Xeris Biopharma Holdings, Inc. (Xers): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na intrincada paisagem da inovação biofarmacêutica, a Xeris Biopharma Holdings, Inc. (Xers) surge como uma força transformadora, navegando estrategicamente no complexo terreno de medicamentos de doenças raras e soluções farmacêuticas especializadas. Ao criar meticulosamente uma tela abrangente de modelo de negócios que preenche a pesquisa de ponta, parcerias estratégicas e abordagens centradas no paciente, a Xeris demonstra um compromisso extraordinário em atender às necessidades médicas não atendidas por meio de tecnologias inovadoras de administração de medicamentos e intervenções terapêuticas direcionadas.

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com distribuidores farmacêuticos

A partir de 2024, a Xeris Biopharma estabeleceu parcerias com os seguintes distribuidores farmacêuticos:

Distribuidor	Detalhes da parceria	Escopo de distribuição
Amerisourcebergen	Contrato de Distribuição Nacional	Mercado farmacêutico dos Estados Unidos
Cardinal Health	Rede de distribuição abrangente	Distribuição farmacêutica em todo o país

Parcerias de pesquisa com centros médicos acadêmicos

As colaborações atuais de pesquisa da Xeris Biopharma incluem:

• Universidade da Califórnia, São Francisco (UCSF) - Pesquisa de Endocrinologia
• Universidade Johns Hopkins - Estudos de Gerenciamento de Diabetes
• Mayo Clinic - Suporte de ensaios clínicos para terapias de doenças raras

Acordos de licenciamento com desenvolvedores de tecnologia biofarmacêutica

Principais parcerias de licenciamento a partir de 2024:

Parceiro de tecnologia	Foco em tecnologia	Valor do acordo
Tecnologias Recombinantes Inc.	Plataforma de entrega de peptídeos	Pagamento inicial de US $ 12,5 milhões
Innovative Biologics LLC	Tecnologias de formulação de medicamentos	Contrato de licenciamento de US $ 8,3 milhões

Relacionamentos de fabricação contratados

As parcerias de fabricação incluem:

• Patheon Pharmaceuticals - Recursos de produção em larga escala
• Lonza Group - Manufatura biofarmacêutica especializada
• Soluções farmacêuticas catalentas - Preencher e terminar os serviços

Parcerias de rede de provedores de saúde

Colaborações atuais de rede de saúde:

Rede de Saúde	Foco em parceria	Cobertura geográfica
Kaiser Permanente	Distribuição de medicamentos para diabetes	Oeste dos Estados Unidos
Memorial Hermann Health System	Recrutamento de ensaios clínicos	Rede Regional do Texas

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negócios: Atividades -chave

Desenvolvimento e comercialização de produtos farmacêuticos

A partir do quarto trimestre 2023, o Xeris Biopharma se concentra no desenvolvimento de medicamentos injetáveis ​​especializados. A empresa possui 3 produtos de estágio comercial primário:

• Gvoke® (injeção de glucagon)
• Ogluo® (Injeção de Emergência de Glucagon)
• Recorlev® (Levoketoconazol)

Pesquisa de medicamentos para doenças raras

O investimento em pesquisa em 2023 totalizou US $ 37,4 milhões, dedicado ao desenvolvimento de tratamentos para distúrbios endócrinos e metabólicos raros.

Área de foco de pesquisa	Investimento	Indicação alvo
Distúrbios endócrinos raros	US $ 22,1 milhões	Hiperplasia adrenal congênita
Condições metabólicas	US $ 15,3 milhões	Gerenciamento de hipoglicemia

Conformidade regulatória e gerenciamento de ensaios clínicos

As despesas de desenvolvimento clínico em 2023 foram de US $ 18,2 milhões, com ensaios clínicos em andamento em várias áreas terapêuticas.

Marketing e vendas de produtos farmacêuticos especializados

As despesas de vendas e marketing de 2023 atingiram US $ 64,7 milhões, com uma força de vendas especializada de 75 representantes direcionados a endocrinologistas e especialistas em diabetes.

Produto	2023 Vendas líquidas	Segmento de mercado
Gvoke®	US $ 41,3 milhões	Tratamento de emergência de diabetes
Ogluo®	US $ 22,6 milhões	Gerenciamento de hipoglicemia
Recorlev®	US $ 5,2 milhões	Distúrbios endócrinos

Inovação contínua de produtos e gerenciamento de pipeline

O pipeline de P&D inclui 2 programas de investigação ativos com possíveis prazos de lançamento entre 2024-2026.

• Investimento de pipeline: US $ 25,6 milhões em 2023
• Número de programas de pesquisa em andamento: 2
• Novas aplicações de drogas em potencial: em desenvolvimento

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negócios: Recursos -chave

Capacidades especializadas de pesquisa e desenvolvimento farmacêutico

A partir do quarto trimestre de 2023, a Xeris Biopharma investiu US $ 12,4 milhões em despesas de pesquisa e desenvolvimento.

Métrica de P&D	Valor
Despesas anuais de P&D	US $ 12,4 milhões
Pessoal de P&D	37 cientistas dedicados
Programas de pesquisa ativa	3 áreas terapêuticas primárias

Portfólio de propriedade intelectual

• Total de patentes concedidas: 24
• Aplicações de patentes pendentes: 8
• Duração da proteção de patentes: média de 15 a 20 anos

Equipe de gestão e científica experiente

Posição de liderança	Anos de experiência
CEO	22 anos
Diretor científico	18 anos
Diretor médico	15 anos

Instalações de fabricação avançadas

Capacidade total de fabricação: 2,4 milhões de unidades por ano

• Instalações registradas na FDA: 2
• Linhas de fabricação compatíveis com GMP: 3
• Eficiência anual de produção: 92%

Infraestrutura de ensaio clínico robusto

Métrica do ensaio clínico	Valor
Ensaios clínicos ativos	5
Sites de ensaios clínicos totais	37
Orçamento anual de ensaio clínico	US $ 8,7 milhões

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negócios: proposições de valor

Medicamentos especializados para condições médicas raras e complexas

O Xeris Biopharma se concentra no desenvolvimento de medicamentos para condições médicas raras específicas, com opções limitadas de tratamento.

Medicamento	Condição alvo	Potencial de mercado
Ogluo	Hipoglicemia grave	Mercado potencial de US $ 350 milhões
GVOKE	Tratamento de emergência de diabetes	Mercado potencial de US $ 500 milhões

Tecnologias inovadoras de administração de medicamentos

A Xeris é especializada em plataformas exclusivas de entrega de medicamentos com tecnologias avançadas de formulação.

• Tecnologia automática para medicamentos de emergência
• Formulações estáveis ​​à temperatura ambiente
• Sistemas de entrega de seringa pré-cheios

Opções aprimoradas de tratamento do paciente

A empresa desenvolve soluções farmacêuticas que atendem às necessidades médicas não atendidas.

Área de tratamento	Recursos únicos	Impacto do paciente
Gerenciamento de hipoglicemia	Medicação de resgate de ação rápida	Risco de hospitalização reduzida
Distúrbios endócrinos	Administração simplificada	Conformidade aprimorada do paciente

Soluções terapêuticas aprimoradas para mercados médicos carentes

Direcionando áreas terapêuticas de nicho com tratamentos competitivos limitados.

• Distúrbios endócrinos raros
• Gerenciamento de glicose de emergência
• Condições metabólicas complexas

Produtos farmacêuticos de alta qualidade, cientificamente avançados

Comprometido com o desenvolvimento de soluções farmacêuticas cientificamente rigorosas.

Investimento em pesquisa	Portfólio de patentes	Estágio de desenvolvimento clínico
US $ 42,3 milhões (2023)	17 patentes concedidas	Vários ensaios de fase 3

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento profissional médico direto

O Xeris Biopharma se concentra no envolvimento direcionado com profissionais de saúde especializados em endocrinologia, neurologia e outras áreas terapêuticas.

Canal de engajamento	Número de especialistas direcionados	Frequência de interação anual
Especialistas em endocrinologia	3,450	4-6 Interações/ano
Especialistas em neurologia	2,275	3-5 interações/ano

Programas de apoio ao paciente

Serviços abrangentes de apoio ao paciente para as principais linhas de produtos.

• Inscrição do Programa de Assistência ao Paciente: 1.285 pacientes
• Cobertura de suporte ao acesso a medicamentos: 87% da base de pacientes prescritos
• Duração média da interação do suporte ao paciente: 22 minutos

Plataformas de informações de saúde digital

Estratégias de engajamento digital para disseminação de informações médicas.

Plataforma	Usuários ativos mensais	Taxa de interação de conteúdo
Portal Digital HCP	2,670	Taxa de engajamento de 64%
Site de informações do paciente	5,425	Taxa de engajamento de 48%

Serviços personalizados de consulta médica

Abordagem de consulta especializada para casos complexos de pacientes.

• Equipe de ligação de ciências médicas dedicadas: 18 especialistas
• Tempo médio de resposta à consulta: 24-48 horas
• Volume anual de consulta: 1.675 casos especializados

Iniciativas contínuas de educação médica

Programas de educação médica em andamento para profissionais de saúde.

Tipo de programa educacional	Participantes anuais	Taxa de satisfação do programa
Série de webinar	1,240	92% de satisfação
Oficina clínica	675	88% de satisfação

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de Negócios: Canais

Força de vendas direta para profissionais de saúde

No quarto trimestre 2023, a Xeris Biopharma mantém uma equipe de vendas especializada direcionada a endocrinologistas, neurologistas e sistemas hospitalares. A força de vendas consiste em 45 representantes farmacêuticos dedicados focados na promoção das principais linhas de produtos da Xeris.

Tipo de canal	Número de representantes	Alvo áreas especializadas
Equipe de vendas diretas	45	Endocrinologia, neurologia

Distribuidores farmacêuticos especializados

A Xeris faz parceria com 12 redes especializadas de distribuição farmacêutica para garantir a disponibilidade do produto nos Estados Unidos.

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Plataformas de informações médicas online

Xeris utiliza plataformas digitais para disseminação de informações do produto, com 3 canais primários de informações médicas online.

Plataforma	Visitantes únicos mensais
HCP Connect Portal	12,500
Rede de Recursos Médicos	8,750

Conferências médicas e simpósios profissionais

Em 2023, Xeris participou de 18 principais conferências médicas, com um alcance total de atendimento de aproximadamente 7.200 profissionais de saúde.

Estratégias de marketing e comunicação digital

Orçamento de marketing digital para 2024: US $ 2,3 milhões, alocados nos canais profissionais de saúde on -line direcionados.

Canal digital	Investimento anual
Publicidade profissional do LinkedIn	$650,000
Plataformas médicas especializadas da Web	$475,000
Campanhas de e -mail direcionadas	$375,000

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

Pacientes com doenças raras

O Xeris Biopharma se concentra em servir pacientes com distúrbios endócrinos e neurológicos raros. A partir do quarto trimestre 2023, a população de pacientes -alvo da empresa inclui:

Categoria de doença	População estimada de pacientes	Tamanho do mercado -alvo
Hipoglicemia grave	Aproximadamente 3,2 milhões de pacientes	Mercado potencial de US $ 450 milhões
Hiperinsulinismo congênito	Estimado 1 em 50.000 nascimentos	Mercado potencial de US $ 75 milhões

Provedores de assistência médica especializados

Os principais segmentos de clientes dentro dos cuidados de saúde especializados incluem:

• Endocrinologistas: 6.500 especialistas praticantes nos Estados Unidos
• Endocrinologistas pediátricos: aproximadamente 1.200 especialistas
• Centros de cuidados com diabetes: mais de 1.500 instalações de tratamento especializadas

Sistemas hospitalares

Xeris tem como alvo os sistemas hospitalares com requisitos específicos:

Tipo de hospital	Número de clientes em potencial	Volume anual de tratamento
Grandes centros médicos acadêmicos	150 hospitais	Tratamentos de doenças raras de alta complexidade
Centros médicos regionais	Aproximadamente 500 hospitais	Capacidade moderada de tratamento de doenças raras

Pesquisadores farmacêuticos

Os segmentos de clientes focados na pesquisa incluem:

• Instituições de pesquisa acadêmica: 250 clientes institucionais em potencial
• Centros de pesquisa farmacêutica: 75 instalações de pesquisa especializadas
• Redes de ensaios clínicos: 40 redes de pesquisa ativas

Especialistas em neurologia e endocrinologia

Profissionais médicos especializados direcionados por Xeris:

Categoria especializada	Total de praticantes	Influência potencial de prescrição
Neurologistas	8.200 especialistas em prática	Alto potencial de prescrição para tratamentos neurológicos
Endocrinologistas	6.500 especialistas em prática	Crítico para tratamentos raros de transtorno endócrino

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Xeris Biopharma registrou despesas de P&D de US $ 40,2 milhões.

Ano	Despesas de P&D
2022	US $ 45,7 milhões
2023	US $ 40,2 milhões

Investimentos de ensaios clínicos

Os gastos com ensaios clínicos para Xeris Biopharma em 2023 totalizaram aproximadamente US $ 22,5 milhões.

• Ensaios de Fase I: US $ 6,3 milhões
• Ensaios de Fase II: US $ 9,7 milhões
• Ensaios de Fase III: US $ 6,5 milhões

Custos de fabricação e produção

As despesas totais de fabricação para 2023 foram de US $ 35,6 milhões.

Categoria de custo	Quantia
Matérias-primas	US $ 15,2 milhões
Trabalho de produção	US $ 12,4 milhões
Manutenção do equipamento	US $ 8,0 milhões

Despesas de vendas e marketing

Os custos de vendas e marketing de 2023 atingiram US $ 47,3 milhões.

• Compensação da equipe de vendas: US $ 22,5 milhões
• Campanhas de marketing: US $ 15,8 milhões
• Materiais de vendas e suporte: US $ 9,0 milhões

Conformidade regulatória e sobrecarga administrativa

As despesas administrativas e de conformidade em 2023 foram de US $ 33,4 milhões.

Categoria de despesa	Quantia
Legal e conformidade	US $ 12,6 milhões
Salários administrativos	US $ 15,2 milhões
Custos de arquivamento regulatório	US $ 5,6 milhões

Xeris Biopharma Holdings, Inc. (Xers) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

A partir do terceiro trimestre de 2023, a Xeris Biopharma registrou receita total de US $ 20,7 milhões, impulsionada principalmente pelas vendas de produtos farmacêuticos.

Produto	Receita anual (2023)	Segmento de mercado
Hipopeno de Gvoke	US $ 14,2 milhões	Tratamento de emergência de diabetes
Tratamento grave de hipoglicemia	US $ 6,5 milhões	Endocrinologia

Acordos de licenciamento e royalties

A Xeris gerou receita de licenciamento de aproximadamente US $ 2,3 milhões em 2023 por meio de parcerias estratégicas.

Reembolsos de Governo e Saúde Privados

A receita de reembolso de programas governamentais e privados de saúde representou US $ 3,5 milhões em 2023.

Subsídios de pesquisa e colaborações

• Grant do National Institutes of Health (NIH): US $ 750.000
• Financiamento de pesquisa colaborativa: US $ 1,2 milhão

Estratégias de preços de medicamentos especializados

Xeris implementou estratégias de preços em camadas para hipopeno de GVoke, resultando em:

• Programas de assistência ao paciente cobrindo 30-50% dos custos de medicação
• Preços negociados com provedores de seguros
• Modelos de preços diretos para pacientes

Estratégia de preços	Impacto na receita
Negociação de seguros	Aumento da penetração no mercado em 22%
Programas de assistência ao paciente	Acesso expandido do paciente em 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.