Xeris Biopharma Holdings, Inc. (XERS): Business Model Canvas [Dec-2025 Updated]

You're looking past the stock ticker to see how Xeris Biopharma Holdings, Inc. (XERS) actually makes money, and honestly, their model is a fascinating study in specialty pharma execution as of late 2025. We've mapped out their entire operating structure, showing how they are leaning hard on Recorlev as the primary growth engine, targeting total revenue between $\$$285 million and $\$$290 million for the full year, all while managing significant Selling, General, and Administrative (SG&A) costs ($\$$46.5 million in Q3 2025). This canvas reveals the interplay between their three approved assets-Recorlev, Gvoke, and Keveyis-their proprietary XeriSol drug delivery technology, and the high-touch customer relationships needed to serve rare disease specialists. Dive in below to see the precise resources and activities that turned a $\$$0.62 million net income in Q3 into a clear path forward.

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

You're looking at Xeris Biopharma Holdings, Inc.'s strategic alliances, which are critical for extending the reach and application of its proprietary formulation platforms, XeriSol™ and XeriJect®. These partnerships are a core part of the business model, moving beyond just the revenue from its three commercial products: Gvoke®, Recorlev®, and Keveyis®.

The financial context for late 2025 shows Xeris Biopharma Holdings, Inc. is executing on its growth strategy, having reaffirmed its full-year 2025 total revenue guidance to be in the range of $260 to $275 million, with a commitment to remaining adjusted EBITDA positive going forward. For the nine months ended September 30, 2025, the company reported net income of $0.6 million and Adjusted EBITDA of $17.4 million. Furthermore, royalty, contract and other revenue for that same nine-month period was $6.5 million, illustrating the direct financial contribution from some of these external collaborations.

The technology collaborations are where the platform value is being monetized through upfront payments, milestones, and royalties. These deals validate the potential of XeriSol for small molecules/peptides and XeriJect for biologics, including monoclonal antibodies.

The partnership with Beta Bionics is particularly important as it aims to facilitate the development of the first dual-hormone pump for diabetes management, using Xeris' XeriSol technology for the glucagon component.

While the outline mentions pharmaceutical distributors, Contract Manufacturing Organizations (CMOs), and Key Opinion Leaders (KOLs), the publicly available financial data for late 2025 primarily details the technology platform licensing agreements. However, the overall business structure relies on these external entities:

• Pharmaceutical distributors: Necessary for commercializing products like Gvoke®, Recorlev®, and Keveyis® across the US market.
• Contract Manufacturing Organizations (CMOs): Essential for large-scale production, though specific CMO partners and associated financial commitments are not detailed in the latest filings.
• Key Opinion Leaders (KOLs) and academic medical centers: Utilized for clinical insights and to support the advancement of pipeline programs, such as XP-8121, which is Phase 3-ready for hypothyroidism.

The company's reliance on third parties for conducting clinical trials and for supplying materials is a noted factor in its forward-looking statements.

The growth in Xeris Biopharma Holdings, Inc.'s commercial products, such as Recorlev®, which saw net revenue of $94.0 million for the nine months ended September 30, 2025 (a 126% increase year-over-year), provides the financial strength to self-fund near- and long-term growth, including these partnership investments.

Finance: review Q3 2025 partnership revenue against milestone accrual schedule by end of week.

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

You're looking at the core engine driving Xeris Biopharma Holdings, Inc. right now, focusing on what they actually do day-to-day to generate revenue and build future value. It's all about commercial execution and pipeline advancement, so let's look at the numbers from their latest reports as of late 2025.

Commercialization and Sales of Three Approved Products

The commercial team is hitting records, especially with Recorlev. For the third quarter of 2025, Xeris Biopharma Holdings, Inc. reported total product revenue of $74.1 million. This represented a 40% increase year-over-year. Management raised the full-year 2025 total revenue guidance to a range of $285 million-$290 million, projecting a 42% growth at the midpoint compared to 2024.

Here's how the three key products stacked up in Q3 2025:

To give you a sense of the year's momentum, Recorlev's Q1 2025 net revenue was $25.5 million, which was a 141% jump from Q1 2024. Honestly, Recorlev is the primary growth engine right now.

Expanding the Recorlev Commercial Organization and Prescriber Base

That growth in Recorlev revenue-driven by a 108% increase in the average number of patients on therapy in Q3 2025-requires serious investment in the sales force. Xeris Biopharma Holdings, Inc. is responding by initiating a commercial expansion where they plan on nearly doubling their sales and patient support teams. This investment shows up in the Selling, General, and Administrative (SG&A) expenses. For instance, Q2 2025 SG&A expenses increased $4.4 million or 11% year-over-year, largely due to investments in the Recorlev commercial organization that started in the third quarter of 2024.

The company achieved its first-ever quarterly net income in Q3 2025, coming in at $0.6 million, a significant turnaround from a net loss of $15.7 million the prior year. This operational discipline is key while they scale up.

Research and Development (R&D) for Pipeline Candidates

You can't grow without funding the next generation of products. For the third quarter of 2025, Research and Development (R&D) expense was $7.5 million. That's an increase of $1.6 million, or 27%, compared to the same period last year. This spend is supporting the pipeline, especially XP-8121.

Here are the key pipeline and R&D points:

• XP-8121, a once-weekly subcutaneous injection for hypothyroidism, remains on track for a Phase 3 clinical trial initiation in the second half of 2026.
• The potential peak net revenue for XP-8121 is estimated to be in the $1-$3 billion range.
• The company is also investing in its technology platforms and partnerships.

Manufacturing and Supply Chain Management

Efficiency in manufacturing directly impacts the bottom line, which you see in the gross margin. The gross margin for Q3 2025 reached 85%, driven by a favorable product mix. A concrete example of supply chain management improvement is the Cost of Goods Sold (COGS), which decreased by $2.6 million or 19% in Q3 2025 compared to Q3 2024, primarily due to a reduction in Gvoke inventory write-offs.

Maintaining and Advancing Proprietary Drug Formulation Technologies

The technology platforms are being advanced through R&D spending, but also through key regulatory milestones. For example, Xeris Biopharma Holdings, Inc. obtained FDA approval for Gvoke VialDx^TM in Q1 2025. Furthermore, the company strengthened intellectual property for Recorlev, with a new patent listed in the FDA's Orange Book extending protection to March 2040.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Xeris Biopharma Holdings, Inc. uses to drive its business, especially as they hit profitability milestones in late 2025. These resources are what underpin their ability to generate revenue and fund future expansion.

Proprietary Drug Delivery Technology Platforms

The XeriSol® and XeriJect® platforms are central to Xeris Biopharma Holdings, Inc.'s value proposition, enabling the development of difficult-to-formulate drugs into injectable formats, such as the investigational XP-8121. The potential of the XeriSol platform is quantified by the projected peak net revenue for XP-8121, which is estimated at $1-$3 billion. The company has a long-term revenue target of $750 million by 2030, which relies on these technologies for pipeline growth.

FDA-Approved Commercial Products

Xeris Biopharma Holdings, Inc. has three commercial products generating significant revenue, with the full-year 2025 revenue guidance updated to a range of $285 million to $290 million. The third quarter of 2025 saw total product revenue reach $74 million.

Here is the breakdown of product revenue for the third quarter ended September 30, 2025:

Recorlev® revenue growth of 109% year-over-year in Q3 2025 was the primary driver of the overall portfolio performance.

Intellectual Property Protection

The intellectual property portfolio is being actively strengthened, particularly around pipeline assets leveraging the proprietary technology. Xeris Biopharma Holdings, Inc. recently announced a Notice of Allowance from the U.S. Patent and Trademark Office for its XP-8121 patent application. This strengthens the position for the investigational, once-weekly subcutaneous injection formulation for hypothyroidism.

Cash Flow from Operations and Profitability

The company demonstrated a significant step toward self-funding by achieving profitability in the third quarter of 2025. Net income for Q3 2025 was $0.6 million, a reversal from the net loss of $15.7 million reported in the same period of 2024. Furthermore, the adjusted EBITDA for Q3 2025 was $17.4 million. The nine-month revenue through September 30, 2025, was $206.04 million, compared to $142.97 million a year ago.

Specialized Sales and Patient Support Teams

To support the accelerating business momentum, Xeris Biopharma Holdings, Inc. has a stated plan to nearly double its sales and patient support teams. This investment directly supports the market penetration gains seen in products like Recorlev®. The company's SG&A expenses are expected to see a low to mid-teens percentage increase year-over-year for 2025, reflecting these strategic investments in commercial infrastructure.

Key areas of team focus include:

• Targeting patients with endogenous Cushing's syndrome.
• Supporting patient adherence for severe hypoglycemia treatment.
• Engaging healthcare professionals for rare disease therapies.

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:

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:

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:

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:

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 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:

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.