Business
Xeris Biopharma Raises Full-Year Financial Guidance and Reaffirms Cash Flow Breakeven in Q4 2023
Raises year-end cash, cash equivalents, and short-term investment guidance from $55M-$65M to $65M-$70M 2023 Cash Utilization expected to be $52M-$57M
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":"\nRaises year-end cash, cash equivalents, and short-term investment guidance from $55M-$65M to $65M-$70M\n\n\n2023 Cash Utilization expected to be $52M-$57M\n\n\nTightens 2023 Total Revenue guidance from $145M-$165M to $155M-$165M\n\n\nReceived $6M milestone payment for successfully formulating sub-cutaneous TEPEZZA®\n\n\nQ3 2023 financial results conference call and webcast November 9, 2023 at 8:30 a.m. ET\n\n\n CHICAGO--(BUSINESS WIRE)--\nXeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced that, it is raising its full-year 2023 financial guidance and that it has received a $6 million milestone payment from Amgen, which acquired Horizon Therapeutics, for developing an ultra-concentrated, ready-to-use, subcutaneous injection of TEPEZZA® that met the target product profile set forth in the research collaboration and option agreement signed in November 2022.\n\n\nSteven Pieper, Chief Financial Officer of Xeris stated, “We remain on track to achieve cash flow breakeven in the fourth quarter which would be an important milestone for the company. We are also raising our year-end 2023 cash guidance from $55-65 million to $65-$70 million. This would suggest a net cash outflow in the 2nd half of 2023 of approximately $11-16 million, which is a significant improvement over the first half net cash outflow of approximately $41 million. Our total cash utilization for full-year 2023 is expected to be $52-57 million. As the business continues to perform, our rate of cash utilization continues to improve. Given the strength of all three brands and achievement of the Horizon milestone, we are also tightening our total revenue guidance from $145-$165 million to $155-$165 million.”\n\n\n“We are also proud to announce that we have successfully formulated the prespecified target product profile of the XeriJect™ formulation of TEPEZZA, and as such, received the associated $6 million success payment,” said Paul R. Edick, Chairman and CEO of Xeris. “They also have an option to license the XeriJect technology to further the development of the XeriJect subcutaneous TEPEZZA. We want to thank the legacy Horizon team for being an incredible partner throughout this part of the process ...