Xeris Biopharma Holdings, Inc. Q4 FY2025 earnings call

John Shannon mentioned 2025 was transformational, reached financial self-sustainability. Fourth quarter and full-year revenue growth driven by strong demand across products. Recorilev growth from expanding patient base, nearly doubled commercial team in January. XP8121 advancing, anticipated phase three initiation in second half of 2026. Priorities for 2026: drive rapid revenue growth, advance XP8121, maintain strong balance sheet. Steve Piper discussed fourth quarter and full-year results, R&D and SG&A expenses, 2026 outlook with revenue between $375 million and $390 million, expect adjusted EBITDA positive.

Fourth quarter total revenue grew 43% year over year to nearly $86 million. Full-year total revenue increased by 44% to $292 million. Recorilev: Fourth quarter revenue $45.3 million, full-year $139.3 million, growth driven by expanding patient base. GVOTE: Fourth quarter revenue $24.6 million, full-year $94.1 million, steady growth. Caveas: Fourth quarter revenue $12.8 million, full-year $47.6 million, supported by increase in average patients on therapy.

For 2026, total revenue expected between $375 million and $390 million, over 30% growth at midpoint. R&D to increase by ~$25 million for XP8121 phase three initiation. SG&A to increase by ~$45 million due to commercial expansion. Expect adjusted EBITDA positive and grow on absolute dollars basis compared to 2025.

Q: Helpful color on spend this year, extent of additional operating leverage for RecorLiv, IP litigation and acquisition.

A: John Shannon talked about doubling commercial footprint, IP litigation strategy unchanged.

Q: Evolution of capital deployment beyond 2026, IP litigation and appetite for business development, gross margin evolution.

A: Steve Piper discussed operating leverage, IP litigation not changing approach, gross margin expected to continue improving.

Q: Guidance by product in 2026, RecorLiv Q1 and competitive product.

A: Chase Knickerbocker talked about Cabeas, GVOC, Recorilev revenue contributions, Q1 typical and competitive product not affecting momentum.

Q: RecordLive guidance and Teva's impact.

A: John Shannon said no specific product guidance, no risk from Teva's potential generic.

Q: XP8121 Phase 3 interactions and partnership optionality.

A: Steve Piper said no regulatory gating, gating on device and formulation scale-up, partnership considered if right situation.

Q: Patent infringement lawsuit timeline.

A: Early in process, timelines unknown, confident in patents till 2040.

Q: Openness to settlement in patent litigation.

A: Can't comment on legal strategy