Xeris Biopharma Holdings, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsXeris Biopharma is a commercial-stage biopharmaceutical company selling three endocrine and neurology products in the U.S. and advancing a once-weekly levothyroxine candidate.
What they do
Xeris commercializes Recorlev for endogenous hypercortisolemia in Cushing's syndrome, Gvoke for severe hypoglycemia, and Keveyis for Primary Periodic Paralysis. It also develops XP-8121, a once-weekly subcutaneous levothyroxine for hypothyroidism, using its XeriSol and XeriJect non-aqueous formulation technologies. The company also pursues formulation partnerships applying those technologies to other companies' drugs and biologics.
Revenue drivers
- Recorlev — Cushing's syndrome therapy and the largest product, at $56.8 million in Q2 2026, up 81% year-over-year; $106.5 million in the first half of 2026.
- Gvoke — Ready-to-use glucagon for severe hypoglycemia; $22.5 million in Q2 2026, down 4% year-over-year but improved sequentially.
- Keveyis — First U.S.-approved therapy for hyperkalemic, hypokalemic and related PPP variants; $11.7 million in Q2 2026, up 2% year-over-year.
- Royalty, contract and other revenue — Smaller and declining line at $1.1 million in Q2 2026, down 71%, versus $1.3 million of other product revenue in the prior-year quarter.
Recent performance
Q2 2026 total revenue was $92.1 million, up 29% from $71.5 million a year earlier, with net product revenue of $91.0 million, up 34%. Recorlev drove the increase, rising 81% to $56.8 million, while Gvoke fell 4% to $22.5 million and Keveyis rose 2% to $11.7 million. Gross margin improved to 86% from 82% on favorable product mix. Q2 2026 net loss was $31.1 million versus a $1.9 million loss a year earlier, reflecting a roughly $31 million one-time non-cash charge from 2028 Convertible Notes exchange agreements. Adjusted EBITDA was $19.3 million, up $6.7 million year-over-year.
Strategy
Management's stated priority is maximizing Recorlev, Gvoke and Keveyis, with Recorlev expansion investments made earlier in 2026 expected to contribute more in the second half. The company is investing in XP-8121, a once-weekly subcutaneous levothyroxine, and is working with the FDA toward initiating a Phase 3 trial; the 10-K said it planned to start Phase 3 in 2026. Xeris also pursues XeriSol and XeriJect formulation partnerships with other pharmaceutical companies. It describes its goal as building a profitable biopharmaceutical company serving chronic endocrine and neurological diseases.
Risks
- History of losses and accumulated deficit — Net income was only $0.6 million in 2025 after losses of $54.8 million in 2024 and $62.3 million in 2023, with accumulated deficit of $671.3 million as of December 31, 2025.
- Negative shareholder equity and leverage — As of June 30, 2026, total liabilities of $421.6 million exceeded total assets of $411.9 million, leaving shareholder equity of negative $9.7 million, and long-term debt was $188.8 million.
- Concentration in Recorlev — Recorlev supplied $56.8 million of $91.0 million in Q2 2026 product revenue, so any slowdown in that single product would materially affect total results.
- Pipeline and regulatory timing — XP-8121 is still pre-Phase 3 and the company cites regulatory approval, FDA feedback timing, and resource or policy disruptions as factors that could affect its product candidates.
Outlook
Management tightened full-year 2026 total revenue guidance to $385 million to $390 million. It said the Recorlev investments made earlier in 2026 are gaining traction and their contribution should become increasingly meaningful in the second half. The company also received a USPTO Notice of Allowance for a new Keveyis patent expected to extend protection through at least 2039.