0001867096-26-000016 | 10-K | XBRL Viewer | Xeris Biopharma Holdings INC

Print Document

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating losses	$ 119,813	$ 116,743
Federal research, orphan drug and state tax credits	10,761	9,762
Stock-based compensation	4,765	9,690
Section 163(j) interest	21,919	25,286
Capitalized R&D	0	8,330
Operating lease liabilities	9,613	10,584
Accrued expenses	16,630	12,683
Inventory reserve	6,765	7,201
Other temporary differences	3,987	4,978
Valuation allowance	(184,845)	(199,165)	$ (173,262)
Total assets	9,408	6,092
Fixed and intangible assets	(3,147)	0
Operating lease right-of-use assets	(5,630)	(6,092)
Other deferred tax liabilities	(631)	0
Total liabilities	(9,408)	(6,092)
Net deferred tax liabilities	$ 0	$ 0

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 7,600	$ 7,700

Organization and Business	12 Months Ended
Organization and Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Nature of Business Xeris Biopharma Holdings, Inc. ("Xeris Biopharma" or the "Company") is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for people with chronic endocrine and neurological diseases in the United States. The Company offers Recorlev for the treatment of Cushing’s syndrome, Gvoke for the treatment of severe hypoglycemia, and Keveyis for the treatment of Primary Periodic Paralysis ("PPP"). The Company leverages its proprietary formulation technologies (XeriSol and XeriJect) in the creation of new products such as its own XP-8121 (once-weekly subcutaneous (SC) levothyroxine) as well as through the formation of development partnerships with other biopharmaceutical companies. Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, and Gvoke Kit (glucagon). The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of available products and any future products, if and when approved, successful development of product candidates, the development of new technological innovations by competitors, the ability to acquire additional capital when needed and on acceptable terms, and the ability to successfully protect intellectual property. The Company relies on a number of single source suppliers and manufacturers for the supply of its products and product candidates. Disruptions from these suppliers or manufacturers, which has occurred in the past and could occur in the future, could have a negative impact on the Company's business, financial position and results of operations. In addition, the Company is subject to risks and uncertainties as a result of political and macroeconomic events and conditions.

Statements of Stockholders' Equity (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) [Abstract]
Shares withheld for tax (in shares)	2,697,212	1,553,340,000	815,177,000

Leases - Narrative (Details)	Dec. 31, 2025
Lessee, Lease, Description [Line Items]
Remaining lease term, weighted-average	9 years 8 months 12 days
Lease discount rate, weighted-average	11.90%

Income Taxes - Schedule of Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Foreign	$ 6,464	$ (14,761)	$ 387
United States	7,856	(13,410)	(15,855)
Change in valuation allowance	(14,320)	25,903	14,219
Total income tax benefit	$ 0	$ (2,268)	$ (1,249)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Other Employee Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Matching contributions	$ 3,200	$ 2,000	$ 2,400
Number of days until employee eligible	30 days

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Inventory [Line Items]
Raw materials	$ 38,010	$ 31,732
Work in process	11,295	10,991
Finished goods	19,368	5,452
Inventory, net	$ 68,673	$ 48,175

Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Identified intangible assets consist of the following (in thousands):


		December 31, 2025						December 31, 2024
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(9,350)	$	1,650	$	11,000	$	(7,150)	$	3,850
Definite-lived intangible asset - Recorlev	14	121,000		(34,572)		86,428		121,000		(25,929)		95,071
Total intangible assets		$	132,000	$	(43,922)	$	88,078	$	132,000	$	(33,079)	$	98,921

As of December 31, 2025, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands):


2026	$	10,293
2027	8,643
2028	8,643
2029	8,643
2030	8,643
Thereafter	43,213
Total	$	88,078

Other Employee Benefit Plans	12 Months Ended
Other Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Other Employee Benefit Plans	Other Employee Benefit Plans Defined Contribution Plan The Company sponsors an employee retirement plan qualifying under Section 401(k) of the Internal Revenue Code of 1986, as amended, for all eligible employees in the United States. Employees become eligible to contribute to the plan upon meeting certain age requirements and 30 days of service. Commencing in 2019, the Company began discretionary matching employee contributions up to certain limits. For the years ended December 31, 2025, 2024 and 2023, the Company made $3.2 million, $2.0 million and $2.4 million of matching contributions to the plan, respectively.

Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Property, Plant and Equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Property and equipment consist of the following (in thousands):


	December 31, 2025		December 31, 2024

Lab equipment	$	5,325	$	4,730
Furniture and fixtures	545		530
Computer equipment	946		905
Office equipment	97		97
Software	514		507
Leasehold improvements	5,695		6,056
Total property and equipment	13,122		12,825
Less: accumulated depreciation and amortization	(8,177)		(7,263)
Property and equipment, net	$	4,945	$	5,562

Organization and Business - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Accumulated deficit	$ 671,307	$ 671,861

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses [Abstract]

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Accrued employee costs	$	24,061	$	19,577
Accrued interest expense	505		2,123
Accrued supply chain costs	370		871
Accrued marketing costs	1,402		1,506

Accrued research and development costs	3,467		766
Accrued other costs	3,350		2,873
Other accrued liabilities	$	33,155	$	27,716

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Cost

Supplemental cash flow information related to the Company's operating leases was as follows (in thousands):


	Years Ended December 31,
		2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	6,080	$	3,495	1,648
Right of use assets obtained in exchange for new lease obligations:
Operating leases		$	—	$	—	$	20,043

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
Lease expense		2025		2024		2023
Operating lease expense		$	5,163	$	5,276	$	4,474
Variable lease expense		3,915		1,938		1,208
Sublease income		(1,101)		(590)		(216)
Total lease expense		$	7,977	$	6,624	$	5,466

The operating and variable lease expenses are reported within operating expenses while sublease income is reported in interest and other income.

Schedule of Operating Lease Maturities (Topic 842)

As of December 31, 2025, maturities of lease liabilities are summarized as follows (in thousands):


2026	$	6,232
2027	6,389
2028	6,549
2029	6,714
2030	6,883
Thereafter	31,844
Total lease payments	64,611
Less: Effect of discounting to net present value	(26,848)
Present value of lease liabilities	$	37,763

Operating lease liabilities, current	$	6,232
Operating lease liabilities, non-current	31,531
Total operating lease liabilities	$	37,763

Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Warrants [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of December 31, 2025, the following equity classified warrants were outstanding:


Warrants classified as equities:	Outstanding Warrants	Exercise Price per Warrant	Expiration Date
Warrants in connection with Horizon and Oxford loan agreement	125,999	$3.130	December 2026
Warrants in connection with Armistice securities purchase agreement	2,275,313	$3.223	February 2027
Warrants in connection with Hayfin Amended and Restated Credit Agreement	263,158	$2.280	March 2029
	2,664,470

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The components of debt are as follows (in thousands):


	December 31, 2025		December 31, 2024

Convertible senior notes	$	33,894	$	49,204
Less: unamortized debt issuance costs	(628)		(973)
Loan agreement	188,768		185,995
Less: unamortized debt issuance costs	(1,699)		(2,118)
Debt, net of unamortized debt issuance costs	$	220,335	$	232,108

Debt, net of unamortized debt issuance costs, current portion	$	—	$	15,102
Debt, net of unamortized debt issuance costs, non-current portion	220,335		217,006
Total debt, net of unamortized debt issuance costs	$	220,335	$	232,108

Schedule of Maturities of Long-term Debt

The following table sets forth the Company's future minimum principal payments on the 2028 Convertible Notes and the 2029 Loans (in thousands):


2026	$	—
2027	—
2028	33,574
2029	200,000
2030	—
Thereafter	—
	$	233,574

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Basis of Presentation and Summary of Significant Accounting Policies and Estimates

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies and Estimates

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period.

Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") issued by the Financial Accounting Standards Board ("FASB").

Basis of Consolidation

These consolidated financial statements include the financial statements of Xeris Biopharma Holdings, Inc. and its subsidiaries. All intercompany transactions have been eliminated.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses included in the financial statements and accompanying notes. Actual results could differ from those estimates.

Revenue Recognition

The Company applies the guidance in ASC Topic 606, Revenue from Contracts with Customers, to all contracts with customers within the scope of the standard.

The Company sells product primarily to wholesalers or a specialty pharmacy that subsequently resell to retail pharmacies or patients. The Company enters into arrangements with payors, group purchasing organizations, and healthcare providers that provide for government-mandated or privately-negotiated rebates, chargebacks and discounts related to the Company’s products. The Company currently sells Recorlev, Gvoke and Keveyis in the United States only.

Revenue is recognized when the Company's customer (e.g., a wholesaler or specialty pharmacy) obtains control of promised goods, which is when the Company's obligations under the terms of the contract with the customer are satisfied, based on the consideration the Company expects to receive in exchange for those goods.

Revenues are recorded at the net product sales price, which includes estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. The Company applies significant judgments and estimates in determining some of

these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known.

Government Rebates

The Company participates in certain federal and state government rebate programs such as the Medicaid Drug Rebate Program, TRICARE Retail Refunds Program, and Medicare Part D Program. The Company accrues estimated rebates and discounts based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebates as a reduction of product revenue. Accrued government rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.

Commercial Rebates

The Company contracts with certain private payor organizations, primarily insurance companies and pharmacy benefit managers, to provide rebates with respect to utilization of the products and contracted formulary status. The Company accrues estimated rebates based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebate as a reduction of product revenue. Accrued commercial rebates are included in accrued trade discounts and rebates on the consolidated balance sheets.

Service Fees

The Company records service fees paid to the wholesaler and specialty pharmacy customers for distribution and inventory management services as a reduction to product revenue. The Company accrues estimated service fees based on contractually determined amounts. Accrued service fees are included in accrued trade discounts and rebates on the consolidated balance sheets.

Chargebacks

The Company arranges with certain commercial and government entities allowing them to buy products directly from wholesalers at specific prices. These entities purchase products through wholesalers at the discounted price and the wholesalers charge the difference between their list price and the discounted price back to the Company. The Company accrues estimated chargebacks based on estimated percentages of products sold to these entities, contract prices, and estimated levels of inventory in the distribution channel and records the chargebacks as a reduction of product revenue. Accrued chargebacks are recorded as an allowance against trade receivables on the consolidated balance sheets.

Product Returns

For some products, the Company's customers may have the right to return product during the period beginning six months prior to the product expiration date and up to one year after the product expiration date. The Company uses actual return data to estimate the provision for returns. In a reporting period, the Company may decide to constrain revenue for product returns based on information from various sources, including channel inventory levels, inventory dating, prescription data, the expiration dates of product currently being shipped, price changes of competitive products and introductions of generic products. The Company records estimated product returns in accrued returns reserve on the consolidated balance sheets and as a reduction of product revenue.

Patient Copay Assistance Program

The Company offers savings programs to commercially insured patients under which the cost of a prescription to a patient is discounted. The Company reimburses pharmacies for this discount through a third-party vendor. The Company records an accrual to reduce gross sales for the estimated copay on units sold to wholesalers and other customers. The estimate is based on estimated percentages of products that will be prescribed to qualified patients, expected patient utilization of the discount program, average assistance paid based on reporting from the third-party vendor as well as industry data and estimated levels of inventory in the distribution channel. Accrued copay fees are recorded as a reduction of product revenue and included in accrued trade discounts and rebates on the consolidated balance sheets.

Prompt Payment Discounts

As an incentive for prompt payment, the Company offers a discount to most customers. The Company expects that all eligible customers will comply with the contractual terms to earn the discount, and, therefore, the Company accrues the discount on all eligible sales. The Company records the discount as an allowance against trade accounts receivable on the consolidated balance sheets and as a reduction of product revenue.

Such revenue is reported as product revenue, net in the consolidated statements of operations and comprehensive income (loss).

Additionally, the Company earns revenue from research collaborations for the use of Xeris' proprietary formulation technology platforms and royalties from branded products. Such revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. This revenue is reported as royalty, contract and other revenue in the consolidated statements of operations and comprehensive loss. The aggregate amount of the transaction price allocated to research collaboration performance obligations that are unsatisfied as of the end of the reporting period is $4.8 million.

Concentration of Credit Risk

For each of the years ended December 31, 2025, 2024 and 2023, four customers accounted for 97% of the Company’s gross product revenue, respectively. At each of December 31, 2025 and December 31, 2024, the same four customers accounted for 92% and 97% of the trade accounts receivable, net, respectively.

Cost of Goods Sold

Cost of goods sold includes primarily product costs, which include all costs directly related to the purchase of raw materials, charges from contract manufacturing organizations, and manufacturing overhead costs, including shipping and distribution charges. Cost of goods sold also includes losses on excess, slow-moving or obsolete inventory and inventory purchase commitments, if any. Manufacturing costs for Gvoke and Recorlev incurred prior to approval and initial commercialization were expensed as research and development expenses.

The Company does not incur material cost of goods sold related to royalty, contract and other revenue.

Research and Development Expenses

Research and development expenses are expensed as incurred. Research and development expenses include salaries, stock compensation and other personnel-related costs, consulting fees, fees paid for contract research and development services including those for preclinical and clinical trials, laboratory equipment and facilities costs, and other external costs. In addition, manufacturing costs of products prior to approval and initial commercialization are expensed as research and development costs.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are received, the services are performed, or the arrangement is terminated.

Stock-Based Compensation Expense

The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments, including stock options, restricted stock units, employee stock purchases and stock appreciation rights, to be recognized in the statements of operations based on their grant date fair values. Restricted stock units are valued based on the fair market value of the Company’s common stock on the date they were granted. The Company recognizes stock-based compensation expense equal to the grant date fair value of stock options, restricted stock units and employee stock purchases on a straight-line basis over the requisite service period. The Company’s cash settled stock appreciation rights are classified as liability awards. These awards are remeasured at fair value at the end of each reporting period until settlement, with changes in cumulative compensation cost recognized in earnings during the period of change. The Company accounts for forfeitures as they are incurred.

Income Taxes

Income taxes are recorded in accordance with ASC 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company determines the deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company's policy is to include interest and penalties related to uncertain tax positions, if any, within the provision for taxes in the statements of operations and comprehensive loss. For each of the years ended December 31, 2025, 2024 and 2023, the Company did not accrue any interest or penalties on uncertain tax positions.

Cash and Cash Equivalents

The Company considers all demand deposits with financial institutions and highly liquid investments with an original maturity of three months or less when purchased as cash equivalents.

Restricted Cash

Restricted cash includes amounts required to be held as a security deposit in the form of letters of credit for the Company to secure leases and state licenses.

Investments

The Company classifies investments in debt securities as available-for-sale investments. Investments classified as short-term on the balance sheets have original maturities of greater than 90 days but less than one year.

Inventory

Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out convention. Inventory consists of raw materials, work in process and finished goods. The Company has entered into manufacturing and supply agreements for the manufacture or purchase of raw materials and production supplies. The Company’s inventory includes the direct purchase cost of materials and supplies, charges from contract manufacturing organizations and manufacturing overhead costs. The Company reviews inventory to assess if there is obsolete or excess inventory and records a charge to cost of goods sold if and when applicable.

Property and Equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Impairment of Long-Lived Assets

The Company periodically evaluates long-lived assets such as property and equipment, intangible assets subject to amortization, and right-of-use assets on operating leases for potential impairment in accordance with ASC 360, Property, Plant and Equipment. Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value.

The Company recognized no impairment charges for each of the years ended December 31, 2025, 2024 and 2023.

Goodwill

The Company tests goodwill for impairment on an annual basis or whenever events occur that may indicate possible impairment. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and identified intangible assets acquired under a business combination. Goodwill is reviewed for impairment at a reporting unit level annually in the fourth quarter, or more frequently if events or circumstances indicate that the goodwill might be impaired. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of the net assets is less than their carrying amount, then the quantitative goodwill impairment test is unnecessary.

If, based on the qualitative assessment, it is determined that it is more likely than not that the fair value of the net assets is less than their carrying amount, then the Company proceeds to perform the quantitative goodwill impairment test. In connection with the annual impairment test conducted in the fourth quarter of 2025, 2024 and 2023, the Company performed a qualitative assessment and determined that it was more likely than not that the fair value of the net assets exceeded their carrying value.

Debt Issuance Costs

Debt issuance costs incurred in connection with financing arrangements are amortized to interest expense over the life of the respective financing arrangement using the effective interest method. Debt issuance costs, net of related amortization, reduce the carrying value of the related debt.

Lease Accounting

Right-of-use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease over the lease term at the commencement date of the lease. As most of the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate based on the information available at the date of adoption in determining the present value of lease payments and used the implicit rate when readily determinable. The Company determined incremental borrowing rates through market sources for secured borrowings including relevant industry rates. The Company excludes variable payments from lease ROU assets and lease liabilities to the extent not considered in-substance fixed, and instead, expenses variable payments as incurred. The Company’s operating leases expire at various times in 2031 and 2037, some of which include options to extend leases. The exercise of lease renewal options is at the Company’s sole discretion and the Company’s lease ROU assets and liabilities reflect only the options the Company is reasonably certain that it will exercise. The Company does not have leases with residual value guarantees or similar covenants.

Fair Value of Financial Instruments

Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a non-recurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including cash, cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, and accounts payable, are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Amended and Restated Loan and Security Agreement approximates fair value due to the variable interest rate on the debt. Items measured at fair value on a recurring basis include the Company’s investments and warrants. The fair value of the convertible senior notes is determined from using current interest rates based on credit ratings and the remaining term of maturity.

Segment Reporting

Operating segments are identified as components of an enterprise for which separate discrete financial information is available and utilized by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The Company operates in one segment.

Liquidity and Capital Resources

Based on the Company's current operating plans and existing working capital at December 31, 2025, the Company believes that its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these consolidated financial statements. Cash and cash equivalents were $111.0 million as of December 31, 2025, an increase of $39.3 million from December 31, 2024.

New Accounting Pronouncements

Adopted accounting standards

In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Beginning with our 2025 annual reporting, we adopted this ASU on a prospective basis. This standard improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The new standard did not have a material impact on the Company's consolidated financial statements. For additional information, see Note 15 — Income Taxes.

Pending accounting standards

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements.

ASU 2024-03 is effective for all PBEs for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.

In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20) - Induced Conversions of Convertible Debt Instruments. The FASB issued final guidance to clarify the requirements for determining whether to account for certain early settlements of convertible debt instruments as induced conversions. The guidance, which is based on a consensus-for-exposure of the Emerging Issues Task Force (EITF), is intended to address issues that stakeholders encountered when applying the guidance on induced conversions in Accounting Standards Codification (ASC or Codification) 470-20, Debt — Debt with Conversion and Other Options, to certain settlements of cash convertible debt instruments. For all entities, the guidance is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted for all entities that have adopted ASU 2020-06, which simplified an issuer’s accounting for certain financial instruments with characteristics of liabilities and equity. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11), which clarifies interim disclosure requirements and the applicability of Topic 270. The guidance will be effective for interim periods beginning January 1, 2028. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.

Inventory (Tables)

12 Months Ended

Dec. 31, 2025

Inventory [Line Items]

Schedule of Inventory

The components of inventory consist of the following (in thousands):


	December 31, 2025		December 31, 2024

Raw materials	$	38,010	$	31,732
Work in process	11,295		10,991
Finished goods	19,368		5,452
Inventory, net	$	68,673	$	48,175

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows (in thousands):


	Years Ended December 31,
		2025		2024		2023
Numerator (basic and diluted):
Net income (loss)		$	554	$	(54,836)	$	(62,255)
Denominator:
Weighted-average shares outstanding for basic net income (loss) per share		160,425,198		146,772,758		137,674,857
Effect of dilutive securities:
Stock options		1,759,487		—		—
RSUs		8,392,992		—		—
Warrants		2,165,043		—		—
Weighted-average shares outstanding for diluted net income (loss) per share		172,742,720		146,772,758		137,674,857

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Common Share

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	Years Ended December 31,
		2025	2024	2023
Shares to be issued upon conversion of 2028 and 2025 Convertible Notes		12,441,368	15,939,216	15,939,216
Stock Options		—	8,832,170	9,199,744
Restricted stock units (RSUs)		—	16,420,640	11,579,548
Warrants		—	8,053,148	8,362,270
Total anti-dilutive securities excluded from EPS computation		12,441,368	49,245,174	45,080,778

Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Disaggregated Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 291,845	$ 203,070	$ 163,914
Product revenue, net
Disaggregation of Revenue [Line Items]
Product revenue, net	283,003	196,636	153,364
Royalty, contract and other revenue
Disaggregation of Revenue [Line Items]
Product revenue, net	8,842	6,434	10,550
Recorlev
Disaggregation of Revenue [Line Items]
Product revenue, net	139,283	64,277	29,547
Gvoke
Disaggregation of Revenue [Line Items]
Product revenue, net	94,108	82,829	67,045
Keveyis
Disaggregation of Revenue [Line Items]
Product revenue, net	47,649	49,530	56,772
Other product revenue
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 1,963	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation

Basis of consolidation

Basis of Consolidation

These consolidated financial statements include the financial statements of Xeris Biopharma Holdings, Inc. and its subsidiaries. All intercompany transactions have been eliminated.

Use of estimates

Use of Estimates

Revenue recognition and Costs of goods sold

Revenue Recognition

The Company applies the guidance in ASC Topic 606, Revenue from Contracts with Customers, to all contracts with customers within the scope of the standard.

these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known.

Government Rebates

Commercial Rebates

Service Fees

Chargebacks

Product Returns

Patient Copay Assistance Program

Prompt Payment Discounts

Such revenue is reported as product revenue, net in the consolidated statements of operations and comprehensive income (loss).

New accounting pronouncements

New Accounting Pronouncements

Adopted accounting standards

Pending accounting standards

Fair value of financial instruments

Fair Value of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are classified and disclosed in one of the following categories:

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2: Measured using quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity).

Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below considers the market for the financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Cash and cash equivalents and Restricted Cash

Cash and Cash Equivalents

The Company considers all demand deposits with financial institutions and highly liquid investments with an original maturity of three months or less when purchased as cash equivalents.

Restricted Cash

Restricted cash includes amounts required to be held as a security deposit in the form of letters of credit for the Company to secure leases and state licenses.

Research and development expenses

Research and Development Expenses

Segment Reporting

Debt Issuance Costs

Impairment of long-lived assets

Impairment of Long-Lived Assets

The Company recognized no impairment charges for each of the years ended December 31, 2025, 2024 and 2023.

Property and equipment

Property and Equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Inventory

Investments

Stock-based compensation expense

Stock-Based Compensation Expense

Income taxes

Income Taxes

Stock Compensation Plan - Restricted Stock Units Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares withheld for tax (in shares)	2,697,212	1,553,340,000	815,177,000
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	16,420,640
Granted (in shares)	5,971,175
Vested (in shares)	(7,650,734)
Forfeited (in shares)	(1,229,743)
Ending balance (in shares)	13,511,338	16,420,640
Beginning balance (in USD per share)	$ 2.12
Granted (in USD per share)	4.00	$ 2.46
Vested (in USD per share)	2.09
Forfeited (in USD per share)	2.56
Ending balance (in USD per share)	$ 2.93	$ 2.12
Shares withheld for tax (in shares)	2,700,000

Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Mar. 05, 2024
Other Commitments [Line Items]
Restricted cash	$ 4,021,000	$ 4,123,000
Hayfin Tranche 2 Loan \| Secured Debt
Other Commitments [Line Items]
Debt instrument face amount			$ 15,200,000
Hayfin 2029 Loans \| Secured Debt
Other Commitments [Line Items]
Debt covenant, maximum cash on hand, early maturity			$ 15,600,000
Letter of Credit
Other Commitments [Line Items]
Remaining borrowing capacity	4,000,000.0
Letter of Credit \| Collateral Pledged
Other Commitments [Line Items]
Restricted cash	$ 4,000,000.0

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes by source were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Foreign	$	46,460	$	21,304	$	3,757
United States	(45,906)		(78,408)		(67,261)
Total income (loss) before income taxes	$	554	$	(57,104)	$	(63,504)

The components of income tax benefit by source was as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Foreign	$	6,464	$	(14,761)	$	387
United States	7,856		(13,410)		(15,855)
Change in valuation allowance	(14,320)		25,903		14,219
Total income tax benefit	$	—	$	(2,268)	$	(1,249)

Beginning in 2025 annual reporting, the Company adopted ASU 2023-09 prospectively. See Note 2 — Basis of Presentation and Summary of Significant Accounting Policies and Estimates – Recently Adopted Accounting Pronouncements for additional details on the adoption of ASU 2023-09. A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in thousands, except percentages):


	Year ended December 31, 2025
	$		%
U.S. Federal Statutory Tax Rate	$	116	21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect	—		nm1
Foreign Tax Effects
Ireland
Statutory tax rate difference between Ireland and United States	(3,832)		nm
Changes in valuation allowance	(6,061)		nm
Other	(49)		nm
Other foreign jurisdictions tax effects	(290)		nm
Effect of Cross-Border Tax Laws
Subpart F income	12,606		nm
Tax credits
Research and development tax credits	(1,224)		nm
Changes in valuation allowance	(3,712)		nm
Nontaxable or Nondeductible Items
Compensation subject to the Section 162(m) limitation	1,276		nm
Stock compensation	795		nm
Non-deductible expenses	277		nm
Other adjustments	98		nm
Effective tax rate	$	—	—%

1not meaningful

A reconciliation of the U.S. federal statutory income tax rate of 21% to the Company's effective income tax rate for the years ended December 31, 2024 and 2023 (in thousands):


	Years Ended December 31,
	2024		2023
Federal tax benefit at statutory rate	$	(11,992)	$	(13,336)
State tax benefit, net of federal benefit	(4,594)		(4,201)

Research and development and orphan drug credits	(608)		—
Uncertain tax positions	18		(28)
Subpart F income	6,613		3,092


Return to provision adjustment	(16,792)		(1,080)
Statutory tax rate differential	(1,840)		(330)
Changes in valuation allowance	25,903		14,219
Other	1,024		415
Total income tax benefit	$	(2,268)	$	(1,249)

The benefit for income taxes for 2024 was attributable to the deferred tax liability set up with the Strongbridge acquisition.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The guidance on accounting for income taxes provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient taxable income in recent years and whether sufficient income can reasonably be expected in future years in order to utilize the deferred tax asset. For the years ended December 31, 2025, 2024 and 2023, the Company evaluated the need to maintain a valuation allowance for deferred tax assets based on the assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance.

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating losses	$	119,813	$	116,743
Federal research, orphan drug and state tax credits	10,761		9,762
Stock-based compensation	4,765		9,690
Section 163(j) interest	21,919		25,286
Capitalized R&D	—		8,330
Operating lease liabilities	9,613		10,584
Accrued expenses	16,630		12,683
Inventory reserve	6,765		7,201

Other temporary differences	3,987		4,978
Valuation allowance	(184,845)		(199,165)
Total assets	9,408		6,092
Deferred tax liabilities:
Fixed and intangible assets	(3,147)		—
Operating lease right-of-use assets	(5,630)		(6,092)
Other deferred tax liabilities	(631)		—
Total liabilities	(9,408)		(6,092)
Net deferred tax liabilities	$	—	$	—

As of December 31, 2025, the Company had federal net operating loss carryforwards of $490.7 million and various state net operating loss carryforwards of $429.4 million. As of December 31, 2024, the Company had federal net operating loss carryforwards of $480.1 million and various state net operating loss carryforwards of $375.1 million. Net operating loss carryforwards for the United States federal income tax purposes that were generated prior to January 1, 2018 have a twenty-year carryforward life and will expire in 2037. Under the Tax Cuts and Jobs Act of 2017, federal net operating losses incurred in 2018 and later years may be carried forward indefinitely, but the deductibility of such net operating losses is limited to 80% of the current year’s taxable income. The United States state net operating loss carryforwards will start to expire in 2029 for the earliest net operating loss layers to the extent there is not sufficient state taxable income to utilize those net operating loss carryforwards.

At December 31, 2025, the Company had $7.0 million and $5.8 million of federal and state income tax credits, respectively, to reduce future tax liabilities. At December 31, 2024, the Company had $6.1 million and $5.5 million of federal and state income tax credits, respectively, to reduce future tax liabilities. The federal income tax credits consist primarily of orphan drug credits and research and development credits. The United States state income tax credits consist primarily of California and Illinois research and development credits, as well as Illinois Economic Development for a Growing Economy Tax Credit. Both the United States federal orphan drug credits and research and development credits have a twenty-year carryforward life. The United States federal orphan drug credits and research and development credits will both begin to expire in 2038.

A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):





Valuation allowance at December 31, 2023	$	(173,262)
Increase for 2024 activity	(25,903)
Valuation allowance at December 31, 2024	(199,165)
Decrease for 2025 activity	14,320
Valuation allowance at December 31, 2025	$	(184,845)

The Company is required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken, or are expected to be taken, on an income tax return. The changes in the Company's uncertain income tax positions for the years ended December 31, 2025, 2024 and 2023, excluding interest and penalties, consisted of the following (in thousands):


	Years Ended December 31,
	2025		2024		2023
Beginning balance - uncertain tax positions	$	712	$	694	$	722
Increases related to tax positions taken during the current year	123		61		—
Increases/(decreases) related to tax positions taken during the prior year	(1)		(43)		(28)
Ending balance - uncertain tax positions	$	834	$	712	$	694

For the years ended December 31, 2025 and 2024, the increase in current year uncertain tax positions was attributable primarily to the United States federal orphan drug credits and research and development and orphan drug credits and the decrease related to tax positions taken during December 31, 2023, was a result of return to provision adjustments. In the Company’s balance sheet, uncertain tax positions of $0.8 million were offset against deferred tax assets. Tax years prior to 2021 generally are not subject to examination by the Internal Revenue Service or state or local taxing authorities.

The Company policy is to include interest and penalties related to uncertain tax penalties, if any, within the provision for taxes in the statements of operations. During the years ended December 31, 2025, 2024 and 2023, the Company incurred no interest and penalties related to income taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-based Compensation, Activity

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (Years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2024	8,832,170	$5.31	2.77	$2.42
Exercised	(2,991,911)	$3.87
Forfeited	(22)	$5.29
Expired	(530,378)	$11.02
Outstanding - December 31, 2025	5,309,859	$5.54	2.78	$16.3
Vested and expected to vest at December 31, 2025	5,309,859	$5.54	2.78	$16.3
Exercisable - December 31, 2025	5,309,859	$5.54	2.78	$16.3

SARs activity under the 2018 Plan for the year ended December 31, 2025 was as follows:


	Number of SARs	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2024	500,000	$	2.43	1.58	$	0.5
Granted	2,150,000	$	3.63
Outstanding - December 31, 2025	2,650,000	$	3.36	0.98	$	11.8
Vested and exercisable at December 31, 2025	—	$	—	—	$	—

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs, SARs, and the ESPP (in thousands):


	Years Ended December 31,
	2025		2024		2023

Research and development	$	1,595	$	1,367	$	1,413
Selling, general and administrative	20,771		16,996		9,303
Total stock-based compensation expense	$	22,366	$	18,363	$	10,716

Schedule of Nonvested Restricted Stock Units Activity

A summary of outstanding RSU awards and the activity for the year ended December 31, 2025:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2024	16,420,640	$	2.12
Granted	5,971,175	$	4.00
Vested	(7,650,734)	$	2.09
Forfeited	(1,229,743)	$	2.56
Unvested balance - December 31, 2025	13,511,338	$	2.93

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

SARs value assumptions:


	Years Ended December 31,
	2025	2024
Expected term (in years)	2.0	2.0
Risk-free interest rate	3.5%	4.2%
Expected stock price volatility	60.2%	65.4%
Expected dividend yield	—%	—%

Leases - Summary of Lease Cost Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 6,080	$ 3,495	$ 1,648
Lease expense
Operating lease expense	5,163	5,276	4,474
Variable lease expense	3,915	1,938	1,208
Sublease income	(1,101)	(590)	(216)
Total lease expense	7,977	6,624	5,466
Amortization of debt discount and debt issuance costs	3,373	3,007	2,205
Initial operating lease right-of-use assets for adoption of ASU 2016-02	$ 0	$ 0	$ 20,043

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 1,313	$ 1,227	$ 1,487
Depreciation Depletion and Amortization, not including asset impairments	$ 1,300	$ 1,200	$ 1,500

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Warrants

12 Months Ended

Dec. 31, 2024

Warrants [Abstract]

Warrants

As of December 31, 2025, the following equity classified warrants were outstanding:


Warrants classified as equities:	Outstanding Warrants	Exercise Price per Warrant	Expiration Date
Warrants in connection with Horizon and Oxford loan agreement	125,999	$3.130	December 2026
Warrants in connection with Armistice securities purchase agreement	2,275,313	$3.223	February 2027
Warrants in connection with Hayfin Amended and Restated Credit Agreement	263,158	$2.280	March 2029
	2,664,470

In August 2025, the Company issued an aggregate of 2,844,141 shares of its common stock pursuant to a notice of cash exercise of warrants by Armistice Capital for an aggregate purchase price of $9.2 million. Additionally, the Company issued an aggregate of 111,604 shares of its common stock pursuant to a notice of cashless exercise of 209,633 warrants by Avenue Capital.

In February 2025, the Company issued an aggregate of 450,585 shares of its common stock pursuant to a notice of cashless exercise of 1,052,631 warrants by Hayfin Services LLP, as administrative agent for the Lenders under the Credit Agreement, and 209,633 warrants by Avenue Capital.

Subsequent to year end, in January 2026, the Company issued an aggregate of 2,275,313 shares of its common stock pursuant to a notice of cash exercise of all warrants held by Armistice Capital at December 31, 2025 for an aggregate purchase price of $7.3 million.

Basis of Presentation and Summary of Significant Accounting Policies and Estimates - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Concentration Risk [Line Items]
Revenue, remaining performance obligation	$ 4,800,000
Number of operating segments \| segment	1
Impairment of long-lived assets	$ 0	$ 0	$ 0
Cash and cash equivalents	111,042,000	71,621,000	67,449,000
Increase in cash and cash equivalents	39,319,000	$ 4,070,000	$ (54,640,000)
Cash and Cash Equivalents
Concentration Risk [Line Items]
Increase in cash and cash equivalents	$ 39,300,000
Revenue Benchmark \| Customer Concentration Risk \| Four Customers
Concentration Risk [Line Items]
Concentration risk percentage	97.00%	97.00%	97.00%
Accounts Receivable \| Customer Concentration Risk \| Four Customers \| Product revenue, net
Concentration Risk [Line Items]
Concentration risk percentage	92.00%	97.00%

Stock Compensation Plan - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
Stock Compensation Plan - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)					1,822,000	4,714,982
Intrinsic value		$ 16,300,000	$ 2,420,000
Shares withheld for tax (in shares)		2,697,212	1,553,340,000	815,177,000
Number of common stock shares per RSU vested (in shares)		1
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Exchange Offer \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		7 years
Exchange Offer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld for tax (in shares)		2,700,000
Cost not yet recognized (stock options less than)		$ 23,100,000
Fair value of RSUs vested during period		$ 31,500,000
Period for recognition		1 year 4 months 24 days
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value		$ 11,800,000	$ 500,000
Cost not yet recognized (stock options less than)		$ 6,100,000
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)		6,700,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)					193,000
Available for grant (in shares)		5,900,000
Additional shares authorized (in shares)	6,636,632
Maximum employee payroll deduction percentage		15.00%
Common stock value, tax limit on employee stock purchase plan		$ 25,000
Purchase price of common stock (percent)		85.00%
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)		700,000
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)		200,000

Debt - Components of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 233,574
Debt, net of unamortized debt issuance costs	220,335	$ 232,108
Current portion of long-term debt	0	15,102
Debt, net of unamortized debt issuance costs, non-current portion	220,335	217,006
Interest expense	29,084	30,485	$ 26,609
Convertible Debt
Debt Instrument [Line Items]
Long-term debt	33,894	49,204
Less: unamortized debt issuance costs	(628)	(973)
Secured Debt
Debt Instrument [Line Items]
Long-term debt	188,768	185,995
Less: unamortized debt issuance costs	$ (1,699)	$ (2,118)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 111,042	$ 71,621
Restricted cash	4,021	4,123
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	111,042
Restricted cash	4,021	4,123
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Restricted cash	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Restricted cash	$ 0	$ 0

Intangible Assets - Expected Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 10,293
2027	8,643
2028	8,643
2029	8,643
Finite-Lived Intangible Asset, Expected Amortization, Year Five	8,643
Thereafter	43,213
Finite-Lived Intangible Assets, Net, Total	$ 88,078	$ 98,921

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The components of debt are as follows (in thousands):


	December 31, 2025		December 31, 2024

Convertible senior notes	$	33,894	$	49,204
Less: unamortized debt issuance costs	(628)		(973)
Loan agreement	188,768		185,995
Less: unamortized debt issuance costs	(1,699)		(2,118)
Debt, net of unamortized debt issuance costs	$	220,335	$	232,108

Debt, net of unamortized debt issuance costs, current portion	$	—	$	15,102
Debt, net of unamortized debt issuance costs, non-current portion	220,335		217,006
Total debt, net of unamortized debt issuance costs	$	220,335	$	232,108

Convertible Senior Notes

In June 2020, Xeris Pharma completed a public offering of $86.3 million aggregate principal amount of Xeris Pharma's 5.00% Convertible Senior Notes due 2025 (the "2025 Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes, which was exercised in full in July 2020. Xeris Pharma incurred debt issuance costs of $5.1 million in connection with the issuance of the 2025 Convertible Notes. At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of 2025 Convertible Notes may convert their 2025 Convertible Notes at their option into shares of the Company's common stock, together, if applicable, with cash in lieu of any fractional share, at a conversion rate of 326.7974 shares of the Company's common stock per $1,000 principal amount of 2025 Convertible Notes. In the second half of 2020, $39.1 million in principal amount of 2025 Convertible Notes were converted into 13,171,791 shares of Xeris Pharma's common stock.

In September 2023, the Company completed the exchange of $32.0 million in aggregate principal amount of its then outstanding Convertible Notes due 2025 or $33.6 million in aggregate principal amount of new 8.00% Convertible Notes due 2028 (the "2028 Convertible Notes" and together with the 2025 Convertible Notes, the "Convertible Notes").

In March and April of 2025, holders of all outstanding 2025 Convertible Senior Notes, totaling $15.2 million in aggregate principal amount, were converted by the noteholders into 4,978,151 shares of the Company's common stock. As of December 31, 2025, the outstanding balance of the 2028 Convertible Notes was $33.6 million. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The effective interest rate of the 2028 Convertible Notes, including the amortization of debt issuance costs was 8.9%.

The 2028 Convertible Notes are senior, unsecured obligations and are equal in right of payment with the issuer's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the 2028 Convertible Notes, and effectively subordinated to its existing and future secured indebtedness to the extent of the value of the collateral securing that indebtedness. The 2028 Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company or Xeris Pharma is not a holder thereof) preferred equity, if any, of the Company's direct and indirect subsidiaries other than Xeris Pharma.

At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of 2028 Convertible Notes may convert their 2028 Convertible Notes at their option into shares of the Company's common stock, together, if applicable, with cash in lieu of any fractional share, at a conversion rate of 326.7974 shares of the Company's common stock per $1,000 principal amount of 2028 Convertible Notes, subject to adjustment in certain circumstances.

The fair value of the 2028 Convertible Notes is determined using current interest rates based on credit ratings and the remaining term of maturity. As of December 31, 2025, the fair value of the 2028 Convertible Notes was approximately $89.8 million. The fair value of the convertible debt was estimated using inputs for volatility, the Company's stock price, time to maturity, the risk-free rate and the Company's credit spread, some of which are considered Level 3 inputs in the fair value hierarchy disclosed in "Note 10 - Fair value measurement."

Loan Agreement

On March 5, 2024, the Company and certain subsidiary guarantors of the Company entered into an Amended and Restated Credit Agreement and Guaranty (the "Amended and Restated Credit Agreement") with the lenders from time to time parties thereto (the "Lenders") and Hayfin Services LLP, as administrative agent for the Lenders, pursuant to which the Company and its subsidiaries party thereto granted a first priority security interest on substantially all of their assets, including intellectual property, subject to certain exceptions. The Amended and Restated Credit Agreement amends and restates in its entirety the Credit Agreement dated March 8, 2022, between the Company, Xeris Pharma, and certain subsidiary guarantors of the Company and Hayfin Services, LLP, as administrative agent for the lenders ("Credit Agreement"). The Amended and Restated Credit Agreement provided for the Lenders to extend $200.0 million in term loans (the "Tranche 1 Loans") to Xeris Pharma on the closing date and $15.2 million in additional term loans (the "Tranche 2 Loans" and, together with the Tranche 1 Loans, the "2029 Loans") on any date after the closing date and through July 15, 2025. The Tranche 2 Loans were only to be used to redeem the then outstanding 2025 Convertible Notes. The Company did not borrow any funds under the Tranche 2 Loans, which expired on July 15, 2025. In conjunction with the execution of the Amended and Restated Credit Agreement, the aggregate principal balance of $150.0 million plus all accrued and unpaid interest outstanding under the Credit Agreement was continued under the Amended and Restated Credit Agreement as Tranche 1 Loans. In addition to utilizing the proceeds to repay the obligations under the Credit Agreement in full, the proceeds of the Tranche 1 Loans are being used for general corporate purposes. After repayment, the 2029 Loans may not be re-borrowed.

The 2029 Loans will mature on March 5, 2029; provided, however, that the 2029 Loans will mature on January 15, 2028 if the 2028 Convertible Notes are outstanding as of such date and either (i) the maturity date of the applicable notes has not been extended to a date not earlier than September 5, 2029 and (ii) the Company has not received net cash proceeds from one or more permitted equity raises or permitted raises of convertible debt which, together with no more than $15.6 million of cash on hand, is sufficient to redeem and discharge the 2028 Convertible Notes in full.

The 2029 Loans incur interest at a floating per annum rate in an amount equal to the sum of (i) 6.95% (or 5.95% if the replacement rate is in effect) plus (ii) the greater of (x) the forward-looking term rate based on SOFR for a three month tenor (or the replacement rate, if applicable), and (y) 2.00% per annum. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The effective interest rate of the 2029 Loans, including the amortization of debt discount and debt issuance costs, amounts to approximately 11.4%. As of December 31, 2025, the fair value of the loan approximates its book value.

The Amended and Restated Credit Agreement allows Xeris Pharma to voluntarily prepay the outstanding amounts thereunder. Xeris Pharma is subject to an early prepayment fee equal to (i) for any prepayment that occurs on or prior to the second anniversary of the closing date, the applicable make-whole amount, (ii) for any prepayment that occurs after the second anniversary of the closing date but on or prior to the fourth anniversary of the closing date, the product of (x) the amount of any principal so prepaid, multiplied by (y) for any prepayment that occurs (A) after the second anniversary of the closing date and on or prior to the third anniversary of the closing date, five percent (5.00%), (B) after the third anniversary of the closing date and on or prior to the fourth anniversary of the closing date, three percent (3.00%), and (C) after the fourth anniversary of the closing date, zero percent (0.00%).

The Amended and Restated Credit Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company's (and its subsidiaries) ability to incur additional indebtedness, grant liens, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions.

The Amended and Restated Credit Agreement was accounted for as a modification of debt in accordance with ASC 470-50, Debt - Modifications and Extinguishments, thus there was no gain or loss recognized on the transaction.

The following table sets forth the Company's future minimum principal payments on the 2028 Convertible Notes and the 2029 Loans (in thousands):


2026	$	—
2027	—
2028	33,574
2029	200,000
2030	—
Thereafter	—
	$	233,574

For the years ended December 31, 2025, 2024, and 2023, the Company recognized interest expense of $29.1 million, $30.5 million, and $26.6 million, respectively, of which $3.4 million, $3.0 million, and $2.2 million, respectively, related to the amortization of debt discount and issuance costs, respectively.

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 27, 2026	Jun. 30, 2025
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40880
Entity Registrant Name	XERIS BIOPHARMA HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1082097
Entity Address, Address Line One	1375 West Fulton Street
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
City Area Code	844
Local Phone Number	445-5704
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	XERS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		172,431,290
Entity Central Index Key	0001867096
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Public Float			$ 731.1
Documents Incorporated by Reference	Part III incorporates certain information by reference from the Registrant's Definitive Proxy Statement to be filed with the Commission in connection with the Registrant's 2026 Annual Meeting of Stockholders. Such Definitive Proxy Statement will be filed not later than 120 days after the conclusion of the Registrant’s fiscal year ended December 31, 2025.

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,122	$ 12,825
Less: accumulated depreciation and amortization	(8,177)	(7,263)
Property and equipment, net	4,945	5,562
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,325	4,730
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	545	530
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	946	905
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97	97
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	514	507
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,695	$ 6,056

Stock Compensation Plan

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plan

In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the "2011 Plan") and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards. The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the Xeris Pharmaceutical IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants). No grants of stock options or other awards may be made under the 2018 Plan after the tenth anniversary of the effective date. As of December 31, 2025, there were 6.7 million shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. In June 2024, the Company's stockholders approved an amendment to the ESPP that removed the "evergreen" provision which provided for annual increases in the aggregate number of shares available for issuance thereunder and increased the aggregate number of shares available for issuance thereunder by 6,636,632 additional shares. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee's offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval. As of December 31, 2025, there were 5.9 million shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercialization of products and the expansion of the Company generally. As of December 31, 2025, there were 0.7 million shares of common stock available for future issuance under the Inducement Plan.

Assumed Plans

On the acquisition date of Strongbridge, the Company assumed all then-outstanding stock options and shares available and reserved for issuance under some legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, the "Assumed Plans"). Shares reserved under the Assumed Plans will be available for future grants. The Company also assumed all then-outstanding stock options from the remainder of the legacy equity incentive plans of Strongbridge without assuming the shares available and reserved for issuance under those plans. The number of shares subject

to stock options outstanding under all Strongbridge legacy equity incentive plans are included in the tables below. As of December 31, 2025, there were 0.2 million shares reserved for future grants under the Assumed Plans.

Stock Options

Stock options are granted with an exercise price equal to the market price of the Company's common stock at the date of grant. Stock option awards typically vest over three years after the grant date and expire seven to ten years from the grant date.

No stock options were granted during the years ended December 31, 2025 or 2024, or 2023; therefore, no weighted-average grant date fair value or related valuation assumptions are presented for these periods.

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the year ended December 31, 2025:


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (Years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2024	8,832,170	$5.31	2.77	$2.42
Exercised	(2,991,911)	$3.87
Forfeited	(22)	$5.29
Expired	(530,378)	$11.02
Outstanding - December 31, 2025	5,309,859	$5.54	2.78	$16.3
Vested and expected to vest at December 31, 2025	5,309,859	$5.54	2.78	$16.3
Exercisable - December 31, 2025	5,309,859	$5.54	2.78	$16.3

Intrinsic value for stock options is defined as the difference between the current market value of the Company's common stock and the exercise price.

At December 31, 2025, there was no unrecognized stock based compensation expense related to stock options.

Restricted Stock Units

The Company grants Restricted Stock Units ("RSUs") to employees. RSUs that are granted vest over either three years in equal annual installments beginning on the one-year anniversary of the date of grant, provided that the employee is employed by the Company on such vesting date. If and when the RSUs vest, the Company will issue one share of common stock for each whole RSU that has vested, subject to satisfaction of the employee's tax withholding obligations. Upon vesting and settlement of RSUs or exercise of stock options, at the election of the grantee, the Company does not collect withholding taxes in cash from employees. Instead, the Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee's requisite service period.

A summary of outstanding RSU awards and the activity for the year ended December 31, 2025:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2024	16,420,640	$	2.12
Granted	5,971,175	$	4.00
Vested	(7,650,734)	$	2.09
Forfeited	(1,229,743)	$	2.56
Unvested balance - December 31, 2025	13,511,338	$	2.93

The total fair value of RSUs vested for the year ended December 31, 2025 was $31.5 million. Of the vested RSUs, 2.7 million shares were surrendered to fulfill tax withholding obligations.

As of December 31, 2025, there was $23.1 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 1.4 years. For the years ended December 31, 2025 and December 31, 2024, the weighted-average grant date fair value per share of RSUs granted was $4.00 and $2.46, respectfully.

Stock Appreciation Rights

Stock appreciation rights ("SARs") are granted under the 2018 Plan. SARs are granted with an exercise price equal to the market price of the Company's common stock at the date of grant. SARs allow the recipient to receive the appreciation in the fair market value of the Company's common stock between the exercise date and the date of grant. SARs are settled in cash and vest in full and automatically exercise on the second anniversary of the date of grant, subject to continued service through the vesting date. SARs are settled in cash, and accordingly are classified as liabilities in the Company's Consolidated Balance Sheets and are remeasured to fair value at the end of each reporting period using the Black-Scholes option-pricing model.

SARs activity under the 2018 Plan for the year ended December 31, 2025 was as follows:


	Number of SARs	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2024	500,000	$	2.43	1.58	$	0.5
Granted	2,150,000	$	3.63
Outstanding - December 31, 2025	2,650,000	$	3.36	0.98	$	11.8
Vested and exercisable at December 31, 2025	—	$	—	—	$	—

SARs value assumptions:


	Years Ended December 31,
	2025	2024
Expected term (in years)	2.0	2.0
Risk-free interest rate	3.5%	4.2%
Expected stock price volatility	60.2%	65.4%
Expected dividend yield	—%	—%

No SARs were granted during the year ended December 31, 2023.

The risk-free interest rate for SARs is based on the United States Treasury yield curve in effect at the time of remeasurement. Expected stock price volatility is based on the historical volatility of the Company's stock. As of December 31, 2025, there was $6.1 million of unrecognized stock-based compensation expense related to SARs.

Stock-based Compensation Expense

The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs, SARs, and the ESPP (in thousands):


	Years Ended December 31,
	2025		2024		2023

Research and development	$	1,595	$	1,367	$	1,413
Selling, general and administrative	20,771		16,996		9,303
Total stock-based compensation expense	$	22,366	$	18,363	$	10,716

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000	$ 132,000
Accumulated amortization	(43,922)	(33,079)
Finite-Lived Intangible Assets, Net, Total	$ 88,078	98,921
Developed Technology Rights - Keveyis
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000	11,000
Accumulated amortization	(9,350)	(7,150)
Finite-Lived Intangible Assets, Net, Total	$ 1,650	3,850
Developed Technology Rights - Recorlev
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000	121,000
Accumulated amortization	(34,572)	(25,929)
Finite-Lived Intangible Assets, Net, Total	$ 86,428	$ 95,071

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 38
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-38

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-29

Reference 21: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 22: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-20

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 24: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 25: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 26: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 27: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-14

Reference 28: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5

+ Details

Segment Reporting	12 Months Ended
Segment Reporting	Dec. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company is a single operating and reporting segment dedicated to developing and commercializing therapies for people with chronic endocrine and neurological diseases. The Company has identified the Chief Executive Officer as the chief operating decision maker ("CODM"). The CODM regularly reviews consolidated financial information, including net income (loss), to assess the performance of the Company and allocate resources. The CODM also considers budget versus actual results and revenue trends to evaluate expenditures and allocate resources across the organization. The consolidated financial statements provide a comprehensive view of the Company’s overall financial condition, including information on segment assets and liabilities reported in the consolidated balance sheets. The significant expense categories are consistent with those presented on the face of the consolidated statements of operations and comprehensive income (loss), and the CODM does not receive or use any other disaggregated or significant expense information for decision making purposes.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

The components of loss before income taxes by source were as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Foreign	$	46,460	$	21,304	$	3,757
United States	(45,906)		(78,408)		(67,261)
Total income (loss) before income taxes	$	554	$	(57,104)	$	(63,504)

Schedule of Components of Income Tax (Benefit) Expense

by source was as follows (in thousands):


	Years Ended December 31,
	2025		2024		2023
Foreign	$	6,464	$	(14,761)	$	387
United States	7,856		(13,410)		(15,855)
Change in valuation allowance	(14,320)		25,903		14,219
Total income tax benefit	$	—	$	(2,268)	$	(1,249)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in thousands, except percentages):


	Year ended December 31, 2025
	$		%
U.S. Federal Statutory Tax Rate	$	116	21.00%
State and Local Income Taxes, Net of Federal Income Tax Effect	—		nm1
Foreign Tax Effects
Ireland
Statutory tax rate difference between Ireland and United States	(3,832)		nm
Changes in valuation allowance	(6,061)		nm
Other	(49)		nm
Other foreign jurisdictions tax effects	(290)		nm
Effect of Cross-Border Tax Laws
Subpart F income	12,606		nm
Tax credits
Research and development tax credits	(1,224)		nm
Changes in valuation allowance	(3,712)		nm
Nontaxable or Nondeductible Items
Compensation subject to the Section 162(m) limitation	1,276		nm
Stock compensation	795		nm
Non-deductible expenses	277		nm
Other adjustments	98		nm
Effective tax rate	$	—	—%

1not meaningful

A reconciliation of the U.S. federal statutory income tax rate of 21% to the Company's effective income tax rate for the years ended December 31, 2024 and 2023 (in thousands):


	Years Ended December 31,
	2024		2023
Federal tax benefit at statutory rate	$	(11,992)	$	(13,336)
State tax benefit, net of federal benefit	(4,594)		(4,201)

Research and development and orphan drug credits	(608)		—
Uncertain tax positions	18		(28)
Subpart F income	6,613		3,092


Return to provision adjustment	(16,792)		(1,080)
Statutory tax rate differential	(1,840)		(330)
Changes in valuation allowance	25,903		14,219
Other	1,024		415
Total income tax benefit	$	(2,268)	$	(1,249)

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):


	December 31, 2025		December 31, 2024
Deferred tax assets:
Net operating losses	$	119,813	$	116,743
Federal research, orphan drug and state tax credits	10,761		9,762
Stock-based compensation	4,765		9,690
Section 163(j) interest	21,919		25,286
Capitalized R&D	—		8,330
Operating lease liabilities	9,613		10,584
Accrued expenses	16,630		12,683
Inventory reserve	6,765		7,201

Other temporary differences	3,987		4,978
Valuation allowance	(184,845)		(199,165)
Total assets	9,408		6,092
Deferred tax liabilities:
Fixed and intangible assets	(3,147)		—
Operating lease right-of-use assets	(5,630)		(6,092)
Other deferred tax liabilities	(631)		—
Total liabilities	(9,408)		(6,092)
Net deferred tax liabilities	$	—	$	—

Summary of Valuation Allowance

A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):





Valuation allowance at December 31, 2023	$	(173,262)
Increase for 2024 activity	(25,903)
Valuation allowance at December 31, 2024	(199,165)
Decrease for 2025 activity	14,320
Valuation allowance at December 31, 2025	$	(184,845)

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible


	Years Ended December 31,
	2025		2024		2023
Beginning balance - uncertain tax positions	$	712	$	694	$	722
Increases related to tax positions taken during the current year	123		61		—
Increases/(decreases) related to tax positions taken during the prior year	(1)		(43)		(28)
Ending balance - uncertain tax positions	$	834	$	712	$	694

Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details)	Dec. 31, 2025
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Minimum \| Software
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	3 years
Maximum \| Software
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has non-cancellable operating leases for office and laboratory space, which expire at various times in 2031 and 2036. The non-cancellable lease agreements provide for monthly lease payments, which increase during the term of each lease agreement.

All of the Company's leases are classified as operating leases, which are included as operating lease right-of-use assets and current and non-current operating lease liabilities in the consolidated balance sheets. The Company's operating lease costs are included in operating expenses in the accompanying consolidated statements of operations and comprehensive loss. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

A majority of the Company's lease agreements include fixed rental payments. Certain lease agreements include fixed rental payments that are adjusted periodically by a fixed rate. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised. The majority of the Company's real estate leases require that the Company pay maintenance, real estate taxes and insurance in addition to rent. These payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the right-of-use asset and lease liability but are reflected as variable lease expenses.

As the interest rate implicit in the lease is not readily determinable, the Company uses the incremental borrowing rate as the discount rate. The Company considers observable inputs as of the effective date of the ASC 842 adoption including the credit rating, existing borrowings and other relevant borrowing rates, such as risk-free rates like the United States Treasury rate, and then adjusting as necessary for the appropriate lease term. The incremental borrowing rate is reassessed if there is a change to the lease term or if a modification occurs and it is not accounted for as a separate contract. As of December 31, 2025, the Company's operating leases had a weighted-average remaining lease term of 9.7 years and a weighted-average discount rate of 11.9%.

Supplemental cash flow information related to the Company's operating leases was as follows (in thousands):


	Years Ended December 31,
		2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	6,080	$	3,495	1,648
Right of use assets obtained in exchange for new lease obligations:
Operating leases		$	—	$	—	$	20,043

The Company reports the amortization of operating lease right-of-use assets and the change in operating lease liabilities on a net basis in other in the operating activities of the accompanying consolidated statements of cash flows.

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
Lease expense		2025		2024		2023
Operating lease expense		$	5,163	$	5,276	$	4,474
Variable lease expense		3,915		1,938		1,208
Sublease income		(1,101)		(590)		(216)
Total lease expense		$	7,977	$	6,624	$	5,466

The operating and variable lease expenses are reported within operating expenses while sublease income is reported in interest and other income.

As of December 31, 2025, maturities of lease liabilities are summarized as follows (in thousands):


2026	$	6,232
2027	6,389
2028	6,549
2029	6,714
2030	6,883
Thereafter	31,844
Total lease payments	64,611
Less: Effect of discounting to net present value	(26,848)
Present value of lease liabilities	$	37,763

Operating lease liabilities, current	$	6,232
Operating lease liabilities, non-current	31,531
Total operating lease liabilities	$	37,763

Disaggregated Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Disaggregated revenue by product (in thousands):


	Years Ended December 31,
		2025		2024		2023
Product revenue:
Recorlev		$	139,283	$	64,277	$	29,547
Gvoke		94,108		82,829		67,045
Keveyis		47,649		49,530		56,772
Other product revenue		1,963		—		—
Product revenue, net		283,003		196,636		153,364
Royalty, contract and other revenue		8,842		6,434		10,550
Total revenue		$	291,845	$	203,070	$	163,914

Inventory

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Inventory

The components of inventory consist of the following (in thousands):


	December 31, 2025		December 31, 2024

Raw materials	$	38,010	$	31,732
Work in process	11,295		10,991
Finished goods	19,368		5,452
Inventory, net	$	68,673	$	48,175

Inventory reserves were $7.6 million and $7.7 million at December 31, 2025 and December 31, 2024, respectively.

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 6,232
2027	6,389
2028	6,549
2029	6,714
2030	6,883
Thereafter	31,844
Total lease payments	64,611
Less: Effect of discounting to net present value	(26,848)
Present value of lease liabilities	37,763
Current operating lease liabilities	6,232	$ 6,080
Non-current operating lease liabilities	31,531	$ 33,259
Operating lease liability	$ 37,763

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Accrued Expenses [Abstract]
Accrued employee costs	$ 24,061	$ 19,577
Accrued supply chain costs	370	871
Accrued marketing costs	1,402	1,506
Accrued research and development costs	3,467	766
Accrued interest expense	505	2,123
Accrued other costs	3,350	2,873
Other accrued liabilities	$ 33,155	$ 27,716

Net Loss Per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)		$ 554	$ (54,836)	$ (62,255)
Net income (loss)		$ 554	$ (54,836)	$ (62,255)
Weighted-average shares outstanding for basic net income (loss) per share (in shares)		160,425,198	146,772,758	137,674,857
Weighted average common shares outstanding - Diluted (in shares)		172,742,720	146,772,758	137,674,857
Stock options
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,759,487	1,759,487	0	0
Restricted stock units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,392,992	8,392,992	0	0
Warrants
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	2,165,043	2,165,043	0	0

Debt - Narrative (Details)			1 Months Ended	2 Months Ended	6 Months Ended	12 Months Ended
Debt - Narrative (Details)	Mar. 05, 2024 USD ($)	Sep. 29, 2023 USD ($)	Jun. 30, 2020 USD ($)	Apr. 30, 2025 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 05, 2028	Mar. 05, 2027	Mar. 05, 2026
Debt Instrument [Line Items]
Extinguishment of convertible note						$ 0	$ 0	$ 31,975,000
Long-term debt, net of current portion and unamortized debt issuance costs						220,335,000	232,108,000
Interest expense						(29,084,000)	(30,485,000)	(26,609,000)
Amortization of debt discount and debt issuance costs						3,373,000	$ 3,007,000	$ 2,205,000
2025 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount			$ 86,300,000
Debt issuance costs			$ 5,100,000
Conversion ratio			0.3267974
Issuance of common stock upon conversion of convertible notes (in shares) \| shares				4,978,151	13,171,791
Principal amount of convertible notes converted				$ 15,200,000	$ 39,100,000
Extinguishment of convertible note		$ 32,000,000.0
Stated interest rate			5.00%
2025 Convertible Notes, Underwriters' Option \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount			$ 11,300,000
2028 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount		$ 33,600,000
Conversion ratio		0.3267974
Stated interest rate		8.00%
Long-term debt, net of current portion and unamortized debt issuance costs						33,600,000
Effective interest rate	8.90%
Fair value						$ 89,800,000
Hayfin Tranche 1 Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount	$ 200,000,000.0
Hayfin Tranche 2 Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount	15,200,000
Hayfin Tranche 2 Loan \| Secured Debt and Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt instrument face amount	150,000,000.0
Hayfin 2029 Loans \| Secured Debt
Debt Instrument [Line Items]
Debt covenant, maximum cash on hand, early maturity	$ 15,600,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Hayfin 2029 Loans \| Secured Debt \| Forecast
Debt Instrument [Line Items]
Prepayment fee percentage									0.00%	3.00%	5.00%
Hayfin 2029 Loans \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	6.95%
Variable rate	2.00%
Hayfin 2029 Loans \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	5.95%
Hayfin 2029 Loans \| Secured Debt and Delayed Draw Term Loan
Debt Instrument [Line Items]
Effective interest rate	11.40%

Debt - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 0
2027	0
2028	33,574
2029	200,000
2030	0
Thereafter	0
Long-term debt total	$ 233,574

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Grand Rapids, Michigan
Auditor Firm ID	42

Fair Value Measurements - CVR Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contingent Value Rights [Roll Forward]
Change in fair value of contingent value rights	$ 0	$ 4,388	$ 5,200

Income Taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Foreign	$ 46,460	$ 21,304	$ 3,757
United States	(45,906)	(78,408)	(67,261)
Total income (loss) before income taxes	$ 554	$ (57,104)	$ (63,504)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 15: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Preferred stock shares outstanding (in shares)	0	0
Preferred stock shares issued (in shares)	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	350,000,000	350,000,000
Common stock shares issues (in shares)	166,215,410	149,429,410
Common stock shares outstanding (in shares)	166,215,410	149,429,410

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Expenses [Abstract]

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):


	December 31, 2025		December 31, 2024
Accrued employee costs	$	24,061	$	19,577
Accrued interest expense	505		2,123
Accrued supply chain costs	370		871
Accrued marketing costs	1,402		1,506

Accrued research and development costs	3,467		766
Accrued other costs	3,350		2,873
Other accrued liabilities	$	33,155	$	27,716

Income Taxes - Valuation Allowance Rollfoward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	$ (199,165)	$ (173,262)
Increase for activity	14,320	(25,903)
Valuation allowance, ending balance	$ (184,845)	$ (199,165)

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following (in thousands):


	December 31, 2025		December 31, 2024

Lab equipment	$	5,325	$	4,730
Furniture and fixtures	545		530
Computer equipment	946		905
Office equipment	97		97
Software	514		507
Leasehold improvements	5,695		6,056
Total property and equipment	13,122		12,825
Less: accumulated depreciation and amortization	(8,177)		(7,263)
Property and equipment, net	$	4,945	$	5,562

Depreciation and amortization expense relating to property and equipment was $1.3 million, $1.2 million and $1.5 million for the years ended December 31, 2025, 2024, and 2023 respectively.

Net Loss Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Common Share

Net Income (Loss) Per Common Share

Basic and diluted net income (loss) per common share are determined by dividing net income (loss) applicable to common stockholders by the weighted average common shares outstanding during the period. For periods in which the Company was in a net loss, the shares issuable upon conversion, exercise or vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same.

A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows (in thousands):


	Years Ended December 31,
		2025		2024		2023
Numerator (basic and diluted):
Net income (loss)		$	554	$	(54,836)	$	(62,255)
Denominator:
Weighted-average shares outstanding for basic net income (loss) per share		160,425,198		146,772,758		137,674,857
Effect of dilutive securities:
Stock options		1,759,487		—		—
RSUs		8,392,992		—		—
Warrants		2,165,043		—		—
Weighted-average shares outstanding for diluted net income (loss) per share		172,742,720		146,772,758		137,674,857

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:


	Years Ended December 31,
		2025	2024	2023
Shares to be issued upon conversion of 2028 and 2025 Convertible Notes		12,441,368	15,939,216	15,939,216
Stock Options		—	8,832,170	9,199,744
Restricted stock units (RSUs)		—	16,420,640	11,579,548
Warrants		—	8,053,148	8,362,270
Total anti-dilutive securities excluded from EPS computation		12,441,368	49,245,174	45,080,778

Stock Compensation Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 22,366	$ 18,363	$ 10,716
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,595	1,367	1,413
Selling, General and Administrative Expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 20,771	$ 16,996	$ 9,303

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables present the Company's fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2025 and December 31, 2024 (in thousands):


	Total as of December 31, 2025		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	111,042	$	111,042	$	—	$	—




Other assets:
Restricted cash	$	4,021	$	4,021	$	—	$	—


	Total as of December 31, 2024		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	71,621	$	71,621	$	—	$	—






Other assets:
Restricted cash	$	4,123	$	4,123	$	—	$	—

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Identified intangible assets consist of the following (in thousands):


		December 31, 2025						December 31, 2024
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(9,350)	$	1,650	$	11,000	$	(7,150)	$	3,850
Definite-lived intangible asset - Recorlev	14	121,000		(34,572)		86,428		121,000		(25,929)		95,071
Total intangible assets		$	132,000	$	(43,922)	$	88,078	$	132,000	$	(33,079)	$	98,921

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2025, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands):


2026	$	10,293
2027	8,643
2028	8,643
2029	8,643
2030	8,643
Thereafter	43,213
Total	$	88,078

Income Taxes - Uncertain Tax Positions Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Beginning balance - uncertain tax positions	$ 712	$ 694	$ 722
Increases related to tax positions taken during the current year	123	61	0
Increases/(decreases) related to tax positions taken during the prior year	(1)	(43)	(28)
Ending balance - uncertain tax positions	$ 834	$ 712	$ 694

Stock Compensation Plan - Employee Stock Award Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	8,832,170
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 5.54	$ 5.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 9 months 10 days	2 years 9 months 7 days
Exercises (in shares)	(2,991,911)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 3.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(22)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 5.29
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(530,378)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 11.02
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	5,309,859	8,832,170
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	5,309,859
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.54
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	5,309,859
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 5.54
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 9 months 10 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	2 years 9 months 10 days
Intrinsic value	$ 16,300,000	$ 2,420,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	16,300,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value	$ 16,300,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	500,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 3.36	$ 2.43
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	11 months 23 days	1 year 6 months 29 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	2,650,000	500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	2,150,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 3.63
Intrinsic value	$ 11,800,000	$ 500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 0
Expected term	2 years	2 years
Risk-free interest rate	3.50%	4.20%
Expected volatility	60.20%	65.40%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price	$ 0

Disaggregated Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

Disaggregated revenue by product (in thousands):


	Years Ended December 31,
		2025		2024		2023
Product revenue:
Recorlev		$	139,283	$	64,277	$	29,547
Gvoke		94,108		82,829		67,045
Keveyis		47,649		49,530		56,772
Other product revenue		1,963		—		—
Product revenue, net		283,003		196,636		153,364
Royalty, contract and other revenue		8,842		6,434		10,550
Total revenue		$	291,845	$	203,070	$	163,914

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Consolidated Statement of Cash Flows - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Cash flows from operating activities:

Net income (loss)

$ 554

$ (54,836)

$ (62,255)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation

1,313

1,227

1,487

Amortization of intangible assets

10,843

Amortization of premium/discount on investments

(747)

(1,263)

Amortization of debt discount and debt issuance costs

3,373

3,007

2,205

Amortization of operating right-of-use assets

537

555

830

Deferred income tax expense (benefit)

(2,268)

(1,249)

Stock-based compensation

22,366

18,363

10,716

Loss on debt extinguishment, net

2,837

Change in fair value of contingent value rights

(4,388)

(5,200)

Other

320

Changes in operating assets and liabilities:

Trade accounts receivable

(10,635)

(1,218)

(8,367)

Prepaid expenses and other current assets

(2,097)

(1,673)

3,206

Inventory

(19,286)

(8,782)

(14,804)

Accounts payable

(69)

(9,613)

6,959

Other accrued liabilities

3,306

3,650

(5,855)

Accrued trade discounts and rebates

16,387

3,924

5,331

Accrued returns reserve

(113)

4,884

3,025

Increase (Decrease) In Supply Agreement Liabilities

(6,720)

Operating lease liabilities

(1,576)

1,080

7,538

Other

3,723

(1,072)

3,393

Net cash provided by (used in) operating activities

28,626

(36,981)

(47,023)

Cash flows from investing activities:

Capital expenditures

(696)

(868)

(2,263)

Purchases of investments

(34,485)

(43,741)

Sales and maturities of investments

40,236

40,000

Net cash provided by (used in) investing activities

(696)

4,883

(6,004)

Cash flows from financing activities:

Proceeds from debt refinancing

50,000

Payment of debt discount

(11,831)

Payments of debt issuance costs

(1,185)

Proceeds from issuance of employee stock purchase plan shares

1,520

1,244

549

Proceeds from exercise of stock options

11,578

489

Proceeds from Issuance of Warrants

9,167

Repurchase of common stock withheld for taxes

(10,876)

(3,734)

(1,009)

Net cash provided by (used in) financing activities

11,389

36,168

(1,613)

Net cash provided by (used in) in cash, cash equivalents and restricted cash

39,319

4,070

(54,640)

Cash, cash equivalents and restricted cash, beginning of year

75,744

71,674

126,314

Cash, cash equivalents and restricted cash, end of year

115,063

75,744

71,674

Supplemental schedule of cash flow information(1):

Cash paid for interest

27,120

26,948

27,686

Supplemental schedule of non-cash activities:

Issuance of common shares in settlement of CVR liability

15,803

Issuance of convertible note

33,574

Issuance of common shares in partial settlement of 2025 Convertible Debt

15,146

Cash flows from operating activities:

Cash and cash equivalents

111,042

71,621

67,449

Restricted cash included in Other assets (1)

^[1]

4,021

4,123

4,225

Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows

$ 115,063

$ 75,744

$ 71,674

[1]	These restricted cash items are primarily security deposits in the form of letters of credit for the Company to secure certain leases.

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		136,273,090
Beginning balance at Dec. 31, 2022	$ 45,187	$ 14	$ 599,966	$ (23)	$ (554,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(62,255)				(62,255)
Exercise stock options (in shares)		14,036
Exercise of stock options	$ 32		32
Shares withheld for tax (in shares)	815,177,000
Vesting of restricted stock units, net of shares withheld for tax (in shares)		1,265,805
Vesting of restricted stock units, net of shares withheld for tax	$ (1,009)		(1,009)
Issuance of common shares in partial settlement of 2025 Convertible Debt	0
Stock-based compensation	10,716		10,716
Issuance of common stock through employee stock purchase plan (in shares)		577,784
Issuance of common stock through employee stock purchase plan, value	549		549
Other comprehensive (loss) gain	(2)			(2)
Ending balance (in shares) at Dec. 31, 2023		138,130,715
Ending balance at Dec. 31, 2023	(6,782)	$ 14	610,254	(25)	(617,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(54,836)				(54,836)
Issuance of common stock to settle contingent value rights (in shares)		7,525,048
Issuance of common stock to settle contingent value rights	15,803	$ 1	15,802
Exercise stock options (in shares)		248,900
Exercise of stock options	$ 489		489
Shares withheld for tax (in shares)	1,553,340,000
Vesting of restricted stock units, net of shares withheld for tax (in shares)		2,862,527
Vesting of restricted stock units, net of shares withheld for tax	$ (3,734)		(3,734)
Issuance of common shares in partial settlement of 2025 Convertible Debt	0
Stock-based compensation	18,201		18,201
Issuance of common stock through employee stock purchase plan (in shares)		662,220
Issuance of common stock through employee stock purchase plan, value	1,244		1,244
Ending balance (in shares) at Dec. 31, 2024		149,429,410
Ending balance at Dec. 31, 2024	(29,615)	$ 15	642,256	(25)	(671,861)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 554				554
Exercise stock options (in shares)	2,991,911	2,991,911
Exercise of stock options	$ 11,578		11,578
Shares withheld for tax (in shares)	2,697,212
Vesting of restricted stock units, net of shares withheld for tax (in shares)		4,953,522
Vesting of restricted stock units, net of shares withheld for tax	$ (10,876)	$ (1)	(10,877)
Issuance of common stock upon conversion of convertible notes (in shares)		4,978,151
Issuance of common shares in partial settlement of 2025 Convertible Debt	15,146		15,146
Stock-based compensation	16,215		16,215
Issuance of common stock through employee stock purchase plan (in shares)		456,086
Issuance of common stock through employee stock purchase plan, value	1,520		1,520
Issuance of common shares in settlement of warrants (in shares)		3,406,330
Issuance of common shares in settlement of warrants	9,167	$ 1	9,166
Ending balance (in shares) at Dec. 31, 2025		166,215,410
Ending balance at Dec. 31, 2025	$ 13,689	$ 17	$ 685,004	$ (25)	$ (671,307)

Income Taxes - Reconciliation of Expected Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%
U.S. Federal Statutory Tax Rate	$ 116	$ (11,992)	$ (13,336)
State and Local Income Taxes, Net of Federal Income Tax Effect	0	(4,594)	(4,201)
Statutory tax rate difference between Ireland and United States		(1,840)	(330)
Changes in valuation allowance		25,903	14,219
Other	(49)
Subpart F income	12,606
Research and development tax credits	(1,224)	(608)	0
Uncertain tax positions		18	(28)
Compensation subject to the Section 162(m) limitation	1,276	6,613	3,092
Return to provision adjustment		(16,792)	(1,080)
Stock compensation	795
Non-deductible expenses	277
Other adjustments	98	1,024	415
Total income tax benefit	0	$ (2,268)	$ (1,249)
IRELAND
Effective Income Tax Rate Reconciliation [Line Items]
Statutory tax rate difference between Ireland and United States	(3,832)
Changes in valuation allowance	(6,061)
Foreign Tax Jurisdiction, Other
Effective Income Tax Rate Reconciliation [Line Items]
Statutory tax rate difference between Ireland and United States	(290)
UNITED STATES
Effective Income Tax Rate Reconciliation [Line Items]
Changes in valuation allowance	$ (3,712)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Trade accounts receivable, net	$ 51,050	$ 40,415
Inventory, net	68,673	48,175
Prepaid expenses and other current assets	9,548	7,451
Total current assets	240,313	167,662
Property and equipment, net	4,945	5,562
Operating lease right-of-use assets	22,112	22,649
Goodwill	22,859	22,859
Other assets	88,078	98,921
Other assets	5,220	5,407
Total assets	383,527	323,060
Current Liabilities
Accounts payable	3,076	2,290
Current portion of long-term debt	0	15,102
Current operating lease liabilities	6,232	6,080
Other accrued liabilities	33,155	27,716
Accrued trade discounts and rebates	43,253	29,084
Accrued returns reserve	18,969	19,082
Other current liabilities	4,889	1,089
Total current liabilities	109,574	100,443
Debt, net of unamortized debt issuance costs, non-current portion	220,335	217,006
Non-current operating lease liabilities	31,531	33,259
Other liabilities	8,398	1,967
Total liabilities	369,838	352,675
Commitments and contingencies (Note 14)
Stockholders' Equity
Preferred stock—par value $0.0001, 25,000,000 shares and 25,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0
Common stock—par value $0.0001, 350,000,000 shares and 350,000,000 shares authorized as of December 31, 2025 and December 31, 2024, respectively; 166,215,410 and 149,429,410 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	17	15
Additional paid in capital	685,004	642,256
Accumulated deficit	(671,307)	(671,861)
Accumulated other comprehensive loss	(25)	(25)
Total stockholders' equity (deficit)	13,689	(29,615)
Total liabilities and stockholders' equity (deficit)	383,527	323,060
Cash and cash equivalents	$ 111,042	$ 71,621

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	In the normal course of business, we collect and store personal information and other sensitive information, including proprietary and confidential business information, intellectual property, information regarding patients, sensitive third-party information and employee information. To protect this information, we have implemented a framework that is designed to identify, assess, and mitigate cybersecurity threats. We use managed detection and response services to monitor our network infrastructure and associated endpoints for possible cybersecurity threats. In addition, we engage third parties to perform penetration testing and to assess the effectiveness of our cybersecurity practices. We conduct a cybersecurity risk assessment by identifying critical assets, recognizing potential threats and vulnerabilities, and implementing strategies to mitigate these cybersecurity risks and their possible impacts. We also actively engage with key vendors and industry participants as part of our continuing efforts to evaluate and enhance the effectiveness of our information security policies and procedures. We have established a cybersecurity incident response plan and provide cybersecurity training to our employees and monitor their activity for adherence to our security protocols.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	To protect this information, we have implemented a framework that is designed to identify, assess, and mitigate cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our information security program is overseen by our VP of Information Technology ("IT"). The VP of IT reports to the Chief Financial Officer and oversees the team responsible for leading enterprise-wide cybersecurity strategy, policy, standards, and processes. The VP of IT possesses over twenty-five years of experience in information technology and approximately ten years in cybersecurity risk management. Our Board of Directors ("Board") has responsibility for oversight of risk management and, pursuant to the Audit Committee Charter, has delegated to our Audit Committee oversight of our cybersecurity risk management program. The VP of IT provides reports to the Audit Committee at least annually as well as the Chief Executive Officer and other members of our senior management as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Our program is regularly evaluated by internal and external security professionals with the results of those reviews reported to senior management and the Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our information security program is overseen by our VP of Information Technology ("IT").
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The VP of IT reports to the Chief Financial Officer and oversees the team responsible for leading enterprise-wide cybersecurity strategy, policy, standards, and processes.
Cybersecurity Risk Role of Management [Text Block]	Our Board of Directors ("Board") has responsibility for oversight of risk management and, pursuant to the Audit Committee Charter, has delegated to our Audit Committee oversight of our cybersecurity risk management program. The VP of IT provides reports to the Audit Committee at least annually as well as the Chief Executive Officer and other members of our senior management as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Our program is regularly evaluated by internal and external security professionals with the results of those reviews reported to senior management and the Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our information security program is overseen by our VP of Information Technology ("IT").
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The VP of IT possesses over twenty-five years of experience in information technology and approximately ten years in cybersecurity risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Board of Directors ("Board") has responsibility for oversight of risk management and, pursuant to the Audit Committee Charter, has delegated to our Audit Committee oversight of our cybersecurity risk management program. The VP of IT provides reports to the Audit Committee at least annually as well as the Chief Executive Officer and other members of our senior management as appropriate. These reports include updates on the Company’s cyber risks and threats, the status of projects to strengthen our information security systems, assessments of the information security program, and the emerging threat landscape. Our program is regularly evaluated by internal and external security professionals with the results of those reviews reported to senior management and the Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Level 1: Measured using unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

The following tables present the Company's fair value hierarchy for those assets and liabilities measured at fair value as of December 31, 2025 and December 31, 2024 (in thousands):


	Total as of December 31, 2025		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	111,042	$	111,042	$	—	$	—




Other assets:
Restricted cash	$	4,021	$	4,021	$	—	$	—


	Total as of December 31, 2024		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash and money market funds	$	71,621	$	71,621	$	—	$	—






Other assets:
Restricted cash	$	4,123	$	4,123	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product revenue, net	$ 291,845	$ 203,070	$ 163,914
Costs and expenses:
Cost of goods sold	42,569	36,832	28,645
Research and development	31,165	25,560	22,341
Selling, general and administrative	182,372	163,481	146,095
Amortization of intangible assets	10,843	10,843	10,843
Total costs and expenses	266,949	236,716	207,924
Income (loss) from operations	24,896	(33,646)	(44,010)
Other income (expense):
Interest and other income	4,742	5,321	4,751
Loss on debt extinguishment, net	0	0	(2,837)
Debt refinancing costs	0	(2,690)	0
Interest expense	(29,084)	(30,485)	(26,609)
Change in fair value of warrants	0	8	1
Change in fair value of contingent value rights	0	4,388	5,200
Total other expense	(24,342)	(23,458)	(19,494)
Net income (loss) before income taxes	554	(57,104)	(63,504)
Income tax benefit	0	2,268	1,249
Net income (loss)	554	(54,836)	(62,255)
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investments	0	0	(2)
Comprehensive income (loss)	$ 554	$ (54,836)	$ (62,257)
Net loss per common share - basic (in dollars per share)	$ 0	$ (0.37)	$ (0.45)
Net loss per common share - Diluted (in dollars per share)	$ 0	$ (0.37)	$ (0.45)
Weighted average common shares outstanding - basic (in shares)	160,425,198	146,772,758	137,674,857
Weighted average common shares outstanding - Diluted (in shares)	172,742,720	146,772,758	137,674,857
Product revenue, net
Product revenue, net	$ 283,003	$ 196,636	$ 153,364
Royalty, contract and other revenue
Product revenue, net	$ 8,842	$ 6,434	$ 10,550

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets:


			Lab equipment						5 years
			Computer equipment						3 years
			Leasehold improvements						Lesser of useful life or lease term
			Software						3-5 years
			Furniture and fixtures						5 years
			Office equipment						5 years

Property and equipment consist of the following (in thousands):


	December 31, 2025		December 31, 2024

Lab equipment	$	5,325	$	4,730
Furniture and fixtures	545		530
Computer equipment	946		905
Office equipment	97		97
Software	514		507
Leasehold improvements	5,695		6,056
Total property and equipment	13,122		12,825
Less: accumulated depreciation and amortization	(8,177)		(7,263)
Property and equipment, net	$	4,945	$	5,562

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Federal statutory income tax rate	21.00%
Uncertain tax positions	$ 834,000	$ 712,000	$ 694,000	$ 722,000
Income tax interest and penalties expense	0	0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	490,700,000	480,100,000
Federal and state income tax credits	7,000,000.0	6,100,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	429,400,000	375,100,000
Federal and state income tax credits	$ 5,800,000	$ 5,500,000

Warrants - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Jan. 31, 2026	Aug. 31, 2025	Feb. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Proceeds from Warrant Exercises		$ 9,200
Number of shares called by warrants (in shares)		2,844,141	450,585
Proceeds from Issuance of Warrants				$ 9,167	$ 0	$ 0
Subsequent Event
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)	2,275,313
Proceeds from Issuance of Warrants	$ 7,300
Hayfin Services LLP
Class of Warrant or Right [Line Items]
Warrants exercised during period (in shares)			1,052,631
Avenue Capital
Class of Warrant or Right [Line Items]
Number of shares called by warrants (in shares)		111,604
Warrants exercised during period (in shares)		209,633	209,633
Warrants In Connection With Horizon and Oxford Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants				125,999
Exercise price per warrant (in USD per share)				$ 3.130
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants				2,275,313
Exercise price per warrant (in USD per share)				$ 3.223
Warrants In Connection With Hayfin Loan Agreement Due March 2029
Class of Warrant or Right [Line Items]
Outstanding warrants				263,158
Exercise price per warrant (in USD per share)				$ 2.280
Total Warrants Assumed
Class of Warrant or Right [Line Items]
Outstanding warrants				2,664,470

Net Loss Per Common Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	12,441,368	49,245,174	45,080,778
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	0	8,832,170	9,199,744
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	0	16,420,640	11,579,548
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	0	8,053,148	8,362,270
Shares to be issued upon conversion of Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	12,441,368	15,939,216	15,939,216

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments Commitments to Taro The Company has a supply agreement with Taro Pharmaceuticals North America, Inc. ("Taro") to produce Keveyis. In 2023, the Company amended the agreement to extend the initial term until March 2027. As part of the agreement, as amended, the Company has agreed to certain annual minimum marketing spend requirements and minimum purchase order quantities for each year, which in the case of the minimum purchase order quantities, is based on the previous year's purchases. Leases As of December 31, 2025, the Company had unused letters of credit of $4.0 million, which were issued primarily to secure leases. These letters of credit are collateralized by $4.0 million of restricted cash, which is recorded in other assets in the consolidated balance sheets. Contingencies Legal Matters The Company received Paragraph IV certification notice letters (each, a “Notice Letter”) from three pharmaceutical companies (each, an “ANDA Filer”), providing notification to us that each ANDA Filer had submitted an ANDA to the FDA seeking approval to manufacture, use or sell a generic version of RECORLEV®. The ANDAs each contained Paragraph IV certifications alleging that four of the Company’s Orange Book listed patents covering RECORLEV® that are scheduled to expire in March 2040 (U.S. Patent Numbers 11,020,393, 11,278,547, 11,903,940, and 12,377,096) are invalid, unenforceable and/or will not be infringed by each ANDA Filer’s manufacture, use or sale of the generic product described in its respective ANDA submission. On February 26, 2026, the Company's wholly-owned subsidiaries, Xeris Pharmaceuticals, Inc. and Strongbridge Dublin Limited, filed a patent infringement lawsuit under the Hatch-Waxman Act in the United States District Court for the District of New Jersey against Torrent Pharmaceuticals Limited (along with its affiliate, "Torrent") and Somerset Therapeutics, LLC (along with its affiliates, "Somerset"). The Company's complaint alleges that, by filing the ANDAs, each of Torrent and Somerset has infringed RECORLEV®’s Orange Book patents included in its respective Paragraph IV certification, and seek an injunction preventing the FDA from granting final approval of the ANDA before the expiration of the asserted patents, and a permanent injunction to prevent Torrent and Somerset from commercializing a generic version of RECORLEV®, until the expiration of the asserted patents, including any applicable extensions and additional periods of exclusivity. No trial date has been set. The filing of the lawsuit within 45 days of receipt of each of the respective Notice Letters triggered an automatic stay of the FDA’s approval of each of the respective ANDAs for up to 30 months in accordance with the Hatch-Waxman Act.. The Company may receive additional Notice Letters in the future from ANDA filers seeking approval of a generic version of RECORLEV® and may file additional ANDA lawsuits in the future. From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of December 31, 2025, management was not aware of any existing, pending or threatened legal actions that would have a material impact on the financial position or results of operations of the Company. Long Term Debt The 2029 Loans will mature on March 5, 2029; provided, however, that the 2029 Loans will mature on January 15, 2028 if the 2028 Convertible Notes are outstanding as of such date and either (i) the maturity date of the applicable notes has not been extended to a date not earlier than September 5, 2029 and (ii) the Company has not received net cash proceeds from one or more permitted equity raises or permitted raises of convertible debt which, together with no more than $15.6 million of cash on hand, is sufficient to redeem and discharge the 2028 Convertible Notes in full.