0001346302-21-000046 | 10-Q | XBRL Viewer | Xeris Pharmaceuticals INC

Warrants (Tables)

3 Months Ended

Mar. 31, 2021

Schedule of Stockholders' Equity Note, Warrants or Rights

As of March 31, 2021, the following warrants were outstanding:


	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	94,012

Available-for-Sale Investments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities Maturities Period	3 months 18 days
Amortized Cost	$ 69,276		$ 96,159
Gross Unrealized Gains	18	$ 36
Gross Unrealized Losses	(4)	(5)
Total Fair Value	69,290		96,190
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,986		18,179
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Total Fair Value	16,986		18,179
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,865		13,597
Gross Unrealized Gains	11	29
Gross Unrealized Losses	(2)	(1)
Total Fair Value	6,874		13,625
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	40,256		64,383
Gross Unrealized Gains	7	7
Gross Unrealized Losses	0	$ (4)
Total Fair Value	40,263		$ 64,386
Foreign government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	3,935
Gross Unrealized Gains	0
Gross Unrealized Losses	(1)
Total Fair Value	3,934
Debt Security, Corporate, Non-US
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,234
Gross Unrealized Gains	0
Gross Unrealized Losses	(1)
Total Fair Value	$ 1,233

Stock Compensation Plan - Employee Stock Award Activity (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense from restricted stock units	$ 9,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	1,405,344
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 5.60		$ 7.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	1,884,095		766,550
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(220,425)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 5.08
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	7.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 5.30
Vested and unvested stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,299,521
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			4,953,906
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 5.69		$ 5.84
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	7 years 5 months 1 day	7 years 5 months 15 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	644,173
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.09
Exercise and vesting of stock options, shares	(20,213)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 1.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(237,622)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 5.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(40,723)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 13.77
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	2,390,836
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.80
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	6 years 2 months 4 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term	7 years 3 months 21 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	5,029,730
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 5.71
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(67,374)

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Accrued Expenses [Abstract]

Other accrued liabilities

Other accrued liabilities consisted of the following (in thousands):


	March 31, 2021		December 31, 2020

Accrued employee costs	$	6,939	$	7,989
Accrued supply chain costs	1,270		1,702
Accrued marketing and selling costs	1,426		1,114
Accrued research and development costs	765		678
Accrued restructuring charges	512		811
Accrued interest expense	823		1,527
Accrued other costs	2,169		2,074
Other accrued liabilities	$	13,904	$	15,895

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2020	Mar. 17, 2021	Sep. 30, 2020	Jun. 30, 2020	Feb. 14, 2020
Equity [Abstract]
Common Stock, Shares Authorized	150,000,000	150,000,000		150,000,000	150,000,000
Preferred Stock, Shares Authorized	10,000,000	10,000,000		10,000,000	10,000,000
Common Shares, Par Value Per Share	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Preferred Stock, Par Value Per Share	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001
Total common stock and preferred stock authorized shares	160,000,000.0
Common Stock, Shares, Issued	66,333,456	59,611,202		59,611,202	59,611,202	6,553,398		8,510,000	10,299,769
Shares Issued, Price Per Share						$ 4.12		$ 2.72	$ 4.15
Common shares issued, due to exercise of underwriter option							1,299,769	1,110,000
Net proceeds from issuance of public offering	$ 26,900	$ 39,900			$ 21,600
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	71,782		9,801
Statutory withholding taxes on vesting and settlement of RSUs	$ 400		$ 100
Restricted stock units vested and settled during period	220,425		31,250
Issuance of common stock upon conversion of convertible notes, shares				2,736,591
Principal amount of convertible notes converted				$ 8,400

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below takes into account the market for its financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of March 31, 2021 and December 31, 2020 (in thousands):


	Total as of March 31, 2021		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	66,604	$	66,604	$	—	$	—

Investments:
U.S. government securities	40,263		40,263		—		—
Corporate securities	6,874		—		6,874		—

Commercial paper	16,986		—		16,986		—
Foreign government securities	3,934		—		3,934		—
Foreign corporate securities	1,233		—		1,233		—
Total investments	$	69,290	$	40,263	$	29,027	$	—

Liabilities
Warrant liabilities	$	139	$	—	$	—	$	139


	Total as of December 31, 2020		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	37,598	$	37,598	$	—	$	—

Investments:
U.S. government securities	64,386		64,386		—		—
Corporate securities	13,625		—		13,625		—
Commercial paper	18,179		—		18,179		—
Total investments	$	96,190	$	64,386	$	31,804	$	—

Liabilities
Warrant liabilities	$	159	$	—	$	—	$	159

The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock.

The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands):



Balance at December 31, 2020	$	159



Change in fair value of warrants	(20)
Balance at March 31, 2021	$	139

There were no transfers between any of the levels of the fair value hierarchy during the three months ended March 31, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Long-Term Debt - Components of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jul. 07, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Long-term Debt	$ 90,675
Less: unamortized debt issuance costs	(3,403)	$ (3,654)
Long-term debt, net of unamortized debt issuance costs	87,272	87,021
Convertible Notes
Debt Instrument [Line Items]
Long-term Debt	47,175	47,175	$ 86,300
Term A Loan
Debt Instrument [Line Items]
Long-term Debt	$ 43,500	$ 43,500		$ 60,000

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

The Company has non-cancellable operating leases for office and laboratory space, which expire at various times through 2033. The non-cancellable lease agreements provide for monthly lease payments, which increase during the term of each lease agreement.

Future minimum lease payments under operating leases at March 31, 2021 are as follows (in thousands):


2021	$	962
2022	1,813
2023	2,031
2024	1,981
2025	1,931
Thereafter	13,723
Total minimum lease payments	$	22,441

Total rent expense under these operating leases was approximately $0.6 million and $0.5 million for the three months ended March 31, 2021 and 2020, respectively.

As of March 31, 2021, we had unused letters of credit of $1.4 million which were issued primarily to secure leases.

Litigation

From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of March 31, 2021, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company.

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of March 31,
	2021	2020
Shares to be issued upon conversion of Convertible Notes	15,416,667	—
Vested and unvested stock options	5,299,521	5,042,386
Restricted stock units	1,884,095	661,250
Warrants	94,012	95,431
	22,694,295	5,799,067

Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 66,604		$ 37,598
Total Fair Value	69,290		96,190
Warrants liabilities	139		159
Change in fair value of warrants	(20)	$ (135)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	66,604		37,598
Total Fair Value	40,263		64,386
Warrants liabilities	0		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0
Total Fair Value	29,027		31,804
Warrants liabilities	0		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0
Total Fair Value	0		0
Warrants liabilities	139		159
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	40,263		64,386
U.S. government securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	40,263		64,386
U.S. government securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0
U.S. government securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	6,874		13,625
Corporate securities \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0
Corporate securities \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	6,874		13,625
Corporate securities \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	16,986		18,179
Commercial paper \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	0		0
Commercial paper \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	16,986		18,179
Commercial paper \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Fair Value	$ 0		$ 0

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

Long-term Debt

Convertible Senior Notes

In June 2020, the Company completed a public offering of $86.3 million aggregate principal amount of the Company's 5.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes which was exercised in full in July 2020. The Company incurred debt issuance costs of $5.1 million in connection with the issuance of the Convertible Notes. The Company used $20.0 million and $4.2 million of the net proceeds from the sale to prepay a portion of the principal amount on the Term A Loan (as defined below) and the remaining amount of borrowings outstanding under the PPP Loan (as defined below), respectively.

The Convertible Notes are governed by the terms of a base indenture for senior debt securities, as supplemented by the first supplemental indenture thereto, each dated as of June 30, 2020, by and between the Company and U.S. Bank National Association, as trustee. The Convertible Notes bear cash interest at the rate of 5.00% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021, to holders of record at the close of business on the preceding January 1 and July 1, respectively. The Convertible Notes will mature on July 15, 2025, unless earlier converted or redeemed or repurchased by the Company.

At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of Convertible Notes may convert their Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The conversion rate for the Convertible Notes will initially be 326.7974 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $3.06 per share of common stock, and is subject to adjustment under the terms of the Convertible Notes. In the event of certain circumstances, the Company will increase the conversion rate, provided that the conversion rate will not exceed 367.6470 shares of the Company's common stock per $1,000 principal amount of Convertible Notes.

In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of the Company’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, the Company entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of the Company’s common stock. The Company recognized a $2.6 million loss related to the convertible note exchange transactions.

The Convertible Notes are senior, unsecured obligations and are equal in right of payment with the Company's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the Convertible Notes, and effectively subordinated to its existing and future secured indebtedness to the extent of the value of the collateral securing that indebtedness. The Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of its subsidiaries.

Senior Secured Loan Facility

In February 2018, the Company entered into the Loan and Security Agreement, dated as of February 28, 2018 (as amended, the “Original Loan Agreement”), with Oxford Finance LLC, as the collateral agent and a lender (“Oxford”), and Silicon Valley Bank, as a lender (“SVB”, and together with Oxford, the “Lenders”), which provided for a senior secured loan facility of up to an aggregate principal amount of $45.0 million. The first tranche of $20.0 million was drawn down in February 2018 (the "2018 Term A Loan"). The second tranche of $15.0 million was drawn down in September 2018 (the "2018 Term B Loan"). The Company also issued warrants to the Lenders to purchase common stock, which is further discussed in Note 7, "Warrants."

In September 2019, the Company entered into an Amended and Restated Loan and Security Agreement (the "Loan Agreement") with the Lenders which amended and restated the Original Loan Agreement in its entirety. The Loan Agreement provided for the Lenders to extend up to $85.0 million in term loans to the Company in three tranches. The initial tranche of $60.0 million (the “Term A Loan”) was drawn down in September 2019. Additional tranches of $15.0 million (the "Term B Loan") and $10.0 million (the “Term C Loan”) were contingent on achievement of certain revenue targets which were not achieved. In conjunction with the execution of the Loan Agreement, the 2018 Term A Loan and 2018 Term B Loan were repaid and the final payment fee of $2.3 million was paid.

Effective April 21, 2020, the Company entered into that certain First Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “First Amendment”) to amend the Loan Agreement to allow the Company to incur indebtedness under the U.S. Small Business Administration (the “SBA”) Paycheck Protection Program (the “PPP”) enabled by the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) in the amount of $5.1 million (the “PPP Loan”).

On June 30, 2020, the Company entered into that certain Second Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Second Amendment") to amend the Loan Agreement to provide for the Lenders’ consent to and allow for the Company's underwritten public offering of the Company's 5.00% Convertible Senior Notes due 2025 and permit the Company to prepay its PPP Loan in full. The Second Amendment also provided for the extension of the interest-only payment period through December 31, 2021, after which the term loans would be payable in 30 equal monthly installments. However, if the Company achieved a certain revenue milestone prior to January 1, 2022, then the period for interest-only payments would be extended through September 30, 2022, after which the term loans would be payable in 21 equal monthly installments. In addition the Second Amendment further provided for an extension of the maturity date from June 1, 2023 to June 1, 2024. After repayment, no loans may be re-borrowed.

Pursuant to the Second Amendment, the Company prepaid a portion of the Term A Loan equal to the sum of (i) $20.0 million, plus all accrued and unpaid interest as of the date of the Second Amendment, (ii) the applicable final payment fee of $0.6 million, (iii) the applicable prepayment fee of $0.3 million and (iv) all outstanding Lenders’ expenses as of the date of the Second Amendment. Additionally, the Company is required to maintain a minimum balance of $5.0 million in unrestricted cash at SVB at all times and to pay an amendment fee of up to $0.1 million at the earliest to occur of the maturity date, acceleration of any term loan, or prepayment of any term loan amount.

On August 5, 2020, the Company entered into that certain Third Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Third Amendment) to amend the Loan Agreement to (i) amend the definition of “Permitted Indebtedness” to include a new standby letter of credit in an amount not to exceed $0.4 million issued to the landlord for the Company’s new leased laboratory space and (ii) permit the sale of certain equipment related to the relocation of the Company’s research and development laboratory from San Diego to Chicago.

On October 23, 2020, the Company entered into that certain Fourth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Fourth Amendment") to amend the Loan Agreement to provide an additional tranche of $3.5 million (the “Term D Loan”, and, together with the Term A Loan, Term B Loan, and Term C Loan, the "Term Loan"), available upon execution. The Term D Loan of $3.5 million was drawn in November 2020 and will be payable under the same payment terms as the term loans. After repayment, the loan may not be re-borrowed.

On May 3, 2021, the Company entered into that certain Fifth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Fifth Amendment”) to amend the Loan Agreement (as amended, supplemented or otherwise modified from time to time, including by that certain First Amendment, Second Amendment, Third Amendment, Fourth Amendment, and Fifth Amendment, collectively, the "Amended Loan Agreement"). The Fifth Amendment provides that if the Company achieves a certain revenue milestone prior to November 30, 2021, then the period for interest-only payments is extended six months to July 2022 and the Term Loan will be payable in 24 equal monthly installments. If the Company achieves another revenue milestone prior to May 31, 2022, the period for interest-only payments is further extended three months, to October 2022 and the Term Loan will be payable in 21 equal monthly installments. If the Company achieves a third revenue milestone by September 15, 2022, the period for interest-only payments is further extended three months, to January 2023 and the Term Loan will be payable in 18 equal monthly installments. The Company currently expects to achieve each revenue milestone and has therefore classified the amounts due under the Amended Loan Agreement as non-current on its balance sheet as of March 31, 2021.

Pursuant to the Amended Loan Agreement, the Company has provided a first priority security interest in substantially all of the Company’s assets, including intellectual property, subject to certain limited exceptions.

All of the loans incur interest at a floating per annum rate in an amount equal to the sum of 6.25% plus the greater of (a) 2.43% and (b) the thirty-day U.S. Dollar LIBOR rate. For the period from the funding date of the Term A Loan through and including March 31, 2021, the interest rate was 8.68%. The remaining balance of unamortized debt issuance costs related to the Loan Agreement and the additional debt issuance costs incurred in conjunction with the Second Amendment have been reflected as a direct reduction to the loan balance and are being amortized to interest expense over the remaining life of the loan using the effective interest method.

The Amended Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder, but not less than $2.0 million of the outstanding principal at any time. The Company is subject to a prepayment fee equal to 1.50% of the principal amount being prepaid. Also, a final payment fee of 3.0% multiplied by the amount to be repaid is due upon the earliest to occur of the maturity date of the Amended Loan Agreement, the acceleration of the amounts outstanding under the Amended Loan Agreement or prepayment of such borrowings and is recorded in other liabilities on the condensed consolidated balance sheets.

The Amended Loan Agreement contains customary representations and warranties, events of default (including an event of default upon a material adverse change of the Company) and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions.

The components of debt are as follows (in thousands):


	March 31, 2021		December 31, 2020

Convertible Notes	$	47,175	$	47,175
Senior secured loan facility	43,500		43,500
Less: unamortized debt issuance costs	(3,403)		(3,654)
Long-term debt, net of unamortized debt issuance costs	$	87,272	$	87,021

The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility (which reflect the Fifth Amendment) and the Convertible Notes (in thousands):


2021	$	—
2022	—
2023	29,000
2024	14,500
2025	47,175
	$	90,675

For the three months ended March 31, 2021 and 2020, the Company recognized interest expense of $1.8 million and $1.5 million, respectively, of which $0.3 million and $0.2 million, respectively, was related to the amortization of debt issuance costs.

Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Net sales	$ 8,051	$ 1,676
Revenue, Change in Judgment	0.9 million

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Long-Term Debt - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				6 Months Ended
	May 03, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Sep. 30, 2019	Dec. 31, 2020	Oct. 23, 2020	Aug. 05, 2020	Jul. 07, 2020	Jun. 30, 2020	Apr. 21, 2020	Mar. 31, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Long-term Debt		$ 90,675
Prepayment allowed per debt agreement		$ 2,000
Prepayment penalty percentage		1.50%
Final payment fee percentage		3.00%
Interest expense		$ 1,791		$ 1,499
Amortization of debt issuance costs		251		180
Convertible notes purchased, due to exercise of underwriter option									$ 11,300
Principal amount of convertible notes converted						$ 8,400
Unused letters of credit		1,400
Issuance of common stock upon conversion of convertible notes, shares						2,736,591
Principal amount of convertible notes converted privately			$ 30,700
Stock Issued During Period, Shares, Conversion of Convertible Securities privately exchanged			10,435,200
Loss on the convertible note exchange transactions			$ 2,600
Subsequent Event [Member]
Debt Instrument [Line Items]
Period debt payments are interest only	18
Chicago Fulton Market [Member]
Debt Instrument [Line Items]
Unused letters of credit								$ 400
2018 Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity													$ 45,000
Amended Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 85,000
2018 Term A Loan [Member]
Debt Instrument [Line Items]
Long-term Debt													$ 20,000
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Fee					2.3 million
Term B Loan [Member]
Debt Instrument [Line Items]
Long-term Debt												$ 15,000
Term A Loan
Debt Instrument [Line Items]
Long-term Debt		$ 43,500	43,500		$ 60,000	$ 43,500
Debt Instrument, Interest Rate, Stated Percentage		6.25%
Debt Instrument, Basis Spread on Variable Rate		2.43%
Interest rate, greater of stated percentage and (a) 2.43% or (b) thirty-day LIBOR		8.68%
Repayments of Notes Payable			20,000
Final payment fee settled at closing			600
Prepayment fee settled at closing			300
Minimum cash balance to be held with lender		$ 5,000
Amendment fee to be settled at maturity		$ 100
Term A Loan \| Maximum \| Subsequent Event [Member]
Debt Instrument [Line Items]
Period debt payments are interest only	24
Term A Loan \| Minimum
Debt Instrument [Line Items]
Period debt payments are interest only		21
Term A Loan \| Minimum \| Subsequent Event [Member]
Debt Instrument [Line Items]
Period debt payments are interest only	21
Term C Loan [Member]
Debt Instrument [Line Items]
Long-term Debt		$ 10,000
Term B Loan [Member]
Debt Instrument [Line Items]
Long-term Debt		15,000
PPP Loan [Member]
Debt Instrument [Line Items]
Notes Payable											$ 5,100
Repayments of Notes Payable			4,200
Convertible Notes
Debt Instrument [Line Items]
Long-term Debt		$ 47,175	$ 47,175			$ 47,175			86,300
Debt Issuance Costs, Gross									$ 5,100
Cash interest per annum on convertible notes		5.00%								5.00%
Debt Instrument, Convertible, Conversion Price		$ 3.06
Initial conversion rate for Convertible Notes		326.7974				326.7974
Maximum conversion rate of Convertible Notes		367.6470
Per principal amount of Convertible Notes		$ 1				$ 1
Debt [Member]
Debt Instrument [Line Items]
Interest expense		1,800		1,500
Amortization of debt issuance costs		300		$ 200
Term D Loan
Debt Instrument [Line Items]
Long-term Debt		$ 3,500					$ 3,500
Loans \| Maximum
Debt Instrument [Line Items]
Period debt payments are interest only		30

Fair Value Measurements - Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation



Balance at December 31, 2020	$	159



Change in fair value of warrants	(20)
Balance at March 31, 2021	$	139

There were no transfers between any of the levels of the fair value hierarchy during the three months ended March 31, 2021.

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of March 31, 2021 and December 31, 2020 (in thousands):


	Total as of March 31, 2021		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	66,604	$	66,604	$	—	$	—

Investments:
U.S. government securities	40,263		40,263		—		—
Corporate securities	6,874		—		6,874		—

Commercial paper	16,986		—		16,986		—
Foreign government securities	3,934		—		3,934		—
Foreign corporate securities	1,233		—		1,233		—
Total investments	$	69,290	$	40,263	$	29,027	$	—

Liabilities
Warrant liabilities	$	139	$	—	$	—	$	139


	Total as of December 31, 2020		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	37,598	$	37,598	$	—	$	—

Investments:
U.S. government securities	64,386		64,386		—		—
Corporate securities	13,625		—		13,625		—
Commercial paper	18,179		—		18,179		—
Total investments	$	96,190	$	64,386	$	31,804	$	—

Liabilities
Warrant liabilities	$	159	$	—	$	—	$	159

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2021

Accrued Expenses [Abstract]

Other Accrued Liabilities

Other accrued liabilities consisted of the following (in thousands):


	March 31, 2021		December 31, 2020

Accrued employee costs	$	6,939	$	7,989
Accrued supply chain costs	1,270		1,702
Accrued marketing and selling costs	1,426		1,114
Accrued research and development costs	765		678
Accrued restructuring charges	512		811
Accrued interest expense	823		1,527
Accrued other costs	2,169		2,074
Other accrued liabilities	$	13,904	$	15,895

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Long-term Debt, Unclassified [Abstract]

Schedule of Long-term Debt Instruments

The components of debt are as follows (in thousands):


	March 31, 2021		December 31, 2020

Convertible Notes	$	47,175	$	47,175
Senior secured loan facility	43,500		43,500
Less: unamortized debt issuance costs	(3,403)		(3,654)
Long-term debt, net of unamortized debt issuance costs	$	87,272	$	87,021

Schedule of Maturities of Long-term Debt

The following table sets forth the Company’s future minimum principal payments on the senior secured loan facility (which reflect the Fifth Amendment) and the Convertible Notes (in thousands):


2021	$	—
2022	—
2023	29,000
2024	14,500
2025	47,175
	$	90,675

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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+ Details

Warrants - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended	23 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2014	Aug. 20, 2020
Class of Warrant or Right [Line Items]
Change in fair value of warrants	$ (20)		$ (135)
2014 Warrants
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares						19,931
Class of Warrant or Right, Exercise Price of Warrants or Rights						$ 5.912
Class of warrants, exercised							18,512
Change in fair value of warrants			4
Class of warrants, expired		1,419
Term A Warrants
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares					53,720
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Warrants outstanding	53,720
Change in fair value of warrants	$ 11		75
Term B Warrants
Class of Warrant or Right [Line Items]
Preferred stock and warrants issued during the period, shares				40,292
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Warrants outstanding	40,292
Change in fair value of warrants	$ 9		$ 56

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 66,604	$ 37,598
Short-term investments	69,290	96,190
Trade accounts receivable, net	8,938	6,875
Inventory	12,496	8,353
Prepaid expenses and other current assets	3,298	3,196
Total current assets	160,626	152,212
Property and equipment, net	6,799	6,707
Other assets	212	232
Total assets	167,637	159,151
Current liabilities:
Accounts payable	4,768	3,117
Other accrued liabilities	13,904	15,895
Accrued trade discounts and rebates	5,719	5,984
Accrued returns reserve	2,619	2,889
Other current liabilities	414	322
Total current liabilities	27,424	28,207
Long-term debt, net of unamortized debt issuance costs	87,272	87,021
Deferred rent	6,692	6,629
Other liabilities	1,862	3,533
Total liabilities	123,250	125,390
Commitments and Contingencies (Note 8)
Stockholders’ Equity:
Preferred stock—par value $0.0001, 10,000,000 shares authorized and no shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	0	0
Common stock—par value $0.0001, 150,000,000 shares authorized as of March 31, 2021 and December 31, 2020, respectively; 66,333,456 and 59,611,202 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	7	6
Additional paid in capital	400,186	371,134
Accumulated deficit	(355,796)	(337,385)
Accumulated other comprehensive income	(10)	6
Total stockholders’ equity	44,387	33,761
Total liabilities and stockholders’ equity	$ 167,637	$ 159,151

Warrants - Warrants Outstanding (Details) - $ / shares	3 Months Ended
Warrants - Warrants Outstanding (Details) - $ / shares	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2014
Class of Warrant or Right [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	22,694,295	5,799,067
2014 Warrants
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 5.912
Term A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding	53,720
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Term B Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding	40,292
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 11.169
Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding	94,012
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	94,012	95,431

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Expenses [Abstract]
Accrued employee-related costs	$ 6,939	$ 7,989
Accrued supply chain costs	1,270	1,702
Accrued marketing and selling costs	1,426	1,114
Accrued research and development costs	765	678
Accrued restructuring charges	512	811
Accrued interest expense	823	1,527
Accrued other costs	2,169	2,074
Other accrued liabilities	$ 13,904	$ 15,895

Inventory (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

The components of inventories consisted of the following (in thousands):


	March 31, 2021		December 31, 2020

Raw materials	$	6,022	$	2,874
Work in process	2,492		4,247
Finished goods	3,982		1,232
Inventory	$	12,496	$	8,353

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Gain (Loss)	Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Shares, Issued		27,214,523
Common Stock, Value, Issued		$ 3
Additional paid in capital			$ 260,635
Accumulated other comprehensive income				$ 43
Accumulated deficit					$ (246,245)
Stockholders' Equity Attributable to Parent	$ 14,436
Net loss	(29,184)				(29,184)
Issuance of common stock upon public offering, shares		10,299,769
Issuance of common stock upon equity offering, value	39,845		39,844
Exercise and vesting of stock options, shares		5,296
Exercise and vesting of stock options, value	10		10
Stock-based compensation	2,008		2,008
Comprehensive loss	17			17
Exercise of warrants, shares		21,449
Exercise of warrants, value	(63)		(63)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(29,167)
Common Stock, Shares, Issued		37,541,037
Common Stock, Value, Issued		$ 4
Additional paid in capital			302,434
Accumulated other comprehensive income				60
Accumulated deficit					(275,429)
Stockholders' Equity Attributable to Parent	$ 27,069
Common Stock, Shares, Issued	59,611,202	59,611,202
Common Stock, Value, Issued	$ 6	$ 6
Additional paid in capital	371,134		371,134
Accumulated other comprehensive income	6			6
Accumulated deficit	(337,385)				(337,385)
Stockholders' Equity Attributable to Parent	33,761
Net loss	(18,411)				(18,411)
Issuance of common stock upon public offering, shares		6,553,398
Issuance of common stock upon equity offering, value	26,925	$ 1	26,924
Exercise and vesting of stock options, shares		20,213
Exercise and vesting of stock options, value	32		32
Stock-based compensation	2,461		2,461
Comprehensive loss	(16)			(16)
Vesting of restricted stock units and related repurchases		148,643
Vesting of restricted stock units and related repurchases, value	(365)		(365)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (18,427)
Common Stock, Shares, Issued	66,333,456	66,333,456
Common Stock, Value, Issued	$ 7	$ 7
Additional paid in capital	400,186		$ 400,186
Accumulated other comprehensive income	(10)			$ (10)
Accumulated deficit	(355,796)				$ (355,796)
Stockholders' Equity Attributable to Parent	$ 44,387

Stock Compensation Plan - Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 1 month 6 days	6 years 1 month 6 days
Risk-free interest rate	1.16%	0.46%
Expected volatility	76.25%	66.23%
Expected dividends	0.00%	0.00%
Share-based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period upon Option Exchange	832,907
Share-based Compensation Arrangement by Share-based Payment Award, Options, Cancelled upon Option exchange	1,127,906
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period upon Option Exchange, Weighted Average Exercise Price	$ 4.09

Condensed Consolidated Balance Sheets (Unaudited) Balance Sheets Parenthetical - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position Parenthetical [Abstract]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par Value Per Share	$ 0.0001	$ 0.0001
Common Shares, Par Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	66,333,456	59,611,202
Preferred Stock, Shares Issued	0	0

DEI Document - shares	3 Months Ended
DEI Document - shares	Mar. 31, 2021	Apr. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38536
Entity Registrant Name	XERIS PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-3352427
Entity Address, Address Line One	180 N. LaSalle Street,
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
City Area Code	844
Local Phone Number	445-5704
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	XERS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Central Index Key	0001346302
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		66,362,654
Entity Interactive Data Current	Yes

Warrants

3 Months Ended

Mar. 31, 2021

Warrants [Abstract]

Warrants

In 2014 the Company issued 19,931 warrants (the “2014 Warrants”) to certain investors. The 2014 Warrants allow each holder to purchase one share of common stock for $5.912. Of the 2014 Warrants, 18,512 warrants were exercised and 1,419 warrants expired. There are no 2014 Warrants outstanding as of March 31, 2021.

As part of the Original Loan Agreement discussed in Note 5, "Long-term Debt," the Lenders received warrants concurrent with the borrowing. The warrants represent a right for the lender to purchase shares of the Company’s common stock at an exercise price of $11.169 per share. The Company issued 53,720 warrants (the "2018 Term A Warrants") upon the drawdown of the 2018 Term A Loan in February 2018, and the Company issued 40,292 warrants (the "2018 Term B Warrants") upon the drawdown of the 2018 Term B Loan in September 2018. There have been no exercises of 2018 Term A Warrants or 2018 Term B Warrants.

Because the warrants are a freestanding instrument, indexed to the Company's stock, they do not meet the criteria for equity classification. Therefore, the warrants are classified as liabilities and subject to remeasurement at each reporting period until they are exercised, expired, or otherwise settled.

The Company recognized gains of, $11,000 and $9,000 upon the change in fair value of the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended March 31, 2021. The Company recognized gains of $4,000, $75,000 and $56,000 upon the change in fair value of the 2014 Warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively, during the three months ended March 31, 2020.

As of March 31, 2021, the following warrants were outstanding:


	Outstanding Warrants	Exercise Price per Warrant	Expiration Date

2018 Term A Warrants	53,720	$11.169	February 2025
2018 Term B Warrants	40,292	$11.169	September 2025
	94,012

Organization and Nature of the Business Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 355,796	$ 337,385

Stock Compensation Plan

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock Compensation Plan

In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the “2011 Plan”) and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards.

The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants). No grants of stock options or other awards may be made under the 2018 Plan after the tenth anniversary of the effective date.

The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter, by 4% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. On January 1, 2021 and 2020, the number of shares of common stock available for issuance under the 2018 Plan was automatically increased by 2,384,448 shares and 1,088,580 shares, respectively. As of March 31, 2021, there were 1,228,597 shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee’s offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval with a purchase date of the last business day of June and December each year. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of our common stock on the immediately preceding December 31; (ii) 386,000 shares or (iii) such lesser number of shares as determined by the ESPP administrator. On January 1, 2021 and 2020, the number of shares of common stock available for issuance under the ESPP increased by 386,000 shares and 272,145 shares, respectively. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of March 31, 2021, there were 693,666 shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercial launch of Gvoke and the expansion of the Company generally. The Company initially reserved 750,000 shares of common stock for the issuance of awards under the Inducement Plan. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of March 31, 2021, there were 236,534 shares of common stock available for future issuance under the Inducement Plan.

On October 8, 2020, the Company's stockholders, upon recommendation of the Board of Directors, approved an amendment to the Company's 2011 Plan and 2018 Plan to allow the Company to permit certain employee option holders, subject to specified conditions, to exchange some or all of their outstanding options to purchase shares of the Company's common stock for a lesser number of new options to purchase shares of the Company’s common stock (the “Option Exchange”).

On November 10, 2020, the Company filed with the SEC a Tender Offer Statement on Schedule TO defining the terms and conditions of the Option Exchange. The total number of shares of common stock underlying a new option with respect to an exchanged eligible option was determined by dividing the number of shares of common stock underlying the exchanged eligible option by the applicable

exchange ratio and rounding to the nearest whole number, subject to the terms and conditions described in the Exchange Offer. On December 10, 2020, the completion date of the Option Exchange, the Company canceled the options accepted for exchange and granted 832,907 new options to purchase shares of common stock in exchange for 1,127,906 options issued under the 2011 Plan and 2018 Plan. The exercise price per share of the options granted pursuant to the Exchange Offer was $4.09 per share, which was the closing price per share of common stock on The Nasdaq Global Select Market on the grant date of such new options. The new options will vest and become exercisable in two equal installments following the grant date, subject to an option holder's continuous service, and expire seven years from the grant date. On the grant date, the fair values of the options exchanged were similar to the fair values of the new options granted and, as such, the incremental compensation cost related to the Option Exchange was not material.

Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two, three or four years after the grant date and expire seven to ten years from the grant date.

The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods during the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected stock price volatility assumption is based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of the Company's common stock since the Company began trading subsequent to its IPO in June 2018 over the period corresponding to the expected life as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date.

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Three Months Ended March 31,
	2021	2020
Expected term (years)	6.1	6.1
Risk-free interest rate	1.16%	0.46%
Expected volatility	76.25%	66.23%
Expected dividends	—	—

Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the three months ended March 31, 2021 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2021	4,953,906	$	5.84	7.46
Granted	644,173	5.09
Exercised and vested	(20,213)	1.57
Forfeited	(237,622)	5.96
Expired	(40,723)	13.77
Outstanding - March 31, 2021	5,299,521	$	5.69	7.42
Exercisable - March 31, 2021	2,390,836	$	5.80	6.18
Vested and expected to vest as of March 31, 2021	5,029,730	$	5.71	7.31

The weighted average fair value of awards granted during the three months ended March 31, 2021 was $3.39 per share. The total intrinsic value of options exercised during the three months ended March 31, 2021 was $0.1 million. As of March 31, 2021, the aggregate intrinsic value of awards vested and expected to vest was $4.2 million.

At March 31, 2021, there was a total of $11.0 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 2.3 years.

A summary of outstanding RSU awards and the activity for the three months ended March 31, 2021 was as follows:


	Units	Weighted Average Grant Date Fair Value
Unvested balance - January 1, 2021	766,550	$	7.07
Granted	1,405,344	5.08
Vested	(220,425)	7.43
Forfeited	(67,374)	5.30
Unvested balance - March 31, 2021	1,884,095	$	5.60

RSUs are measured based on the fair market value of the underlying stock on the date of grant and vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period. As of March 31, 2021, there was $9.9 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted average remaining vesting period of 2.7 years.

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Three Months Ended March 31,
	2021		2020
Cost of goods sold	$	16	$	37
Research and development	347		297
Selling, general and administrative	2,098		1,674
Total stock-based compensation expense	$	2,461	$	2,008

Stock Compensation Plan (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands):


	Three Months Ended March 31,
	2021		2020
Cost of goods sold	$	16	$	37
Research and development	347		297
Selling, general and administrative	2,098		1,674
Total stock-based compensation expense	$	2,461	$	2,008

Stock-based Compensation Assumptions Used in Black-Scholes Option Valuation Model

The fair value of stock options granted was estimated with the following weighted average assumptions:


	Three Months Ended March 31,
	2021	2020
Expected term (years)	6.1	6.1
Risk-free interest rate	1.16%	0.46%
Expected volatility	76.25%	66.23%
Expected dividends	—	—

Share-based Payment Arrangement, Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation, Activity

Stock option activity under the 2011 Plan, 2018 Plan and Inducement Plan for the three months ended March 31, 2021 was as follows:


	Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)
Outstanding - January 1, 2021	4,953,906	$	5.84	7.46
Granted	644,173	5.09
Exercised and vested	(20,213)	1.57
Forfeited	(237,622)	5.96
Expired	(40,723)	13.77
Outstanding - March 31, 2021	5,299,521	$	5.69	7.42
Exercisable - March 31, 2021	2,390,836	$	5.80	6.18
Vested and expected to vest as of March 31, 2021	5,029,730	$	5.71	7.31

A summary of outstanding RSU awards and the activity for the three months ended March 31, 2021 was as follows:


	Units	Weighted Average Grant Date Fair Value
Unvested balance - January 1, 2021	766,550	$	7.07
Granted	1,405,344	5.08
Vested	(220,425)	7.43
Forfeited	(67,374)	5.30
Unvested balance - March 31, 2021	1,884,095	$	5.60

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Common Share

Net Loss Per Common ShareBasic and diluted net loss per common share are determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the shares issuable upon conversion, exercise of vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same.

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	As of March 31,
	2021	2020
Shares to be issued upon conversion of Convertible Notes	15,416,667	—
Vested and unvested stock options	5,299,521	5,042,386
Restricted stock units	1,884,095	661,250
Warrants	94,012	95,431
	22,694,295	5,799,067

Restructuring Costs (Tables)

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring and Related Costs

The following table summarizes the initial restructuring reserve and the payments made during the three months ended March 31, 2021 (in thousands):


	Employee Termination and Relocation Costs		Other		Total
Balance accrued at December 31, 2020	$	646	$	165	$	811
Restructuring costs	253		57		310
Payments	(393)		(216)		(609)
Balance accrued at March 31, 2021	$	506	$	6	$	512

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statements of Operations [Abstract]
Net sales	$ 8,051	$ 1,676
Grant and other income	144	112
Cost of goods sold	1,826	1,790
Gross profit (loss)	6,369	(2)
Operating expenses:
Research and development	4,032	6,646
Selling, general and administrative	19,077	21,606
Total operating expenses	23,109	28,252
Loss from operations	(16,740)	(28,254)
Other income (expense):
Interest and other income	100	434
Interest expense	(1,791)	(1,499)
Change in fair value of warrants	20	135
Total other income (expense)	(1,671)	(930)
Net loss before benefit from income taxes	(18,411)	(29,184)
Benefit from income taxes	0	0
Net loss	(18,411)	(29,184)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investments	(17)	49
Foreign currency translation adjustments	1	(32)
Comprehensive loss	$ (18,427)	$ (29,167)
Net loss per common share - basic and diluted	$ (0.30)	$ (0.89)
Weighted average common shares outstanding, basic and diluted	61,245,220	32,790,317

Organization and Nature of the Business	3 Months Ended
Organization and Nature of the Business	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Organization and Nature of the Business Nature of business Xeris Pharmaceuticals, Inc. ("Xeris" or the "Company") is a specialty pharmaceutical company that was incorporated in Delaware in 2005. Xeris is dedicated to the development of ready-to-use injectable and infusible drug formulations that address important unmet medical needs, are easier to use by patients, caregivers and health practitioners, and reduce costs for payors and the healthcare system. Since its inception, the Company has devoted its resources primarily to conducting research and development including preclinical studies of its product candidates and clinical trials of its most advanced product candidates, organizing and staffing the Company, raising capital and commercializing its first product, Gvoke®, which was approved by the FDA in September 2019. Gvoke delivers ready-to-use glucagon via a commercially available pre-filled syringe or auto-injector for the treatment of severe hypoglycemia, a potentially life-threatening condition. The Company commercially launched Gvoke pre-filled syringe ("Gvoke PFS") in November 2019 and auto-injector ("Gvoke HypoPen®") in July 2020. The Company has financed its operations primarily through the issuance of its common stock, convertible debt and convertible preferred stock, and debt financings. The Company has incurred operating losses since inception and has an accumulated deficit of $355.8 million as of March 31, 2021. The Company expects to continue to incur net losses for at least the next 12 months. Based on the Company’s current operating plans and existing working capital at March 31, 2021, the Company believes its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months. The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of its products and any future products, if and when approved, successful development of its product candidates, the development of new technological innovations by its competitors, and protection of intellectual property. The ongoing global outbreak of the novel coronavirus disease (“COVID-19”) has resulted in significant governmental measures being implemented to control the spread of the virus and has caused the Company to modify its business practices (including remote work for most of its employees). While the Company cannot predict their scope and severity, these developments and measures could materially and adversely affect its business, the Company’s results of operations and its financial condition. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and are taking steps to minimize its impact on its business. However, the extent to which COVID-19 impacts the Company’s business, results of operations or financial condition will depend on the extent and severity of the continued spread of COVID-19 globally, the effectiveness of actions taken to contain the pandemic or treat its impact, and the resulting economic consequences, among others. Furthermore, if the Company or any of the third parties with whom it engages were to experience shutdowns or other business disruptions, the Company’s ability to conduct its business in the manner and on the timelines presently planned could be materially or negatively affected, which could have a material adverse impact on the Company’s business, results of operations and financial condition. Basis of presentation The condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). Accordingly, such financial statements do not include all of the information and note disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position and its results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K filed with the SEC on March 9, 2021. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Basis of Consolidation These condensed consolidated financial statements include the financial statements of Xeris Pharmaceuticals, Inc. and its subsidiary, Xeris Pharmaceuticals Australia Pty Ltd. All intercompany transactions have been eliminated.

Net Loss Per Common Share (Details) - shares	3 Months Ended
Net Loss Per Common Share (Details) - shares	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	22,694,295	5,799,067
Shares to be issued upon conversion of Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,416,667	0
Vested and unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,299,521	5,042,386
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,884,095	661,250
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	94,012	95,431

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	$ (609)
Accrued restructuring charges	512	$ 811
Restructuring Charges	310
Restructuring and Related Cost, Expected Cost	2,300
Research and Development Expense [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	100
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	100
Cost of Sales
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	100
Employee Severance
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	(393)
Accrued restructuring charges	506	646
Restructuring Charges	253
Other Restructuring
Restructuring Cost and Reserve [Line Items]
Payments for Restructuring	(216)
Accrued restructuring charges	6	$ 165
Restructuring Charges	$ 57

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company’s authorized shares of stock of 160.0 million are divided into 150.0 million shares of common stock, par value $0.0001 per share, and 10.0 million shares of preferred stock, par value $0.0001 per share. At March 31, 2021 none of the 10.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on its common stock during the periods presented. In February 2020, the Company completed an equity offering of its common stock pursuant to a shelf registration statement on Form S-3, which was filed on August 6, 2019 and declared effective by the SEC on August 21, 2019. The Company sold an aggregate of 10,299,769 shares of common stock at a price of $4.15 per share, including 1,299,769 shares pursuant to the underwriters’ option to purchase additional shares of common stock. Net proceeds from the equity offering were approximately $39.9 million after deducting underwriting discounts and commissions as well as other public offering expenses. In June 2020, the Company completed an equity offering of its common stock pursuant to the Shelf. The Company sold an aggregate of 8,510,000 shares of common stock at a price of $2.72 per share, including 1,110,000 shares pursuant to the underwriters' option to purchase additional shares which was fully exercised in July 2020. Net proceeds from the equity offering were approximately $21.6 million after deducting underwriting discounts and commissions as well as other public offering expenses. In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of the Company’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, the Company entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of the Company’s common stock. The Company recognized a $2.6 million loss related to the convertible note exchange transactions. In March 2021, the Company completed a registered direct offering of 6,553,398 shares of its common stock at a price of $4.12 per share. Net proceeds from the equity offering were approximately $26.9 million after deducting offering expenses. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds, upon settlement as RSUs vest or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. The Company then pays the minimum statutory withholding taxes in cash. During the three months ended March 31, 2021 and 2020, 220,425 and 31,250 RSUs vested, respectively for which 71,782 and 9,801 shares, respectively, were withheld to cover the minimum statutory withholding taxes of $0.4 million and $0.1 million, respectively.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Net Sales We commercially launched Gvoke PFS and Gvoke HypoPen for the treatment of severe hypoglycemia in people with diabetes in November 2019 and July 2020, respectively. Total net sales of Gvoke were $8.1 million and $1.7 million for the three months ended March 31, 2021 and 2020, respectively. Net sales represent gross product sales less estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. We apply significant judgments and estimates in determining some of these allowances. If actual results differ from our estimates, we make adjustments to these allowances in the period in which the actual results or updates to estimates become known. During the three months ended March 31, 2021, we made adjustments to rebate and patient assistance copay accruals which were recorded in prior years based on actual claims experience to date. These adjustments increased revenue by $0.9 million. Refer to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for further discussion of the Company's accounting policies. New accounting pronouncements Recently issued accounting pronouncements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This standard eliminates certain accounting models to simplify the accounting for convertible instruments, expands the disclosure requirements related to the terms and features of convertible instruments, and amends the guidance for the derivatives scope exception for contracts settled in an entity’s own equity. This standard enhances the consistency of earnings-per-share ("EPS") calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted EPS calculations and disclosures. This standard will be effective for the Company for annual and interim periods beginning after December 15, 2023. Early adoption is permitted but not earlier than periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference LIBOR or other reference rates that are expected to be discontinued because of reference rate reform. The amendments in this update are effective through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 to expand and clarify the scope of Topic 848 to include derivative instruments on discounting transactions. The Company does not currently expect the adoption of this new standard to have a material impact on its financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This standard eliminates certain exceptions in the current guidance related to the approach for intraperiod tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify U.S. GAAP. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022, with early adoption permitted. The Company does not currently expect the adoption of this new standard to have a material impact on its financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as further updated by ASU 2018-19, 2019-04, 2019-05, 2019-10 and 2020-03. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard will require allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard will be effective for the Company for annual and interim periods beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. The FASB has recently extended the effective date of this standard for certain companies. This standard will be effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and related disclosures; however, since the Company is a lessee to certain leases for property whose terms exceed twelve months, it expects, once adopted, to report assets and liabilities related to these leases on its balance sheet.

Restructuring Costs

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Costs

In the third quarter of 2020, the Company commenced a plan to relocate its research and development laboratory from San Diego to Chicago. The costs associated with the plan include employee termination and relocation costs and other facility exit costs. The Company expects to incur total restructuring costs of approximately $2.3 million related to the plan. Costs of $0.3 million were incurred in the three months ended March 31, 2021, of which $0.1 million is included in research and development expenses, $0.1 million is included in selling, general and administrative expenses, and $0.1 million is included in costs of goods sold in the condensed consolidated statements of operations and comprehensive loss. The Company anticipates that the restructuring will be substantially complete by the end of the fourth quarter of 2021. The restructuring reserve is included in other accrued liabilities in the condensed consolidated balance sheet.

The following table summarizes the initial restructuring reserve and the payments made during the three months ended March 31, 2021 (in thousands):


	Employee Termination and Relocation Costs		Other		Total
Balance accrued at December 31, 2020	$	646	$	165	$	811
Restructuring costs	253		57		310
Payments	(393)		(216)		(609)
Balance accrued at March 31, 2021	$	506	$	6	$	512

Label	Element	Value
Common Stock [Member]
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 1,000
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue	$ 4,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value	us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue	$ 3.39

Inventory

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory

The components of inventories consisted of the following (in thousands):


	March 31, 2021		December 31, 2020

Raw materials	$	6,022	$	2,874
Work in process	2,492		4,247
Finished goods	3,982		1,232
Inventory	$	12,496	$	8,353

Inventory reserves were $1.9 million and $1.5 million at March 31, 2021 and December 31, 2020, respectively.

Commitments and Contingencies Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Remaining future minimum lease payments, 2021	$ 962
Remaining future minimum lease payments, 2022	1,813
Remaining future minimum lease payments, 2023	2,031
Remaining future minimum lease payments, 2024	1,981
Remaining future minimum lease payments, 2025	1,931
Remaining future minimum lease payments, 2026 and thereafter	13,723
Operating Leases, Future Minimum Payments Due	22,441
Rent Expense, operating leases	600	$ 500
Unused letters of credit	1,400
Other Commitments [Line Items]
Remaining future minimum lease payments, 2021	962
Remaining future minimum lease payments, 2022	1,813
Remaining future minimum lease payments, 2023	2,031
Remaining future minimum lease payments, 2024	1,981
Remaining future minimum lease payments, 2025	1,931
Remaining future minimum lease payments, 2026 and thereafter	$ 13,723

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (18,411)	$ (29,184)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	337	320
Amortization of investments	154	(75)
Amortization of debt issuance costs	251	180
Stock-based compensation	2,461	2,008
Change in fair value of warrants	(20)	(135)
Changes in operating assets and liabilities:
Trade accounts receivable	(2,063)	2,162
Other accounts receivable	0	252
Prepaid expenses and other current assets	(15)	1,097
Inventory	(3,482)	10
Other assets	0	46
Accounts payable	1,651	(1,779)
Other accrued liabilities	(2,790)	(4,703)
Accrued trade discounts and rebates	(265)	344
Accrued returns reserve	(270)	379
Other	(1,494)	133
Net cash used in operating activities	(23,956)	(28,945)
Cash flows from investing activities:
Capital expenditures	(429)	(26)
Purchases of investments	(7,920)	(13,714)
Sales and maturities of investments	34,650	22,416
Net cash (used in) provided by investing activities	26,301	8,676
Cash flows from financing activities:
Proceeds from equity offerings	27,000	42,744
Payments of equity offering costs	0	(2,614)
Proceeds from exercise of stock awards	26	0
Repurchase of common stock withheld for taxes	(365)	(63)
Net cash provided by financing activities	26,661	40,067
Effect of exchange rate changes on cash and cash equivalents	0	(73)
Increase in cash and cash equivalents	29,006	19,725
Cash and cash equivalents, beginning of period	37,598	19,519
Cash and cash equivalents, end of period	66,604	39,244
Supplemental schedule of cash flow information:
Cash paid for interest	2,238	1,318
Supplemental schedule of non-cash investing and financing activities:
Accrued public equity offering costs	$ 56	$ 269

Available-for-Sale Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Debt Securities, Available-for-sale

The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:

Commercial paper	$	16,986	$	—	$	—	$	16,986
Corporate securities	6,865		11		(2)		6,874
U.S. government securities	40,256		7		—		40,263
Foreign government securities	3,935		$	—	$	(1)	$	3,934
Foreign corporate securities	1,234		$	—	$	(1)	$	1,233
Total available-for-sale investments	$	69,276	$	18	$	(4)	$	69,290


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
Commercial paper	$	18,179	$	—	$	—	$	18,179
Corporate securities	13,597		29		(1)		13,625
U.S. government securities	64,383		7		(4)		64,386
Total available-for-sale investments	$	96,159	$	36	$	(5)	$	96,190

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments under operating leases at March 31, 2021 are as follows (in thousands):


2021	$	962
2022	1,813
2023	2,031
2024	1,981
2025	1,931
Thereafter	13,723
Total minimum lease payments	$	22,441

Stock Compensation Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,461	$ 2,008
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	100
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	347	297
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	2,098	1,674
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 16	$ 37

Stock Compensation Plan - Narrative (Details) - USD ($)	3 Months Ended
Stock Compensation Plan - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 11,000,000.0
Least amount of annual increase of shares available for issuance	386,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 100,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Unrecognized expense from restricted stock units	$ 9,900,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	7 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Stock Option Two Year Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	2 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 8 months 12 days
Stock Option Three Year Vesting Period [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	236,534
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			193,000
Percentage shares available for issuance automatically increase annually	1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	386,000	272,145
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	693,666
Maximum employee payroll deduction percentage	15.00%
Common stock value, tax limit on employee stock purchase plan	$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
2011 Stock Option Issuance Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					4,714,982
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				1,822,000
Percentage shares available for issuance automatically increase annually	4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	2,384,448	1,088,580
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	1,228,597

Available-for-Sale Investments

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Investments

The Company classifies its investments in debt securities as available-for-sale. Debt securities are comprised of highly liquid investments with minimum “A” rated securities and, as of March 31, 2021, consist of U.S. Treasury and agency bonds and corporate entity commercial paper and securities, all with maturities of more than three months but less than one year at the date of purchase. Debt securities as of March 31, 2021 had an average remaining maturity of 0.3 years. The debt securities are reported at fair value with unrealized gains or losses recorded in other comprehensive income (loss). Refer to Note 11, "Fair Value Measurements," for information related to the fair value measurements and valuation methods utilized.

The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:

Commercial paper	$	16,986	$	—	$	—	$	16,986
Corporate securities	6,865		11		(2)		6,874
U.S. government securities	40,256		7		—		40,263
Foreign government securities	3,935		$	—	$	(1)	$	3,934
Foreign corporate securities	1,234		$	—	$	(1)	$	1,233
Total available-for-sale investments	$	69,276	$	18	$	(4)	$	69,290


	December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Total Fair Value
Investments:
Commercial paper	$	18,179	$	—	$	—	$	18,179
Corporate securities	13,597		29		(1)		13,625
U.S. government securities	64,383		7		(4)		64,386
Total available-for-sale investments	$	96,159	$	36	$	(5)	$	96,190

The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity of and reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, we also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During the three months ended March 31, 2021 and 2020, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months.

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 6,022	$ 2,874
Work in process	2,492	4,247
Finished goods	3,982	1,232
Inventory	12,496	8,353
Inventory Valuation Reserves	$ 1,900	$ 1,500

Long-Term Debt - Future Minimum Principal Payments (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2021	$ 0
2022	0
2023	29,000
2024	14,500
2025	47,175
Long-term Debt	$ 90,675