Per Warrant \| $ / shares	$ 3.223
Warrants In Connection With Hayfin Loan Agreement Due March 2029
Class of Warrant or Right [Line Items]
Outstanding warrants	1,315,789
Exercise Price Per Warrant \| $ / shares	$ 2.28
Total Warrants Assumed
Class of Warrant or Right [Line Items]
Outstanding warrants	8,268,258

Commitments and Contingencies (Details) $ / shares in Units, contingentValueRight in Millions, $ in Millions	12 Months Ended	72 Months Ended
	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Oct. 05, 2021 contingentValueRight $ / shares
Letter of Credit
Other Commitments [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 4.3
Letter of Credit \| Collateral Pledged
Other Commitments [Line Items]
Restricted Cash	4.3
Strongbridge
Other Commitments [Line Items]
Contingent Value Right Maximum Value Per Right \| $ / shares			$ 1.00
Business Combination, Contingent Consideration, Number Of Contingent Value Rights \| contingentValueRight			74.1
Business Combination, Contingent Consideration, Number Of Additional Contingent Value Rights To Be Issued \| contingentValueRight			10.5
Purchase Commitment
Other Commitments [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	$ 8.0
Number of years extended beyond termination of orphan exclusivity period	2 years
Purchase Commitment \| Subsequent Event
Other Commitments [Line Items]
Purchase commitment term		6 years
Purchase Commitment \| Forecast
Other Commitments [Line Items]
Long-term Purchase Commitment, Amount		$ 29.1

Restructuring costs (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring costs (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Accrued restructuring charges	$ 2,799	$ 6,715
2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	11,100
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,488	9,657
Payments	5,402	2,944
Accrued restructuring charges	2,799	6,713
Employee Severance \| 2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 1,500
Relocation
Restructuring Cost and Reserve [Line Items]
Restructuring costs		300
Accrued restructuring charges		$ 2

Stock Compensation Plan Narrative (Details) - USD ($)	9 Months Ended	12 Months Ended
Stock Compensation Plan Narrative (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Oct. 05, 2021	Mar. 31, 2019	Jun. 30, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						1,822,000	4,714,982
Least amount of annual increase of shares available for issuance		386,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 1,700,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 4 months 24 days
Options \| Minimum \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Options \| Minimum \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Options \| Minimum \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Exchange Offer \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		7 years
Exchange Offer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Stonebridge Rollover Option \| Stonebridge
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Exercise Price				$ 4.50
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 10,300,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 9 months 18 days
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage shares available for issuance automatically increase annually		4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		4,994,933	2,384,448
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		3,380,363
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						193,000
Maximum employee payroll deduction percentage		15.00%
Common stock value, tax limit on employee stock purchase plan		$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Percentage shares available for issuance automatically increase annually		1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		386,000	386,000
Issuance of common stock through employee stock purchase plan (in shares)	671,867
Share price (in usd per share)	$ 1.45
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		191,860
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		305,349
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		3,674,889

Stock Compensation Plan Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 6 months	6 years
Risk-free interest rate	3.01%	1.15%
Expected volatility	80.18%	76.34%
Expected dividends	0.00%	0.00%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 months	6 months
Risk-free interest rate	1.18%	0.08%
Expected volatility	79.50%	77.40%
Expected dividends	0.00%	0.00%

Stock Compensation Plan Employee Stock Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,700,161	11,362,336
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 5.37	$ 5.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 9 months 3 days	5 years 7 months 13 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	175,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 2.10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	(11,228)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 0.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(87,680)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 5.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(1,738,267)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 8.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	9,032,882
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.44
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	9,700,161
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 5.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 6 months 3 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	4 years 9 months 3 days
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 1.43

Stock Compensation Plan Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,160	$ 11,381
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,593	1,696
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	10,567	9,579
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 0	$ 106

Stock Compensation Plan Restricted stock units, activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,700,161	11,362,336
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	175,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 3.25	$ 5.15
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	2.71
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	5.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 2.90
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 10.3
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	1 year 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,255,560	2,005,041
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	4,477,850
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(708,970)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(518,361)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 29, 2022 ft² leaseExtension
Lessee, Lease, Description [Line Items]
Present value of lease liabilities			$ 10,982
Right-of-use assets	$ 0		$ 3,992
Remaining lease term, weighted-average			7 years 7 months 6 days
Lease discount rate, weighted-average			11.40%
Operating lease rent expense	$ 2,400
Minimum
Lessee, Lease, Description [Line Items]
Renewal term			1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term			5 years
Fulton Ogden Venture, LLC
Lessee, Lease, Description [Line Items]
Operating lease square footage \| ft²				87,032
Number of options to extend \| leaseExtension				2
Renewal term				5 years
Forecast \| Fulton Ogden Venture, LLC
Lessee, Lease, Description [Line Items]
Present value of lease liabilities		$ 22,800
Right-of-use assets		$ 23,100

Leases - Summary of Lease Cost Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 2,159
Right of use assets obtained in exchange for new lease obligations:
Operating leases	0
Lease cost
Operating lease expense	1,799
Variable lease cost	1,091
Sublease income	(212)
Total lease cost	$ 2,678

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 1,586
2024	1,556
2025	1,820
2026	1,869
2027	1,918
Thereafter	10,674
Total lease payments	19,423
Less: Effect of discounting to net present value	(8,441)
Present value of lease liabilities	10,982
Current operating lease liabilities	1,580	$ 0
Non-current operating lease liabilities	9,402	$ 0
Operating lease liability	$ 10,982

Leases - Schedule of Operating Lease Minimum Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Leases [Abstract]
2022	$ 1,813
2023	2,031
2024	1,981
2025	1,931
2026	1,982
Thereafter	11,741
Total minimum lease payments	$ 21,479

Fair value measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 05, 2021 conversionRate	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 121,966	$ 67,271
Investments		35,162
Contingent value rights	25,688	22,531
Other current liabilities	9	1,769
Stonebridge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Shares Conversion Rate \| conversionRate			0.7840
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	121,966	67,271
Investments		0
Contingent value rights	0	0
Other current liabilities	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Investments		35,162
Contingent value rights	0	0
Other current liabilities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Investments		0
Contingent value rights	25,688	22,531
Other current liabilities	$ 9	1,769		$ 159
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		12,067
Corporate securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Corporate securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		12,067
Corporate securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		21,773
Commercial paper \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Commercial paper \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		21,773
Commercial paper \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Foreign Government Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		1,322
Foreign Government Investments \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		0
Foreign Government Investments \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		1,322
Foreign Government Investments \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments		$ 0

Fair value measurements - CVR and Warrants Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Warrants Liabilities [Roll Forward]
Balance at December 31, 2021	$ 1,769
Change in fair value of warrants and expiration of Strongbridge private placement warrants	(1,760)	$ 702
Balance at December 31, 2022	9	1,769
Fair Value, Inputs, Level 3 [Member]
Warrants Liabilities [Roll Forward]
Balance at December 31, 2021	1,769	159
Assumption of Strongbridge private placement warrants		908
Change in fair value of warrants and expiration of Strongbridge private placement warrants	(1,760)	702
Balance at December 31, 2022	9	1,769
CVR Liabilities \| Fair Value, Inputs, Level 3 [Member]
Contingent Value Rights [Roll Forward]
Balance at December 31, 2021	22,531
Change in fair value of CVRs	3,157	0
Balance at December 31, 2022	$ 25,688	$ 22,531

Short-term investments (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Short-term Investments	$ 0	$ 35,162,000
Amortized Cost		35,169,000
Gross Unrealized Gains		2,000
Gross Unrealized Losses		(9,000)
Total Fair Value		35,162,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		21,773,000
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Total Fair Value		21,773,000
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		12,072,000
Gross Unrealized Gains		2,000
Gross Unrealized Losses		(7,000)
Total Fair Value		12,067,000
Foreign government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		1,324,000
Gross Unrealized Gains		0
Gross Unrealized Losses		(2,000)
Total Fair Value		$ 1,322,000

Net loss per common share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	38,734,658	35,157,496
Shares to be issued upon conversion of Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,416,667	15,416,667
Vested and unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	9,700,161	11,362,336
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,255,560	2,005,041
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,362,270	6,373,452

Other Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined Contribution Plan, Matching Contributions	$ 1,700	$ 700
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage	100.00%
Deferred compensation, accrued interest rate	2.00%
Deferred Compensation Arrangement with Individual, Compensation Expense		$ 1,600

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%
Operating loss carryforwards	$ 501,400,000	$ 475,700,000
Operating loss carryforwards, various states	$ 345,300,000	309,700,000
Deduction percentage limit for net operating losses	80.00%
Federal research income tax credits, gross of valuation allowance	$ 6,700,000	5,400,000
State research income tax credits, gross of valuation allowance	3,100,000	2,500,000
Uncertain tax positions	722,000	627,000	$ 929,000
Income tax interest and penalties expense	$ 0	$ 0

Income Taxes - Reconciliation of Expected Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory rate	$ (20,178)	$ (25,772)
State tax benefit, net of federal benefit	(4,325)	(4,422)
Research and development and orphan drug credits	(320)	(350)
Uncertain tax positions	94	(302)
Permanent adjustments to expenses	726	1,779
Stock-based compensation	414	901
Return to provision adjustment	(1,103)	(2,450)
Statutory tax rate differential	1,600	663
Changes in valuation allowance	21,162	29,642
Other	506	311
Total income tax benefit	$ (1,424)	$ 0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating losses	$ 111,631	$ 100,790
Federal research and orphan drug credits	8,836	7,184
Stock-based compensation	5,714	3,177
Other temporary differences	32,977	27,094
Deferred Tax Assets, Valuation Allowance	(159,043)	(137,881)	$ (92,493)
Total assets	115	364
Fixed and intangible assets	(11)	(197)
Other deferred tax liabilities	(3,622)	(5,109)
Total liabilities	(3,633)	(5,306)
Net deferred tax liabilities	$ (3,518)	$ (4,942)

Income Taxes - Valuation Allowance Rollfoward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	$ (137,881)	$ (92,493)
Increase for activity	(21,162)	(45,388)
Valuation allowance, ending balance	$ (159,043)	$ (137,881)

Income Taxes - Uncertain Tax Positions Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance - uncertain tax positions	$ 627	$ 929
Increases related to tax positions taken during the current year	92	17
Increases/(decreases) related to tax positions taken during the prior year	3
Increases/(decreases) related to tax positions taken during the prior year		(319)
Ending balance - uncertain tax positions	$ 722	$ 627

Label	Element	Value
CVR Liabilities [Member] \| Fair Value, Inputs, Level 3 [Member]
Contingent Value Rights Outstanding	xers_ContingentValueRightsOutstanding	$ 22,531,000