Here are 1-2 brief analogies for Xeris Biopharma (XERS):

1. Xeris is like Dyson for drug delivery systems, taking existing critical medicines and reformulating them to be more user-friendly, stable, and effective, much like Dyson reinvents everyday appliances.

2. Think of them as the Keurig for complex injectable drugs, making multi-step preparations into ready-to-use solutions that simplify treatment for patients.

• Gvoke®: A ready-to-use liquid glucagon indicated for the treatment of severe hypoglycemia in adults and pediatric patients with diabetes.
• Keveyis®: The only FDA-approved therapy for the treatment of primary periodic paralysis.
• Recorlev®: An oral therapy indicated for the treatment of endogenous Cushing's syndrome in adult patients.

Xeris Biopharma (Symbol: XERS) primarily sells its pharmaceutical products to major pharmaceutical wholesalers, who then distribute these products to pharmacies, hospitals, and other healthcare providers.

Based on their latest financial filings (10-K), Xeris Biopharma has significant revenue concentration with three major wholesale distributors, accounting for approximately 95-97% of their total revenue annually. While the specific names are often anonymized in the public filing (e.g., "Wholesaler A," "Wholesaler B," "Wholesaler C"), these typically correspond to the largest pharmaceutical distributors in the United States. Therefore, Xeris Biopharma's major customers are:

• Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
• McKesson Corporation (Symbol: MCK)
• Cardinal Health, Inc. (Symbol: CAH)

These companies act as critical intermediaries, supplying Xeris's prescription drugs like Gvoke, Recorlev, and Keveyis to the broader healthcare ecosystem.

• Catalent, Inc. (CTLT)
• LTS Lohmann Therapie-Systeme AG
• Sun Pharmaceutical Industries Ltd. (SUNPHARMA)
• Evonik Corporation (parent company: Evonik Industries AG (EVK))
• Quotient Sciences, LLC
• Ajinomoto Bio-Pharma Services (parent company: Ajinomoto Co., Inc. (AJINY))
• Avara Pharmaceutical Services, Inc.

John Shannon, Chief Executive Officer

John Shannon was appointed Chief Executive Officer in August 2024, having joined Xeris in 2017 as Chief Operating Officer and being promoted to President in 2020. He possesses over 35 years of pharmaceutical and healthcare experience across various functions, including sales, global and US marketing, operations, manufacturing, strategic planning, and business development. Prior to Xeris, Mr. Shannon served as the Chief Commercial Officer for Durata Therapeutics, a company that was acquired by Actavis (now Allergan) in November 2014. He also spent 10 years at Baxter Healthcare and held leadership roles at Caremark and Searle, where he was involved in the worldwide launch and global marketing of Celebrex®.

Steven M. Pieper, Chief Financial Officer

Steven Pieper is the Chief Financial Officer of Xeris Biopharma, having previously served as Vice President of Finance since he joined the company in 2017. He brings over 20 years of experience in the life science industry, holding various financial leadership roles. Before joining Xeris, Mr. Pieper was the CFO and COO of Catheter Connections Inc., a company that was acquired by Merit Medical in January 2016. He also served as the Director of Finance at Durata Therapeutics Inc. from 2014-2015, which was acquired by Actavis (now Allergan). His career in healthcare began at Baxter Healthcare Corporation, where he held commercial and corporate finance roles from 2002 to 2014.

Kevin McCulloch, President and Chief Operating Officer

Kevin McCulloch was named President and Chief Operating Officer of Xeris in August 2024. He joined Xeris Pharmaceuticals in October 2018 as Senior Vice President, Global Operations and Business Development, and was subsequently appointed Chief Commercial Officer in September 2021. Mr. McCulloch has more than 35 years of experience in the pharmaceutical and medical device industry, encompassing diverse leadership and general management roles in sales, marketing, and business operations for both US and international entities.

Beth P. Hecht, Chief Legal Officer and Corporate Secretary

Beth P. Hecht serves as the Chief Legal Officer and Corporate Secretary of Xeris Pharmaceuticals. She has over 25 years of experience as a corporate executive within the life science industry. Most recently, she was the Managing Director and Chief Legal and Administrative Officer for Auven Therapeutics, a global biotechnology and pharmaceutical private equity firm. Ms. Hecht currently serves on the Board of Directors of Iterum Therapeutics (Nasdaq: ITRM) and previously served on the Board of Directors of Neos Therapeutics.

Paul R. Edick, Senior Advisor

Paul R. Edick served as the Chairman and Chief Executive Officer of Xeris Pharmaceuticals from January 2017 until his retirement in August 2024, at which point he transitioned into a senior advisory role with the company. Mr. Edick is the Founding Partner of 3G Advisors, a strategic consultancy for the pharmaceutical and healthcare sectors. From 2010 to 2014, he was the Chief Executive Officer of Durata Therapeutics (Nasdaq: DRTX), which was acquired by Actavis PLC (now Allergan PLC). Earlier in his career, he held leadership positions at Ganic Pharmaceuticals, which he founded, and MedPointe Healthcare, serving as President & Chief Executive Officer from 2002 to 2008. Mr. Edick has also served on the boards of numerous other biopharmaceutical companies, including Sucampo Pharmaceuticals, which was acquired by Mallinckrodt.

1. Dependence on Limited Product Lineup and Profitability Challenges: Xeris Biopharma's business relies on a limited number of commercial products, including Gvoke, Keveyis, and Recorlev. This exposes the company to significant revenue risks stemming from fluctuations in demand, pressures on reimbursement, and heightened competition. The company has a history of significant losses since its inception and faces ongoing challenges in achieving and maintaining profitability, with a negative forward P/E ratio suggesting market expectations of future losses or substantial capital expenditures.
2. Regulatory and Clinical Trial Risks: As a biopharmaceutical company, Xeris is highly susceptible to risks associated with regulatory approvals and the outcomes of clinical trials. There is a risk that pipeline products, such as XP-8121 for hypothyroidism which is approaching Phase 3 trials, may fail to demonstrate adequate efficacy and safety to regulatory authorities like the FDA. Such failures could lead to substantial delays in development, increased costs, or even the inability to commercialize these product candidates. Furthermore, approved products could face safety warnings, market withdrawal, or restrictions on sales.
3. Intense Competition and Market Acceptance: Xeris operates within a highly competitive biopharmaceutical industry, facing rivals from both established pharmaceutical companies and emerging players. The company's ability to achieve and sustain market acceptance for its current and future products is critical. The competitive landscape, coupled with rising healthcare costs and pricing pressures, could negatively impact market access, sales, and overall operating results.

The increasing adoption and technological advancement of closed-loop insulin delivery systems (often referred to as artificial pancreas systems) represent a clear emerging threat to Xeris Biopharma.

These systems integrate continuous glucose monitoring with automated insulin delivery, aiming to prevent severe hypoglycemic episodes. As these technologies become more sophisticated, widely adopted, and effective in maintaining tighter glycemic control, the overall incidence of severe hypoglycemia may decrease. This trend could diminish the long-term market need for rescue glucagon products, such as Xeris's Gvoke, which is used for the treatment of severe hypoglycemia in patients with diabetes.

This is analogous to the historical examples provided, where a new technological paradigm (e.g., smartphones, streaming media) began to fundamentally erode the market for an existing product or service.

Xeris Biopharma's main products and their addressable markets are as follows:

• Gvoke (severe hypoglycemia): The addressable market in the U.S. is approximately 15 million people with diabetes at increased risk of severe low blood sugar. Additionally, a new hospital market for Gvoke, used to slow the gut during gastrointestinal endoscopic procedures, is estimated to involve 20 million annual procedures in the U.S., with clinicians currently spending about $150 million annually on other glucagon forms for this use.
• Recorlev (Cushing's syndrome): Xeris management is targeting approximately 8,000 patients in the U.S. who are on prescription drugs for Cushing's syndrome, viewing this as a multi-billion dollar opportunity. Xeris projects Recorlev could achieve annual net revenues of approximately $1 billion by 2035.
• Keveyis (Primary Periodic Paralysis): The addressable market for Keveyis in the U.S. is approximately 5,000 people affected by this rare genetic disorder.

Xeris Biopharma (NASDAQ: XERS) is poised for future revenue growth over the next two to three years, primarily driven by the expanding adoption of its key commercial products, the advancement of a promising pipeline asset, and the strategic leveraging of its proprietary technology platforms. The company's forward guidance and recent financial reports highlight several critical drivers.

1. Continued Growth of Recorlev: Recorlev, indicated for endogenous Cushing's syndrome, is consistently identified as a significant driver of Xeris's revenue growth. The product has demonstrated substantial increases in net revenue, primarily due to a growing number of patients on therapy. For instance, Recorlev net revenue increased by approximately 136% in Q2 2025 compared to the same period in 2024, driven by a 122% increase in the average number of patients. Xeris projects Recorlev to reach nearly $1 billion in annual net revenue by 2035, underscoring its long-term growth potential.
2. Sustained Growth of Gvoke: Gvoke, a ready-to-use liquid glucagon for severe hypoglycemia, continues to contribute to revenue growth through increasing prescription volumes and favorable net pricing. Gvoke net revenue increased by 21% in Q2 2025 compared to the same period last year, with prescriptions growing 6%. The product consistently holds a significant market share in the retail glucagon market, averaging around 35%. Management anticipates steady long-term growth for Gvoke.
3. Advancement and Potential Launch of XP-8121: Xeris's pipeline candidate, XP-8121 (XeriSol levothyroxine for hypothyroidism), represents a significant future revenue opportunity. This once-weekly subcutaneous levothyroxine injection is considered a "potential blockbuster" asset, with Phase 3 clinical trials scheduled to commence in 2026. The company estimates a peak net revenue potential of $1 billion to $3 billion for XP-8121, addressing millions of patients with hypothyroidism who struggle with daily oral levothyroxine.
4. Expansion of Technology Partnerships: Xeris leverages its proprietary XeriSol and XeriJect formulation technology platforms through strategic partnerships, which generate "other revenue" and offer future milestone payments and royalties. The company has engaged in collaborations, such as with Beta Bionics for a XeriSol glucagon formulation for bi-hormonal pumps and pump systems, which triggered a milestone payment in Q4 2024. These partnerships validate the company's technology and provide additional revenue streams beyond direct product sales.

Share Repurchases

• Xeris Biopharma did not report any strategic share repurchase programs or authorizations for future repurchases over the last 3-5 years.
• The company reported repurchases of common stock withheld for taxes, amounting to $(7.998) million for the three months ended March 31, 2025, and $(3.434) million for the three months ended March 31, 2024.

Share Issuance

• In June 2020, Xeris Pharmaceuticals priced public offerings of 7,400,000 shares of its common stock at $2.72 per share, generating gross proceeds of approximately $20.1 million and net proceeds of approximately $18.8 million.
• Concurrently in June 2020, the company issued $75.0 million aggregate principal amount of 5.00% Convertible Senior Notes due 2025.
• As of July 28, 2021, up to 15,416,667 shares of common stock could be issued upon conversion of the then-$47,175,000 principal amount of the 5.00% Convertible Senior Notes due 2025.

Inbound Investments

• No information is available regarding large inbound investments made in Xeris Biopharma by strategic partners or private equity firms within the specified timeframe.

Outbound Investments

• In May 2021, Xeris Pharmaceuticals announced a definitive agreement to acquire Strongbridge Biopharma plc through a transaction involving stock and contingent value rights, valuing Strongbridge at approximately $267 million.

Capital Expenditures

• Capital expenditures were reported as $0.18 million in 2020, $0.13 million in 2021, $0.24 million in 2022, $1.55 million in 2023, and $0.35 million in 2024.
• For the nine months ended September 30, 2025, capital expenditures resulted in a net cash outflow of $(0.363) million.
• The company's primary focus for ongoing investments includes supporting the Recorlev commercial organization, expanding operational capacity, and advancing pipeline products like XP-8121 towards Phase III trials.