0001867096-24-000065 | 10-Q | XBRL Viewer | Xeris Biopharma Holdings INC

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [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)	148,224,403	138,130,715
Common stock shares outstanding (in shares)	148,224,403	138,130,715

Intangible assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

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


		March 31, 2024						December 31, 2023
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(5,500)	$	5,500	$	11,000	$	(4,950)	$	6,050
Definite-lived intangible asset - Recorlev	14	121,000		(19,447)		101,553		121,000		(17,286)		103,714
Total intangible assets		$	132,000	$	(24,947)	$	107,053	$	132,000	$	(22,236)	$	109,764

As of March 31, 2024, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands):


2024 remaining	$	8,132
2025	10,843
2026	10,293
2027	8,643
2028	8,643

Thereafter	60,499
Total	$	107,053

Stock compensation plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,767	$ 2,564
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	337	322
Selling, General and Administrative Expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,430	$ 2,242

Stock compensation plan

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

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. 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.

As of March 31, 2024, there were 2.1 million 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. As of March 31, 2024, there were 0.4 million 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 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. As of March 31, 2024, there were 1.6 million shares of common stock available for future issuance under the Inducement Plan.

Assumed Plans

On the acquisition date of Strongbridge, 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 March 31, 2024, there were 7.3 thousand shares reserved for future grants under the Assumed Plans.

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.

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the three months ended March 31, 2024 was as follows:


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (Years)





Outstanding - December 31, 2023	9,199,744	$5.22	3.84


Exercised	(229,417)	2.00
Forfeited	(94)	4.58
Expired	(26,556)	5.44
Outstanding - March 31, 2024	8,943,677	$5.29	3.56
Vested and expected to vest at March 31, 2024	8,943,677	$5.29	3.56
Exercisable - March 31, 2024	8,796,588	$5.30	3.50

At March 31, 2024, there was a total of $0.4 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 0.7 years.

Restricted Stock Units

The Company grants Restricted Stock Units ("RSUs") 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 three months ended March 31, 2024 was as follows:


	Number of Units	Weighted Average Grant Date Fair Value Per Share




Unvested balance - December 31, 2023	11,579,548	$	1.83
Granted	9,111,250	2.46
Vested	(3,776,815)	2.09
Forfeited	(136,118)	1.94
Unvested balance - March 31, 2024	16,777,865	$	2.11

As of March 31, 2024, there was $31.1 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 2.3 years.

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


	Three Months Ended March 31,
	2024		2023

Research and development	$	337	$	322
Selling, general and administrative	3,430		2,242
Total stock-based compensation expense	$	3,767	$	2,564

Commitments and contingencies (Details) - USD ($)	Mar. 31, 2024	Mar. 05, 2024	Dec. 31, 2023	Mar. 31, 2022
Other Commitments [Line Items]
Restricted cash	$ 4,225,000		$ 4,225,000
Hayfin Loan
Other Commitments [Line Items]
Debt covenant, maximum cash on hand, early maturity	15,600,000
Debt instrument face amount				$ 43,500,000
Hayfin Loan \| Secured Debt
Other Commitments [Line Items]
Debt instrument face amount				$ 100,000,000
Hayfin Tranche 2 Loan \| Secured Debt
Other Commitments [Line Items]
Debt instrument face amount		$ 15,200,000
Letter of Credit
Other Commitments [Line Items]
Remaining borrowing capacity	4,200,000
Letter of Credit \| Collateral Pledged
Other Commitments [Line Items]
Restricted cash	$ 4,200,000

Fair value measurements - CVR Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contingent Value Rights [Roll Forward]
Change in fair value of contingent value rights	$ 3,367	$ 1,359
Balance at March 31, 2024	1,021
Level 3
Contingent Value Rights [Roll Forward]
Balance at March 31, 2024	1,021
CVR Liabilities \| Level 3
Contingent Value Rights [Roll Forward]
Balance at December 31, 2023	20,488
CVR settlement	(16,100)
Change in fair value of contingent value rights	(3,367)
Balance at March 31, 2024	$ 1,021

Stock compensation plan - Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	8,943,677	9,199,744
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 2.11	$ 1.83
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	2.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	2.09
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 1.94
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 31.1
Period for recognition	2 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	16,777,865	11,579,548
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	9,111,250
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(3,776,815)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(136,118)

Intangible assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


		March 31, 2024						December 31, 2023
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(5,500)	$	5,500	$	11,000	$	(4,950)	$	6,050
Definite-lived intangible asset - Recorlev	14	121,000		(19,447)		101,553		121,000		(17,286)		103,714
Total intangible assets		$	132,000	$	(24,947)	$	107,053	$	132,000	$	(22,236)	$	109,764

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of March 31, 2024, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands):


2024 remaining	$	8,132
2025	10,843
2026	10,293
2027	8,643
2028	8,643

Thereafter	60,499
Total	$	107,053

Leases - Narrative (Details)	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Remaining lease term, weighted-average	11 years 4 months 24 days
Lease discount rate, weighted-average	11.90%

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease Cost

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


	Three Months Ended March 31,
		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	365	$	478

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


	Three Months Ended March 31,
Lease cost		2024		2023
Operating lease expense		$	1,340	$	413
Variable lease cost		241		350
Sublease income		(53)		(54)
Total lease cost		$	1,528	$	709

Schedule of Operating Lease Maturities (Topic 842)

As of March 31, 2024, maturities of lease liabilities are summarized as follows (in thousands):


2024 remaining	$	3,130
2025	6,080
2026	6,232
2027	6,389
2028	6,549

Thereafter	45,441
Total lease payments	73,821
Less: Effect of discounting to net present value	(34,800)
Present value of lease liabilities	$	39,021

Operating lease liabilities, current	$	4,624
Operating lease liabilities, non-current	34,397
Total operating lease liabilities	$	39,021

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023 (in thousands):


	Total as of March 31, 2024		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	62,690	$	62,690	$	—	$	—
Investments:
U.S. government securities	$	24,662	$	24,662	$	—	$	—




Other assets:
Restricted cash	$	4,225	$	4,225	$	—	$	—
Liabilities

Contingent value rights - current	$	1,021	$	—	$	—	$	1,021
Warrant liabilities	$	4	$	—	$	—	$	4


	Total as of December 31, 2023		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	67,449	$	67,449	$	—	$	—
Investments:
U.S. government securities	$	5,002	$	5,002	$	—	$	—




Other assets:
Restricted cash	$	4,225	$	4,225	$	—	$	—
Liabilities
Current portion of contingent value rights	$	19,109	$	—	$	—	$	19,109
Non-current contingent value rights	$	1,379	$	—	$	—	$	1,379
Warrant liabilities	$	8	$	—	$	—	$	8

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

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






Balance at December 31, 2023	$	20,488
CVR settlement	(16,100)
Change in fair value of CVRs	(3,367)
Balance at March 31, 2024	$	1,021

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 2,400	$ 2,400

Fair value measurements

3 Months Ended

Mar. 31, 2024

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 considers 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 March 31, 2024 and December 31, 2023 (in thousands):


	Total as of March 31, 2024		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	62,690	$	62,690	$	—	$	—
Investments:
U.S. government securities	$	24,662	$	24,662	$	—	$	—




Other assets:
Restricted cash	$	4,225	$	4,225	$	—	$	—
Liabilities

Contingent value rights - current	$	1,021	$	—	$	—	$	1,021
Warrant liabilities	$	4	$	—	$	—	$	4


	Total as of December 31, 2023		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	67,449	$	67,449	$	—	$	—
Investments:
U.S. government securities	$	5,002	$	5,002	$	—	$	—




Other assets:
Restricted cash	$	4,225	$	4,225	$	—	$	—
Liabilities
Current portion of contingent value rights	$	19,109	$	—	$	—	$	19,109
Non-current contingent value rights	$	1,379	$	—	$	—	$	1,379
Warrant liabilities	$	8	$	—	$	—	$	8

Contingent Value Rights

As part of the 2021 acquisition of Strongbridge, the Company issued contingent value rights ("CVRs") representing additional contingent consideration of up to $1.00 for each CVR 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.

As of March 31, 2024, there were approximately 74.4 million CVRs outstanding. Up to 8.1 million CVRs may be issued to holders of Strongbridge rollover options and assumed warrants upon the exercise thereof. CVRs are settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election.

Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued at 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 2023 Keveyis milestone was achieved, triggering a milestone payment to CVR holders. In settlement of the milestone payment obligation, the Company issued 7,525,048 shares of common stock. The 2023 Recorlev Milestone was not achieved. A gain of $3.0 million from the remeasurement of the CVR liability was recorded in the first quarter of 2024 in the condensed consolidated statements of operations and comprehensive loss as a result of changes in the Company's stock price prior to the issuance of the common stock in settlement of the CVR.

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 December 31, 2023	$	20,488
CVR settlement	(16,100)
Change in fair value of CVRs	(3,367)
Balance at March 31, 2024	$	1,021

- 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

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 40,638	$ 33,196
Costs and expenses:
Cost of goods sold	5,971	5,319
Research and development	7,821	4,838
Selling, general and administrative	38,380	33,605
Amortization of intangible assets	2,711	2,711
Total costs and expenses	54,883	46,473
Loss from operations	(14,245)	(13,277)
Other income (expense):
Interest and other income	1,923	1,300
Debt refinancing costs	(2,690)	0
Interest expense	(7,032)	(6,216)
Change in fair value of warrants	4	0
Change in fair value of contingent value rights	3,367	1,359
Total other expense	(4,428)	(3,557)
Net loss before benefit from income taxes	(18,673)	(16,834)
Income tax (expense) benefit	(307)	0
Net loss	(18,980)	(16,834)
Other comprehensive loss, net of tax:
Unrealized losses on investments	(10)	(6)
Foreign currency translation adjustments	(1)	0
Comprehensive loss	$ (18,991)	$ (16,840)
Net loss per common share - basic (in dollars per share)	$ (0.14)	$ (0.12)
Net loss per common share - Diluted (in dollars per share)	$ (0.14)	$ (0.12)
Weighted average common shares outstanding - basic (in shares)	140,513,907	137,142,565
Weighted average common shares outstanding - Diluted (in shares)	140,513,907	137,142,565
Product revenue, net
Total revenue	$ 40,263	$ 32,265
Royalty, contract and other revenue
Total revenue	$ 375	$ 931

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory [Line Items]
Raw materials	$ 20,603	$ 17,404
Work in process	7,809	10,959
Finished goods	12,466	10,475
Inventory	$ 40,878	$ 38,838

Fair value measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 62,690	$ 67,449
U.S. government securities	24,662	5,002
Restricted cash	4,225	4,225
Contingent value rights - current	1,021
Current portion of contingent value rights	1,021	19,109
Non-current contingent value rights	0	1,379
Other current liabilities	4	8
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	62,690	67,449
U.S. government securities	24,662	5,002
Restricted cash	4,225	4,225
Contingent value rights - current	0
Current portion of contingent value rights		0
Non-current contingent value rights		0
Other current liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
U.S. government securities	0	0
Restricted cash	0	0
Contingent value rights - current	0
Current portion of contingent value rights		0
Non-current contingent value rights		0
Other current liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
U.S. government securities	0	0
Restricted cash	0	0
Contingent value rights - current	1,021
Current portion of contingent value rights		19,109
Non-current contingent value rights		1,379
Other current liabilities	$ 4	$ 8

Other accrued liabilities

3 Months Ended

Mar. 31, 2024

Accrued Expenses [Abstract]

Other accrued liabilities

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


	March 31, 2024		December 31, 2023
Accrued employee costs	$	10,368	$	16,956
Accrued supply chain costs	521		523
Accrued marketing costs	1,032		598

Accrued research and development costs	511		960
Accrued interest expense	6,332		1,374
Accrued other costs	3,627		3,099
Other accrued liabilities	$	22,391	$	23,510

Basis of presentation and summary of significant accounting policies and estimates - Narrative (Details) - Customer Concentration Risk - Four Customers	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue Benchmark \| Product revenue, net
Concentration Risk [Line Items]
Concentration risk percentage	96.00%	96.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	98.00%		99.00%

Statements of Stockholders' Equity (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) [Abstract]
Shares withheld for tax (in shares)	1,437,592	743,677

Long-term debt - Components of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 248,774
Long-term debt, net of unamortized debt issuance costs	229,674	$ 190,932
Convertible Debt
Debt Instrument [Line Items]
Long-term debt	49,281	49,306
Less: unamortized debt issuance costs	(1,293)	(1,400)
Hayfin 2029 Loans
Debt Instrument [Line Items]
Long-term debt	184,089
Less: unamortized debt issuance costs	$ (2,403)
Hayfin Loan
Debt Instrument [Line Items]
Long-term debt		145,569
Less: unamortized debt issuance costs		$ (2,543)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Net loss per common share

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024	2023
Shares to be issued upon conversion of Convertible Notes	15,939,216	15,416,667
Vested and unvested stock options	8,943,677	9,567,754
Restricted stock units	16,777,865	10,561,349
Warrants	8,362,270	8,362,270
Total anti-dilutive securities excluded from EPS computation 1	50,023,028	43,908,040

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

Long-term debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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


	March 31, 2024		December 31, 2023

Convertible senior notes	$	49,281	$	49,306
Less: unamortized debt issuance costs	(1,293)		(1,400)
Loan agreement	184,089		145,569
Less: unamortized debt issuance costs	(2,403)		(2,543)
Long-term debt, net of unamortized debt issuance costs	$	229,674	$	190,932

Schedule of Maturities of Long-term Debt

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


2024 remaining	$	—
2025	15,200
2026	—
2027	—
2028	33,574

Thereafter	200,000
	$	248,774

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Leases

3 Months Ended

Mar. 31, 2024

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.

All of the Company's leases are classified as operating leases, which are included as operating lease right-of-use assets and current and non-current operating lease liabilities in the condensed consolidated balance sheets. The Company’s operating lease costs are included in operating expenses in the accompanying condensed 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 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. 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. The majority of the Company's real estate leases require that the Company pay 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 right-of-use asset and lease liability but are reflected as variable lease expenses.

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 lease 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 March 31, 2024, the Company’s operating leases had a weighted-average remaining lease term of 11.4 years and a weighted-average discount rate of 11.9%.

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


	Three Months Ended March 31,
		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	365	$	478

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

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


	Three Months Ended March 31,
Lease cost		2024		2023
Operating lease expense		$	1,340	$	413
Variable lease cost		241		350
Sublease income		(53)		(54)
Total lease cost		$	1,528	$	709

As of March 31, 2024, maturities of lease liabilities are summarized as follows (in thousands):


2024 remaining	$	3,130
2025	6,080
2026	6,232
2027	6,389
2028	6,549

Thereafter	45,441
Total lease payments	73,821
Less: Effect of discounting to net present value	(34,800)
Present value of lease liabilities	$	39,021

Operating lease liabilities, current	$	4,624
Operating lease liabilities, non-current	34,397
Total operating lease liabilities	$	39,021

Basis of presentation and summary of significant accounting policies and estimates	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation and summary of significant accounting policies and estimates	Basis of presentation and summary of significant accounting policies and estimates Basis of presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, the accompanying condensed 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. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023 included in the Company's Annual Report on Form 10-K filed with the SEC on March 6, 2024. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. 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 condensed 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, Recorlev and Keveyis 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. Such revenue is reported as product revenue, net in the condensed consolidated statements of operations and comprehensive loss. Additionally, the Company earns revenue from research collaborations for the use of Xeris’ proprietary formulation technology platforms and royalties from branded products. Such revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. This revenue is reported as royalty, contract and other revenue in the condensed consolidated statements of operations and comprehensive loss. Concentration of credit risk For the three months ended March 31, 2024 and March 31, 2023, four customers accounted for 96% and 96% of the Company’s gross product revenue, respectively. At March 31, 2024 and December 31, 2023, the same four customers accounted for 98% and 99% of the trade accounts receivable, net, respectively. New accounting pronouncements Adopted accounting standard In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718). This standard amends various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. Staff Accounting Bulletin No. 120 provides guidance to companies issuing share-based awards shortly before announcing material, nonpublic information to consider such material nonpublic information to adjust observable market prices if the release of material nonpublic information is expected to affect the share price. The standard does not provide any new guidance so there is no transition or effective date associated with it and therefore, the Company adopted this standard with no impact on the Company's financial statements. 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. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. 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. The Company adopted ASU 2020-06 on January 1, 2024. Adoption of ASU 2020-06 did not impact the Company's financial position, results of operations or cash flows since the Company did not separately present in equity an embedded conversion feature in such debt but accounted for the convertible debt instrument wholly as debt. Pending accounting standards In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. This standard amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in this standard are not intended to result in significant accounting changes for most entities. The standard is effective January 1, 2025 and is not expected to have a material impact on the Company's financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard expands the requirements for income tax disclosures in order to provide greater transparency. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures. In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures. This standard requires an entity to provide more detailed information about its reportable segment expenses that are included within management’s measurement of profit and loss and will require certain annual disclosures to be provided on an interim basis. The amendments in this ASU are effective for the Company in 2025 for annual reporting and in 2026 for interim reporting, with early adoption permitted beginning in 2024, and is required to be applied using the full retrospective method of transition. The Company is evaluating the timing and effects of the adoption of this standard on the Company's segment disclosures. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This Standard modifies the disclosure or presentation requirements of a variety of Topics in the Codification to align with the SEC’s regulations. The ASU also makes those requirements applicable to entities that were not previously subject to the SEC’s requirements. The ASU is effective for the Company two years after the effective date to remove the related disclosure from Regulation S-X or S-K. As of the date these financial statements have been made available for issuance, the SEC has not yet removed any related disclosure. The Company does not expect the adoption of this standard to have a material impact on the Company's financial statements. 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 the 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 expect the adoption of this standard to

Long-term debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long-term debt

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


	March 31, 2024		December 31, 2023

Convertible senior notes	$	49,281	$	49,306
Less: unamortized debt issuance costs	(1,293)		(1,400)
Loan agreement	184,089		145,569
Less: unamortized debt issuance costs	(2,403)		(2,543)
Long-term debt, net of unamortized debt issuance costs	$	229,674	$	190,932

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 "2025 Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes, which was exercised in full in July 2020. Since January 15, 2021, the 2025 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.

Xeris Pharma incurred debt issuance costs of $5.1 million in connection with the issuance of the 2025 Convertible Notes. At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of 2025 Convertible Notes may convert their 2025 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 a conversion rate of 326.7974 shares of the Company's common stock per $1,000 principal amount of 2025 Convertible Notes. In the second half of 2020, $39.1 million in principal amount of 2025 Convertible Notes were converted into 13,171,791 shares of Xeris Pharma’s common stock.

On September 29, 2023, the Company completed the exchange of $32.0 million in aggregate principal amount of the 2025 Convertible Notes for $33.6 million in aggregate principal amount of new 8.00% Convertible Notes due 2028 (the "2028 Convertible Notes" and together with the 2025 Convertible Notes, the "Convertible Notes"). As of March 31, 2024, the outstanding balance of the 2025 Convertible Notes was $15.2 million and the outstanding balance of the 2028 Convertible Notes was $33.6 million.

The 2025 Convertible Notes are governed by the terms of a base indenture for senior debt securities dated June 30, 2020 (the "2025 Base Indenture"), as supplemented by the first supplemental indenture dated June 30, 2020 (the "First Supplemental Indenture"), and the second supplemental indenture dated October 5, 2021 (the "Second Supplemental Indenture" and together with the 2025 Base Indenture and First Supplemental Indenture, the "2025 Indenture"), among the Company, as guarantor, Xeris Pharma, as issuer, and U.S. Bank Trust Company, National Association (f/k/a U.S. Bank National Association), as trustee (the "Trustee"). The 2028 Convertible Notes are governed by the terms of an indenture for senior debt securities dated September 29, 2023 (the "2028 Indenture" and together with the 2025 Indenture, the "Indentures") among the Company, as issuer, Xeris Pharma, as guarantor, and the Trustee. The 2025 Convertible Notes and the 2028 Convertible Notes will mature on July 15, 2025 and July 15, 2028, respectively, unless earlier converted or redeemed or repurchased.

The Convertible Notes are senior, unsecured obligations and are equal in right of payment with the issuer'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 the Company or Xeris Pharma is not a holder thereof) preferred equity, if any, of the Company’s direct and indirect subsidiaries other than Xeris Pharma.

As a result of the transactions associated with the acquisition of Strongbridge, and pursuant to the Second Supplemental Indenture, the 2025 Convertible Notes are no longer convertible into shares of common stock of Xeris Pharma. Instead, subject to the terms and conditions of the 2025 Indenture, the 2025 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 for the acquisition of Strongbridge, and the "Reference Property" provisions in the 2025 Indenture.

The fair value of the Convertible Notes is determined using current interest rates based on credit ratings and the remaining term of maturity. As of March 31, 2024, the fair value of the Convertible Notes was approximately $52.1 million. The fair value of the convertible debt was estimated using inputs for volatility, the Company’s stock price, time to maturity, the risk-free rate and the Company’s credit spread, some of which are considered Level 3 inputs in the fair value hierarchy disclosed in "Note 11 - Fair value measurement."

Loan agreement

In September 2019, Xeris Pharma entered into an Amended and Restated Loan and Security Agreement (the "Oxford Loan Agreement") with Oxford Finance LLC ("Oxford"), as the collateral agent and a lender, and Silicon Valley Bank, as a lender ("SVB," and together with Oxford, the "Prior Lenders"). The Oxford 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 June 2020, Xeris Pharma paid a portion of the term loan equal to the sum of $20.0 million, plus all accrued and unpaid interest. In November 2020, an additional $3.5 million was drawn from the term loan.

In March 2022, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into a Credit Agreement and Guaranty (as amended, modified or amended and restated from time to time, 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 Oxford Loan Agreement remaining balance of $43.5 million 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 Oxford Loan Agreement in full, the proceeds were otherwise used for general corporate purposes.

On March 5, 2024, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into an Amended and Restated Credit Agreement and Guaranty (the “Amended and Restated Credit Agreement”) with the lenders from time to time parties thereto (the “New Lenders”) and Hayfin Services LLP, as administrative agent for the New Lenders, 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 Amended and Restated Credit Agreement amends and restates in its entirety the Hayfin Loan Agreement. The Amended and Restated Credit Agreement provided for the New Lenders to extend $200.0 million in term loans (the “Tranche 1 Loans”) to Xeris Pharma on the closing date and $15.2 million in additional term loans (the “Tranche 2 Loans” and, together with the Tranche 1 Loans, the “2029 Loans”) on any date after the closing date and through July 15, 2025. The Tranche 2 Loans may only be used to redeem the 2025 Convertible Notes. In conjunction with the execution of the Amended and Restated Credit Agreement, the aggregate principal balance of $150.0 million plus all accrued and unpaid interest outstanding under the Hayfin Loan Agreement was continued under the Amended and Restated Credit Agreement as Tranche 1 Loans. In addition to utilizing the proceeds to repay the obligations under the Hayfin Loan Agreement in full, the proceeds of the Tranche 1 Loans will otherwise be used for general corporate purposes. After repayment, the 2029 Loans may not be re-borrowed.

The 2029 Loans will mature on March 5, 2029; provided, however, that the 2029 Loans will mature on (A) January 15, 2025 if the 2025 Convertible Notes are outstanding as of such date or (B) January 15, 2028 if the 2028 Convertible Notes are outstanding as of such date and, in both cases, either (i) the maturity date of the applicable notes has not been extended to a date not earlier than September 5, 2029 and (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 $15.6 million of cash on hand, is sufficient to redeem and discharge the 2025 Convertible Notes or the 2028 Convertible Notes, as applicable, in full.

The 2029 Loans incur interest at a floating per annum rate in an amount equal to the sum of (i) 6.95% (or 5.95% if the replacement rate is in effect) plus (ii) the greater of (x) the forward-looking term rate based on SOFR for a three month tenor (or the replacement rate, if applicable), and (y) 2.00% per annum. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The effective interest rate of the 2029 Loans, including the amortization of debt discount and debt issuance costs, amounts to approximately 11.4%. The debt outstanding under the 2029 Loans approximates fair value due to the variable interest rate on the debt.

The Amended and Restated Credit Agreement allows Xeris Pharma to voluntarily prepay the outstanding amounts thereunder. Xeris Pharma is subject to an early prepayment fee equal to (i) for any prepayment that occurs on or 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, the product of (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 (5.00%), (B) after the third anniversary of the closing date and on or prior to the fourth anniversary of the closing date, three percent (3.00%), and (C) after the fourth anniversary of the closing date, zero percent (0.00%).

The Amended and Restated Credit 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 (and its subsidiaries) 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.

The Amended and Restated Credit Agreement was accounted for as a modification of debt in accordance with ASC 470-50, Debt - Modifications and Extinguishments, thus there was no gain or loss recognized on the transaction.

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


2024 remaining	$	—
2025	15,200
2026	—
2027	—
2028	33,574

Thereafter	200,000
	$	248,774

For the three months ended March 31, 2024 and 2023, the Company recognized interest expense of $7.0 million and $6.2 million, respectively, of which $0.6 million and $0.5 million, respectively, related to the amortization of debt discount and issuance costs, respectively. Debt refinancing costs related to advisory and legal fees of $2.7 million were recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024.

Basis of presentation and summary of significant accounting policies and estimates (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, the accompanying condensed 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. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2023 included in the Company's Annual Report on Form 10-K filed with the SEC on March 6, 2024. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. 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	Basis of consolidation These condensed consolidated financial statements include the financial statements of Xeris Biopharma Holdings, Inc. and subsidiaries. All intercompany transactions have been eliminated.
Use of estimates	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 and Costs of goods sold	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, Recorlev and Keveyis 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. Such revenue is reported as product revenue, net in the condensed consolidated statements of operations and comprehensive loss. Additionally, the Company earns revenue from research collaborations for the use of Xeris’ proprietary formulation technology platforms and royalties from branded products. Such revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. This revenue is reported as royalty, contract and other revenue in the condensed consolidated statements of operations and comprehensive loss.
New accounting pronouncements	New accounting pronouncements Adopted accounting standard In July 2023, the FASB issued ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718). This standard amends various SEC paragraphs in the Accounting Standards Codification to primarily reflect the issuance of SEC Staff Accounting Bulletin No. 120. Staff Accounting Bulletin No. 120 provides guidance to companies issuing share-based awards shortly before announcing material, nonpublic information to consider such material nonpublic information to adjust observable market prices if the release of material nonpublic information is expected to affect the share price. The standard does not provide any new guidance so there is no transition or effective date associated with it and therefore, the Company adopted this standard with no impact on the Company's financial statements. 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. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. 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. The Company adopted ASU 2020-06 on January 1, 2024. Adoption of ASU 2020-06 did not impact the Company's financial position, results of operations or cash flows since the Company did not separately present in equity an embedded conversion feature in such debt but accounted for the convertible debt instrument wholly as debt. Pending accounting standards In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. This standard amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance, but in most instances the references removed are extraneous and not required to understand or apply the guidance. Generally, the amendments in this standard are not intended to result in significant accounting changes for most entities. The standard is effective January 1, 2025 and is not expected to have a material impact on the Company's financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard expands the requirements for income tax disclosures in order to provide greater transparency. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied prospectively. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures. In December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures. This standard requires an entity to provide more detailed information about its reportable segment expenses that are included within management’s measurement of profit and loss and will require certain annual disclosures to be provided on an interim basis. The amendments in this ASU are effective for the Company in 2025 for annual reporting and in 2026 for interim reporting, with early adoption permitted beginning in 2024, and is required to be applied using the full retrospective method of transition. The Company is evaluating the timing and effects of the adoption of this standard on the Company's segment disclosures. In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This Standard modifies the disclosure or presentation requirements of a variety of Topics in the Codification to align with the SEC’s regulations. The ASU also makes those requirements applicable to entities that were not previously subject to the SEC’s requirements. The ASU is effective for the Company two years after the effective date to remove the related disclosure from Regulation S-X or S-K. As of the date these financial statements have been made available for issuance, the SEC has not yet removed any related disclosure. The Company does not expect the adoption of this standard to have a material impact on the Company's financial statements. 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 the 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 expect the adoption of this standard to

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Stock compensation plan - Narrative (Details) - USD ($)	3 Months Ended
Stock compensation plan - Narrative (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)		1,822,000	4,714,982
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 400,000
Period for recognition	8 months 12 days
Options \| Minimum \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Options \| Minimum \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Options \| Minimum \| Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Exchange Offer \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Exchange Offer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 31,100,000
Period for recognition	2 years 3 months 18 days
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	2,100,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)		193,000
Available for grant (in shares)	400,000
Maximum employee payroll deduction percentage	15.00%
Common stock value, tax limit on employee stock purchase plan	$ 25,000
Purchase price of common stock (percent)	85.00%
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	1,600,000
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	7,300

Inventory

3 Months Ended

Mar. 31, 2024

Inventory [Line Items]

Inventory Disclosure [Text Block]

Inventory

The components of inventory consist of the following (in thousands):


	March 31, 2024		December 31, 2023

Raw materials	$	20,603	$	17,404
Work in process	7,809		10,959
Finished goods	12,466		10,475
Inventory	$	40,878	$	38,838

Inventory reserves were $2.4 million and $2.4 million at March 31, 2024 and December 31, 2023, respectively.

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000	$ 132,000
Accumulated amortization	(24,947)	(22,236)
Net	$ 107,053	109,764
Developed Technology Rights - Keveyis
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000	11,000
Accumulated amortization	(5,500)	(4,950)
Net	$ 5,500	6,050
Developed Technology Rights - Recorlev
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000	121,000
Accumulated amortization	(19,447)	(17,286)
Net	$ 101,553	$ 103,714

Stock compensation plan - Employee Stock Award Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	9,199,744
Exercises (in shares)	(229,417)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(94)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(26,556)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	8,943,677	9,199,744
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 5.29	$ 5.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 6 months 21 days	3 years 10 months 2 days
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 2.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	4.58
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 5.44
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	8,796,588
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.30
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	8,943,677
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 5.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 6 months 21 days

Disaggregated revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Disaggregated revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 40,638	$ 33,196
Depreciation Depletion and Amortization, not including asset impairments	300	400
Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenue	40,263	32,265
Gvoke
Disaggregation of Revenue [Line Items]
Total revenue	16,579	15,033
Keveyis
Disaggregation of Revenue [Line Items]
Total revenue	13,085	12,755
Recorlev
Disaggregation of Revenue [Line Items]
Total revenue	10,599	4,477
Royalty, contract and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 375	$ 931

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Other accrued liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses [Abstract]
Accrued employee costs	$ 10,368	$ 16,956
Accrued supply chain costs	521	523
Accrued marketing costs	1,032	598
Accrued research and development costs	511	960
Accrued interest expense	6,332	1,374
Accrued other costs	3,627	3,099
Other accrued liabilities	$ 22,391	$ 23,510

Other accrued liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Accrued Expenses [Abstract]

Other Accrued Liabilities

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


	March 31, 2024		December 31, 2023
Accrued employee costs	$	10,368	$	16,956
Accrued supply chain costs	521		523
Accrued marketing costs	1,032		598

Accrued research and development costs	511		960
Accrued interest expense	6,332		1,374
Accrued other costs	3,627		3,099
Other accrued liabilities	$	22,391	$	23,510

Disaggregated revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

isaggregated revenue by product (in thousands):


	Three Months Ended March 31,
		2024		2023
Product revenue:
Gvoke		$	16,579	$	15,033
Keveyis		13,085		12,755
Recorlev		10,599		4,477
Product revenue, net		40,263		32,265
Royalty, contract and other revenue		375		931
Total revenue		$	40,638	$	33,196

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Commitments Commitments to Taro The Company has a supply agreement with Taro Pharmaceuticals North America, Inc. ("Taro") to produce Keveyis. In 2023, the Company amended the agreement to extend the initial term until March 2027. As part of the agreement, as amended, the Company has agreed to certain annual minimum marketing spend requirements and minimum purchase order quantities for each year, which in the case of the minimum purchase order quantities, is based on the previous year's purchases. Leases As of March 31, 2024, the Company had unused letters of credit of $4.2 million, which were issued primarily to secure leases. These letters of credit are collateralized by $4.2 million of restricted cash, which is recorded in other assets in the condensed consolidated balance sheets. Contingencies Litigation From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of March 31, 2024, 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 (i) the 2025 Convertible Notes are still outstanding as of January 15, 2025 or (ii) the 2028 Convertible Notes are still outstanding as of January 15, 2028 and, in each case, the maturity date has not been extended to a date not earlier than September 5, 2029, 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 $15.6 million of cash on hand, is sufficient to redeem and discharge the 2025 Convertible Notes or 2028 Convertible Notes, as applicable, in full, the loans outstanding under the Hayfin Loan Agreement will mature on January 15, 2025 in the case of outstanding 2025 Convertible Notes and January 15, 2028 in the case of outstanding 2028 Convertible Notes. As disclosed in "Note 9 - Long-term debt", the Amended and Restated Credit Agreement provided for the New Lenders to extend $15.2 million Tranche 2 Loans on any date after March 5, 2024 and through July 15, 2025 solely for the purpose of redeeming the 2025 Convertible Notes.

Net loss per common share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	50,023,028	43,908,040
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	15,939,216	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	8,943,677	9,567,754
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,777,865	10,561,349
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	8,362,270

Property and equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property and equipment

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


	March 31, 2024		December 31, 2023

Lab equipment	$	4,275	$	4,153
Furniture and fixtures	539		539
Computer equipment	876		860
Office equipment	97		97
Software	374		374
Leasehold improvements	5,984		5,984
Total property and equipment	12,145		12,007
Less: accumulated depreciation and amortization	(6,362)		(6,036)
Property and equipment, net	$	5,783	$	5,971

Depreciation and amortization expense relating to property and equipment was $0.3 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively.

Property and equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,145	$ 12,007
Less: accumulated depreciation and amortization	(6,362)	(6,036)
Property and equipment, net	5,783	5,971
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,275	4,153
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	539	539
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	876	860
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97	97
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	374	374
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,984	$ 5,984

Stock compensation plan (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation, Activity

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the three months ended March 31, 2024 was as follows:


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (Years)





Outstanding - December 31, 2023	9,199,744	$5.22	3.84


Exercised	(229,417)	2.00
Forfeited	(94)	4.58
Expired	(26,556)	5.44
Outstanding - March 31, 2024	8,943,677	$5.29	3.56
Vested and expected to vest at March 31, 2024	8,943,677	$5.29	3.56
Exercisable - March 31, 2024	8,796,588	$5.30	3.50

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):


	Three Months Ended March 31,
	2024		2023

Research and development	$	337	$	322
Selling, general and administrative	3,430		2,242
Total stock-based compensation expense	$	3,767	$	2,564

Schedule of Nonvested Restricted Stock Units Activity

A summary of outstanding RSU awards and the activity for the three months ended March 31, 2024 was as follows:


	Number of Units	Weighted Average Grant Date Fair Value Per Share




Unvested balance - December 31, 2023	11,579,548	$	1.83
Granted	9,111,250	2.46
Vested	(3,776,815)	2.09
Forfeited	(136,118)	1.94
Unvested balance - March 31, 2024	16,777,865	$	2.11

Organization and nature of the business	3 Months Ended
Organization and nature of the business	Mar. 31, 2024
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; Recorlev, a cortisol synthesis inhibitor for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome approved by the Food and Drug Administration ("FDA") in December 2021; and Keveyis, the first therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of Primary Periodic Paralysis ("PPP"). The Company also has a pipeline of development programs to bring new products forward using its proprietary formulation science, XeriSol and XeriJect. As used herein, the "Company" or "Xeris" refers to Xeris Pharmaceuticals, Inc. ("Xeris Pharma") when referring to periods prior to the acquisition of Strongbridge Biopharma plc ("Strongbridge") on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021. Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, Gvoke Kit and Ogluo (glucagon). The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of available products and any future products, if and when approved, successful development of product candidates, the development of new technological innovations by competitors, and protection of intellectual property. Liquidity and capital resources The Company has incurred operating losses since inception and has an accumulated deficit of $636.0 million as of March 31, 2024. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these condensed consolidated financial statements. Based on the Company’s current operating plans and existing working capital at March 31, 2024, the Company believes that its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these condensed consolidated financial statements. If needed, the Company may elect to finance its operations through equity or debt financing along with revenues. There can be no assurance that such funding may be available to the Company on acceptable terms, or at all, or that the Company will be able to successfully market and sell Gvoke, Recorlev and Keveyis. Market volatility resulting from geopolitical instability resulting from the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, rising interest rates, inflationary pressures, the tightening of lending standards, a potential shutdown of the U.S. government, any further deterioration in the macroeconomic economy or financial services industry resulting from actual or potential bank failures, or other factors could also adversely impact the Company's ability to access capital as and when needed. The issuance of equity securities may result in dilution to stockholders. If the Company raises additional funds through the issuance of additional debt, which may have rights, preferences and privileges senior to those of the Company's common stockholders, the terms of the debt could impose significant restrictions on the Company's operations. The failure to raise funds as and when needed could have a negative impact on the Company's financial condition and ability to pursue its business strategies. If additional funding is not secured when required, the Company may need to delay or curtail its operations until such funding is received, which would have a material adverse impact on the business prospects and results of operations.

Short-term investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Short-term investments

The Company classifies investments in debt securities as available-for-sale. Debt securities are comprised of liquid investments that are highly rated securities and, as of March 31, 2024, consist of U.S. government securities, all with remaining maturities of less than one year. Debt securities as of March 31, 2024 had an average remaining maturity of 0.3 years. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss) in the condensed consolidated balance sheets. The cost of short-term investments is adjusted for amortization of premiums or accretion of discounts to maturity, and such amortization or accretion, as well as interest income, are included in interest and other income in the condensed consolidated statements of operations and comprehensive loss. Refer to "Note 11 - Fair value measurements," for information related to the fair value measurements and valuation methods utilized.

The following table represents the Company’s short-term investments by major security type (in thousands):


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
U.S. government securities	$	24,674	$	—	$	(12)	$	24,662


Total available-for-sale investments	$	24,674	$	—	$	(12)	$	24,662

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
U.S. government securities	$	5,004	$	—	$	(2)	$	5,002


Total available-for-sale investments	$	5,004	$	—	$	(2)	$	5,002

Allowance for Credit Losses

For available-for-sale securities in an unrealized loss position, the Company first assesses whether they are intended to be sold, or if it is more likely than not that the Company will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale securities that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, market conditions, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive loss on the statements of operations and comprehensive loss. No credit loss allowance was recorded in the three months ended March 31, 2024 and 2023

Consolidated Statement of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cash flows from operating activities:

Net loss

$ (18,980)

$ (16,834)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

326

364

Amortization of intangible assets

2,711

Amortization of premium/discount on investments

(184)

(382)

Amortization of debt discount and debt issuance costs

573

548

Amortization of operating right-of-use assets

177

106

Deferred income tax expense (benefit)

307

Stock-based compensation

3,767

2,564

Change in fair value of contingent value rights

(3,367)

(1,359)

Changes in operating assets and liabilities:

Trade accounts receivable

1,783

(30)

Prepaid expenses and other current assets

(1,858)

(1,225)

Inventory

(2,332)

(3,817)

Accounts payable

(4,471)

6,935

Other accrued liabilities

(1,123)

(13,931)

Accrued trade discounts and rebates

411

Accrued returns reserve

395

2,081

Supply agreement liabilities

(3,838)

Operating lease liabilities

762

(188)

Other

800

Net cash used in operating activities

(20,303)

(26,140)

Cash flows from investing activities:

Capital expenditures

(164)

(238)

Purchases of investments

(24,486)

(43,741)

Sales and maturities of investments

5,000

Net cash used in investing activities

(19,650)

(43,979)

Cash flows from financing activities:

Proceeds from debt refinancing

50,000

Payment of debt discount

(11,831)

Proceeds from exercise of stock awards

459

Repurchase of common stock withheld for taxes

(3,434)

(863)

Net cash provided by (used in) financing activities

35,194

(863)

Decrease in cash, cash equivalents and restricted cash

(4,759)

(70,982)

Cash, cash equivalents and restricted cash, beginning of year

71,674

126,314

Cash, cash equivalents and restricted cash, end of year

66,915

55,332

Supplemental schedule of cash flow information:

Cash paid for interest

1,501

9,826

Supplemental schedule of non-cash activities:

Issuance of common shares in settlement of CVR liability

15,803

Cash flows from operating activities:

Cash and cash equivalents

62,690

50,984

Restricted cash included in Other assets (1)

^[1]

4,225

4,348

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows

$ 66,915

$ 55,332

[1]	These restricted cash items are primarily security deposit in the form of letters of credit for the Company to secure certain leases.

Inventory (Tables)

3 Months Ended

Mar. 31, 2024

Inventory [Line Items]

Schedule of Inventory

The components of inventory consist of the following (in thousands):


	March 31, 2024		December 31, 2023

Raw materials	$	20,603	$	17,404
Work in process	7,809		10,959
Finished goods	12,466		10,475
Inventory	$	40,878	$	38,838

Property and equipment (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	March 31, 2024		December 31, 2023

Lab equipment	$	4,275	$	4,153
Furniture and fixtures	539		539
Computer equipment	876		860
Office equipment	97		97
Software	374		374
Leasehold improvements	5,984		5,984
Total property and equipment	12,145		12,007
Less: accumulated depreciation and amortization	(6,362)		(6,036)
Property and equipment, net	$	5,783	$	5,971

Organization and nature of the business - Narrative (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2024 USD ($) commerciallyAvailableProduct $ / shares	Dec. 31, 2023 USD ($) $ / 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
Accumulated deficit \| $	$ 636,005	$ 617,025

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Short-term investments (Details) - USD ($)	3 Months Ended
Short-term investments (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Average remaining maturity	3 months 18 days
Short-term investments	$ 24,662,000		$ 5,002,000
Amortized Cost	24,674,000		5,004,000
Gross Unrealized Gains	0		0
Gross Unrealized Losses	(12,000)		(2,000)
Total Fair Value	24,662,000		5,002,000
Available for sale securities, allowance for credit loss during period	0	$ 0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24,674,000		5,004,000
Gross Unrealized Gains	0		0
Gross Unrealized Losses	(12,000)		(2,000)
Total Fair Value	$ 24,662,000		$ 5,002,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		136,273,090
Beginning balance at Dec. 31, 2022	$ 45,187	$ 14	$ 599,966	$ (23)	$ (554,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,834)				(16,834)
Vesting of restricted stock units (in shares)		1,018,187
Vesting of restricted stock units	863		863
Stock-based compensation	2,564		2,564
Other comprehensive loss	(6)			(6)
Ending balance (in shares) at Mar. 31, 2023		137,291,277
Ending balance at Mar. 31, 2023	30,048	$ 14	601,667	(29)	(571,604)
Beginning balance (in shares) at Dec. 31, 2023		138,130,715
Beginning balance at Dec. 31, 2023	(6,782)	$ 14	610,254	(25)	(617,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,980)				(18,980)
Issuance of common stock to settle contingent value rights (in shares)	$ 15,803	$ 1	15,802
Issuance of common stock to settle contingent value rights		7,525,048
Exercise stock options (in shares)	229,417	229,417
Exercise of stock options	$ 459		459
Vesting of restricted stock units (in shares)		2,339,223
Vesting of restricted stock units	3,434		3,434
Stock-based compensation	3,767		3,767
Other comprehensive loss	(11)			(11)
Ending balance (in shares) at Mar. 31, 2024		148,224,403
Ending balance at Mar. 31, 2024	$ (9,178)	$ 15	$ 626,848	$ (36)	$ (636,005)

Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Warrants [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of March 31, 2024, 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

Warrants

3 Months Ended

Mar. 31, 2023

Warrants [Abstract]

Other Liabilities Disclosure

Warrants

As of March 31, 2024, 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

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 remaining	$ 3,130
2025	6,080
2026	6,232
2027	6,389
2028	6,549
Thereafter	45,441
Total lease payments	73,821
Less: Effect of discounting to net present value	(34,800)
Present value of lease liabilities	39,021
Current operating lease liabilities	4,624	$ 3,495
Non-current operating lease liabilities	34,397	$ 34,764
Operating lease liability	$ 39,021

Leases - Summary of Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 365	$ 478
Lease cost
Operating lease expense	1,340	413
Variable lease cost	241	350
Sublease income	(53)	(54)
Total lease cost	$ 1,528	$ 709

Property and equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation Depletion and Amortization, not including asset impairments	$ 0.3	$ 0.4

Disaggregated revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregated revenue

Disaggregated revenue by product (in thousands):


	Three Months Ended March 31,
		2024		2023
Product revenue:
Gvoke		$	16,579	$	15,033
Keveyis		13,085		12,755
Recorlev		10,599		4,477
Product revenue, net		40,263		32,265
Royalty, contract and other revenue		375		931
Total revenue		$	40,638	$	33,196

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Short-term investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following table represents the Company’s short-term investments by major security type (in thousands):


	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
U.S. government securities	$	24,674	$	—	$	(12)	$	24,662


Total available-for-sale investments	$	24,674	$	—	$	(12)	$	24,662

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
U.S. government securities	$	5,004	$	—	$	(2)	$	5,002


Total available-for-sale investments	$	5,004	$	—	$	(2)	$	5,002

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-Section 50
-Paragraph 2
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 3
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 30, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	1375 West Fulton Street
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		148,255,663
Entity Central Index Key	0001867096
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Long-term debt - Future Principal Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024 remaining	$ 0
2025	15,200
2026	0
2027	0
2028	33,574
Thereafter	200,000
Long-term debt total	$ 248,774

Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Common stock par value (in dollars per share)	$ 0.0001		$ 0.0001
Outstanding warrants	94,012
Loss (gain) on warrants	$ (4)	$ 0
Term A Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants	53,720
Exercise price per warrant (in USD per share)	$ 11.169
Term B Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants	40,292
Exercise price per warrant (in USD per share)	$ 11.169
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	5,119,454
Exercise price per warrant (in USD per share)	$ 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 (in USD per share)	$ 2.280

Fair value measurements - Narrative (Details) contingentValueRight in Millions		3 Months Ended
	Oct. 05, 2021 USD ($) contingentValueRight	Mar. 31, 2024 USD ($) shares
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of common stock to settle contingent value rights \| shares		7,525,048
Strongbridge
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 1.00
Business Combination, Contingent Consideration, Number Of Contingent Value Rights \| contingentValueRight	74.4
Business Combination, Contingent Consideration, Number Of Additional Contingent Value Rights To Be Issued \| contingentValueRight	8.1
Business Combination, Gain (Loss) On Remeasurement Of Contingent Value Rights Liability		$ 3,000,000
Strongbridge \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance of common stock to settle contingent value rights \| shares		7,525,048
Strongbridge \| Achievement In Net Sales Of Keveyis In 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.50
Business Combination, Contingent Consideration, Net Sales Threshold	$ 80,000,000

Long-term debt - Narrative (Details)				1 Months Ended		3 Months Ended		6 Months Ended
Long-term debt - Narrative (Details)	Mar. 05, 2024 USD ($)	Sep. 29, 2023 USD ($)	Dec. 28, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2020 USD ($) shares	Mar. 05, 2028	Mar. 05, 2027	Mar. 05, 2026	Dec. 31, 2023 USD ($)	Nov. 30, 2020 USD ($)	Jul. 07, 2020 USD ($)	Sep. 30, 2019 USD ($) tranche
Debt Instrument [Line Items]
Long-term debt, net of unamortized debt issuance costs						$ 229,674,000						$ 190,932,000
Interest expense						7,032,000	$ 6,216,000
Amortization of debt discount and debt issuance costs						573,000	$ 548,000
Professional fees						$ 2,700,000
2025 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount														$ 86,300,000
Cash interest per annum on convertible notes														5.00%
Convertible notes purchased, due to exercise of underwriter option														$ 11,300,000
Accrued debt issuance costs														$ 5,100,000
Maximum conversion rate of Convertible Notes \| shares						326.7974
Per principal amount of Convertible Notes						$ 1,000
Principal amount of convertible notes converted								$ 39,100,000
Issuance of common stock upon conversion of convertible notes (in shares) \| shares								13,171,791
Extinguishment of convertible note		$ 32,000,000
Long-term debt, net of unamortized debt issuance costs						15,200,000
2028 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount		$ 33,600,000
Stated interest rate		8.00%
Long-term debt, net of unamortized debt issuance costs						33,600,000
Fair value						52,100,000
Amended Loan and Security Agreement \| Term Loan
Debt Instrument [Line Items]
Debt instrument face amount													$ 3,500,000		$ 60,000,000
Maximum borrowing capacity															$ 85,000,000
Number of tranches \| tranche															3
Repayments of notes payable					$ 20,000,000
Hayfin Loan
Debt Instrument [Line Items]
Debt instrument face amount				$ 43,500,000
Payment of fees				2,100,000
Debt covenant, maximum cash on hand, early maturity						$ 15,600,000
Hayfin Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount				100,000,000
Hayfin Loan \| Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt instrument face amount				$ 50,000,000
Proceeds from issuance of debt			$ 50,000,000
Hayfin Tranche 1 Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount	$ 200,000,000
Hayfin Tranche 2 Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount	15,200,000
Hayfin Tranche 2 Loan \| Secured Debt and Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt instrument face amount	150,000,000
Hayfin 2029 Loans \| Secured Debt
Debt Instrument [Line Items]
Debt covenant, maximum cash on hand, early maturity	$ 15,600,000
Effective interest rate	11.40%
Hayfin 2029 Loans \| Secured Debt \| Forecast
Debt Instrument [Line Items]
Prepayment fee percentage									0.00%	3.00%	5.00%
Hayfin 2029 Loans \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Variable rate	2.00%
Hayfin 2029 Loans \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.95%
Hayfin 2029 Loans \| Secured Debt \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.95%

Intangible assets - Expected Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 remaining	$ 8,132
2025	10,843
2026	10,293
2027	8,643
2028	8,643
Thereafter	60,499
Net	$ 107,053	$ 109,764

Net loss per common share (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024	2023
Shares to be issued upon conversion of Convertible Notes	15,939,216	15,416,667
Vested and unvested stock options	8,943,677	9,567,754
Restricted stock units	16,777,865	10,561,349
Warrants	8,362,270	8,362,270
Total anti-dilutive securities excluded from EPS computation 1	50,023,028	43,908,040

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

Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	Mar. 31, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Outstanding warrants	94,012
Term A Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants	53,720
Exercise price per warrant (in USD per share) \| $ / shares	$ 11.169
Term B Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants	40,292
Exercise price per warrant (in USD per share) \| $ / 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 (in USD per share) \| $ / 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 (in USD per share) \| $ / 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 (in USD per share) \| $ / 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 (in USD per share) \| $ / 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 (in USD per share) \| $ / 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 (in USD per share) \| $ / 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 (in USD per share) \| $ / shares	$ 2.280
Total Warrants Assumed
Class of Warrant or Right [Line Items]
Outstanding warrants	8,268,258

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 62,690	$ 67,449
Short-term investments	24,662	5,002
Trade accounts receivable, net	37,414	39,197
Inventory	40,878	38,838
Prepaid expenses and other current assets	7,636	5,778
Total current assets	173,280	156,264
Property and equipment, net	5,783	5,971
Operating lease right-of-use assets	23,027	23,204
Goodwill	22,859	22,859
Other assets	107,053	109,764
Other assets	4,614	4,540
Total assets	336,616	322,602
Current Liabilities
Accounts payable	7,094	11,565
Current operating lease liabilities	4,624	3,495
Other accrued liabilities	22,391	23,510
Accrued trade discounts and rebates	22,560	22,149
Accrued returns reserve	14,593	14,198
Current portion of contingent value rights	1,021	19,109
Other current liabilities	801	1,167
Total current liabilities	73,084	95,193
Long-term debt, net of unamortized debt issuance costs	229,674	190,932
Non-current operating lease liabilities	34,397	34,764
Non-current contingent value rights	0	1,379
Deferred tax liabilities	2,575	2,268
Other liabilities	6,064	4,848
Total liabilities	345,794	329,384
Commitments and contingencies (Note 14)
Stockholders' Equity
Preferred stock—par value $0.0001, 25,000,000 shares and 25,000,000 shares authorized and no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Common stock—par value $0.0001, 350,000,000 shares and 350,000,000 shares authorized as of March 31, 2024 and December 31, 2023, respectively; 148,224,403 and 138,130,715 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	15	14
Additional paid in capital	626,848	610,254
Accumulated deficit	(636,005)	(617,025)
Accumulated other comprehensive loss	(36)	(25)
Total stockholders’ equity (deficit)	(9,178)	(6,782)
Total liabilities and stockholders’ equity (deficit)	$ 336,616	$ 322,602