Xeris Biopharma Holdings (NASDAQ:XERS) revealed significant strides in its financial performance and collaboration agreements.
The pharmaceutical company announced an upward revision of its full-year 2023 financial guidance from $145-$165 million to $155-$165 million.
Xeris CFO Steven Piper told investors that the company is on track to achieve cash flow breakeven in the fourth quarter of 2023.
The company is also raising its year-end 2023 cash guidance from $55-65 million to $65-$70 million.
Total cash utilization for full-year 2023 should be between $52-57 million, according to Xeris.
“As the business continues to perform, our rate of cash utilization continues to improve,” Piper said in a statement.
In a separate development, Xeris said it had received a $6 million milestone payment from Amgen, following Amgen's acquisition of Horizon Therapeutics. The payment was for successfully developing an ultra-concentrated, ready-to-use, subcutaneous injection of TEPEZZA, aligning with the agreed target product profile specified in the research collaboration and option agreement established in November 2022.
Xeris CEO Paul Edick told investors that the company is proud of its work on developing TEPEZZA.
Amgen also has an option to license the XeriJect technology to further the development of the XeriJect subcutaneous TEPEZZA, Edick noted.
“We want to thank the legacy Horizon team for being an incredible partner throughout this part of the process and look forward to continuing great work together, should Amgen pick up the option to move forward with continued development of XeriJect subcutaneous TEPEZZA,” Edick said.
Xeris may be entitled to receive development milestones, regulatory milestones, sales-based milestones, and royalties based on future sales if the option is executed.
Chicago-based Xeris is focused on enhancing patient well-being through the development and commercialization of innovative products spanning various therapies. Their current product portfolio includes Gvoke (liquid glucagon for severe hypoglycemia), Keveyis (a therapy for primary periodic paralysis), and Recorlev (for endogenous Cushing’s syndrome).