Biotech Distilled
Substack ↗ Subscribe
Subscribe Substack ↗ About

Home › Companies › XERS

Xeris Biopharma

XERS Rare disease Lead: Approved 4 Biotech Distilled articles ↓ 26 filings & releases ↓ Cash $131M (Sep 30, 2026) ↓ 4 verdicts ↓
MetabolicNeurology PeptideSmall Molecule

Market cap $2.78B 182.7M shares (10-Q, Oct 31, 2026) × $15.20 close Nov 6, 2026

Most recent annual filing: 2026-03-02

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. XP-8121 Ph3 start2H 2026XP-8121 Ph3 start, 2H 2026, routine
  2. Isturisa relacorilant FDA decisionDec 17, 2026Isturisa relacorilant FDA decision, Dec 17, 2026, material
  3. XP-8121 corporate update2028XP-8121 corporate update, 2028, routine
  4. 2028 Convertible Notes / HayfinJan 15, 20282028 Convertible Notes / Hayfin, Jan 15, 2028, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Technology platforms

XeriSol

Proprietary non-aqueous formulation technology designed to enable room-temperature stable, ready-to-use injectable formulations of peptide and small molecule drugs; used in Gvoke commercially and in clinical trials for XP-8121; available for partnership licensing across therapeutic areas

XeriJect

Proprietary non-aqueous viscoelastic pharmaceutical suspension technology enabling small-volume subcutaneous injections of large molecules including proteins, monoclonal antibodies, and vaccines; available for partnership licensing across therapeutic areas

Capital (as filed)

Cash
$131M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
$35.5M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$131M cash per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (4)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (4 calls)

Every verdict Biotech Distilled has published on Xeris Biopharma, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-07-23 Watch Xeris Biopharma (XERS) — Scientific Deep Dive for Recorlev, XP-8121, and the XeriSol/XeriJect Platform Profitable specialty pharma with real cash flow, but method-of-use patents under four-filer Paragraph IV assault and a 2028-2029 debt wall make the 2040 durability the multiple requires too uncertain to buy ahead of ANDA clarity.
  2. 2026-08-07 Speculative buy speculative UPDATE: Xeris Biopharma (XERS) — Five Filers, One Trial Date, and a Convertible That Finally Died Refinancing risk retired with convertible extinguishment, litigation now dated (November 2028 trial, stay to June 2029), and cash engine compounding faster than modeled justify a starter position despite five filers and worst-in-class label.
  3. 2026-09-09 Speculative buy speculative UPDATE: Xeris Biopharma (XERS) — The Levothyroxine Trial Is Designed to Tie, Not to Win XP-8121's technical risk lowered by FDA-negotiated non-inferiority design with topline pulled forward to late 2028, but Recorlev docket and commercial uncertainty unchanged; position sizing respecting the 2028 window remains the sensible frame.
  4. 2026-11-06 Hold UPDATE: Xeris Biopharma (XERS) - Build to Yield, and a Price That Caught Up Execution beat expectations with Recorlev at +93% and GAAP profitability, but at $13.08 (up 78% from upgrade) the stock has priced in much of the litigation discount that justified the speculative buy, making new money wait for better entry while holders keep a core position.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (26)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

5 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)