Xeris Pharmaceuticals Announces Second Quarter 2018 Financial Results and Business Highlights
Successfully Completed Initial Public Offering (IPO)
Submitted New Drug Application (NDA) for Glucagon Rescue Pen
“We successfully completed our IPO in the second quarter and raised
Second Quarter 2018 Highlights and Recent Events
- Submitted NDA to
US Food and Drug Administration( FDA) for Glucagon Rescue Pen: Xeris submitted the NDA for its lead product candidate, Glucagon Rescue Pen, for the treatment of severe hypoglycemia, a potentially life-threatening condition, in people with diabetes.
- Presented positive Phase 3 data at American Diabetes Association’s 78th Scientific Sessions: Xeris presented efficacy and safety data from two of its Phase 3 clinical studies of its ready-to-use Glucagon Rescue Pen in treating severe hypoglycemia in adults and children with type 1 diabetes, as compared to the currently marketed Glucagon Emergency Kit.
- Completed initial public offering (IPO): Xeris successfully completed its IPO of 6,555,000 shares of common stock at a public offering price of
$15.00per share, including the exercise in full by the underwriters of their option to purchase up to an additional 855,000 shares of common stock. Net proceeds to the Company were approximately $89.0 millionafter deducting underwriting discounts and commissions as well as other offering expenses.
- Announced appointment of new board members: Xeris announced the appointment of four new independent members to the Board of Directors reflecting Xeris’s transition to a public company.
Second Quarter 2018 Financial Highlights
Cash position: As of
Research and development (R&D) expenses: R&D expenses for the second quarter of 2018 were
General and administrative (G&A) expenses: G&A expenses for the second quarter of 2018 were
Net loss: For the second quarter of 2018, Xeris reported a net loss of
Xeris is a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use, room-temperature stable injectable and infusible drug formulations. The Company’s proprietary XeriSol™ and XeriJect™ formulation technologies are being evaluated for the subcutaneous (SC) and intramuscular (IM) delivery of highly-concentrated, non-aqueous, ready-to-use formulations of peptides, small molecules, proteins, and antibodies using commercially available syringes, auto-injectors, multi-dose pens, and infusion pumps. Xeris's platforms have the potential to offer distinct advantages over existing formulations of marketed and development-stage products. In particular, XeriSol™ and XeriJect™ have the potential to eliminate the need for reconstitution, enable long-term, room-temperature stability, significantly reduce injection volume, and eliminate the requirement for intravenous (IV) infusion. These attributes may lead to products that are easier to use by patients, caregivers, and health practitioners and reduce costs for payers and the healthcare system. Further information about Xeris can be found at www.xerispharma.com.
Any statements in this press release about future expectations, plans and prospects for
The Company intends to use the investor relations portion of its website as a means of disclosing material non-public information and for complying with disclosure obligations under Regulation FD.
Senior Vice President, Investor Relations and Corporate Communications
|XERIS PHARMACEUTICALS, INC.
CONDENSED STATEMENT OF OPERATIONS
(in thousands, except share and per share data; unaudited)
|Three Months Ended
|Six Months Ended
|Cost of revenue||-||4||42||4|
|Research and development||8,677||4,201||17,389||7,863|
|General and administrative||4,499||1,559||7,738||2,900|
|Expense from operations||13,176||5,760||25,127||10,763|
|Loss from operations||(12,357||)||(5,199||)||(24,087||)||(9,848||)|
|Other (expense) income:|
|Change in fair value of warrants||(306||)||(32||)||(388||)||(32||)|
|Total other expense||(630||)||(33||)||(807||)||(33||)|
|Net loss per common share - basic and diluted||$||(3.07||)||$||(2.59||)||$||(7.76||)||$||(4.92||)|
|Weighted average common shares outstanding,
basic and diluted
|XERIS PHARMACEUTICALS, INC.
CONDENSED BALANCE SHEETS
|June 30, 2018||December 31, 2017|
|Cash and cash equivalents||$||134,528||$||42,045|
|Accounts receivable, net||1,065||1,199|
|Prepaid expenses and other current assets||1,439||809|
|Total current assets||137,032||44,053|
|Property and equipment, net||1,136||788|
|Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit)|
|Deferred grant award||284||234|
|Total current liabilities||9,189||4,860|
|Long-term debt, net of unamortized deferred costs||18,167||-|
|Other long-term liabilities||1,563||90|
|Total convertible preferred stock||-||97,878|
|Total stockholders' equity (deficit)||109,337||(57,830||)|
|Total liabilities, convertible preferred stock and stockholders' equity (deficit)||$||138,256||$||44,998|
Source: Xeris Pharmaceuticals, Inc.