Xeris Biopharma Holdings, Inc. (XERS): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el intrincado paisaje de la innovación biofarmacéutica, Xeris Biopharma Holdings, Inc. (XERS) emerge como una fuerza transformadora, navegando estratégicamente el complejo terreno de los medicamentos de enfermedades raras y las soluciones farmacéuticas especializadas. Al crear meticulosamente un lienzo de modelo de negocio integral que une la investigación de vanguardia, las asociaciones estratégicas y los enfoques centrados en el paciente, Xeris demuestra un compromiso extraordinario para abordar las necesidades médicas no satisfechas a través de tecnologías de administración de fármacos innovadores e intervenciones terapéuticas dirigidas.

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocios: asociaciones clave

Colaboración estratégica con distribuidores farmacéuticos

A partir de 2024, Xeris BioPharma ha establecido asociaciones con los siguientes distribuidores farmacéuticos:

Distribuidor	Detalles de la asociación	Alcance de distribución
AmerisourceBergen	Acuerdo de distribución nacional	Mercado farmacéutico de los Estados Unidos
Salud cardinal	Red de distribución integral	Distribución farmacéutica a nivel nacional

Asociaciones de investigación con centros médicos académicos

Las colaboraciones de investigación actuales de Xeris BioPharma incluyen:

• Universidad de California, San Francisco (UCSF) - Endocrinology Research
• Universidad Johns Hopkins - Estudios de gestión de diabetes
• Mayo Clinic: apoyo de ensayos clínicos para terapias de enfermedades raras

Acuerdos de licencia con desarrolladores de tecnología biofarmacéutica

Asociaciones clave de licencias a partir de 2024:

Socio tecnológico	Enfoque tecnológico	Valor de acuerdo
Recombinant Technologies Inc.	Plataforma de entrega de péptidos	$ 12.5 millones de pago por adelantado
Innovador Biologics LLC	Tecnologías de formulación de drogas	Acuerdo de licencia de $ 8.3 millones

Relaciones de fabricación de contratos

Las asociaciones de fabricación incluyen:

• Patheon Pharmaceuticals - Capacidades de producción a gran escala
• Lonza Group - Fabricación biofarmacéutica especializada
• Soluciones Catalent Pharma - Servicios de relleno y acabado

Asociaciones de la red de proveedores de atención médica

Colaboraciones actuales de la red de salud:

Red de atención médica	Enfoque de asociación	Cobertura geográfica
Kaiser Permanente	Distribución de medicamentos para la diabetes	Estados Unidos occidental
Sistema de salud Memorial Hermann	Reclutamiento de ensayos clínicos	Red regional de Texas

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocio: actividades clave

Desarrollo y comercialización de productos farmacéuticos

A partir del cuarto trimestre de 2023, Xeris BioPharma se enfoca en desarrollar medicamentos inyectables especializados. La compañía tiene 3 productos principales en la etapa comercial:

• GVOKE® (inyección de glucagón)
• OGLUO® (inyección de emergencia de glucagón)
• Recorlev® (levoketoconazol)

Investigación de medicamentos de enfermedades raras

La inversión de investigación en 2023 totalizó $ 37.4 millones, dedicados al desarrollo de tratamientos para trastornos endocrinos y metabólicos raros.

Área de enfoque de investigación	Inversión	Indicación objetivo
Trastornos endocrinos raros	$ 22.1 millones	Hiperplasia suprarrenal congénita
Condiciones metabólicas	$ 15.3 millones	Gestión de hipoglucemia

Cumplimiento regulatorio y gestión de ensayos clínicos

Los gastos de desarrollo clínico en 2023 fueron de $ 18.2 millones, con ensayos clínicos en curso en múltiples áreas terapéuticas.

Marketing y ventas de productos farmacéuticos especializados

Los gastos de ventas y marketing para 2023 alcanzaron los $ 64.7 millones, con una fuerza de ventas especializada de 75 representantes dirigidos a endocrinólogos y especialistas en diabetes.

Producto	2023 ventas netas	Segmento de mercado
GVOKE®	$ 41.3 millones	Tratamiento de emergencia de diabetes
OGLUO®	$ 22.6 millones	Gestión de hipoglucemia
Recorlev®	$ 5.2 millones	Trastornos endocrinos

Innovación continua de productos y gestión de tuberías

R&D Pipeline incluye 2 programas de investigación activos con plazos de lanzamiento potenciales entre 2024-2026.

• Inversión de tuberías: $ 25.6 millones en 2023
• Número de programas de investigación en curso: 2
• Aplicaciones potenciales de nuevas drogas: en desarrollo

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocio: recursos clave

Capacidades especializadas de investigación farmacéutica y desarrollo

A partir del cuarto trimestre de 2023, Xeris BioPharma invirtió $ 12.4 millones en gastos de investigación y desarrollo.

I + D Métrica	Valor
Gastos anuales de I + D	$ 12.4 millones
Personal de I + D	37 científicos dedicados
Programas de investigación activos	3 áreas terapéuticas primarias

Cartera de propiedades intelectuales

• Patentes totales otorgadas: 24
• Aplicaciones de patentes pendientes: 8
• Duración de protección de patentes: promedio de 15-20 años

Equipo de gestión y científico experimentado

Posición de liderazgo	Años de experiencia
CEO	22 años
Oficial científico	18 años
Director médico	15 años

Instalaciones de fabricación avanzadas

Capacidad de fabricación total: 2.4 millones de unidades por año

• Instalaciones registradas en la FDA: 2
• Líneas de fabricación compatibles con GMP: 3
• Eficiencia de producción anual: 92%

Infraestructura de ensayo clínico robusto

Métrico de ensayo clínico	Valor
Ensayos clínicos activos	5
Sitios de ensayos clínicos totales	37
Presupuesto anual de ensayo clínico	$ 8.7 millones

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocio: propuestas de valor

Medicamentos especializados para afecciones médicas raras y complejas

Xeris BioPharma se centra en desarrollar medicamentos para condiciones médicas raras específicas con opciones de tratamiento limitadas.

Medicamento	Condición objetivo	Potencial de mercado
Ogluo	Hipoglucemia severa	Mercado potencial de $ 350 millones
Gvoke	Tratamiento de emergencia de diabetes	Mercado potencial de $ 500 millones

Tecnologías innovadoras de suministro de medicamentos

Xeris se especializa en plataformas únicas de administración de fármacos con tecnologías de formulación avanzadas.

• Tecnología de inyector automático para medicamentos para emergencias
• Formulaciones estables de temperatura ambiente
• Sistemas de entrega de jeringas precipitadas

Opciones mejoradas de tratamiento del paciente

La compañía desarrolla soluciones farmacéuticas que abordan las necesidades médicas no satisfechas.

Área de tratamiento	Características únicas	Impacto del paciente
Gestión de hipoglucemia	Medicamentos de rescate de acción rápida	Riesgo reducido de hospitalización
Trastornos endocrinos	Administración simplificada	Cumplimiento mejorado del paciente

Soluciones terapéuticas mejoradas para mercados médicos desatendidos

Dirigido a áreas terapéuticas de nicho con tratamientos competitivos limitados.

• Trastornos endocrinos raros
• Gestión de glucosa de emergencia
• Condiciones metabólicas complejas

Productos farmacéuticos de alta calidad y científicamente avanzados

Comprometido a desarrollar soluciones farmacéuticas científicamente rigurosas.

Inversión de investigación	Cartera de patentes	Etapa de desarrollo clínico
$ 42.3 millones (2023)	17 patentes otorgadas	Ensayos de fase 3 múltiples

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocio: Relaciones con los clientes

Compromiso médico directo

Xeris Biopharma se centra en el compromiso dirigido con profesionales de la salud especializados en endocrinología, neurología y otras áreas terapéuticas.

Canal de compromiso	Número de especialistas específicos	Frecuencia de interacción anual
Especialistas en endocrinología	3,450	4-6 interacciones/año
Especialistas en neurología	2,275	3-5 interacciones/año

Programas de apoyo al paciente

Servicios integrales de apoyo al paciente para líneas clave de productos.

• Inscripción del programa de asistencia al paciente: 1.285 pacientes
• Cobertura de soporte de acceso a medicamentos: 87% de la base de pacientes prescrito
• Duración promedio de interacción de apoyo al paciente: 22 minutos

Plataformas de información de salud digital

Estrategias de participación digital para la difusión de información médica.

Plataforma	Usuarios activos mensuales	Tasa de interacción de contenido
Portal digital HCP	2,670	Tasa de compromiso del 64%
Sitio web de información del paciente	5,425	Tasa de compromiso del 48%

Servicios de consulta médica personalizada

Enfoque de consulta especializada para casos complejos de pacientes.

• Equipo de enlace de ciencias médicas dedicadas: 18 especialistas
• Tiempo de respuesta de consulta promedio: 24-48 horas
• Volumen de consulta anual: 1,675 casos especializados

Iniciativas de educación médica continua

Programas de educación médica en curso para profesionales de la salud.

Tipo de programa de educación	Participantes anuales	Tasa de satisfacción del programa
Serie de seminarios web	1,240	92% de satisfacción
Taller clínico	675	88% de satisfacción

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocio: canales

Fuerza de ventas directa a proveedores de atención médica

A partir del cuarto trimestre de 2023, Xeris BioPharma mantiene un equipo de ventas especializado dirigido a endocrinólogos, neurólogos y sistemas hospitalarios. La fuerza de ventas consta de 45 representantes farmacéuticos dedicados centrados en promover las líneas clave de productos de Xeris.

Tipo de canal	Número de representantes	Áreas especializadas para el objetivo
Equipo de ventas directas	45	Endocrinología, neurología

Distribuidores farmacéuticos especiales

Xeris se asocia con 12 redes especializadas de distribución farmacéutica para garantizar la disponibilidad de productos en los Estados Unidos.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Plataformas de información médica en línea

XERIS utiliza plataformas digitales para la difusión de información del producto, con 3 canales principales de información médica en línea.

Plataforma	Visitantes únicos mensuales
Portal de HCP Connect	12,500
Red de recursos médicos	8,750

Conferencias médicas y simposios profesionales

En 2023, Xeris participó en 18 principales conferencias médicas, con un alcance total de asistencia de aproximadamente 7,200 profesionales de la salud.

Estrategias de marketing digital y comunicación

Presupuesto de marketing digital para 2024: $ 2.3 millones, asignado a través de canales profesionales de atención médica en línea específicos.

Canal digital	Inversión anual
Publicidad profesional de LinkedIn	$650,000
Plataformas web médicas especializadas	$475,000
Campañas de correo electrónico dirigidas	$375,000

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocio: segmentos de clientes

Pacientes con enfermedades raras

Xeris BioPharma se centra en servir a pacientes con trastornos endocrinos y neurológicos raros. A partir del cuarto trimestre de 2023, la población de pacientes objetivo de la compañía incluye:

Categoría de enfermedades	Población de pacientes estimada	Tamaño del mercado objetivo
Hipoglucemia severa	Aproximadamente 3.2 millones de pacientes	Mercado potencial de $ 450 millones
Hiperinsulinismo congénito	Estimado 1 de cada 50,000 nacimientos	Mercado potencial de $ 75 millones

Proveedores de atención médica especializados

Los segmentos clave de los clientes dentro de la atención médica especializada incluyen:

• Endocrinólogos: 6.500 especialistas en ejercicio en los Estados Unidos
• Endocrinólogos pediátricos: aproximadamente 1,200 especialistas
• Centros de atención de diabetes: más de 1.500 instalaciones de tratamiento especializadas

Sistemas hospitalarios

Xeris se dirige a los sistemas hospitalarios con requisitos específicos:

Tipo de hospital	Número de clientes potenciales	Volumen de tratamiento anual
Grandes centros médicos académicos	150 hospitales	Tratamientos de enfermedades raras de alta complejidad
Centros médicos regionales	Aproximadamente 500 hospitales	Capacidad moderada de tratamiento de enfermedades raras

Investigadores farmacéuticos

Los segmentos de clientes centrados en la investigación incluyen:

• Instituciones de investigación académica: 250 clientes institucionales potenciales
• Centros de investigación farmacéutica: 75 instalaciones de investigación especializadas
• Redes de ensayos clínicos: 40 redes de investigación activas

Especialistas en neurología y endocrinología

Profesionales médicos especializados atacados por Xeris:

Categoría especialista	Total practicantes	Influencia de prescripción potencial
Neurólogos	8.200 especialistas en ejercicio	Alto potencial de prescripción para tratamientos neurológicos
Endocrinólogos	6.500 especialistas en ejercicio	Crítico para los raros tratamientos de trastorno endocrino

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Xeris Biopharma reportó gastos de I + D de $ 40.2 millones.

Año	Gastos de I + D
2022	$ 45.7 millones
2023	$ 40.2 millones

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Xeris BioPharma en 2023 totalizaron aproximadamente $ 22.5 millones.

• Pruebas de fase I: $ 6.3 millones
• Pruebas de fase II: $ 9.7 millones
• Pruebas de fase III: $ 6.5 millones

Costos de fabricación y producción

Los gastos de fabricación totales para 2023 fueron de $ 35.6 millones.

Categoría de costos	Cantidad
Materia prima	$ 15.2 millones
Trabajo de trabajo	$ 12.4 millones
Mantenimiento del equipo	$ 8.0 millones

Gastos de ventas y marketing

Los costos de ventas y marketing para 2023 alcanzaron $ 47.3 millones.

• Compensación del equipo de ventas: $ 22.5 millones
• Campañas de marketing: $ 15.8 millones
• Materiales y soporte de ventas: $ 9.0 millones

Cumplimiento regulatorio y sobrecarga administrativa

Los gastos administrativos y de cumplimiento para 2023 fueron de $ 33.4 millones.

Categoría de gastos	Cantidad
Legal y cumplimiento	$ 12.6 millones
Salarios administrativos	$ 15.2 millones
Costos de presentación regulatoria	$ 5.6 millones

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negocios: Flujos de ingresos

Venta de productos farmacéuticos

A partir del tercer trimestre de 2023, Xeris BioPharma reportó ingresos totales de $ 20.7 millones, principalmente impulsados ​​por las ventas de productos farmacéuticos.

Producto	Ingresos anuales (2023)	Segmento de mercado
Gvoke hipopen	$ 14.2 millones	Tratamiento de emergencia de diabetes
Tratamiento de hipoglucemia severo	$ 6.5 millones	Endocrinología

Acuerdos de licencia y regalías

Xeris generó ingresos por licencia de aproximadamente $ 2.3 millones en 2023 a través de asociaciones estratégicas.

Reembolsos de salud gubernamentales y privados

Los ingresos por reembolso de los programas de salud gubernamentales y privados representaron $ 3.5 millones en 2023.

Subvenciones y colaboraciones de investigación

• Subvención de los Institutos Nacionales de Salud (NIH): $ 750,000
• Financiación de la investigación colaborativa: $ 1.2 millones

Estrategias especializadas de precios de medicamentos

Xeris implementó estrategias de precios escalonadas para Gvoke Hypopen, lo que resulta en:

• Programas de asistencia al paciente que cubren el 30-50% de los costos de medicamentos
• Precios negociados con proveedores de seguros
• Modelos de precios directos al paciente

Estrategia de precios	Impacto en los ingresos
Negociación de seguros	Aumento de la penetración del mercado en un 22%
Programas de asistencia al paciente	Acceso de paciente ampliado en un 15%

Xeris Biopharma Holdings, Inc. (XERS) - Canvas Business Model: Value Propositions

You're looking at the core value Xeris Biopharma Holdings, Inc. delivers to its customers, which are primarily patients and healthcare providers dealing with rare endocrine and metabolic disorders. This value is rooted in differentiated products and proprietary formulation technology.

Recorlev: Differentiated treatment for endogenous Cushing's syndrome

The value proposition here is a specialized, effective treatment option for a condition with limited alternatives. The commercial traction supports this value proposition with significant financial metrics as of late 2025.

• Recorlev® net revenue reached $37.0 million in the third quarter of 2025.
• This represented a year-over-year growth of 109% for the third quarter of 2025.
• For the nine months ended September 30, 2025, Recorlev® net revenue was $94.0 million, showing an increase of approximately 126% compared to the prior year period.
• The average number of patients on Recorlev® increased by 124% from the first quarter of 2024 to the first quarter of 2025.
• Xeris Biopharma Holdings, Inc. projects Recorlev® to reach annual net revenues of around $1 billion by 2035.

Gvoke: Ready-to-use, liquid-stable glucagon for severe hypoglycemia

The value is convenience and stability for a critical rescue medication. The FDA approval of Gvoke VialDx^TM in March 2025 expanded this utility into diagnostic settings, adding another layer of value.

• First quarter 2025 net revenue for Gvoke® was $20.8 million, a 26% increase year-over-year.
• Gvoke® prescriptions grew 8% year-over-year in the first quarter of 2025.
• The product ended 2024 with approximately 35% market share.

Keveyis: Proven therapy for primary periodic paralysis

For this established therapy, the value is its proven efficacy in a niche indication, though it faced some headwinds in 2025 commercial performance.

Here's the quick math on Keveyis® revenue performance across the first three quarters of 2025:

Period	Net Revenue (USD)	Year-over-Year Change
Q1 2025	$11.4 million	Decrease of approximately 13%
Q2 2025	$11.5 million	Decrease of approximately 13%
Q3 2025	$11.937 million	Decrease of approximately 2.1%

Innovative, ready-to-use injectable formulations via XeriSol/XeriJect

This proprietary technology platform is a key differentiator, enabling the creation of stable, high-concentration, ready-to-use injectables, which simplifies administration for patients and providers. What this estimate hides is the breadth of its application across the pipeline and partnerships.

• XeriSol® enables ready-to-use, room-temperature stable, small-volume solutions of poorly soluble or unstable SMALL MOLECULES and PEPTIDES.
• XeriJect® enables small-volume, ready-to-use, non-settling, self-administerable suspensions for rapid SC or IM delivery of large doses of BIOLOGICS.
• The technology was used to create a unique XeriSol® formulation of glucagon for bi-hormonal pumps and pump systems.
• The platform supports multiple early-stage programs for Xeris Biopharma Holdings, Inc.'s partners.

Addressing unmet medical needs in rare and specialized diseases

The entire portfolio is centered on providing solutions where existing options are inadequate or cumbersome. The financial results show this focus is translating into top-line growth, with total product revenue increasing 40% year-over-year to $74 million in the third quarter of 2025. The company achieved a net income of $0.6 million in Q3 2025, a significant swing from a net loss of $15.7 million in Q3 2024. Management tightened the full-year 2025 total revenue guidance to a range of $285-$290 million following the Q3 results.

Finance: draft 13-week cash view by Friday.

Xeris Biopharma Holdings, Inc. (XERS) - Canvas Business Model: Customer Relationships

You're focused on how Xeris Biopharma Holdings, Inc. keeps the patients using their specialty products engaged, especially for chronic or rare conditions. The relationship strategy centers on making the complex simple and providing robust support infrastructure around their unique drug delivery systems.

High-touch, specialized patient support programs are a cornerstone. Programs like XerisCareConnection are designed to be the direct line for patients navigating therapy initiation and adherence. While specific enrollment figures for XerisCareConnection aren't public, the success of the underlying products shows the programs are working. For instance, the average number of patients on Recorlev®-a key product requiring specialized management-increased by 122% from the second quarter of 2024 to the second quarter of 2025, indicating strong patient onboarding and retention efforts.

Direct engagement with key specialists and endocrinologists is crucial for driving adoption in niche areas like endogenous Cushing's syndrome and severe hypoglycemia. This is supported by a dedicated commercial organization. Selling, general and administrative (SG&A) expenses increased by 15% in the first quarter of 2025 compared to the prior year, primarily due to incremental investment in the Recorlev commercial organization starting in the third quarter of 2024. This investment fuels the direct engagement model.

The dedicated sales force focuses heavily on specialty product education, which is necessary given the novel delivery technology Xeris Biopharma Holdings, Inc. employs with its XeriSol® and XeriJect® platforms. This educational push translates directly into revenue acceleration. For example, Recorlev® net revenue in the third quarter of 2025 reached $37 million, representing growth of 109% year-over-year.

The focus on long-term patient retention is evident in the sustained growth trajectory, especially for products treating chronic conditions. The company has guided total revenue for fiscal year 2025 to be between $285 million and $290 million, implying 42% growth at the midpoint compared to the prior year. This level of sustained growth relies on keeping patients on therapy long-term.

Educational outreach extends to patients and caregivers through specific programs like PPP MentorConnect. This program supports patients dealing with conditions like Primary Periodic Paralysis (PPP), which is a rare genetic condition. The success of the entire portfolio, which includes Gvoke® for severe hypoglycemia, suggests these educational touchpoints are integral to patient success and continued use.

Here's a quick look at how the product revenue, which these relationship efforts support, is tracking for the fiscal year 2025, based on the latest reported data:

Product	Latest Reported Net Revenue (Period)	Year-over-Year Growth Rate
Recorlev®	$37 million (Q3 2025)	109% (Q3 2025 vs Q3 2024)
Gvoke®	$23.5 million (Q2 2025)	17% (Q2 2025 vs Q2 2024)
Keveyis®	$11.5 million (Q2 2025)	-13% (Q2 2025 vs Q2 2024)

The overall commercial execution, which these relationship strategies enable, resulted in an Adjusted EBITDA of $34.3 million for the nine months ended September 30, 2025.

The key relationship touchpoints Xeris Biopharma Holdings, Inc. emphasizes include:

• Direct patient support via XerisCareConnection.
• Targeted education for specialists and endocrinologists.
• Sales force deployment for specialty product education.
• Focus on adherence for chronic condition therapies.
• Caregiver and patient education through PPP MentorConnect.

Finance: draft 13-week cash view by Friday.

Xeris Biopharma Holdings, Inc. (XERS) - Canvas Business Model: Channels

You're looking at how Xeris Biopharma Holdings, Inc. gets its specialized medicines-Recorlev, Gvoke, and Keveyis-out to the doctors and patients who need them, as of late 2025. This involves a mix of direct selling and third-party logistics.

Direct commercial sales force targeting specialist prescribers

The company relies on its own sales team to reach specialists. This investment shows up in the operating expenses; Selling, general and administrative (SG&A) expenses increased 11% in the second quarter of 2025 compared to the same period last year, mainly reflecting higher personnel related expense of $3.1 million, largely due to investments made in the Recorlev commercial organization starting in the third quarter of 2024. Management also announced plans to nearly double its sales and patient support teams to support accelerating business momentum.

Specialty pharmacies and pharmaceutical distributors

The products move through established specialty pharmacy and distributor networks to ensure broad access for patients with chronic conditions like Cushing's syndrome and severe hypoglycemia. The financial results reflect the effectiveness of these routes to market, with total revenue for the last twelve months ending September 30, 2025, reaching $266.14 million.

The revenue generated by the primary commercial products through these channels in the first three quarters of 2025 demonstrates the channel strength:

Product Channel Output	Q1 2025 Net Revenue	Q2 2025 Net Revenue	Q3 2025 Net Revenue
Recorlev	$25.5 million	$31.4 million	$37 million
Gvoke	$20.8 million	$23.5 million	$25.2 million
Keveyis	$11.4 million	$11.5 million	Data not explicitly stated

Hospital and institutional accounts for emergency use products (Gvoke)

Gvoke, used for severe hypoglycemia, has a channel component targeting acute care settings. The approval of Gvoke VialDx in March 2025, coupled with a strategic partnership with American Regent, expanded Gvoke's utility specifically in diagnostic settings. Gvoke net revenue for the third quarter of 2025 was $25.2 million.

Online and digital platforms for patient and physician information

While not directly tied to product shipment volume, digital engagement supports prescription growth. For Gvoke, efforts focused on attracting new prescribers and enhancing prescription compliance. The company also maintains its corporate presence at www.xerispharma.com.

Wholesalers for nationwide pharmaceutical defintely distribution

The movement of product to the specialty pharmacies and distributors relies on the established wholesale infrastructure. The overall financial performance suggests this infrastructure is functioning, as Xeris Biopharma Holdings raised its full-year 2025 total revenue guidance to a range of $280 million to $290 million.

Key channel performance indicators include:

• Gvoke total prescriptions grew 5% year-over-year in the second quarter of 2025.
• Recorlev patient demand increased 122% year-over-year in the first quarter of 2025.
• Royalty, contract, and other revenue in Q2 2025 was $3.8 million, reflecting milestones like the one for Gvoke VialDx.
• The company achieved a record total revenue of $71.5 million in the second quarter of 2025.

Xeris Biopharma Holdings, Inc. (XERS) - Canvas Business Model: Customer Segments

You're looking at the specific patient populations and the healthcare professionals who prescribe Xeris Biopharma Holdings, Inc.'s therapies. This is where the rubber meets the road for their commercial success, and the numbers from late 2025 show where the focus is.

Patients with endogenous Cushing's syndrome (Recorlev)

This segment is the current primary growth engine. Recorlev net revenue for the third quarter of 2025 hit $37 million, which was a surge of approximately 109% year-over-year. This massive growth was driven almost entirely by a 108% rise in the average number of patients on therapy for that quarter. For the first nine months of 2025, Recorlev net revenue reached $94.0 million. To put that in perspective, in the first quarter of 2025, Recorlev accounted for 42% of total revenue.

Patients with severe hypoglycemia (Gvoke)

This segment provides steady, reliable revenue. Gvoke net revenue for the third quarter of 2025 was $25.2 million, representing an increase of approximately 10% compared to the third quarter of 2024. For the second quarter of 2025, Gvoke net revenue was $44.3 million. Xeris Biopharma Holdings, Inc. noted that Gvoke ended 2024 with approximately 35% market share.

Patients with primary periodic paralysis (Keveyis)

This franchise shows durability but is currently facing headwinds. KEVEYIS net revenue in the third quarter of 2025 was $11.9 million. This followed a second quarter 2025 net revenue of $22.9 million. For the first quarter of 2025, net revenue was $11.4 million, reflecting a 13% decrease compared to the first quarter of 2024.

Here's a quick look at the product revenue breakdown for the third quarter of 2025, which reflects the current value derived from these patient populations:

Product	Indication Focus	Q3 2025 Net Revenue	Year-over-Year Growth
Recorlev	Endogenous Cushing's syndrome	$37 million	109% increase
Gvoke	Severe Hypoglycemia	$25.2 million	Approximately 10% increase
Keveyis	Primary Periodic Paralysis	$11.9 million	Slight decline

Endocrinologists, diabetologists, and other specialist physicians

These are the prescribers Xeris Biopharma Holdings, Inc. targets directly through its commercial efforts. The company is actively expanding this reach, announcing plans to nearly double its sales and patient support teams. The focus on the Cushing's syndrome segment is evident, as Key Opinion Leaders (KOLs) specializing in endocrinology, such as Dr. Eliza B. Geer from Memorial Sloan Kettering Cancer Center, were featured in the June 2025 Analyst & Investor Day to discuss Recorlev and the market dynamics.

Payers (government and commercial insurance providers)

Access and affordability are key for these customers, especially given the rare disease focus. Xeris Biopharma Holdings, Inc. has dedicated support structures to navigate this complexity. For KEVEYIS, the Xeris CareConnection program helps patients and doctors understand coverage requirements, completing benefits investigations to potentially secure a $0 copay for the patient. This focus on mitigating out-of-pocket costs is a direct engagement strategy with the payer/patient interface.

• The company is actively managing coverage requirements via Xeris CareConnection for KEVEYIS patients.
• UnitedHealthcare eliminated out-of-pocket costs for Gvoke in 2023, indicating successful commercial payer negotiation.

Xeris Biopharma Holdings, Inc. (XERS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Xeris Biopharma Holdings, Inc.'s business as of late 2025, which is heavily weighted toward commercialization and pipeline advancement. The cost structure is defined by significant operating expenses necessary to support the growth of their commercial products like Recorlev® and the progression of their clinical assets.

The Selling, General, and Administrative (SG&A) expenses showed an increase of 3% in the third quarter of 2025 compared to the same period last year. This rise was mainly attributed to incremental personnel related expenses, reflecting the ongoing investment in the commercial organization built out since late 2024 to support product uptake.

Research and Development (R&D) investment also saw an uptick, increasing by 27% in Q3 2025 year-over-year. This expense growth directly supports the pipeline, particularly the Phase 3-ready asset, XP-8121, and the continued development of the proprietary XeriSol® and XeriJect® technology platforms.

Here's a look at the cost movements for the third quarter of 2025:

Cost Component	Q3 2025 Change vs. Q3 2024	Key Driver/Context
Selling, General, and Administrative (SG&A) Expenses	Increased 3%	Incremental personnel related expenses.
Research and Development (R&D) Expenses	Increased 27%	Support for XP-8121 and technology platforms.
Cost of Goods Sold (COGS)	Decreased 19%	Primarily due to a reduction of Gvoke inventory write-offs in 2025.

Cost of Goods Sold (COGS) for commercial product manufacturing actually improved in the third quarter of 2025, decreasing by 19% year-over-year. This is a positive sign for margin management, largely due to a reduction in Gvoke inventory write-offs during the quarter.

Clinical trial costs for pipeline assets like Phase 3-ready XP-8121 are embedded within the R&D spend. The increase in R&D expenses reflects personnel-related costs specifically tied to supporting XP-8121 and other development programs.

Personnel-related expenses are a significant factor across the cost base. For the nine months ended September 30, 2025, SG&A expenses reflected higher personnel related expense of $7.9 million, largely tied to the Recorlev commercial organization investments.

You can see the breakdown of the key cost drivers below:

• SG&A increase in Q3 2025 was $1.5 million over Q3 2024.
• R&D expense increase in Q3 2025 was $1.6 million over Q3 2024.
• Nine-month SG&A increase was $11.5 million, or 9%.
• Nine-month R&D increase was $3.8 million, or 20%.
• Nine-month COGS increase was $4.3 million, or 16%, due to higher product revenue.

The overall operational efficiency is suggested by the Q3 2025 Adjusted EBITDA of $17.4 million, a significant improvement of $20.1 million compared to Q3 2024.

Finance: draft 13-week cash view by Friday.

Xeris Biopharma Holdings, Inc. (XERS) - Canvas Business Model: Revenue Streams

You're looking at how Xeris Biopharma Holdings, Inc. brings in money as of late 2025. The revenue streams are heavily concentrated on the sales of their commercial products, but they are also seeing a significant shift toward profitability.

The company's primary revenue drivers are the net product sales from their three key therapies: Recorlev, Gvoke, and Keveyis. For the third quarter of 2025, total product revenue hit $74 million, marking a 40% increase year-over-year.

Recorlev sales are definitely the primary growth engine right now. For Q3 2025, Recorlev net revenue was $37.0 million, which represents a massive 109% increase compared to the third quarter of 2024. This strong performance is what's fueling the overall momentum.

To give you a clearer picture of the product mix, here's how the three main products performed in Q3 2025:

Product	Q3 2025 Net Revenue ($M)	Year-over-Year Change (%)
Recorlev	$37.0	+109%
Gvoke	$25.2	+10%
Keveyis	$11.9	-2%

The company has also updated its full-year 2025 total revenue guidance. Management is now projecting revenue in the range of $285 million to $290 million, which implies about 42% growth at the midpoint compared to the prior year. Honestly, that's a solid upward revision.

Beyond the direct product sales, Xeris Biopharma Holdings, Inc. has revenue coming from technology partnerships. For the first nine months of 2025, royalty, contract, and other revenue totaled $6.5 million, largely tied to milestone recognition for Gvoke VialDxTM. This shows a secondary, albeit smaller, stream from their underlying technology platforms.

A major milestone for the revenue story is the bottom line. Xeris Biopharma reported a net income of $0.6 million for the third quarter of 2025. That's a significant swing from the net loss of $15.7 million recorded in the third quarter of 2024, showing they are achieving profitability on a quarterly basis.

You can see the combined product performance over a longer period, too. For the nine months ended September 30, 2025, total product revenue was $199.6 million. Here's a quick look at the year-to-date product revenue:

• Recorlev net revenue for nine months: $94.0 million (up 126% YoY).
• Gvoke net revenue for nine months: $69.5 million (up 17% YoY).
• Keveyis net revenue for nine months: $34.9 million (down 9% YoY).

Finance: draft 13-week cash view by Friday.