Post by icemandios on May 9, 2023 12:51:49 GMT
Xeris Biopharma Reports First Quarter 2023 Financial Results
Achieved first quarter total revenue of $33.2M representing 50% growth compared to Q1 2022
Ended Q1 2023 with $95.1M in cash, cash equivalents, and short-term investments
Affirms 2023 guidance: total revenue of $135M-$165M; cash utilization from operating activities of $57M-$77M; year-end cash, cash equivalents, and short-term investments of $45M-$65M
Announced research collaboration and option agreement with Regeneron for XeriJect® formulation®
Ricki Fairley joined Board of Directors
Hosting conference call and webcast today at 8:30 a.m. ET
May 09, 2023 07:00 AM Eastern Daylight Time
CHICAGO--(BUSINESS WIRE)--Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented biopharmaceutical company committed to improving patients’ lives by developing and commercializing innovative products across a range of therapies, today announced financial results for the first quarter ended March 31, 2023, and other corporate highlights.
“We had a very strong start to 2023 with record total revenue, strong underlying patient demand in all three commercial products, and the addition of another XeriJect collaboration”
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“We had a very strong start to 2023 with record total revenue, strong underlying patient demand in all three commercial products, and the addition of another XeriJect collaboration,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma. “With continued steady and strong execution, we believe that we can achieve our 2023 revenue and year-end cash guidance and achieve cash flow breakeven in the fourth quarter this year.”
Link to Financial Tables
Commercial Products
Keveyis®: First quarter net revenue was $12.8 million, an increase of approximately 37% compared to the same period in 2022, driven by higher patient demand.
Recorlev®: First quarter net revenue was $4.5 million driven primarily by increases in the number of patients on therapy.
Pipeline and Partnership Programs
XeriJect®: In March, Xeris announced a research collaboration and option agreement with Regeneron to develop an ultra-concentrated, ultra-highly concentrated, ready-to-use, small volume subcutaneous injections of two undisclosed monoclonal antibodies developed by Regeneron. Regeneron has an option to commercially license XeriJect for these molecules and nominate additional molecules for reformulation and potential commercialization.
Corporate Highlights
In March, Xeris appointed Ricki Fairley to its Board of Directors, increasing the number of members to nine.
Xeris will hold its Annual Meeting of Stockholders on June 7, 2023.
Members of Xeris’ senior management will participate in Jefferies Global Healthcare Conference June 7-9, 2023, in New York City.
First Quarter 2023 Other Results
Cost of goods sold was $5.3 million and $6.3 million for the three months ended March 31, 2023 and 2022, respectively. The decrease was attributable to a one-time contract credit and favorable product mix offset by an increase in product sales.
Research and development expenses decreased $1.4 million for the three months ended March 31, 2023 when compared to the same period in 2022. The decrease was primarily driven by lower product development costs in the period.
Selling, general and administrative expenses decreased $2.3 million for the three months ended March 31, 2023 when compared to the same period in 2022. The decrease was primarily driven by lower costs related to the restructuring plan commenced in 2021 and fully expensed by 2022.
Net Loss for the three months ended March 31, 2023, was $16.8 million, or $0.12 per share.
Cash, cash equivalents, and short-term investments at March 31, 2023 was $95.1 million compared to $122.0 million at December 31, 2022. Total shares outstanding at May 1, 2023, were 137,311,468.
Conference Call and Webcast Details
Xeris will host a conference call and webcast today, Tuesday, May 9, 2023 at 8:30 a.m. Eastern Time.
To pre-register for the call, please go to the following link: www.netroadshow.com/events/login?show=148ea405&confId=49077
After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. The Company recommends registering at least ten minutes before the call starts. Following the conference call, a replay will be available until Thursday, June 8, at US:1 929 458 6194, US Toll Free: 1 866 813 9403, UK: 0204 525 0658, Canada: 1 226 828 7578, or all other locations: +44 204 525 0658 Access Code: 104892
To join the webcast, please visit “Events” on investor relations page of the Company’s website at www.xerispharma.com or use this link: events.q4inc.com/attendee/964102801
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical company committed to improving patients’ lives by developing and commercializing differentiated and innovative products across a range of therapies. Xeris has three commercially available products: Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; Keveyis®, a proven therapy for primary periodic paralysis; and Recorlev® for the treatment of endogenous Cushing’s syndrome. Xeris has a diverse pipeline of development and partnered programs using its formulation sciences, XeriSol™ and XeriJect™, to support long-term product development and commercial success.
Achieved first quarter total revenue of $33.2M representing 50% growth compared to Q1 2022
Ended Q1 2023 with $95.1M in cash, cash equivalents, and short-term investments
Affirms 2023 guidance: total revenue of $135M-$165M; cash utilization from operating activities of $57M-$77M; year-end cash, cash equivalents, and short-term investments of $45M-$65M
Announced research collaboration and option agreement with Regeneron for XeriJect® formulation®
Ricki Fairley joined Board of Directors
Hosting conference call and webcast today at 8:30 a.m. ET
May 09, 2023 07:00 AM Eastern Daylight Time
CHICAGO--(BUSINESS WIRE)--Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented biopharmaceutical company committed to improving patients’ lives by developing and commercializing innovative products across a range of therapies, today announced financial results for the first quarter ended March 31, 2023, and other corporate highlights.
“We had a very strong start to 2023 with record total revenue, strong underlying patient demand in all three commercial products, and the addition of another XeriJect collaboration”
Tweet this
“We had a very strong start to 2023 with record total revenue, strong underlying patient demand in all three commercial products, and the addition of another XeriJect collaboration,” said Paul R. Edick, Chairman and CEO of Xeris Biopharma. “With continued steady and strong execution, we believe that we can achieve our 2023 revenue and year-end cash guidance and achieve cash flow breakeven in the fourth quarter this year.”
First Quarter Highlights and Recent Events
Commercial Products
Gvoke®: First quarter net revenue was $15.0 million as compared to $12.5 million in the first quarter of 2022, an increase of approximately 21%. Gvoke prescriptions topped 45,000 for the first time, growing approximately 50% compared to the same period in 2022. Year over year glucagon TRx and NRx market growth was 10% and 9%, respectively. At the end of April, Gvoke’s NRx and TRx market share of the retail glucagon market exceeded 30% and 29%, respectively. In the first quarter, the U.S. Patent and Trademark Office issued US Patent Number 11,590,205, entitled ‘METHODS FOR PRODUCING STABLE THERAPEUTIC GLUCAGON FORMULATIONS IN APROTIC POLAR SOLVENTS.’ The claims in this newly issued patent cover certain pharmaceutical formulations in Xeris’ Gvoke® product line, methods of use of such formulations in treating hypoglycemia, and methods of manufacturing the therapeutic formulations.
Recorlev®: First quarter net revenue was $4.5 million driven primarily by increases in the number of patients on therapy.
Pipeline and Partnership Programs
XeriSol® levothyroxine (XP-8121): The Phase 2 study is on track to begin enrolling patients in the second quarter.
Corporate Highlights
In March, Xeris appointed Ricki Fairley to its Board of Directors, increasing the number of members to nine.
Xeris will hold its Annual Meeting of Stockholders on June 7, 2023.
Members of Xeris’ senior management will participate in Jefferies Global Healthcare Conference June 7-9, 2023, in New York City.
First Quarter 2023 Other Results
Cost of goods sold was $5.3 million and $6.3 million for the three months ended March 31, 2023 and 2022, respectively. The decrease was attributable to a one-time contract credit and favorable product mix offset by an increase in product sales.
Research and development expenses decreased $1.4 million for the three months ended March 31, 2023 when compared to the same period in 2022. The decrease was primarily driven by lower product development costs in the period.
Selling, general and administrative expenses decreased $2.3 million for the three months ended March 31, 2023 when compared to the same period in 2022. The decrease was primarily driven by lower costs related to the restructuring plan commenced in 2021 and fully expensed by 2022.
Net Loss for the three months ended March 31, 2023, was $16.8 million, or $0.12 per share.
Cash, cash equivalents, and short-term investments at March 31, 2023 was $95.1 million compared to $122.0 million at December 31, 2022. Total shares outstanding at May 1, 2023, were 137,311,468.
Conference Call and Webcast Details
Xeris will host a conference call and webcast today, Tuesday, May 9, 2023 at 8:30 a.m. Eastern Time.
To pre-register for the call, please go to the following link: www.netroadshow.com/events/login?show=148ea405&confId=49077
After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. The Company recommends registering at least ten minutes before the call starts. Following the conference call, a replay will be available until Thursday, June 8, at US:1 929 458 6194, US Toll Free: 1 866 813 9403, UK: 0204 525 0658, Canada: 1 226 828 7578, or all other locations: +44 204 525 0658 Access Code: 104892
To join the webcast, please visit “Events” on investor relations page of the Company’s website at www.xerispharma.com or use this link: events.q4inc.com/attendee/964102801
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical company committed to improving patients’ lives by developing and commercializing differentiated and innovative products across a range of therapies. Xeris has three commercially available products: Gvoke®, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia; Keveyis®, a proven therapy for primary periodic paralysis; and Recorlev® for the treatment of endogenous Cushing’s syndrome. Xeris has a diverse pipeline of development and partnered programs using its formulation sciences, XeriSol™ and XeriJect™, to support long-term product development and commercial success.