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Xeris Biopharma Holdings Inc. (XERS+3.77%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $54.8 million for the year, compared to a net loss of $62.3 million in 2023. This reduction in net loss is attributed to increased revenue from product sales.
Product revenue, net, increased by 28.2% to $196.6 million in 2024 from $153.4 million in 2023. This growth was driven by increased sales of Gvoke and Recorlev, while sales of Keveyis declined.
Research and development expenses increased by 14.4% to $25.6 million in 2024, reflecting ongoing investment in the company's product pipeline.
Selling, general, and administrative expenses rose by 11.9% to $163.5 million, primarily due to increased marketing and selling efforts for Recorlev, Gvoke, and Keveyis.
Interest expense increased by 14.6% to $30.5 million, reflecting higher borrowing costs in a rising interest rate environment.
The company reported an income tax benefit of $2.3 million for 2024, compared to $1.2 million in the previous year.
Xeris continues to focus on commercializing its products and developing its pipeline, with an emphasis on therapies for chronic endocrine and neurological diseases.
The filing outlines various risks associated with the company's business, including dependence on third-party suppliers, regulatory challenges, and competition in the biopharmaceutical industry.
Xeris acknowledges the potential impact of external factors such as geopolitical instability, inflation, and changes in healthcare regulations on its operations and financial performance.
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. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.