Xeris Biopharma Reports Fourth Quarter and Full-year 2021 Financial Results and Recent Events
Acquisition and integration of
Recorlev® approved by FDA
FY ‘21 pro forma net product revenues of
Well-capitalized with cash, cash equivalents, and short-term investments of
Double-digit net product revenues growth expected in 2022 to be
Cash position further strengthened with a recent PIPE and the restructuring of debt with
Cash flow breakeven expected by year-end 2023
Conference call and webcast today at
“During 2021, we made significant progress toward achieving critical mass and becoming a fully integrated pharmaceutical company with the acquisition of Strongbridge, the continued growth of Gvoke and Keveyis, and the recent approval and launch of our third commercial product, Recorlev,” said
Fourth Quarter and Full-year 2021 Highlights and Recent Events
Marketed Products
-
Gvoke®: Fourth quarter 2021 prescriptions topped 29,000 for the first time, growing more than 85% compared to the same period in 2020. Gvoke’s market share of the retail TRx glucagon market grew to approximately 17% at year-end. In June, the FDA approved the extension of room temperature shelf-life of the Gvoke 1mg HypoPen and PFS from 24 months to 30 months. In August, the FDA approved the sNDA for the Gvoke Kit®, which will be available in
March 2022 . -
Keveyis®: Full-year pro forma 2021 net revenues for Keveyis were at the high end of the previously announced guidance of
$38-40 million . -
Ogluo®: In December, Xeris’ commercialization partner, Tetris Pharma launched Ogluo® in the
UK . Tetris plans to launch Ogluo in several European countries in 2022. -
Recorlev®: On
December 30, 2021 , TheU.S. Food and Drug Administration (FDA) approved Recorlev for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome for whom surgery is not an option or has not been curative. InFebruary 2022 , Xeris launched Recorlev and is now exclusively available through a specialty pharmacy. The Company has established Xeris CareConnection™, a comprehensive support program, which includes$0 co-pay for commercially insured patients, one-on-one support and education for patients, and reimbursement and access support.
Pipeline Programs
- Levothyroxine: Xeris anticipates having data from its Phase 1 single ascending dose study in the third quarter 2022.
-
Exercise-induced Hypoglycemia (EIH): Xeris submitted an IND in
February 2022 and recently received FDA clearance. The Company is actively planning a new phase 2 clinical program by the end of 2022 to further address the management of EIH in people with diabetes who use insulin. - XeriJect™ Technology Platform Collaborations: Xeris has four ongoing evaluation projects with large pharmaceutical companies, which includes Merck, for the purpose of engineering ultra-high concentration, ready-to-use formulations.
Corporate Highlights
-
On
October 5, 2021 , Xeris completed its acquisition ofStrongbridge Biopharma plc . -
On
January 2, 2022 , Xeris entered into a Securities Purchase Agreement withArmistice Capital Master Fund Ltd. for$30.0 million and the issuance of 10,238,908 shares of common stock and warrants to purchase 5,119,454 shares of common stock at an exercise price of$3.223 per share. -
On
March 8, 2022 , Xeris entered into a senior secured term loan agreement withHayfin Capital Management LLP to provide the Company with$150.0 million . On the closing date, Xeris drew down$100.0 million to repay its existing debt facility of$43.5 million withOxford Finance LLC andSilicon Valley Bank and provide additional working capital to fund the Company’s business plan. An additional$50.0 million will be available during the 12-month period following the closing date.
Fourth Quarter and Full-year 2021 Financial Results
Net product revenues increased by
Cost of goods sold increased by
Research and development expenses increased by
Selling, general and administrative expenses increased by
Net Loss for the fourth quarter ended
Cash, cash equivalents, and short-term investments at
Financial Outlook
The Company is providing the following financial guidance:
-
Net product revenue of
$105 million to$120 million for full-year 2022 -
Year-end 2022 cash, cash equivalents, and short-term investments in the range of
$90 million to$110 million - Cash flow breakeven by year-end 2023, which assumes performance is consistent with annual net product revenues guidance
Expectations for growth assume full access to health care provider facilities, as a continuation or escalation of access restrictions or lockdown orders resulting from the ongoing COVID-19 pandemic would adversely affect financial results.
Conference Call and Webcast Details
Xeris will host a conference call and webcast today,
About Xeris
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands, except share and per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Product revenues, net |
$ |
21,359 |
|
|
$ |
7,089 |
|
|
$ |
49,280 |
|
|
$ |
20,155 |
|
|
Royalty, contract and other revenue |
|
70 |
|
|
|
83 |
|
|
|
310 |
|
|
|
280 |
|
|
Total revenue |
|
21,429 |
|
|
|
7,172 |
|
|
|
49,590 |
|
|
|
20,435 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|||||||||
Cost of goods sold, excluding amortization of intangible assets |
|
4,889 |
|
|
|
3,407 |
|
|
|
13,318 |
|
|
|
9,328 |
|
|
Research and development |
|
10,082 |
|
|
|
5,110 |
|
|
|
25,160 |
|
|
|
20,921 |
|
|
Selling, general and administrative |
|
54,179 |
|
|
|
17,998 |
|
|
|
125,718 |
|
|
|
73,732 |
|
|
Amortization of intangible assets |
|
550 |
|
|
|
— |
|
|
|
550 |
|
|
|
— |
|
|
Total costs and expenses |
|
69,700 |
|
|
|
26,515 |
|
|
|
164,746 |
|
|
|
103,981 |
|
|
Loss from operations |
|
(48,271 |
) |
|
|
(19,343 |
) |
|
|
(115,156 |
) |
|
|
(83,546 |
) |
|
Other income (expense) |
|
(2,519 |
) |
|
|
(2,514 |
) |
|
|
(7,569 |
) |
|
|
(7,704 |
) |
|
Net loss before benefit from income taxes |
|
(50,790 |
) |
|
|
(21,857 |
) |
|
|
(122,725 |
) |
|
|
(91,250 |
) |
|
Benefit from income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
110 |
|
|
Net loss |
$ |
(50,790 |
) |
|
$ |
(21,857 |
) |
|
$ |
(122,725 |
) |
|
$ |
(91,140 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Net loss per common share - basic and diluted |
$ |
(0.42 |
) |
|
$ |
(0.41 |
) |
|
$ |
(1.55 |
) |
|
$ |
(2.14 |
) |
|
Weighted average common shares outstanding - basic and diluted |
|
121,548,995 |
|
|
|
53,505,197 |
|
|
|
79,027,062 |
|
|
|
42,642,901 |
|
|
|
|
|
|
|
|
|
|
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(in thousands) |
||||||
(unaudited) |
||||||
|
|
|
|
|||
|
|
|
|
|||
Assets |
|
|
|
|||
Current assets: |
|
|
|
|||
Cash and cash equivalents |
$ |
67,271 |
|
$ |
37,598 |
|
Short-term investments |
|
35,162 |
|
|
96,190 |
|
Trade accounts receivable, net |
|
17,456 |
|
|
6,875 |
|
Inventory |
|
18,118 |
|
|
8,353 |
|
Prepaid expenses and other current assets |
|
4,589 |
|
|
3,196 |
|
Total current assets |
|
142,596 |
|
|
152,212 |
|
Property and equipment, net |
|
6,627 |
|
|
6,707 |
|
|
|
22,859 |
|
|
— |
|
Intangible assets, net |
|
131,450 |
|
|
— |
|
Other assets |
|
829 |
|
|
232 |
|
Total assets |
$ |
304,361 |
|
$ |
159,151 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|||
Current liabilities: |
|
|
|
|||
Accounts payable |
$ |
8,924 |
|
$ |
3,117 |
|
Other accrued liabilities |
|
49,088 |
|
|
15,895 |
|
Accrued trade discounts and rebates |
|
15,041 |
|
|
5,984 |
|
Accrued returns reserve |
|
4,000 |
|
|
2,889 |
|
Other current liabilities |
|
1,987 |
|
|
322 |
|
Total current liabilities |
|
79,040 |
|
|
28,207 |
|
Long-term debt, net of unamortized debt issuance costs |
|
88,067 |
|
|
87,021 |
|
Contingent value rights |
|
22,531 |
|
|
— |
|
Supply agreement liability, less current portion |
|
5,991 |
|
|
— |
|
Deferred rent |
|
6,883 |
|
|
6,629 |
|
Deferred tax liabilities |
|
4,942 |
|
|
— |
|
Other liabilities |
|
1,676 |
|
|
3,533 |
|
Total liabilities |
|
209,130 |
|
|
125,390 |
|
Total stockholders’ equity |
|
95,231 |
|
|
33,761 |
|
Total liabilities and stockholders’ equity |
$ |
304,361 |
|
$ |
159,151 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220310005334/en/
Investor Contact
Senior Vice President, Investor Relations and Corporate Communications
awey@xerispharma.com
312-736-1237
Source: