0001867096-26-000030 | 10-Q | XBRL Viewer | Xeris Biopharma Holdings INC

Print Document

Leases - Summary of Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,531	$ 1,494
Lease expense
Operating lease expense	1,371	1,295
Variable lease expense	912	975
Sublease income	(266)	(293)
Total lease expense	2,017	1,977
Amortization of debt discount and debt issuance costs	$ 889	$ 844

Stock Compensation Plan - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 11,800
Shares withheld for tax (in shares)	2,314,943	2,255,124
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition	2 years 9 months 18 days
Shares withheld for tax (in shares)	2,300,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for recognition	1 year 10 months 24 days
Fair value of RSUs vested during period	$ 48,300
Cost not yet recognized	$ 39,000
Granted (in USD per share)	$ 7.36	$ 3.61
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 2,600
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	5,900,000
Maximum employee payroll deduction percentage	15.00%
Common stock value, tax limit on employee stock purchase plan	$ 25
Purchase price of common stock (percent)	85.00%
Offering period	6 months
Minimum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Minimum \| Exchange Offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Minimum \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum \| Exchange Offer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
2018 Stock Option and Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	10,900,000
Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	600,000

Stock Compensation Plan - SARs Activity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	5,309,859
Granted (in shares)	2,286,480
Ending Balance (in shares)	7,267,664		5,309,859
Beginning Balance (in dollars per share)	$ 5.54
Granted (in dollars per share)	7.36
Ending Balance (in dollars per share)	$ 6.17		$ 5.54
Weighted Average Contractual Life (years)	4 years 10 months 24 days	2 years 9 months 10 days
Intrinsic value	$ 7,200,000		$ 16,300,000
Stock Appreciation Rights (SARs)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (in shares)	2,650,000
Granted (in shares)	0
Ending Balance (in shares)	2,650,000		2,650,000
Beginning Balance (in dollars per share)	$ 3.36
Granted (in dollars per share)	0
Ending Balance (in dollars per share)	$ 3.34		$ 3.36
Weighted Average Contractual Life (years)	8 months 23 days		11 months 23 days
Intrinsic value	$ 6,300,000		$ 11,800,000
Vested and Exercisable (in shares)	0
Vested and Exercisable (in dollars per share)	$ 0

Intangible Assets - Expected Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 7,583
2027	8,643
2028	8,643
2029	8,643
2030	8,643
Thereafter	43,213
Finite-Lived Intangible Assets, Net, Total	$ 85,368	$ 88,078

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

Inventory

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


	March 31, 2026		December 31, 2025

Raw materials	$	43,401	$	38,010
Work in process	14,209		11,295
Finished goods	16,624		19,368
Inventory, net	$	74,234	$	68,673

Inventory reserves were $9.1 million and $7.6 million at March 31, 2026 and December 31, 2025, respectively.

Disaggregated Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

Disaggregated revenue by product (in thousands):


	Three Months Ended March 31,
		2026		2025
Product revenue:
Recorlev		$	49,768	$	25,530
Gvoke		20,800		20,845
Keveyis		11,886		11,427

Product revenue, net		82,454		57,802
Royalty, contract and other revenue		673		2,317
Total revenue		$	83,127	$	60,119

- 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

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation	$ 337	$ 315
Depreciation Depletion and Amortization, not including asset impairments	$ 300

- 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

Stock Compensation Plan - Schedule of Change in SARs (Details) - Stock Appreciation Rights (SARs) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at December 31, 2025	$ 6,300
Change in fair value of SARs	(1,800)
Balance at March 31, 2026	$ 4,500

Other Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accrued Expenses [Abstract]

Other Accrued Liabilities

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


	March 31, 2026		December 31, 2025
Accrued employee costs	$	18,726	$	24,061
Accrued interest expense	1,051		505
Accrued supply chain costs	1,091		370
Accrued marketing costs	1,527		1,402

Accrued research and development costs	4,139		3,467
Accrued other costs	5,753		3,350
Other accrued liabilities	$	32,287	$	33,155

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2026

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):


	Three Months Ended March 31,
		2026		2025
Numerator (basic and diluted):
Net income (loss)		$	2,234	$	(9,220)
Denominator:
Weighted-average shares outstanding for basic net income (loss) per share		170,523,208		152,445,935
Effect of dilutive securities:
Stock options		1,573,642		—
RSUs		5,035,270		—
Warrants		499,034		—
Weighted-average shares outstanding for diluted net income (loss) per share		177,631,154		152,445,935

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


	Three Months Ended March 31,
		2026	2025
Shares to be issued upon conversion of Convertible Notes		10,971,895	14,893,464
Stock Options		—	7,439,735
Restricted stock units (RSUs)		—	15,128,261
Warrants		—	5,758,536
Total anti-dilutive securities excluded from EPS computation		10,971,895	43,219,996

Stock Compensation Plan - Schedule of Stock Option Activity (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance (in shares)	5,309,859
Granted (in shares)	2,286,480
Exercised (in shares)	(259,935)
Expired (in shares)	(68,740)
Ending Balance (in shares)	7,267,664		5,309,859
Beginning Balance (in dollars per share)	$ 5.54
Granted (in dollars per share)	7.36
Exercised (in dollars per share)	3.26
Expired (in dollars per share)	8.60
Ending Balance (in dollars per share)	$ 6.17		$ 5.54
Weighted Average Contractual Life (years)	4 years 10 months 24 days	2 years 9 months 10 days
Intrinsic value	$ 7,200,000		$ 16,300,000
Exercisable (in shares)	4,981,184
Exercisable (in dollars per share)	$ 5.62
Weighted Average Contractual Life (years)	2 years 7 months 17 days
Intrinsic Value	$ 0.0

Leases - Narrative (Details)	Mar. 31, 2026
Lessee, Lease, Description [Line Items]
Remaining lease term, weighted-average	9 years 6 months
Lease discount rate, weighted-average	11.90%

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2026
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 condensed consolidated financial statements provide a comprehensive view of the Company’s overall financial condition, including information on segment assets and liabilities reported in the condensed consolidated balance sheets. The significant expense categories are consistent with those presented on the face of the condensed 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

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Product revenue, net	$ 83,127	$ 60,119
Costs and expenses:
Cost of goods sold	10,574	8,728
Research and development	8,783	7,753
Selling, general and administrative	53,144	44,018
Amortization of intangible assets	2,710	2,710
Total costs and expenses	75,211	63,209
Income (loss) from operations	7,916	(3,090)
Other income (expense):
Interest and other income	1,202	1,175
Interest expense	(6,884)	(7,305)
Total other expense	(5,682)	(6,130)
Net income (loss) before income taxes	2,234	(9,220)
Income tax benefit	0	0
Net income (loss)	2,234	(9,220)
Other comprehensive income (loss), net of tax:
Comprehensive income (loss)	$ 2,235	$ (9,220)
Net loss per common share - basic (in dollars per share)	$ 0.01	$ (0.06)
Net loss per common share - Diluted (in dollars per share)	$ 0.01	$ (0.06)
Weighted average common shares outstanding - basic (in shares)	170,523,208	152,445,935
Weighted average common shares outstanding - Diluted (in shares)	177,631,154	152,445,935
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	$ 1	$ 0
Product revenue, net
Product revenue, net	82,454	57,802
Royalty, contract and other revenue
Product revenue, net	$ 673	$ 2,317

Net Loss Per Common Share (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 2,234
Net income (loss)	$ 2,234	$ (9,220)
Weighted-average shares outstanding for basic net income (loss) per share (in shares)	170,523,208	152,445,935
Weighted average common shares outstanding - Diluted (in shares)	177,631,154	152,445,935
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	1,573,642	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	5,035,270	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	499,034	0

Warrants - Schedule of Stockholders' Equity Note, Warrants or Rights (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
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	$ 7,333	$ 0
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 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		389,157

Basis of Presentation and Summary of Significant Accounting Policies and Estimates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Concentration Risk [Line Items]
Cash and cash equivalents	$ 111,750	$ 111,042	$ 58,440
Increase in cash and cash equivalents	$ 708		$ (13,181)
Revenue Benchmark \| Customer Concentration Risk \| Four Customers \| Product revenue, net
Concentration Risk [Line Items]
Concentration risk percentage	98.00%		97.00%
Accounts Receivable \| Customer Concentration Risk \| Four Customers
Concentration Risk [Line Items]
Concentration risk percentage	99.00%	92.00%

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets
Trade accounts receivable, net	$ 56,295	$ 51,050
Inventory, net	74,234	68,673
Prepaid expenses and other current assets	9,403	9,548
Total current assets	251,682	240,313
Property and equipment, net	5,033	4,945
Operating lease right-of-use assets	21,949	22,112
Goodwill	22,859	22,859
Other assets	85,368	88,078
Other assets	5,122	5,220
Total assets	392,013	383,527
Current Liabilities
Accounts payable	11,467	3,076
Current operating lease liabilities	6,271	6,232
Other accrued liabilities	32,287	33,155
Accrued trade discounts and rebates	45,492	43,253
Accrued returns reserve	18,723	18,969
Other current liabilities	4,353	4,889
Total current liabilities	118,593	109,574
Debt, net of unamortized debt issuance costs, non-current portion	221,224	220,335
Non-current operating lease liabilities	31,058	31,531
Other liabilities	8,127	8,398
Total liabilities	379,002	369,838
Commitments and contingencies (Note 13)
Stockholders' Equity
Preferred stock—par value $0.0001, 25,000,000 shares authorized and no shares issued and outstanding as of March 31, 2026 and December 31, 2025	0	0
Common stock—par value $0.0001, 350,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 172,558,783 and 166,215,410 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	18	17
Additional paid in capital	682,090	685,004
Accumulated deficit	(669,073)	(671,307)
Accumulated other comprehensive loss	(24)	(25)
Total stockholders' equity	13,011	13,689
Total liabilities and stockholders' equity	392,013	383,527
Cash and cash equivalents	$ 111,750	$ 111,042

Stock Compensation Plan

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock Compensation Plan

Stock Compensation Plans

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. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Stock Option Issuance Plan (the "2011 Plan"). Under the 2018 Plan, equity awards may be granted to the Company's officers, employees, directors, consultants and advisors. As of March 31, 2026, there were 10.9 million shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (as amended, the "ESPP") was adopted by the Board of Directors in April 2018, approved by the Company's stockholders in June 2018, and subsequently amended by the Company's stockholders in June 2024. The ESPP permits eligible employees to 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 March 31, 2026, 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. Under the Inducement Plan, the Company may grant share-based awards to individuals who were not previously employees, or following a bona fide period of nonemployment, as an inducement to such individuals entering into employment with the Company. As of March 31, 2026, there were 0.6 million shares of common stock available for future issuance under the Inducement Plan.

Assumed Plans

As of March 31, 2026, there were no shares reserved for future grants under the legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, 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.

Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the three months ended March 31, 2026:


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2025	5,309,859	$5.54	2.78	$16.3
Granted	2,286,480	$7.36
Exercised	(259,935)	$3.26

Expired	(68,740)	$8.60
Outstanding - March 31, 2026	7,267,664	$6.17	4.90	$7.2
Exercisable - March 31, 2026	4,981,184	$5.62	2.63	$0.0

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.

Stock options value assumptions:


			Three Months Ended
			March 31, 2026
Expected term (in years)			6.5
Risk-free interest rate			4.0%
Expected stock price volatility			81.9%
Expected dividend yield			—%

No stock options were granted during the three months ended March 31, 2025.

As of March 31, 2026, there was $11.8 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over the weighted-average remaining vesting period of 2.8 years.

Restricted Stock Units

Restricted Stock Units ("RSUs") generally vest over three years in equal annual installments beginning on the one-year anniversary of the date of grant, subject to continued service through the vesting date. 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 grantee's requisite service period.

A summary of outstanding RSU awards and the activity for the three months ended March 31, 2026:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2025	13,511,338	$	2.93
Granted	2,898,048	$	7.36
Vested	(6,123,068)	$	2.37
Forfeited	(609,642)	$	2.70
Unvested balance - March 31, 2026	9,676,676	$	4.63

The total fair value of RSUs vested for the three months ended March 31, 2026 was $48.3 million. Of the vested RSUs, 2.3 million shares were surrendered to fulfill tax withholding obligations.

As of March 31, 2026, there was $39.0 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 1.9 years. For the three months ended March 31, 2026 and March 31, 2025, the weighted-average grant date fair value per share of RSUs granted was $7.36 and $3.61, respectively.

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 three months ended March 31, 2026 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, 2025	2,650,000	$	3.36	0.98	$	11.8
Granted	—	$	—
Outstanding - March 31, 2026	2,650,000	$	3.34	0.73	$	6.3
Vested and exercisable at March 31, 2026	—	$	—

SARs fair value for the three months ended March 31, 2026 (in millions).


	Fair Value
Balance at December 31, 2025	$	6.3
Change in fair value of SARs	$	(1.8)
Balance at March 31, 2026	$	4.5

SARs value assumptions:


			Three Months Ended
			March 31, 2026
Expected term (in years)			2.0
Risk-free interest rate			3.7%
Expected stock price volatility			57.3%
Expected dividend yield			—%

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 March 31, 2026, there was $2.6 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):


	Three Months Ended March 31,
	2026		2025

Research and development	$	639	$	324
Selling, general and administrative	$	3,501	$	4,119
Total stock-based compensation expense	$	4,140	$	4,443

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, 2024		149,429,410
Beginning balance at Dec. 31, 2024	$ (29,615)	$ 15	$ 642,256	$ (25)	$ (671,861)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,220)				(9,220)
Exercise stock options (in shares)		1,366,498
Exercise of stock options	$ 4,960		4,960
Shares withheld for tax (in shares)	2,255,124
Vesting of restricted stock units, net of shares withheld for tax (in shares)		3,721,805
Vesting of restricted stock units, net of shares withheld for tax	$ (7,998)	$ 1	(7,999)
Issuance of common stock upon conversion of convertible notes (in shares)		1,045,752
Issuance of common shares in settlement of 2025 Convertible Debt	3,188		3,188
Stock-based compensation	3,557		3,557
Issuance of common shares in settlement of warrants (in shares)		450,585
Ending balance (in shares) at Mar. 31, 2025		156,014,050
Ending balance at Mar. 31, 2025	(35,128)	$ 16	645,962	(25)	(681,081)
Beginning balance (in shares) at Dec. 31, 2025		166,215,410
Beginning balance at Dec. 31, 2025	13,689	$ 17	685,004	(25)	(671,307)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ 2,234				2,234
Exercise stock options (in shares)	259,935	259,935
Exercise of stock options	$ 847		847
Shares withheld for tax (in shares)	2,314,943
Vesting of restricted stock units, net of shares withheld for tax (in shares)		3,808,125
Vesting of restricted stock units, net of shares withheld for tax	$ (17,017)	$ 1	(17,018)
Issuance of common shares in settlement of 2025 Convertible Debt	0
Stock-based compensation	5,924		5,924
Other comprehensive (loss) gain	1			1
Issuance of common shares in settlement of warrants (in shares)		2,275,313
Issuance of common shares in settlement of warrants	7,333		7,333
Ending balance (in shares) at Mar. 31, 2026		172,558,783
Ending balance at Mar. 31, 2026	$ 13,011	$ 18	$ 682,090	$ (24)	$ (669,073)

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Expenses [Abstract]
Accrued employee costs	$ 18,726	$ 24,061
Accrued supply chain costs	1,091	370
Accrued marketing costs	1,527	1,402
Accrued research and development costs	4,139	3,467
Accrued interest expense	1,051	505
Accrued other costs	5,753	3,350
Other accrued liabilities	$ 32,287	$ 33,155

Leases

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, the Company's operating leases had a weighted-average remaining lease term of 9.5 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):


	Three Months Ended March 31,
		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	1,531	$	1,494

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):


	Three Months Ended March 31,
Lease expense		2026		2025
Operating lease expense		$	1,371	$	1,295
Variable lease expense		912		975
Sublease income		(266)		(293)
Total lease expense		$	2,017	$	1,977

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

As of March 31, 2026, maturities of lease liabilities are summarized as follows (in thousands):


2026	$	4,701
2027	6,389
2028	6,549
2029	6,714
2030	6,883
Thereafter	31,844
Total lease payments	63,080
Less: Effect of discounting to net present value	(25,751)
Present value of lease liabilities	$	37,329

Operating lease liabilities, current	6,271
Operating lease liabilities, non-current	31,058
Total operating lease liabilities	$	37,329

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025 (in thousands):


	Total as of March 31, 2026		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	111,750	$	111,750	$	—	$	—




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


	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	$	—	$	—

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 13,547	$ 13,122
Less: accumulated depreciation and amortization	(8,514)	(8,177)
Property and equipment, net	5,033	4,945
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,432	5,325
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	545	545
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,102	946
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	676	514
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,695	$ 5,695

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025	Mar. 05, 2024
Other Commitments [Line Items]
Restricted cash	$ 4,021,000	$ 4,021,000
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

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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
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
Common stock shares issues (in shares)	172,558,783	166,215,410
Common stock shares outstanding (in shares)	172,558,783	166,215,410

Debt - Components of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Long-term debt	$ 233,574
Debt, net of unamortized debt issuance costs	221,224		$ 220,335
Debt, net of unamortized debt issuance costs, non-current portion	221,224		220,335
Interest expense	6,884	$ 7,305
Convertible Debt
Debt Instrument [Line Items]
Long-term debt	33,864		33,894
Less: unamortized debt issuance costs	(566)		(628)
Secured Debt
Debt Instrument [Line Items]
Long-term debt	189,512		188,768
Less: unamortized debt issuance costs	$ (1,586)		$ (1,699)

- 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

Disaggregated Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Disaggregated revenue by product (in thousands):


	Three Months Ended March 31,
		2026		2025
Product revenue:
Recorlev		$	49,768	$	25,530
Gvoke		20,800		20,845
Keveyis		11,886		11,427

Product revenue, net		82,454		57,802
Royalty, contract and other revenue		673		2,317
Total revenue		$	83,127	$	60,119

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Current Fiscal Year End Date	--03-31
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		172,642,055
Entity Central Index Key	0001867096
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Organization and Business	3 Months Ended
Organization and Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Nature of Business Xeris Biopharma Holdings, Inc. ("Xeris," "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 geopolitical and macroeconomic events and conditions.

Basis of Presentation and Summary of Significant Accounting Policies and Estimates	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies and Estimates	Basis of presentation and summary of significant accounting policies and estimates Basis of presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, the accompanying condensed 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. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2026. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. 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 condensed consolidated financial statements include the financial statements of Xeris 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 or services, 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 or services. 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. Such revenue is reported as product revenue, net in the condensed consolidated statements of operations and comprehensive 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 condensed 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 $4.3 million. Concentration of credit risk For the three months ended March 31, 2026, four customers accounted for 98% of the Company's gross product revenue. For the three months ended March 31, 2025, four customers accounted for 97% of the Company's gross product revenue. At March 31, 2026 and December 31, 2025, the same four customers accounted for 99% and 92% of the trade accounts receivable, net, respectively. New accounting pronouncements Adopted accounting standards 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 adopted this standard in the first quarter of 2026 and it did not have an immediate impact on the Company's Financial Statements and related disclosures. 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 January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220). This standard clarifies the effective date of ASU 2024-03 to annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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


		March 31, 2026						December 31, 2025
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(9,900)	$	1,100	$	11,000	$	(9,350)	$	1,650
Definite-lived intangible asset - Recorlev	14	121,000		(36,732)		84,268		121,000		(34,572)		86,428
Total intangible assets		$	132,000	$	(46,632)	$	85,368	$	132,000	$	(43,922)	$	88,078

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of March 31, 2026, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands):


2026	$	7,583
2027	8,643
2028	8,643
2029	8,643
2030	8,643
Thereafter	43,213
Total	$	85,368

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

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


		March 31, 2026						December 31, 2025
	Life (Years)	Gross assets		Accumulated amortization		Net		Gross assets		Accumulated amortization		Net
Definite-lived intangible asset - Keveyis	5	$	11,000	$	(9,900)	$	1,100	$	11,000	$	(9,350)	$	1,650
Definite-lived intangible asset - Recorlev	14	121,000		(36,732)		84,268		121,000		(34,572)		86,428
Total intangible assets		$	132,000	$	(46,632)	$	85,368	$	132,000	$	(43,922)	$	88,078

As of March 31, 2026, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands):


2026	$	7,583
2027	8,643
2028	8,643
2029	8,643
2030	8,643
Thereafter	43,213
Total	$	85,368

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

Warrants

3 Months Ended

Mar. 31, 2025

Warrants [Abstract]

Warrants

As of March 31, 2026, 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 Hayfin Amended and Restated Credit Agreement	263,158	$2.280	March 2029
	389,157

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.

Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Disaggregated Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 83,127	$ 60,119
Product revenue, net
Disaggregation of Revenue [Line Items]
Product revenue, net	82,454	57,802
Royalty, contract and other revenue
Disaggregation of Revenue [Line Items]
Product revenue, net	673	2,317
Recorlev
Disaggregation of Revenue [Line Items]
Product revenue, net	49,768	25,530
Gvoke
Disaggregation of Revenue [Line Items]
Product revenue, net	20,800	20,845
Keveyis
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 11,886	$ 11,427

- 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

Debt - Narrative (Details)			2 Months Ended	3 Months Ended
Debt - Narrative (Details)	Mar. 05, 2024 USD ($)	Sep. 29, 2023 USD ($)	Apr. 30, 2025 USD ($) shares	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 05, 2028	Mar. 05, 2027	Mar. 05, 2026	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Long-term debt, net of unamortized debt issuance costs				$ 221,224,000					$ 220,335,000
Interest expense				(6,884,000)	$ (7,305,000)
Amortization of debt discount and debt issuance costs				889,000	$ 844,000
2025 Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Issuance of common stock upon conversion of convertible notes (in shares) \| shares			4,978,151
Principal amount of convertible notes converted			$ 15,200,000
Extinguishment of convertible note		$ 32,000,000.0
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 unamortized debt issuance costs				33,600,000
Effective interest rate	8.90%
Fair value				$ 69,000,000.0
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]
Prepayment fee percentage								5.00%
Hayfin 2029 Loans \| Secured Debt \| Forecast
Debt Instrument [Line Items]
Prepayment fee percentage						0.00%	3.00%
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%

Statements of Stockholders' Equity (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) [Abstract]
Shares withheld for tax (in shares)	2,314,943	2,255,124

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	March 31, 2026		December 31, 2025

Lab equipment	$	5,432	$	5,325
Furniture and fixtures	545		545
Computer equipment	1,102		946
Office equipment	97		97
Software	676		514
Leasehold improvements	5,695		5,695
Total property and equipment	13,547		13,122
Less: accumulated depreciation and amortization	(8,514)		(8,177)
Property and equipment, net	$	5,033	$	4,945

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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


	March 31, 2026		December 31, 2025

Convertible senior notes	$	33,864	$	33,894
Less: unamortized debt issuance costs	(566)		(628)
Loan agreement	189,512		188,768
Less: unamortized debt issuance costs	(1,586)		(1,699)
Debt, net of unamortized debt issuance costs	$	221,224	$	220,335

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

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

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


	March 31, 2026		December 31, 2025

Convertible senior notes	$	33,864	$	33,894
Less: unamortized debt issuance costs	(566)		(628)
Loan agreement	189,512		188,768
Less: unamortized debt issuance costs	(1,586)		(1,699)
Debt, net of unamortized debt issuance costs	$	221,224	$	220,335

Convertible Senior Notes

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

In March and April of 2025, holders of all outstanding 2025 Convertible 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 March 31, 2026, 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 March 31, 2026, the fair value of the 2028 Convertible Notes was approximately $69.0 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 March 31, 2026, 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 three months ended March 31, 2026 and 2025, the Company recognized interest expense of $6.9 million and $7.3 million, respectively, of which $0.9 million and $0.8 million, respectively, related to the amortization of debt discount and issuance costs, respectively.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
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 March 31, 2026, 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 On February 26, 2026 and March 20, 2026, the Company’s wholly owned subsidiaries, Xeris Pharmaceuticals, Inc. and Strongbridge Dublin Limited, filed patent infringement lawsuits under the Hatch-Waxman Act in the United States District Court for the District of New Jersey against defendants (i) Torrent Pharmaceuticals Limited (along with its affiliate, "Torrent") and Somerset Therapeutics, LLC (along with its affiliates, "Somerset"), and (ii) Sandoz Inc. (along with its affiliates, "Sandoz") and Zydus Lifesciences Global FZZE (along with its affiliates, "Zydus"), respectively (each, an "ANDA Filer"). These lawsuits were filed following receipt of a Paragraph IV certification notice letter (each, a "Notice Letter") from each Torrent, Somerset, Sandoz, and Zydus regarding their respective filing of an Abbreviated New Drug Application ("ANDA") with the U.S. Food and Drug Administration ("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®, which are scheduled to expire in March 2040 (U.S. Patent Nos. 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. Collectively, the complaints allege that, by filing the ANDAs, each of Torrent, Somerset, Sandoz, and Zydus has infringed the Orange Book patents for Recorlev® that each defendant included in its respective Paragraph IV certification. The complaints further seek: (a) an injunction preventing the FDA from granting final approval of the ANDA before the expiration of the asserted patents; and (b) a permanent injunction to prevent each of the defendants 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 each 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 March 31, 2026, 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.

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory [Line Items]

Schedule of Inventory

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


	March 31, 2026		December 31, 2025

Raw materials	$	43,401	$	38,010
Work in process	14,209		11,295
Finished goods	16,624		19,368
Inventory, net	$	74,234	$	68,673

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cash flows from operating activities:

Net income (loss)

$ 2,234

$ (9,220)

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

Depreciation

337

315

Amortization of intangible assets

2,710

Amortization of debt discount and debt issuance costs

889

844

Amortization of operating right-of-use assets

163

118

Stock-based compensation

4,140

4,443

Changes in operating assets and liabilities:

Trade accounts receivable

(5,245)

(5,915)

Prepaid expenses and other current assets

145

1,533

Inventory

851

(3,617)

Accounts payable

4,250

4,062

Other accrued liabilities

(1,497)

(8,581)

Accrued trade discounts and rebates

6,256

1,650

Accrued returns reserve

(246)

622

Operating lease liabilities

(434)

(352)

Other

(4,683)

1,357

Net cash provided by (used in) operating activities

9,870

(10,031)

Cash flows from investing activities:

Capital expenditures

(325)

(13)

Net cash used in investing activities

(325)

(13)

Cash flows from financing activities:

Proceeds from exercise of stock options

847

4,861

Proceeds from Issuance of Warrants

7,333

Repurchase of common stock withheld for taxes

(17,017)

(7,998)

Net cash used in financing activities

(8,837)

(3,137)

Net increase (decrease) in cash, cash equivalents, and restricted cash

708

(13,181)

Cash, cash equivalents and restricted cash, beginning of year

115,063

75,744

Cash, cash equivalents and restricted cash, end of quarter

115,771

62,563

Supplemental schedule of cash flow information(1):

Cash paid for interest

5,345

Supplemental schedule of non-cash activities:

Issuance of common shares in settlement of 2025 Convertible Debt

3,188

Exercise of stock options

Cash flows from operating activities:

Cash and cash equivalents

111,750

58,440

Restricted cash included in Other assets (1)

^[1]

4,021

4,123

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

$ 115,771

$ 62,563

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

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 9,100	$ 7,600

Other Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Accrued Expenses [Abstract]

Other Accrued Liabilities

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


	March 31, 2026		December 31, 2025
Accrued employee costs	$	18,726	$	24,061
Accrued interest expense	1,051		505
Accrued supply chain costs	1,091		370
Accrued marketing costs	1,527		1,402

Accrued research and development costs	4,139		3,467
Accrued other costs	5,753		3,350
Other accrued liabilities	$	32,287	$	33,155

Stock Compensation Plan - Restricted Stock Units Activity (Details) - Restricted stock units - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	13,511,338
Granted (in shares)	2,898,048
Vested (in shares)	(6,123,068)
Forfeited (in shares)	(609,642)
Ending balance (in shares)	9,676,676
Beginning balance (in USD per share)	$ 2.93
Granted (in USD per share)	7.36	$ 3.61
Vested (in USD per share)	2.37
Forfeited (in USD per share)	2.70
Ending balance (in USD per share)	$ 4.63

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Cost

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


	Three Months Ended March 31,
		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	1,531	$	1,494

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


	Three Months Ended March 31,
Lease expense		2026		2025
Operating lease expense		$	1,371	$	1,295
Variable lease expense		912		975
Sublease income		(266)		(293)
Total lease expense		$	2,017	$	1,977

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 March 31, 2026, maturities of lease liabilities are summarized as follows (in thousands):


2026	$	4,701
2027	6,389
2028	6,549
2029	6,714
2030	6,883
Thereafter	31,844
Total lease payments	63,080
Less: Effect of discounting to net present value	(25,751)
Present value of lease liabilities	$	37,329

Operating lease liabilities, current	6,271
Operating lease liabilities, non-current	31,058
Total operating lease liabilities	$	37,329

Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 111,750	$ 111,042
Restricted cash	4,021	4,021
Cash and cash equivalents	111,750	111,042	$ 58,440
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
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

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory [Line Items]
Raw materials	$ 43,401	$ 38,010
Work in process	14,209	11,295
Finished goods	16,624	19,368
Inventory, net	$ 74,234	$ 68,673

Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), including those for interim financial information, and with the instructions for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X issued by the U.S. Securities and Exchange Commission (the "SEC"). In the opinion of management, the accompanying condensed 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. The accompanying financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2025 included in the Company's Annual Report on Form 10-K filed with the SEC on March 2, 2026. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. 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	Basis of consolidation These condensed consolidated financial statements include the financial statements of Xeris and its subsidiaries. All intercompany transactions have been eliminated.
Use of estimates	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 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. 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 or services, 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 or services. 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. Such revenue is reported as product revenue, net in the condensed consolidated statements of operations and comprehensive 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 condensed 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 $4.3 million.
New accounting pronouncements	New accounting pronouncements Adopted accounting standards 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 adopted this standard in the first quarter of 2026 and it did not have an immediate impact on the Company's Financial Statements and related disclosures. 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 January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Topic 220). This standard clarifies the effective date of ASU 2024-03 to annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is evaluating the timing and effects of the adoption of this standard on the Company's disclosures.
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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: 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 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

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.

The following tables present the Company's fair value hierarchy for those assets and liabilities measured at fair value as of March 31, 2026 and December 31, 2025 (in thousands):


	Total as of March 31, 2026		Level 1		Level 2		Level 3

Assets
Cash and cash equivalents:
Cash and money market funds	$	111,750	$	111,750	$	—	$	—




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


	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	$	—	$	—

- 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

Stock Compensation Plan (Tables)

3 Months Ended

Mar. 31, 2026

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 three months ended March 31, 2026:


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2025	5,309,859	$5.54	2.78	$16.3
Granted	2,286,480	$7.36
Exercised	(259,935)	$3.26

Expired	(68,740)	$8.60
Outstanding - March 31, 2026	7,267,664	$6.17	4.90	$7.2
Exercisable - March 31, 2026	4,981,184	$5.62	2.63	$0.0

SARs activity under the 2018 Plan for the three months ended March 31, 2026 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, 2025	2,650,000	$	3.36	0.98	$	11.8
Granted	—	$	—
Outstanding - March 31, 2026	2,650,000	$	3.34	0.73	$	6.3
Vested and exercisable at March 31, 2026	—	$	—

SARs fair value for the three months ended March 31, 2026 (in millions).


	Fair Value
Balance at December 31, 2025	$	6.3
Change in fair value of SARs	$	(1.8)
Balance at March 31, 2026	$	4.5

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

Stock options value assumptions:


			Three Months Ended
			March 31, 2026
Expected term (in years)			6.5
Risk-free interest rate			4.0%
Expected stock price volatility			81.9%
Expected dividend yield			—%

Schedule of Nonvested Restricted Stock Units Activity

A summary of outstanding RSU awards and the activity for the three months ended March 31, 2026:


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2025	13,511,338	$	2.93
Granted	2,898,048	$	7.36
Vested	(6,123,068)	$	2.37
Forfeited	(609,642)	$	2.70
Unvested balance - March 31, 2026	9,676,676	$	4.63

Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions

SARs value assumptions:


			Three Months Ended
			March 31, 2026
Expected term (in years)			2.0
Risk-free interest rate			3.7%
Expected stock price volatility			57.3%
Expected dividend yield			—%

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):


	Three Months Ended March 31,
	2026		2025

Research and development	$	639	$	324
Selling, general and administrative	$	3,501	$	4,119
Total stock-based compensation expense	$	4,140	$	4,443

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026	$ 4,701
2027	6,389
2028	6,549
2029	6,714
2030	6,883
Thereafter	31,844
Total lease payments	63,080
Less: Effect of discounting to net present value	(25,751)
Present value of lease liabilities	37,329
Current operating lease liabilities	6,271	$ 6,232
Non-current operating lease liabilities	31,058	$ 31,531
Operating lease liability	$ 37,329

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

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):


	Three Months Ended March 31,
		2026		2025
Numerator (basic and diluted):
Net income (loss)		$	2,234	$	(9,220)
Denominator:
Weighted-average shares outstanding for basic net income (loss) per share		170,523,208		152,445,935
Effect of dilutive securities:
Stock options		1,573,642		—
RSUs		5,035,270		—
Warrants		499,034		—
Weighted-average shares outstanding for diluted net income (loss) per share		177,631,154		152,445,935

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:


	Three Months Ended March 31,
		2026	2025
Shares to be issued upon conversion of Convertible Notes		10,971,895	14,893,464
Stock Options		—	7,439,735
Restricted stock units (RSUs)		—	15,128,261
Warrants		—	5,758,536
Total anti-dilutive securities excluded from EPS computation		10,971,895	43,219,996

Organization and Business - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Accumulated deficit	$ 669,073	$ 671,307

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Warrants [Abstract]

Schedule of Stockholders' Equity Note, Warrants or Rights

As of March 31, 2026, 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 Hayfin Amended and Restated Credit Agreement	263,158	$2.280	March 2029
	389,157

Stock Compensation Plan - Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2026
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 6 months
Risk-free interest rate	4.00%
Expected stock price volatility	81.90%
Expected dividend yield	0.00%
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years
Risk-free interest rate	3.70%
Expected stock price volatility	57.30%
Expected dividend yield	0.00%

- 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 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Property and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment

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


	March 31, 2026		December 31, 2025

Lab equipment	$	5,432	$	5,325
Furniture and fixtures	545		545
Computer equipment	1,102		946
Office equipment	97		97
Software	676		514
Leasehold improvements	5,695		5,695
Total property and equipment	13,547		13,122
Less: accumulated depreciation and amortization	(8,514)		(8,177)
Property and equipment, net	$	5,033	$	4,945

Depreciation and amortization expense relating to property and equipment was $0.3 million for the three months ended March 31, 2026 and 2025.

Segment Reporting (Details)	3 Months Ended
Segment Reporting (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Stock Compensation Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,140	$ 4,443
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	639	324
Selling, General and Administrative Expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,501	$ 4,119

Net Loss Per Common Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	10,971,895	43,219,996
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	0	7,439,735
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	15,128,261
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities excluded from EPS computation (in shares)	0	5,758,536
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)	10,971,895	14,893,464

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000	$ 132,000
Accumulated amortization	(46,632)	(43,922)
Finite-Lived Intangible Assets, Net, Total	$ 85,368	88,078
Developed Technology Rights - Keveyis
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000	11,000
Accumulated amortization	(9,900)	(9,350)
Finite-Lived Intangible Assets, Net, Total	$ 1,100	1,650
Developed Technology Rights - Recorlev
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000	121,000
Accumulated amortization	(36,732)	(34,572)
Finite-Lived Intangible Assets, Net, Total	$ 84,268	$ 86,428

- 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

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

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Property, Plant and Equipment

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


	March 31, 2026		December 31, 2025

Lab equipment	$	5,432	$	5,325
Furniture and fixtures	545		545
Computer equipment	1,102		946
Office equipment	97		97
Software	676		514
Leasehold improvements	5,695		5,695
Total property and equipment	13,547		13,122
Less: accumulated depreciation and amortization	(8,514)		(8,177)
Property and equipment, net	$	5,033	$	4,945