Xeris Biopharma Holdings (NASDAQ:XERS) told investors it remains on track to be cashflow positive in the fourth quarter of 2024 as it updated its revenue and cash position guidance for its 2023 financial year.
The company's shares rose 9.8% to $2.56 by midday in New York.
Ahead of investor meetings in San Francisco next week, the growth-oriented biopharmaceutical company said it expects to report total revenue at the top of its previous guidance range of $160 million to $165 million. It also expects to have ended 2023 with more than $72 million of cash, cash equivalents, and short-term investments, above its previous guidance of $65 million to $70 million.
Xeris attributed this to strong performances across its three commercial products, driving value from its various partnerships, coupled with disciplined expense management.
“Our very healthy balance sheet demonstrates our ability to be a self-sustaining enterprise,” chairman and CEO Paul Edick commented in a statement.
“Looking ahead, we anticipate 2024 total revenue to grow from 2023 levels, operating expenses to remain relatively flat, burn rate continues to decline from 2023 and, we will end 2024 with enough cash to fund our company, meet our obligations, and continue to invest in the growth of the enterprise.”
The company said it will provide more specific full-year 2024 financial guidance in March when it reports its fourth quarter and full-year 2023 results.
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).