Xeris Biopharma Holdings, Inc. · NASDAQ:XERS
Xeris Biopharma — Q4 2025 Earnings Presentation
28 slides from Xeris Biopharma's earnings presentation, Mar 2, 2026
Slide 1: Corporate Presentation
Corporate Presentation March 2026 1
Slide 2: Important Disclosures
Important Disclosures Forward-Looking Statements and Other Information Any statements in presentation other than statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, statements about future expectations, plans, opportunities, and p
Slide 3: Xeris' Innovative Therapies Address Serious, Unmet Medical Needs
Xeris’ Innovative Therapies Address Serious, Unmet Medical Needs and Make a Difference in Patient Lives Built on a strong foundation of proprietary formulation technologies and deep expertise in clinical development and commercialization 3 Copyright © 2021-2026 Xeris Pharmaceuticals, Inc. All rights
Slide 4: Our Path to Long-Term Value Creation
Our Path to Long-Term Value Creation Proven Execution Recorlev Fuels Financial Strength Strong Pipeline: & Know-How Tremendous Growth Enables Self-Funding XP-8121 Propels Opportunities of Growth Future of Xeris 4 Copyright © 2021-2026 Xeris Pharmaceuticals, Inc. All rights reserved.
Slide 5: Commercial Excellence is Our Standard
Commercial Excellence is Our Standard Management team with deep experience in the promotion of Highly Successful Launches pharmaceutical products of Gvoke and Recorlev Market preparedness expertise in research, medical affairs, payer management and business analytics Dedicated sales, patient support
Slide 6: Strong Foundation with Multiple Drivers on Our Transformational Journey
Strong Foundation with Multiple Drivers on Our Transformational Journey Revenue Growth Fueled by Recorlev Acceleration and Launch of XP-8121 2035 2030 Tremendous Value Next Great Unlocked Biopharmaceutical • Multi-billion Total • Revenue Company Exceptional Growth & 2026 Pipeline Execution 2035 + •
Slide 7: Commercial Portfolio
Commercial Portfolio 7 Copyright © 2021-2026 Xeris Pharmaceuticals, Inc. All rights reserved.
Slide 8: Recorlev: Our Growth Engine in an Expanding Hypercortisolism Market
Recorlev®: Our Growth Engine in an Expanding Hypercortisolism Market Recorlev is a cortisol synthesis inhibitor indicated for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome for whom surgery is not an option or has not been curative. • Approved for use in all
Slide 9: Recorlev: Intervenes at Multiple Steps in the Cortisol Production Pathway
Recorlev®: Intervenes at Multiple Steps in the Cortisol Production Pathway Cortisol production is the result of a multi-step process where enzymes convert steroid hormones to respective hormone by-products and cortisol precursors. Recorlev’s unique mechanism of action inhibits 3 key enzymes early, m
Slide 10: Recorlev: Normalizes Cortisol Levels and Improves Clinical Outcomes
Recorlev®: Normalizes Cortisol Levels and Improves Clinical Outcomes In clinical trials, Recorlev was proven to normalize cortisol levels. When cortisol levels were normalized, impact on important secondary comorbidities were seen(1)(2)(3) Sustained Cortisol Normalization Impact on Comorbidities Ass
Slide 11: Gvoke: The Ready-to-Use Rescue Pen for Severe Hypoglycemia
Gvoke®: The Ready-to-Use Rescue Pen for Severe Hypoglycemia Gvoke (glucagon for injection) is an antihypoglycemic agent indicated for subcutaneous use for the treatment of severe hypoglycemia in adult and pediatric patients aged 2 years+ with diabetes WebMD 5.0 • Premixed and ready-to-go in an emerg
Slide 12: Gvoke: Severe Hypoglycemia can have Severe Consequences
Gvoke®: Severe Hypoglycemia can have Severe Consequences Hundreds of thousands of It costs the It increases people go to the hospital system billions the risk of annually. There were of dollars mortality 202,000 $1.6 billion 3x increased risk in annual costs from emergency department visits of death
Slide 13: Keveyis: The Proven Leader for Primary Periodic Paralysis
Keveyis®: The Proven Leader for Primary Periodic Paralysis Keveyis is the first FDA approved treatment for hyperkalemic, hypokalemic and related variants of Primary Periodic Paralysis (PPP)(1) • Proven in two clinical studies to decrease the number, severity and duration of PPP attacks(1)(2) − Most
Slide 14: Keveyis uniquely addresses the needs of patients with Primary Periodic Paralysis
Keveyis® uniquely addresses the needs of patients with Primary Periodic Paralysis PPP is a rare, inherited neuromuscular condition that causes recurrent, progressive Keveyis® uniquely serves and debilitating episodes of muscle PPP patients weakness and temporary paralysis(1)(2) • Daily pill proven t
Slide 15: Our Next Blockbuster: XP-8121
Our Next Blockbuster XP-8121 15 Copyright © 2021-2026 Xeris Pharmaceuticals, Inc. All rights reserved.
Slide 16: XP-8121: Definitive, New Approach to Treat Hypothyroidism
XP-8121: Definitive, New Approach to Treat Hypothyroidism Consistent drug exposure XP-8121 1200 µg (SC) to optimize biochemical Oral levothyroxine 300 µg (PO) control (1) Designed to improve the patient experience and clinical outcomes (2) Mechanism Product Design Benefits Subcutaneous route bypasse
Slide 17: XP-8121: Large Addressable Market & Transformational Opportunity for Xeris
XP-8121: Large Addressable Market & Transformational Opportunity for Xeris XP-8121 has multi-billion peak revenue Fueled by patient preference and physician intent potential in a large addressable market to prescribe $1 - $3 billion Peak net revenue 72% 75% 71% Patients who Healthcare Healthcare wou
Slide 18: XP-8121: Confidence to Execute Phase 3 for Target 2030 Approval
XP-8121: Confidence to Execute Phase 3 for Target 2030 Approval 2026 2028 2029 2030 Study Start Last Subject Out Topline Results NDA* Approval FDA approved molecule with decades of Phase 3 Randomized, 01 safe use and known effectiveness, now in a Comparative Pivotal Study(1) new route of administrat
Slide 19: Financial Performance
Financial Performance 19 Copyright © 2021-2026 Xeris Pharmaceuticals, Inc. All rights reserved.
Slide 20: Strong Q4 Contributed to Record FY'25 Financial Results
Strong Q4 Contributed to Record FY’25 Financial Results Select Highlights Strong Top-Line Growth and Portfolio Momentum (YoY) ▪ Q4’25 total revenue increased 43% to $85.8M, reflecting continued strength in underlying demand Q4 Q4 YoY FY FY YoY across portfolio ($’s in millions) 2025 2024 ∆ 2025 2024
Slide 21: Recorlev Accelerating Revenue Growth is Driven by Strong Execution
Recorlev® Accelerating Revenue Growth is Driven by Strong Execution and Expanding market $50 FY’25 $139 Q4’25 Recorlev® revenue increased 100% versus the $45.3 prior year period $40 Net Product Revenue Increased awareness of Recorlev® across disciplines: Endocrinologists, Diabetologists, in millions
Slide 22: Gvoke is Growing Steadily in a Vastly Underserved Market
Gvoke® is Growing Steadily in a Vastly Underserved Market FY’25 Current treatment guidelines recommend $100 $94 that all people with diabetes at risk of low FY’24 blood sugar carry a Ready to Use (RTU) $90 $83 glucagon(1)(2) Q4’25 $80 FY’23 $24.6 $67 $70 $23.3 +6% Net Product Revenue UNPROTECTED $60
Slide 23: Keveyis Maintains Market Presence as Proven Brand
Keveyis® Maintains Market Presence as Proven Brand Trusted by Patients and Physicians FY’23 $60 $57 FY’24 $50 FY’24 Best-in-class wrap around services $48 $50 $14.1 that support both the patient and healthcare providers $11.1 Q4’25 $40 $12.8 Net Product Revenue +15% Focus on supporting existing pati
Slide 24: 2026 Outlook
2026 Outlook (As of March 2, 2026) Full-Year 2026 Guidance Total Revenue Between $375M and $390M Gross Margin Improve modestly compared to 2025 reflecting favorable product mix R&D Expense Increase ~$25M (vs 2025) as the Company initiates its Phase 3 study for XP-8121 SG&A Expense Increase ~$45M (vs
Slide 25: Appendix
Appendix 25 Copyright © 2021-2026 Xeris Pharmaceuticals, Inc. All rights reserved.
Slide 26: XP-8121: Phase 1 & 2 Data Summary
XP-8121: Phase 1 & 2 Data Summary Phase 1: XP-8121-108 Phase 2: XP-8121-120 Single-dose PK study of oral vs. SC Single-arm dose titration study in patients levothyroxine in healthy adults with hypothyroidism controlled with LT4 therapy PK data used for Population PK model that predicted Confirmed Da
Slide 27: Reconciliation of GAAP Net Loss to EBITDA and Adjusted EBITDA
Reconciliation of GAAP Net Loss to EBITDA and Adjusted EBITDA Three Months Ended Twelve Months Ended December 31, December 31, (in thousands) 2025 2024 2025 2024 GAAP Net Income (loss) $ 11,081 $ (5,113) $ 554 $ (54,836) Adjustments Interest and other income (1,461) (910) (4,472) (5,321) Interest ex
Slide 28: Xeris Investor Relations
XERIS INVESTOR RELATIONS Allison Wey awey@xerispharma.com 28
Xeris Biopharma Holdings — Q4 2025 Earnings Presentation on 6ix