# Xeris Biopharma Holdings, Inc. (XERS)

Informational only - not investment advice.

CIK: 0001867096
SIC: 2834 Pharmaceutical Preparations
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2834 Pharmaceutical Preparations](/industry/2834/)
Latest 10-K filed: 2026-03-02
SEC page: https://www.sec.gov/edgar/browse/?CIK=1867096
Filing source: https://www.sec.gov/Archives/edgar/data/1867096/000186709626000016/xers-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-02 · accession 0001867096-26-000016 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001867096.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 291,845,000 USD | 2025 | verified |
| Net income | 554,000 USD | 2025 | verified |
| Assets | 383,527,000 USD | 2025 | verified |
| Net margin | 0.19% | 2025 | computed |
| Operating margin | 8.53% | 2025 | computed |
| Revenue YoY | +43.72% | 2025 | computed |
| ROE | 4.05% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | XERS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.2% | 1.0% | 49 | 107 |
| Operating margin | 8.5% | -1.3% | 59 | 100 |
| Revenue growth | 43.7% | 14.7% | 67 | 127 |
| ROE | 4.0% | -30.7% | 74 | 171 |
| ROA | 0.1% | -21.8% | 73 | 187 |
| Liabilities / equity | 27.02 | 0.38 | 99 | 173 |
| Current ratio | 2.19 | 4.89 | 17 | 188 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2834 Pharmaceutical Preparations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 291845000 | USD | 2025 | 2026-03-02 |
| Net income | 554000 | USD | 2025 | 2026-03-02 |
| Assets | 383527000 | USD | 2025 | 2026-03-02 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-02. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001867096.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 20,155,000 | 49,590,000 | 110,248,000 | 163,914,000 | 203,070,000 | 291,845,000 |
| Net income |  | -91,140,000 | -122,725,000 | -94,660,000 | -62,255,000 | -54,836,000 | 554,000 |
| Operating income |  | -83,546,000 | -115,156,000 | -81,940,000 | -44,010,000 | -33,646,000 | 24,896,000 |
| Diluted EPS |  |  | -1.55 | -0.70 | -0.45 | -0.37 | 0.00 |
| Operating cash flow |  | -80,558,000 | -95,535,000 | -102,891,000 | -47,023,000 | -36,981,000 | 28,626,000 |
| Assets |  | 159,151,000 | 304,361,000 | 344,522,000 | 322,602,000 | 323,060,000 | 383,527,000 |
| Liabilities |  | 125,390,000 | 209,130,000 | 299,335,000 | 329,384,000 | 352,675,000 | 369,838,000 |
| Stockholders' equity | 14,436,000 | 33,761,000 | 95,231,000 | 45,187,000 | -6,782,000 | -29,615,000 | 13,689,000 |
| Cash and cash equivalents | 19,519,000 | 37,598,000 | 67,271,000 | 121,966,000 | 67,449,000 | 71,621,000 | 111,042,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | -85.86% | -37.98% | -27.00% | 0.19% |
| Operating margin |  |  |  | -74.32% | -26.85% | -16.57% | 8.53% |
| Return on equity |  | -269.96% | -128.87% | -209.49% |  |  | 4.05% |
| Return on assets |  | -57.27% | -40.32% | -27.48% | -19.30% | -16.97% | 0.14% |
| Liabilities / equity |  | 3.71 | 2.20 | 6.62 |  |  | 27.02 |
| Current ratio |  | 5.40 | 1.80 | 2.54 | 1.64 | 1.67 | 2.19 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001867096.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q1 | 2022-03-31 |  |  | -0.25 | reported discrete quarter |
| 2022-Q2 | 2022-06-30 |  |  | -0.19 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | -0.16 | reported discrete quarter |
| 2022-Q4 | 2022-12-31 | 33,144,000 | -12,930,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2023-Q3 | 2023-06-30 |  | -19,842,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 48,320,000 |  | -0.09 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 44,390,000 | -13,390,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q2 | 2024-03-31 |  | -18,980,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 48,065,000 |  | -0.10 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -15,005,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 54,268,000 |  | -0.11 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 60,099,000 | -5,113,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 60,119,000 | -9,220,000 | -0.06 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -9,220,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 71,539,000 |  | -0.01 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -1,928,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 74,380,000 |  | 0.00 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 85,807,000 | 11,081,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 83,127,000 | 2,234,000 | 0.01 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | 2,234,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 92,100,000 |  | -0.18 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from XERS's latest 10-K: [/company/XERS/business/](/company/XERS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from XERS's latest 10-K: [/company/XERS/risk-factors/](/company/XERS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1867096/000186709626000065/xers-20260630.htm

Extracted from a substantive MD&A body after the formal Item 2 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

Overview

Xeris Biopharma Holdings, Inc. along with its subsidiaries, is referenced herein as the "Company," "Xeris," "Xeris Biopharma," "we" or "our." Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, and Gvoke Kit.

We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. We offer Recorlev for the treatment of endogenous hypercortisolemia in patients with Cushing’s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis ("PPP"). We are advancing our Phase 3-ready pipeline product, XP-8121, once-weekly subcutaneous ("SC") levothyroxine, which leverages our proprietary technology XeriSol.

Commercial Products

Our top priority is maximizing the potential of our three commercial products:

•Recorlev is a cortisol synthesis inhibitor approved for the treatment of endogenous hypercortisolemia in adult patients with Cushing's syndrome for whom surgery is not an option or has not been curative. Endogenous Cushing's syndrome is a rare but serious and potentially fatal endocrine disease caused by chronic elevated cortisol exposure.

•Gvoke is a ready-to-use, liquid-stable glucagon for the treatment of severe hypoglycemia. The product is indicated for use in pediatric and adult patients with diabetes age two years and above and can be administered in two simple steps.

•Keveyis is the first therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of PPP. PPP is a rare genetic, neuromuscular disorder that can cause extreme muscle weakness and/or paralysis; some forms are also commonly associated with myotonia or muscle stiffness.

Our Pipeline

Our company name, Xeris, is derived from the ancient Greek word xērós meaning 'dry' or 'without water/non-aqueous'. Our proprietary, non-aqueous formulation capabilities are designed to enable the convenient injection of medicines previously uninjectable or poorly injectable when utilizing aqueous approaches. Both XeriSol and XeriJect offer the opportunity to create ready-to-use, room-temperature stable, highly concentrated, injectable formulations of both small and large molecules.

•XP-8121: We are in the process of developing the first and only, once-weekly, subcutaneous injection of levothyroxine for the treatment of hypothyroidism. We are working with the United States Food and Drug Administration ("FDA") and plan to initiate a Phase 3 clinical trial of our XP-8121 product candidate.

•Partnerships: We are pursuing formulation and development partnerships to apply our XeriSol and XeriJect formulation technologies to enhance the drug delivery and clinical profile of other companies’ proprietary drugs and biologics. We are

21

Table of Contents

currently collaborating with several major pharmaceutical companies on the development of formulations of their proprietary therapeutics.

Our Strategy

Our strategy is to continue to build a profitable biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases. Xeris is uniquely positioned to execute on this strategy through the continued growth of our three commercial products, which enables us to invest in and develop therapies for unmet medical needs. We believe this will generate value to all of our stakeholders.

Patent Rights

As of July 31, 2026, we owned 191 patents issued globally, including composition of matter patents covering our ready-to-use glucagon formulation that expire in 2036. Included in the total patents, we have 70 granted patents globally related to our platform technologies and nine patents granted in the United States and listed in the FDA Orange Book covering proprietary formulations of levoketoconazole (the active pharmaceutical ingredient in Recorlev) and the uses of such formulations in treating certain endocrine-related diseases and syndromes. The latter includes United States Patent Nos. 11,020,393, 11,278,547, 11,903,940, and 12,377,096, which were granted on June 1, 2021, March 22, 2022, February 20, 2024, and August 5, 2025, respectively, and which provide patent protection through 2040 for the use of Recorlev in the treatment of certain patients with persistent or recurrent Cushing's syndrome.

Financing

We have funded our operations to date primarily with proceeds from the sale of our preferred and common stock and debt financing.

For the six months ended June 30, 2026 and June 30, 2025, we reported net losses of $28.9 million and $11.1 million, respectively. Our accumulated deficit was $700.2 million. In the near term, we may incur net losses as we, among other things:

[[GREPCENT_TABLE]]
[["","","","continue our selling and marketing efforts related to our commercial products;"],["","","","continue our research and development efforts;"],["","","","continue to operate as a public company; and"],["","","","continue to fund our operations with an increased cost of borrowing due to a high interest rate environment and tighter lending requirements."]]
[[/GREPCENT_TABLE]]

We may continue to seek public equity and debt financing to meet our capital requirements. There can be no assurance that such funding may be available to us on acceptable terms, or at all, or that we will be able to commercialize our product candidates, if approved. In addition, we may not be profitable even if we commercialize any of our product candidates.

Components of our Results of Operations

The following discussion sets forth certain components of the statement of operations of Xeris for the three and six months ended June 30, 2026 and 2025 as well as factors that impact those items.

Product revenue, net

Product revenue, net, represents gross product sales less 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. We apply significant judgment and estimates in determining some of these allowances. If actual results differ from our estimates, we make adjustments to these allowances in the period in which the actual results or updates to estimates become known.

Royalty, contract and other revenue

Royalty and contract revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. Revenue generated from various collaboration and technology partnerships are included in this line item.

Cost of goods sold

Cost of goods sold primarily includes product costs, which include all costs directly related to the purchase of raw materials, charges from our contract manufacturing organizations, and manufacturing overhead costs, as well as shipping and distribution charges. Cost of goods sold also includes losses from excess, slow-moving or obsolete inventory and inventory purchase commitments, if any.

22

Table of Contents

Research and development expenses

Research and development expenses consist of expenses incurred in connection with the discovery and development of our products and product candidates. We recognize research and development expenses as incurred. Expenses that are paid in advance of performance are capitalized until services are provided or goods are delivered. We track external research and development costs by project, however, personnel related expenses related to research and development are not allocated by project. Research and development expenses primarily include:

[[GREPCENT_TABLE]]
[["","","","the cost of acquiring and manufacturing preclinical study and clinical trial materials and manufacturing costs related to commercial production and scale-up until a product is approved and initially available for commercial sale;"],["","","","expenses incurred under agreements with contract research organizations (\"CROs\") as well as investigative sites and consultants that conduct our preclinical studies and clinical trials;"],["","","","personnel-related expenses, which include salaries, benefits and stock-based compensation;"],["","","","laboratory materials and supplies used to support our research activities;"],["","","","outsourced product development services;"],["","","","expenses relating to regulatory activities, including filing fees paid to regulatory agencies; and"],["","","","allocated expenses for facility-related costs."]]
[[/GREPCENT_TABLE]]

Research and development activities are central to our business model. We expect to continue to incur significant research and development expenses as we advance our pipeline candidates and in particular plan and conduct clinical trials, prepare regulatory filings for our product candidates, and utilize internal resources to support these efforts.

Our research and development expenses may vary significantly over time due to uncertainties relating to the timing and results of our clinical trials, feedback received from interactions with the FDA and the timing of regulatory approvals.

Selling, general and administrative expenses

Selling, general and administrative expenses consist primarily of compensation and related personnel costs, marketing and selling expenses, professional fees and facility costs not otherwise included in research and development expenses.

Amortization of intangible assets

Amortization of intangible assets relates to the amortization of our products: Recorlev and Keveyis. These two intangible assets are being amortized over a five-year and fourteen-year period, respectively, using the straight-line method.

Other income (expense)

Other income (expense) consists primarily of interest expense related to our loan and convertible debt, interest income earned on deposits and investments.

23

Table of Contents

Results of Operations

The following table summarizes our results of operations for the three and six months ended June 30, 2026 and 2025 (in thousands):

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1867096/000186709626000016/xers-20251231.htm
Complete FY 2025 MD&A: /company/XERS/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-02
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K ("Annual Report"). This discussion contains forward-looking statements that involve significant risks and uncertainties. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those set forth in Part I, Item 1A. Risk Factors, of this Annual Report. This discussion and analysis compares 2025 results to 2024. For discussion and analysis that compares 2024 results to 2023, see Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7. of this Annual Report for the year ended December 31, 2024.

Overview

Xeris Biopharma Holdings, Inc. along with its subsidiaries, is referenced herein as the "Company", "Xeris", "Xeris Biopharma", "we" or "our". Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, and Gvoke Kit.

We are a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. We offer Recorlev for the treatment of endogenous hypercortisolemia in patients with Cushing’s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis ("PPP"). We are advancing our Phase 3-ready pipeline product, XP-8121, once-weekly subcutaneous ("SC") levothyroxine, which leverages our proprietary technology XeriSol.

Financing

We have funded our operations to date primarily with proceeds from the sale of our common stock and debt financing.

For the year ended December 31, 2025 we reported a net income of $0.6 million. For the year ended December 31, 2024 we reported a net loss of $54.8 million. The year ended December 31, 2025 is the first year we have been profitable since inception, and, as of December 31, 2025, our accumulated deficit was $671.3 million. In the near term, we may incur net losses as we:

[[GREPCENT_TABLE]]
[["","","","continue our marketing and selling efforts related to commercialization of Recorlev, Gvoke and Keveyis;"],["","","","continue our research and development efforts;"],["","","","continue to operate as a public company; and"],["","","","continue to fund our operations with an increased cost of borrowing due to a higher interest rate environment and tighter lending requirements."]]
[[/GREPCENT_TABLE]]

We may continue to seek public equity and debt financing to meet our capital requirements. There can be no assurance that such funding may be available to us on acceptable terms, or at all, or that we will be able to commercialize our product candidates, if approved. In addition, we may not be profitable even if we commercialize any of our product candidates.

Components of our Results of Operations

The following discussion sets forth certain components of the statement of operations of Xeris for the year ended December 31, 2025 and 2024 as well as factors that impact those items.

Product revenue, net

Product revenue, net, represents gross product sales less 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. We apply significant judgment and estimates in determining some of these allowances. If actual results differ from our estimates, we make adjustments to these allowances in the period in which the actual results or updates to estimates become known.

Royalty, contract and other revenue

Royalty and contract revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. Revenue generated from various collaboration and technology partnerships are included in this line item.

Cost of goods sold

Cost of goods sold primarily includes product costs, which include all costs directly related to the purchase of raw materials, charges from our contract manufacturing organizations, and manufacturing overhead costs, as well as shipping and distribution charges. Cost of goods sold also includes losses from excess, slow-moving or obsolete inventory and inventory purchase commitments, if any.

75

Table of Contents

Research and development expenses

Research and development expenses consist of expenses incurred in connection with the discovery and development of our products and product candidates. We recognize research and development expenses as incurred. Expenses that are paid in advance of performance are capitalized until services are provided or goods are delivered. We track external research and development costs by project, however, personnel related expenses related to research and development are not allocated by project. Research and development expenses primarily include:

[[GREPCENT_TABLE]]
[["","","","the cost of acquiring and manufacturing preclinical study and clinical trial materials and manufacturing costs related to commercial production and scale-up until a product is approved and initially available for commercial sale;"],["","","","expenses incurred under agreements with contract research organizations (\"CROs\") as well as investigative sites and consultants that conduct our preclinical studies and clinical trials;"],["","","","personnel-related expenses, which include salaries, benefits and stock-based compensation;"],["","","","laboratory materials and supplies used to support our research activities;"],["","","","outsourced product development services;"],["","","","expenses relating to regulatory activities, including filing fees paid to regulatory agencies; and"],["","","","allocated expenses for facility-related costs."]]
[[/GREPCENT_TABLE]]

Research and development activities are central to our business model. We expect to continue to incur significant research and development expenses as we advance our pipeline candidates and in particular plan and conduct clinical trials, prepare regulatory filings for our product candidates, and utilize internal resources to support these efforts.

Our research and development expenses may vary significantly over time due to uncertainties relating to the timing and results of our clinical trials, feedback received from interactions with the FDA and the timing of regulatory approvals.

Selling, general and administrative expenses

Selling, general and administrative expenses consist primarily of compensation and related personnel costs, marketing and selling expenses, professional fees and facility costs not otherwise included in research and development expenses.

Amortization of intangible assets

Amortization of intangible assets relates to the amortization of our products: Recorlev and Keveyis. These two intangible assets are being amortized over a five-year and fourteen-year period, respectively, using the straight-line method.

Other income (expense)

Other income (expense) consists primarily of interest expense related to our loan and convertible debt, interest income earned on deposits and investments, debt refinancing costs and gains and losses on the change in fair value of the Contingent Value Rights ("CVRs").

Results of Operations

The following table summarizes our results of operations for the years ended December 31, 2025 and 2024 (in thousands):

76

Table of Contents

[[GREPCENT_TABLE]]
[["","","","","","Years Ended December 31,","","Change"],["","","","","","","","2025","2024","","","$","%"],["Product revenue, net:"],["Recorlev","","","","","","","$","139,283","","$","64,277","","","","$","75,006","","116.7"],["Gvoke","","","","","","","94,108","","82,829","","","","11,279","","13.6"],["Keveyis","","","","","","","47,649","","49,530","","","","(1,881)","","(3.8)"],["Other product revenue","","","","","","","1,963","","\u2014","","","","1,963","","\u2014"],["Product revenue, net","","","","","","","283,003","","196,636","","","","86,367","","43.9"],["Royalty, contract and other revenue","","","","","","","8,842","","6,434","","","","2,408","","37.4"],["Total revenue","","","","","","","291,845","","203,070","","","","88,775","","43.7"],["Cost and expenses:"],["Cost of goods sold, excluding amortization of intangible assets","","","","","","","42,569","","36,832","","","","5,737","","15.6"],["Research and development","","","","","","","31,165","","25,560","","","","5,605","","21.9"],["Selling, general and administrative","","","","","","","182,372","","163,481","","","","18,891","","11.6"],["Amortization of intangible assets","","","","","","","10,843","","10,843","","","","\u2014","","\u2014"],["Total cost and expenses","","","","","","","266,949","","236,716","","","","30,233","","12.8"],["Income (loss) from operations","","","","","","","24,896","","(33,646)","","","","58,542","","174.0"],["Other income (expense):"],["Interest and other income","","","","","","","4,742","","5,321","","","","(579)","","(10.9)"],["Debt refinancing costs","","","","","","","\u2014","","(2,690)","","","","2,690","","100.0"],["Interest expense","","","","","","","(29,084)","","(30,485)","","","","1,401","","(4.6)"],["Change in fair value of warrants","","","","","","","\u2014","","8","","","","(8)","","(100.0)"],["Change in fair value of contingent value rights","","","","","","","\u2014","","4,388","","","","(4,388)","","(100.0)"],["Total other expense","","","","","","","(24,342)","","(23,458)","","","","(884)","","3.8"],["Net income (loss) before income taxes","","","","","","","554","","(57,104)","","","","57,658","","101.0"],["Income tax benefit","","","","","","","\u2014","","2,268","","","","(2,268)","","100.0"],["Net income (loss)","","","","","","","$","554","","$","(54,836)","","","","$","55,390","","101.0"]]
[[/GREPCENT_TABLE]]

Product revenue, net

Recorlev

Net revenue increased by $75.0 million or 116.7% for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was due to higher volume ($79.6 million or 123.9%), primarily driven by increased patient demand, offset by unfavorable net pricing ($4.6 million or 7.2%).

Gvoke

Net revenue increased by $11.3 million or 13.6% for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase was due to favorable net pricing ($8.6 million or 10.4%) and higher volume ($2.7 million or 3.2%).

Keveyis

Net revenue decreased by $1.9 million or 3.8% for the year ended December 31, 2025 compared to the year ended December 31, 2024. The decrease was due to unfavorable net pricing ($5.0 million or 10.1%), offset by higher volume ($3.1 million or 6.3%).

Other product revenue

Net revenue increased by $2.0 million for the year ended December 31, 2025. This includes sales of our products to commercialization partners.

Royalty, contract and other revenue

Royalty, contract and other revenue increased $2.4 million for the year ended December 31, 2025 compared to the year ended December 31, 2024. The increase primarily reflects the recognition of milestones from partnership agreements.

77

Table of Contents

Cost of goods sold

Cost of goods sold increased by $5.7 million or 15.6% for the year ended December 31, 2025 compared to the same period ended December 31, 2024.

Cost of goods sold as a percent of total revenue improved by 3.7%, to 15.0% for the year ended December 31, 2025 compared to 18.7% for the same period ended December 31, 2024, primarily due to higher sales of products with a lower cost of goods sold ($8.9 million or 4.5%), offset by a one-time credit for Keveyis purchased in 2024

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/XERS/mda/fy2025/
All MD&A years: /company/XERS/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/XERS/mda/fy2024/): filed 2025-03-06; accession 0001867096-25-000039 (https://www.sec.gov/Archives/edgar/data/1867096/000186709625000039/xers-20241231.htm)
- [FY 2023 MD&A](/company/XERS/mda/fy2023/): filed 2024-03-06; accession 0001867096-24-000031 (https://www.sec.gov/Archives/edgar/data/1867096/000186709624000031/xers-20231231.htm)
- [FY 2022 MD&A](/company/XERS/mda/fy2022/): filed 2023-03-08; accession 0001867096-23-000031 (https://www.sec.gov/Archives/edgar/data/1867096/000186709623000031/xers-20221231.htm)
- [FY 2021 MD&A](/company/XERS/mda/fy2021/): filed 2022-03-11; accession 0001867096-22-000040 (https://www.sec.gov/Archives/edgar/data/1867096/000186709622000040/xers-20211231.htm)


## FDA-approved drug applications

Applications listed under this company's exact-matched sponsor name. Approved applications only.

No resolved FDA applications were found for this company under the exact-unique, approved-only publish rule.

Sponsor as listed in Drugs@FDA at retrieval (2026-08-07); FDA sponsor listings can lag ownership transfers.

This list covers FDA applications whose listed sponsor name maps to this company by an exact-unique match; applications listed under sponsor names not mapped to this company (subsidiaries, name variants, joint ventures) are absent.


## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2834 Pharmaceutical Preparations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/XERS.md · JSON record: /company/XERS.json · verified financials: /company/XERS/financials.json / /company/XERS/financials.csv · machine TOC for the whole site: /llms.txt