Xeris Biopharma Holdings, Inc.
XERSHealthcare|Biotechnology|US
$15.20
+2.12 (+16.21%)
Cash / Share
$0.72
Financials
Financial Snapshot
Market Cap
$2.77B
Enterprise Value
$2.87B
Revenue (TTM)
$368.3M
Net Income (TTM)
-$6.5M
Cash & Investments
$131.1M
Net Cash
-$95.0M
Free Cash Flow (TTM)
$72.6M
Operating CF (TTM)
$73.6M
Debt/Equity
4.63
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $32.3M | $42.0M | $112.6M | $75.5M | $133.8M | $102.4M | $122.0M | $72.5M | $71.6M | $111.0M | $131.1M | |
| Operating Cash Flow | -$16.1M | -$24.7M | -$56.3M | -$80.6M | -$80.6M | -$95.5M | -$102.9M | -$47.0M | -$37.0M | $28.6M | $73.6M | |
| Free Cash Flow | -$16.1M | -$25.4M | -$57.8M | -$80.9M | -$80.9M | -$96.6M | -$103.4M | -$49.3M | -$37.8M | $27.9M | $72.6M | |
| Capital Expenditure | -$35.0K | -$700.0K | -$1.5M | -$377.0K | -$377.0K | -$1.1M | -$524.0K | -$2.3M | -$868.0K | -$696.0K | -$1.0M | |
| Financing Cash Flow | $3.9M | $35.1M | $128.2M | $126.1M | $126.1M | $27.2M | $127.5M | -$1.6M | $36.2M | $11.4M | -$33.1M |
R&D Spending
R&D (TTM)
$38.4M
R&D Intensity
10.4%
R&D Growth vs Prior
+23.2%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $1.6M | $2.5M | $2.7M | $20.4M | $49.6M | $110.2M | $163.9M | $203.1M | $291.8M | $368.3M | |
| R&D Expense | $10.2M | $20.2M | $40.7M | $60.4M | $20.9M | $25.2M | $21.0M | $22.3M | $25.6M | $31.2M | $38.4M | |
| R&D % of Revenue | 952.4% | 1296.0% | 1649.2% | 2220.4% | 102.4% | 50.7% | 19.0% | 13.6% | 12.6% | 10.7% | 10.4% | |
| SG&A | $4.1M | $8.0M | $21.1M | $63.1M | $73.7M | $125.7M | $137.7M | $146.1M | $163.5M | $182.4M | $225.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $1.6M | $2.5M | $2.7M | $20.4M | $49.6M | $110.2M | $163.9M | $203.1M | $291.8M | $368.3M | |
| Cost of Revenue | $8.0K | $4.0K | $42.0K | $1.6M | $9.3M | $13.3M | $22.6M | $28.6M | $36.8M | $53.4M | $57.3M | |
| Gross Profit | $1.1M | $1.6M | $2.4M | $1.1M | $11.1M | $36.3M | $87.6M | $135.3M | $166.2M | $238.4M | $311.0M | |
| R&D | $10.2M | $20.2M | $40.7M | $60.4M | $20.9M | $25.2M | $21.0M | $22.3M | $25.6M | $31.2M | $38.4M | |
| SG&A | $4.1M | $8.0M | $21.1M | $63.1M | $73.7M | $125.7M | $137.7M | $146.1M | $163.5M | $182.4M | $225.8M | |
| Operating Income | -$13.2M | -$26.6M | -$59.3M | -$122.4M | -$83.5M | -$115.2M | -$81.9M | -$44.0M | -$33.6M | $24.9M | $46.8M | |
| Interest Expense | $2.0K | $2.0K | $2.5M | $7.2M | $7.4M | $7.2M | $14.1M | $26.6M | $33.2M | $29.1M | $27.4M | |
| Pretax Income | -$13.2M | -$26.6M | -$60.1M | -$126.0M | -$91.3M | -$122.7M | -$96.1M | -$63.5M | -$57.1M | $554.0K | -$6.5M | |
| Net Income | -$13.2M | -$26.6M | -$60.1M | -$125.6M | -$91.1M | -$122.7M | -$94.7M | -$62.3M | -$54.8M | $554.0K | -$6.5M | |
| EPS (Diluted) | -7.17 | -13.09 | -4.99 | -3.49 | -2.14 | -1.55 | -0.70 | -0.45 | -0.37 | 0.00 | -0.05 | |
| EBITDA | -$13.1M | -$26.4M | -$57.2M | -$117.8M | -$79.1M | -$113.7M | -$69.3M | -$23.7M | -$14.0M | $12.7M | $26.3M | |
| Shares Out. (M) | 1.84 | 2.03 | 12.05 | 26.11 | 42.64 | 79.03 | 135.63 | 137.67 | 146.77 | 172.74 | 189.92 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $32.3M | $42.0M | $45.7M | $19.5M | $37.6M | $67.3M | $122.0M | $67.4M | $71.6M | $111.0M | $131.1M | |
| Short-Term Investments | $0.00 | $0.00 | $66.9M | $56.0M | $96.2M | $35.2M | $0.00 | $5.0M | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $33.2M | $44.1M | $117.9M | $87.5M | $152.2M | $142.6M | $186.8M | $156.3M | $167.7M | $240.3M | $289.3M | |
| Total Assets | $33.5M | $45.0M | $120.0M | $109.0M | $159.2M | $304.4M | $344.5M | $322.6M | $323.1M | $383.5M | $423.2M | |
| Total Current Liabilities | $2.5M | $4.9M | $10.2M | $27.3M | $28.2M | $79.0M | $73.6M | $95.2M | $100.4M | $109.6M | $134.5M | |
| Long-Term Debt | $0.00 | $0.00 | $31.9M | $58.3M | $87.0M | $88.1M | $187.1M | $190.9M | $217.0M | $31.5M | $189.7M | |
| Total Liabilities | $65.5M | $102.8M | $44.6M | $94.6M | $125.4M | $209.1M | $299.3M | $329.4M | $352.7M | $369.8M | $374.4M | |
| Stockholders' Equity | -$31.9M | -$57.8M | $75.4M | $14.4M | $33.8M | $95.2M | $45.2M | -$6.8M | -$29.6M | $13.7M | $48.8M | |
| Retained Earnings | -$34.0M | -$60.6M | -$120.7M | -$246.2M | -$337.4M | -$460.1M | -$554.8M | -$617.0M | -$671.9M | -$671.3M | -$688.9M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$16.1M | -$24.7M | -$56.3M | -$80.6M | -$80.6M | -$95.5M | -$102.9M | -$47.0M | -$37.0M | $28.6M | $73.6M | |
| Capital Expenditure | -$35.0K | -$700.0K | -$1.5M | -$377.0K | -$377.0K | -$1.1M | -$524.0K | -$2.3M | -$868.0K | -$696.0K | -$1.0M | |
| Free Cash Flow | -$16.1M | -$25.4M | -$57.8M | -$80.9M | -$80.9M | -$96.6M | -$103.4M | -$49.3M | -$37.8M | $27.9M | $72.6M | |
| Investing Cash Flow | -$35.0K | -$700.0K | -$68.3M | -$27.4M | -$27.4M | $98.0M | $34.5M | -$6.0M | $4.9M | -$696.0K | -$1.0M | |
| Financing Cash Flow | $3.9M | $35.1M | $128.2M | $126.1M | $126.1M | $27.2M | $127.5M | -$1.6M | $36.2M | $11.4M | -$33.1M | |
| Issuance of Stock | $71.0K | $159.0K | $98.3M | $61.7M | $65.9M | $27.8M | $30.8M | $581.0K | $0.00 | $13.1M | -$6.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | -$63.0K | -$534.0K | -$468.0K | -$1.0M | -$3.7M | -$10.9M | -$19.5M | |
| Net Debt Issuance | -$32.0K | $0.00 | $35.0M | $25.0M | $69.8M | $0.00 | $102.7M | $0.00 | $38.2M | $9.2M | $9.2M | |
| Stock Based Comp. | $540.0K | $499.0K | $1.7M | $6.5M | $8.3M | $11.4M | $12.2M | $10.7M | $18.4M | $22.4M | $31.3M | |
| Net Change in Cash | -$12.2M | $9.8M | $3.7M | $18.1M | $18.1M | $29.7M | $59.0M | -$54.6M | $4.1M | $39.3M | $39.5M |
Dilution Tracker
Shares outstanding grew 305.1% over 5 years — significant dilution
Shares Outstanding
182M
5-Year Share Growth
+305.1%
Stock Issuance (TTM)
-$6.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1.84 | 2.03 | 12.05 | 26.11 | 42.64 | 79.03 | 135.63 | 137.67 | 146.77 | 172.74 | 189.92 | |
| Change vs Prior % | — | 10.1% | 493.9% | 116.8% | 63.3% | 85.3% | 71.6% | 1.5% | 6.6% | 17.7% | 9.9% | |
| Stock Issuance | $71.0K | $159.0K | $98.3M | $61.7M | $65.9M | $27.8M | $30.8M | $581.0K | $0.00 | $13.1M | -$6.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | -$63.0K | -$534.0K | -$468.0K | -$1.0M | -$3.7M | -$10.9M | -$19.5M | |
| Stock Based Comp. | $540.0K | $499.0K | $1.7M | $6.5M | $8.3M | $11.4M | $12.2M | $10.7M | $18.4M | $22.4M | $31.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 99.3% | 99.7% | 98.3% | 41.1% | 54.4% | 73.1% | 79.5% | 82.5% | 81.9% | 81.7% | 84.4% | |
| Operating Margin % | -1230.8% | -1711.4% | -2407.5% | -4496.0% | -408.8% | -232.2% | -74.3% | -26.8% | -16.6% | 8.5% | 12.7% | |
| Net Margin % | -1228.7% | -1706.6% | -2437.3% | -4613.5% | -446.0% | -247.5% | -85.9% | -38.0% | -27.0% | 0.2% | -1.8% | |
| EBITDA Margin % | -1217.8% | -1695.2% | -2321.1% | -4327.6% | -387.2% | -229.2% | -62.9% | -14.5% | -6.9% | 4.4% | 7.1% | |
| FCF Margin % | -1499.7% | -1630.0% | -2344.4% | -2973.4% | -396.1% | -194.8% | -93.8% | -30.1% | -18.6% | 9.6% | 19.7% | |
| ROE % | 41.4% | 45.9% | -79.7% | -869.9% | -270.0% | -128.9% | -209.5% | 917.9% | 185.2% | 4.0% | -39.5% | |
| ROA % | -39.4% | -59.0% | -50.1% | -115.2% | -57.3% | -40.3% | -27.5% | -19.3% | -17.0% | 0.1% | -1.5% | |
| ROIC % | -42.7% | -66.3% | -54.0% | -149.3% | -63.7% | -51.1% | -29.6% | -18.7% | -13.3% | 8.9% | 15.9% | |
| R&D / Revenue % | 952.4% | 1296.0% | 1649.2% | 2220.4% | 102.4% | 50.7% | 19.0% | 13.6% | 12.6% | 10.7% | 10.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 44.7% | 58.4% | 10.4% | 650.7% | 142.7% | 122.3% | 48.7% | 23.9% | 43.7% | |
| Gross Profit | 0.0% | 45.5% | 56.1% | -53.8% | 892.6% | 226.6% | 141.5% | 54.4% | 22.9% | 43.4% | |
| Operating Income | 0.0% | -101.3% | -122.9% | -106.2% | 31.7% | -37.8% | 28.8% | 46.3% | 23.5% | 174.0% | |
| Net Income | 0.0% | -101.0% | -126.3% | -109.0% | 27.4% | -34.7% | 22.9% | 34.2% | 11.9% | 101.0% | |
| EPS (Diluted) | 0.0% | -82.6% | 61.9% | 30.1% | 38.7% | 27.6% | 54.8% | 35.7% | 17.8% | 100.9% | |
| Operating Cash Flow | 0.0% | -53.3% | -128.2% | -43.1% | 0.0% | -18.6% | -7.7% | 54.3% | 21.4% | 177.4% | |
| Free Cash Flow | 0.0% | -57.3% | -127.8% | -40.1% | 0.0% | -19.4% | -7.0% | 52.3% | 23.2% | 173.8% | |
| R&D Expense | 0.0% | 97.0% | 101.6% | 48.7% | -65.4% | 20.3% | -16.7% | 6.6% | 14.4% | 21.9% | |
| SG&A Expense | 0.0% | 97.4% | 163.4% | 198.7% | 16.9% | 70.5% | 9.6% | 6.1% | 11.9% | 11.6% | |
| Total Assets | 0.0% | 34.2% | 166.7% | -9.2% | 46.0% | 91.2% | 13.2% | -6.4% | 0.1% | 18.7% | |
| Book Value / Share | 0.0% | -64.5% | 122.0% | -91.2% | 43.2% | 52.2% | -72.4% | -114.8% | -309.6% | 142.3% | |
| Debt | 0.0% | 0.0% | 0.0% | 82.8% | 49.3% | 1.2% | 124.9% | 15.7% | 18.4% | -86.1% | |
| Diluted Shares | 0.0% | 10.1% | 493.9% | 116.8% | 63.3% | 85.3% | 71.6% | 1.5% | 6.6% | 17.7% |
Valuation
P/E (TTM)At Loss
P/S7.53
10Y Low / Med / High1.64 / 10.27 / 83.08
P/B56.38
10Y Low / Med / High2.43 / 6.21 / 92.00
EV/EBITDA109.04
EV/Revenue7.78
10Y Low / Med / High2.33 / 4.64 / 81.87
P/FCF38.16
Intrinsic Value Models (per share)
Cash / Share
$0.72
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.82 | -1.54 | -3.41 | -2.02 | -2.30 | -1.89 | -1.90 | -5.22 | -9.16 | 2242.86 | -379.05 | |
| P/S Ratio | 34.65 | 26.36 | 83.08 | 67.63 | 10.27 | 4.67 | 1.64 | 1.97 | 2.45 | 4.32 | 7.53 | |
| P/B Ratio | -1.17 | -0.71 | 2.72 | 12.75 | 6.21 | 2.43 | 3.99 | -47.71 | -16.80 | 92.00 | 56.38 | |
| EV/EBITDA | -0.38 | 0.04 | -3.34 | -1.89 | -3.28 | -2.22 | -3.70 | -20.45 | -49.83 | 93.32 | 109.04 | |
| EV/Revenue | 4.64 | -0.66 | 77.47 | 81.87 | 12.69 | 5.09 | 2.33 | 2.96 | 3.43 | 4.06 | 7.78 |
Analyst Estimates & Quality
Altman Z-Score
3.58
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $387.9M | $480.0M | $551.6M |
| Net Income | $903.0K | $64.0M | $90.5M |
| EPS | $0.01 | $0.34 | $0.57 |
| # Analysts (EPS) | 3 | 3 | 6 |
Revenue Segments
By Product
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Keveyis | $49.3M | $56.8M | $49.5M | $47.6M |
| Product | $109.3M | $153.4M | $196.6M | $283.0M |
| Product, Other | — | — | — | $2.0M |