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Xeris Biopharma Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net product revenue to $52.861 million from $41.697 million in the same quarter the previous year. The increase is attributed to higher sales volumes and favorable pricing for Gvoke and Recorlev.
Cost of goods sold for the quarter was $13.593 million, representing 25.7% of sales, compared to 19.7% in the same quarter of the previous year. The increase in cost ratio is due to the write-off of Gvoke components as a result of manufacturing process changes.
The company reported a net loss of $15.738 million for the quarter, compared to $12.189 million in the previous year, with the increase attributed to higher selling, general, and administrative expenses.
Research and development expenses increased to $5.888 million from $5.034 million, primarily driven by higher spending for pipeline projects and personnel-related expenses.
Selling, general, and administrative expenses increased to $44.969 million from $37.287 million, primarily due to costs associated with the CEO succession plan and restructuring, as well as expenses for Recorlev expansion.
Net cash used in operating activities was $38.956 million for the nine months ended September 30, 2024, compared to $54.494 million for the same period in the previous year, primarily due to reduced working capital usage.
The filing also details the company's liquidity and capital resources, noting an accumulated deficit of $666.7 million as of September 30, 2024. Xeris expects to incur net losses for at least the next 12 months.
Xeris has entered into an Amended and Restated Credit Agreement, providing for $200 million in term loans and an additional $15.2 million available to redeem existing convertible notes.
The company continues to focus on commercializing its three key products: Gvoke, Recorlev, and Keveyis, while also advancing its pipeline, including the development of XP-8121, a once-weekly subcutaneous injection of levothyroxine.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Xeris Biopharma Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.