Xeris Biopharma Holdings, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue, expenses, and overall financial health compared to the previous fiscal period.

For the three months ended September 30, 2024, total revenue increased to $54.3 million, up from $48.3 million in the same period in 2023, driven primarily by a 26.8% rise in product revenue, which reached $52.9 million compared to $41.7 million. The growth was largely attributed to increased sales of Gvoke and Recorlev, with Gvoke revenue rising to $22.9 million (up 29.4%) and Recorlev revenue soaring to $17.7 million (up 118.9%). For the nine-month period, total revenue also increased to $143.0 million from $119.5 million, with product revenue reaching $139.6 million, a 26.0% increase year-over-year.

Despite the revenue growth, Xeris reported a net loss of $15.7 million for the three months ended September 30, 2024, compared to a net loss of $12.2 million in the same period in 2023. The nine-month net loss was $49.7 million, slightly higher than the $48.9 million loss reported for the same period in 2023. The increase in losses was attributed to a significant rise in total costs and expenses, which reached $67.2 million for the three months, up from $53.2 million in the prior year. This included a notable increase in selling, general, and administrative expenses, which rose to $45.2 million, reflecting higher operational costs.

Xeris's accumulated deficit grew to $666.7 million as of September 30, 2024, compared to $617.0 million at the end of 2023. The company’s total current assets increased to $162.8 million, with cash and cash equivalents decreasing to $59.2 million from $67.4 million at the end of 2023. However, short-term investments rose significantly to $10.2 million from $5.0 million.

In terms of strategic developments, Xeris completed a refinancing of its debt, securing $50.0 million in proceeds during the nine months ended September 30, 2024. The company also reported a significant increase in inventory reserves, which rose to $7.2 million, indicating potential challenges in inventory management.

Overall, while Xeris Biopharma experienced revenue growth, it continues to face challenges with rising operational costs and increasing losses, alongside a strategic focus on enhancing its product offerings and managing its financial resources effectively.