Xeris Biopharma Holdings, Inc. (XERS)

Price$8.53Cached quoteAs of 2026-09-05 08:28 UTC

AI: Fair-priced

Price checkThe valuation already demands continued growth and stronger cash generation.

At the observed quote, 182.3 million shares imply about $1.36 billion of equity value. Adding roughly $168 million of June net debt gives about $1.5 billion of enterprise value, meaning share value plus debt minus cash. That equals around 3.9 times the midpoint of management’s $385–$390 million 2026 revenue guidance and about 22 times its annualized first-half adjusted operating-profit measure. Those multiples suit rapid growth but are not cheap; therefore Fair-priced fits better than either extreme.

Big pictureCash generation has arrived, but leverage and dilution still weaken downside protection.

Operating income improved from a $33.6 million loss in 2024 to a $24.9 million profit in 2025. Operating cash moved from $37.0 million used to $28.6 million generated, while first-half 2026 free cash flow—cash left after operating and property spending—was about $17.6 million. Yet June debt exceeded cash by $167.7 million. Shares increased from 149.4 million at 2024 year-end to 182.3 million by July 2026; debt exchanges and employee awards caused dilution, with no discretionary buybacks or dividends offsetting it.

Business strengthRecorlev powers rapid growth, while the other marketed medicines remain mostly flat.

Second-quarter 2026 revenue rose 29% to $92.1 million, led by an 81% increase in Recorlev to $56.8 million. Gvoke declined 4% to $22.5 million, while Keveyis grew only 2% to $11.7 million. The richer product mix lifted gross margin to 86% from 82%, supporting future cash generation. Demand for chronic endocrine treatments should be less tied to economic cycles than many businesses, but growing reliance on Recorlev makes patient starts, insurer coverage, rebates, and pricing especially important.

What could change the storyCommercial execution matters now, while the pipeline remains a distant and uncertain bonus.

The bull case strengthens if Xeris delivers its $385–$390 million revenue guidance, generates more operating cash in the second half than the first half’s $18.1 million, and slows share issuance. The bear case gains force if Recorlev growth fades while Gvoke stays flat, because a $200 million loan due in 2029 carried an 11.4% effective rate in June. The current valuation requires commercial cash to fund a 500-patient thyroid trial without another major equity raise; pivotal results are not expected until late 2028.

AI: News

Second-quarter growth acceleratesRecorlev drove another strong sales increase, although commercial and development spending also climbed.

On August 6, Xeris reported 29% second-quarter revenue growth, including an 81% increase for Recorlev. Gross margin improved four percentage points, and management tightened 2026 revenue guidance to $385–$390 million. Adjusted operating performance improved, but selling and administrative spending rose 37%. Shares closed 9.2% lower that session and gained 7.7% the next trading day. The timing shows a volatile response, but it does not establish that the results alone caused either move.

Thyroid trial roadmapThe thyroid program gained a clear path, but meaningful results remain years away.

On September 9, Xeris outlined a 500-patient, 54-week Phase 3 study at more than 50 United States sites. Management expects enrollment to begin by year-end, headline results in late 2028, and a possible approval and launch in 2030. Its $1–$3 billion peak-revenue estimate is a company projection, not proven value. Shares declined 9.1% that day; the timing may reflect investor reaction to the long timeline or assumptions, but causation cannot be confirmed from trading alone.

Debt exchange completedJuly’s debt conversion reduced refinancing pressure but issued millions of new shares.

Agreements signed June 11 and completed in July removed approximately $33.5 million of convertible notes due in 2028. Xeris paid about $23 million in cash and issued roughly five million shares, while the remaining $10.5 million converted into about 3.6 million shares. This reduced near-term debt obligations but also depleted cash and spread ownership across more shares. Outstanding shares reached 182.3 million on July 31, up from 166.2 million at the end of 2025.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

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2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$291.8M	$203.1M	$163.9M	$110.2M	$49.6M	$20.2M
Gross profit	$249.3M	$166.2M	$135.3M	$87.6M	$36.3M	$10.8M
Gross margin	85.41%	81.86%	82.52%	79.47%	73.14%	53.72%
Research & development	$31.2M	$25.6M	$22.3M	$21.0M	$25.2M	$20.9M
Operating expenses	$266.9M	$236.7M	$207.9M	$192.2M	$164.7M	$104.0M
Operating income	$24.9M	−$33.6M	−$44.0M	−$81.9M	−$115.2M	−$83.5M
Operating margin	8.53%	−16.57%	−26.85%	−74.32%	−232.22%	−414.52%
EBITDA	$26.2M	−$32.4M	−$42.5M	−$80.5M	−$113.8M	−$82.1M
EBITDA margin	8.98%	−15.96%	−25.94%	−73.05%	−229.54%	−407.24%
Net income	$554,000	−$54.8M	−$62.3M	−$94.7M	−$122.7M	−$91.1M
Net profit margin	0.19%	−27.00%	−37.98%	−85.86%	−247.48%	−452.20%
Basic EPSper basic share	$0.00	-$0.37	-$0.45	-$0.70	-$1.55	-$2.14
Diluted EPSper diluted share	$0.00	-$0.37	-$0.45	-$0.70	-$1.55	-$2.14

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.37%of listed shares

BlackRock, Inc.14.53M shares · Jun 30, 2026

View holders

Top 20 reported holders of XERS
Holder	% owned
BlackRock, Inc.	8.37%14.53M shares
D. E. Shaw & Co., Inc.	4.50%7.8M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.23%7.34M shares
STATE STREET CORP	2.78%4.82M shares
GEODE CAPITAL MANAGEMENT, LLC	2.72%4.72M shares
Nuveen, LLC	2.53%4.39M shares
Shannon John Patrick Jr	≈1.69%2.94M shares
Rosalind Advisors, Inc.	1.68%2.91M shares
Qube Research & Technologies Ltd	1.67%2.89M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.51%2.63M shares
WELLINGTON MANAGEMENT GROUP LLP	1.36%2.37M shares
MORGAN STANLEY	1.35%2.34M shares
Legal & General Group Plc	1.16%2.01M shares
ARMISTICE CAPITAL, LLC	1.13%1.96M shares
TWO SIGMA INVESTMENTS, LP	1.09%1.89M shares
Parkman Healthcare Partners LLC	1.04%1.81M shares
McCulloch Kevin	≈1.04%1.8M shares
ALGERT GLOBAL LLC	1.00%1.74M shares
NORTHERN TRUST CORP	0.92%1.6M shares
GOLDMAN SACHS GROUP INC	0.92%1.59M shares

Percentages use 173.59M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$129.8K disclosed value

Sells (SEC code S)24$4.68M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 4, 2026Form 4 · 10b5-1	HALKUFF DAWNDirector	SellCommon Stock	20.0K	$6.09	$121.8K	95.0K
Jun 4, 2026Form 4 · 10b5-1	BORMANN-KENNEDY BARBARA-JEAN ANNEDirector	SellCommon Stock	16.0K	$6.09	$97.4K	126.5K
Jun 4, 2026Form 4 · 10b5-1	JOHNSON JOHNDirector	SellCommon Stock	15.0K	$6.09	$91.3K	683.1K
Jun 3, 2026Form 4 · 10b5-1	PERSKY MARLADirector	SellCommon Stock	15.5K	$5.90	$91.5K	126.5K
Jun 1, 2026Form 4 · 10b5-1	Hecht BethSee Remarks	SellCommon Stock	16.7K	$6.06	$101.0K	1.18M