Xeris Biopharma Holdings, Inc.

Xeris Biopharma Holdings, Inc. announced privately negotiated exchange agreements with certain noteholders to retire approximately $23 million in aggregate principal amount of its 8.00% Convertible Senior Notes due 2028. The exchange consideration will consist of cash, representing the principal amount, and shares of the company's common stock, determined by a 21-trading day volume-weighted average price. This transaction is expected to reduce outstanding notes by 69% to $10.5 million and generate approximately $2 million in annual interest savings, with closing anticipated around July 15, 2026.

Xeris Biopharma Holdings, Inc. reported a significant financial turnaround for the first quarter of 2026, achieving a net income of $2.23 million compared to a net loss of $9.22 million in the prior year. Total revenue increased by 38.3% to $83.13 million, driven primarily by strong growth in Recorlev sales. The company also generated positive cash flow from operating activities, a substantial improvement from the previous year's cash burn. Basic net income per common share was $0.01.

Xeris Biopharma reported strong first-quarter 2026 financial results, with total revenue increasing 38% year-over-year to $83.1 million. This growth was primarily driven by a 43% rise in total product revenue, notably Recorlev net revenue which nearly doubled to $49.8 million. The company achieved a net income of $2.2 million, a significant improvement from a net loss in the prior year, and tightened its full-year 2026 total revenue guidance to $380 million to $390 million.

Dr. Jeffrey Sherman will retire from Xeris Biopharma's Board of Directors, effective at the 2026 Annual Meeting of Stockholders. Dr. Sherman, who joined the board in 2021 and served on the Compensation and Nominating & Corporate Governance Committees, is not seeking re-election. His decision was not due to any disagreement with the company. Concurrently, the Board approved reducing its size from eight to seven directors.