Xeris Biopharma Holdings, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $291.8 million, a 43.6% increase from $203.1 million in 2024. This growth was primarily driven by a substantial rise in product revenue, which amounted to $283.0 million, up from $196.6 million the previous year. The company also achieved a net income of $554,000, a notable turnaround from a net loss of $54.8 million in 2024, indicating improved operational efficiency and revenue generation.
The company's selling, general, and administrative expenses rose by $18.9 million, or 11.6%, to $182.4 million, largely due to increased personnel costs associated with the expansion of its commercial operations, particularly for its product Recorlev. Despite the rise in expenses, the company managed to reduce its interest expense by $1.4 million, or 4.6%, due to a lower principal amount of debt outstanding. The amortization of intangible assets remained stable at $10.8 million for both years.
In terms of strategic developments, Xeris Biopharma completed a significant debt restructuring in September 2023, exchanging $32.0 million of its 5.00% Convertible Senior Notes due 2025 for $33.6 million of 8.00% Convertible Senior Notes due 2028. This move is expected to enhance the company's liquidity and financial flexibility. Additionally, the company has been actively marketing its products, including Recorlev, Gvoke, and Keveyis, which are critical to its revenue stream. As of December 31, 2025, Xeris reported cash and cash equivalents of $111.0 million, an increase of $39.3 million from the previous year, providing a solid foundation for ongoing operations and potential future investments.
Operationally, Xeris Biopharma has seen a positive trend in product adoption, with Recorlev generating $139.3 million in revenue, a significant increase from $64.3 million in 2024. Gvoke and Keveyis also contributed to the revenue growth, with Gvoke generating $94.1 million and Keveyis $47.6 million. The company’s total inventory increased to $68.7 million, reflecting its commitment to meeting growing demand. The total employee headcount rose to support these initiatives, although specific figures were not disclosed.
Looking ahead, Xeris Biopharma anticipates continued investment in marketing and research and development to support its product lines. The company acknowledges the potential for net losses in the near term as it focuses on expanding its market presence and completing clinical trials for new product candidates. The management believes that its current cash resources are sufficient to sustain operations for at least the next twelve months, although future financing may be necessary to support ongoing growth and operational needs.
About Xeris Biopharma Holdings, Inc.
Xeris Biopharma Holdings develops and commercializes therapies for chronic endocrine and neurological diseases. Its core products include Recorlev for Cushing’s syndrome, Gvoke for severe hypoglycemia, and Keveyis for Primary Periodic Paralysis. The company leverages proprietary formulation technologies (XeriSol and XeriJect) to create stable, ready-to-use injectable drugs and partners with other biopharmaceutical firms to expand its pipeline and delivery options.
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