Xeris Biopharma CEO Paul Edick joined Steve Darling from Proactive to share news the company had a successful 2023, with a final tally of 164 million USD, which is at the upper end of their forecast. The company concluded the year with 72 million USD in cash, surpassing their initial projections and achieving cash positivity in Q4. Xeris Biopharma, described as a multifaceted entity with three commercial assets growing in 2023, also benefits from proprietary technologies and has partnerships with major pharmaceutical companies.
The firm's recent financial achievements reflect the robustness of its underlying business, including ongoing partnerships. A significant financial move for Xeris was a refinancing deal allowing the company to secure 200 million USD at the same cost previously paid for 150 million USD. This strategic financial restructuring not only reduced the company's total cost of capital by over 200 basis points but also added 35 million USD to its balance sheet, enhancing its self-sufficiency and obviating the need for external capital fundraising. Looking ahead to 2024, Xeris anticipates revenue between 170 to 200 million USD, acknowledging a degree of uncertainty around factors such as competition for Keveyis.
The company's guidance also includes ending the year with 55 to 75 million USD in cash, indicating controlled expenditure. Other 2024 expectations include the issuance of approximately 7.5 million shares under a contingent value right triggered in 2023 and progression in technology partnerships with companies like Amgen and Regeneron.