The strong Q2 beat on revenue and Adjusted EBITDA, combined with the elimination of all 2028 Convertible Notes debt, removes a key overhang and strengthens the balance sheet. Traders should watch for the XP-8121 Phase 3 program webinar on September 9, 2026, which could serve as a major pipeline catalyst. The tightened guidance midpoint of $387.5M implies H2 revenue of ~$212M, requiring continued Recorlev momentum.
Price Chart
Executive Summary
Xeris Biopharma reported Q2 2026 total revenue of $92.1M (+29% YoY) and net product revenue of $91.0M (+34% YoY), driven by Recorlev's 81% growth to $56.8M. The GAAP net loss of $31.1M was largely due to a $31M non-cash charge from convertible note exchange agreements, while Adjusted EBITDA improved to $19.3M. The company tightened full-year 2026 revenue guidance to $385-390M, reflecting confidence in continued commercial momentum, and eliminated all remaining 2028 Convertible Notes debt through cash and stock exchanges, strengthening the balance sheet.
Key Financial Metrics
Key Facts
- Total revenue of $92.1M in Q2 2026, up 29% YoY from $71.5M
- Net product revenue of $91.0M, up 34% YoY, driven by Recorlev (+81% to $56.8M)
- GAAP net loss of $31.1M includes a ~$31M non-cash charge from convertible note exchange agreements
- Adjusted EBITDA improved 54% to $19.3M from $12.5M in Q2 2025
- Full-year 2026 revenue guidance tightened to $385-390M from $380-390M
- All $33.5M of 2028 Convertible Notes eliminated via cash ($23M) and stock (~8.6M shares) exchanges in July 2026
- Cash and cash equivalents increased to $121.7M at June 30, 2026 from $111.0M at Dec 31, 2025
- Total shares outstanding rose to 182.3M at July 31, 2026 from 172.6M at April 30, 2026
Financial Impact
Revenue growth of $20.6M YoY (+29%); debt reduction of $33.5M (all 2028 Convertible Notes eliminated); Adjusted EBITDA improvement of $6.7M YoY
Risk Factors
- Share dilution from ~8.6M new shares issued in July 2026 for debt exchange
- SGA expenses grew 37% YoY, outpacing revenue growth of 29%
- XP-8121 Phase 3 trial initiation later in 2026 carries execution risk
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001867096-26-000063 |
| Document: xers-20260806.htm | 0001867096-26-000063 |
| Document: 0001867096-26-000063-index-headers.html | 0001867096-26-000063 |
| Document: 0001867096-26-000063-index.html | 0001867096-26-000063 |
| Document: 0001867096-26-000063.txt | 0001867096-26-000063 |
| 8-K Data (Synthetic) | 0001867096-26-000063 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 9, 2026 23d ago | 8-K | $7.71 $7.78 | ▲ +0.91% | ▲ +1.56% | $9.08 (+17.77%) |
Sep 1, 2026 4w ago | Insider Cluster | $8.58 $7.67 | ▼ −10.61% | ▼ −9.65% | $9.08 (+5.83%) |
Aug 6, 2026 8w ago | 8-K | $7.36 $8.33 | ▲ +13.18% | ▲ +11.97% | $9.08 (+23.37%) |
Aug 4, 2026 8w ago | Insider Cluster | $8.19 $8.39 | ▲ +2.44% | ▲ +2.54% | $9.08 (+10.87%) |
Jul 7, 2026 12w ago | Insider Cluster | $8.94 $8.28 | ▲ +7.38% | ▲ +7.93% | $9.08 (−1.57%) |
Jul 2, 2026 13w ago | 3 | $8.28 $8.62 | ▲ +4.11% | ▲ +3.18% | $9.08 (+9.66%) |
Jul 2, 2026 13w ago | Insider Cluster | $8.28 $8.62 | ▲ +4.11% | ▲ +3.18% | $9.08 (+9.66%) |
Jun 30, 2026 13w ago | 8-K | $8.00 $8.94 | ▲ +11.75% | ▲ +11.49% | $9.08 (+13.50%) |
Jun 12, 2026 16w ago | Institutional Cluster | $6.79 $6.95 | ▲ +2.36% | ▲ +1.68% | $9.08 (+33.73%) |
Jun 5, 2026 16w ago | Insider Cluster | $6.24 $6.88 | ▲ +10.26% | ▲ +8.14% | $9.08 (+45.51%) |
US Market Status
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