Xeris at Jefferies Conference: Strategic Growth and Future Prospects

Xeris Biopharma (NASDAQ:XERS) presented a comprehensive business overview on Wednesday, 04 June 2025, at the Jefferies Global Healthcare Conference 2025. The management team, led by CEO John Shannon and CFO Steve Piper, highlighted the company’s robust growth trajectory, driven by its commercial products and promising pipeline. While the company reported consistent revenue growth and a positive EBITDA outlook, it also addressed challenges related to market expectations and competition.

Key Takeaways

• Xeris Biopharma has achieved 13-14 consecutive quarters of over 20% growth.
• The company forecasts $268 million in revenue for the current year, a 32% increase from the previous year.
• Long-term goals include $750 million in total revenue by 2030 and $1 billion in Recorlev revenue by 2035.
• Recorlev is a key growth driver, with significant potential in the hypercortisolemia market.
• XP 8121, targeting hypothyroid treatment, is expected to begin Phase III trials in 2026.

Financial Results

• Xeris Biopharma guided for $260-275 million in revenue for the current year, with a midpoint of $268 million.
• This represents a 32% growth rate compared to the previous year.
• The company has reached an adjusted EBITDA positive status and plans to maintain it.
• Long-term revenue targets include $750 million by 2030 and $1 billion in Recorlev revenue by 2035.

Operational Updates

• Recorlev is the primary growth engine, with efforts to expand its market in hypercortisolemia.
• The company is educating clinicians on the importance of cortisol level testing in conditions like resistant diabetes and hypertension.
• Xeris is working to increase Gvoke’s market penetration among the 15 million people who need a rescue medication for diabetes.

Future Outlook

• Xeris Biopharma is at a pivotal point with significant growth opportunities.
• Recorlev is expected to be a major growth driver, with its unique mechanism of action providing a competitive edge.
• XP 8121, with a market launch anticipated in 2030, represents a potential $1-3 billion sales opportunity.
• The Phase III trial for XP 8121 will involve approximately 1,000 patients, starting in 2026.

Q&A Highlights

• The market’s underestimation of Recorlev’s potential was discussed, with Xeris highlighting its unique advantages.
• Increased competition in the Cushing’s market is seen as beneficial, raising awareness and testing.
• XP 8121 addresses an unmet need in hypothyroid treatment, offering a more consistent administration route.

In conclusion, Xeris Biopharma’s presentation underscored its strategic growth plans and commitment to addressing unmet medical needs. Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - Jefferies Global Healthcare Conference 2025:

Dennis Ding, Biotech Analyst, Jefferies: Health care conference day one. My name is Dennis Ding. I’m the biotech analyst here at Jefferies. I have the pleasure of having Xeris Biopharma here. We have CEO John Shannon as well as CFO Steve Piper here.

Welcome.

John Shannon, CEO, Xeris Biopharma: Thank you. Welcome.

Steve Piper, CFO, Xeris Biopharma: Yes, thanks for having us.

Dennis Ding, Biotech Analyst, Jefferies: So maybe to kick things off, just level set us in terms of where you are as a company and maybe talk also about the progress you have made over the last couple of years in terms of base business and how you’re thinking about the pipeline? Just kind of broad strokes would be a great place to start.

John Shannon, CEO, Xeris Biopharma: Yes. I’ll do that, Steve. So thanks for having us. So Zerus Biopharma is, quite honestly, a unique biopharma company. We have three great commercial products already on the market.

We have Gvoke, which is a potentially lifesaving rescue med for for people with diabetes. We have KEVEYIS, which is for, period primary periodic paralysis and, an ultra rare condition, and then Recorlev, which is for hyperchortisolemia and Cushing syndrome. And those three products has allowed us to really build this company over the last couple of years and especially in the last year. We’ve been delivering thirteen, fourteen quarters in a row of 20 plus percent growth. And we see that going forward and continuing into the forward.

We guided this year with our commercial products to $268,000,000 at the midpoint. That’s a 32 percent growth rate over last year. So very solid growth, very much led by Recorlev as our biggest growth engine. And we also hit another milestone, last year, which was adjusted EBITDA positive. So we’re pretty much and we’ve said we’ll continue to stay adjusted EBITDA positive going forward, which has really set us up nicely for self funding, and being able to not only fund our growth, but also our future pipeline.

So that’s in a nutshell. And, you know, yesterday was a we we launched in our first ever analyst and investor day, which anybody who hears us can go back and, look at that. It’s, it’s still available to look at. But the reason we did that was because we’re at a turning point. And we’re at a point where we’re really looking forward into the future and the amount of value we can create with specifically with Recorlev and XP $8,001.21, which is our Phase III ready asset is really where we set ourselves up for going into the future.

Dennis Ding, Biotech Analyst, Jefferies: Great. And maybe if you kind of rewind to yesterday and the analyst event, you guys provided some long term guidance. So remind us what those targets are and what drove the company’s decision to put that out this year or yesterday rather than holding that having that optionality a little bit later down the road.

Steve Piper, CFO, Xeris Biopharma: Yes. So as John mentioned, we were kind of at this inflection point. We’re turning a corner certainly financially. And the opportunities ahead of our business are pretty transformative. And so we felt like now was the right time to set some longer term goals for the company that we’re confident that we can achieve.

So I’ll reiterate our guidance for this year, dollars $260,000,000 to $275,000,000 in total revenue, guiding to $750,000,000 in total revenue by 02/1930. And that includes contributions from all of our current products. So this is within our control. And then longer term beyond that, what we’ve guided to is getting to $1,000,000,000 in net revenue for RECORLEV by 02/1935. And then we estimate that 8121 will our pipeline product, our Phase III ready product will generate 1,000,000,000 to $3,000,000,000 in net peak sales opportunity in that same timeframe.

So certainly on a pretty exciting path that as we look beyond the next five to ten years for the business.

Dennis Ding, Biotech Analyst, Jefferies: Sure. When you look at consensus in 2030 and 02/1935, they’re sort of well below some of the targets that you put out there. So I’m just wondering, when you speak to investors, like what is your sense in terms of the disconnect that is out there between your guys’ messaging and what they understand to be the opportunity over the next five to ten years?

John Shannon, CEO, Xeris Biopharma: I think that disconnect really is related to RECORLEV and opportunity that product has in the marketplace. And that’s one of the reasons why we wanted to put some longer term guidance out there for RECORLEV is as we’ve seen this market emerge, it’s a massive market opportunity that’s just emerging. And looking at hyperchortisoemia and the impact it’s playing on a lot of different things, including Cushing syndrome. So and we started to see this about a year or so ago. We started to expand into it last year, and we see it as accelerating in terms of the opportunity to go after this big marketplace.

Because with RECORLEV, we really do think we have the right product at the right time. Nobody had us, ourselves when we started with this product three years ago, saw this opportunity as big as it is today. And so that was an important aspect is to be able to get that out, help people understand that, and and show how, you know, how we can continue to drive that. So, yeah, that that would if you add in where Recorlev is going to where people had, you would see us as certainly gonna be a much bigger company in by 2035 than the consensus.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And from a competitive standpoint, I mean, you guys are not the only ones in Cushing’s, right? So can you talk about the differentiation of Recortlev, how it stacks up relative to some of the other players in the market?

John Shannon, CEO, Xeris Biopharma: Yeah. So again, this market is expanding dramatically. And I would encourage anybody to go to and view our the replay of our Investor Day because it was not only you’ll hear from us, but you’ll also hear from an expert in the in the in the marketplace in endocrinology talking about how this market’s evolving and where Recorlov plays in it. So, again, like I said, what we’re finding in the marketplace is clinicians are understanding when they have a resistant, situation like diabetes, resistant diabetes, where insulin is not working or they’re using so much insulin. If you go back and test in those people and you look for cortisol, and you you will find in a lot of cases, elevated cortisol.

And this is the same for resistant diabetes, resistant obesity, resistant hypertension. All of these areas where the drugs that you’re using, should be working, but they’re not. So you go in and you start looking. So there’s lots and lots of testing going on right now in the marketplace for cortisol, looking for this cortisol as the culprit. And as that’s happening, the first objective for clinicians is to is to go after the source and normalize that cortisol and normalize it in the best way you can because cortisol is still a very important hormone.

So so, from that perspective, you know, clinicians will look to screen the patients and look for a tumor somewhere. They’ll try to remove that. If they can and they don’t and everything’s good, great. If not, they need they need a pharmacological agent, then they look to the agents we have in the marketplace. And and this is where Recorlev comes in.

I think Recorlev does the best job at if you wanna go after the synthesis of core of cortisol, the smoothest, easiest way to do that is with Recorlev, and it and it seems to be, certainly catching on with clinicians to be able to to be able to, solve the problem and and slow down the synthesis of of cortisol, getting it back into normal range, in a quick manner. So, and that’s where we play. So, yeah, there are other products that are doing very well because of all the market opportunity that’s going on in this space. They work differently than Recorlev, and there’s a place for all of them. So but we we we think we have the the right product right now at the right time to really capitalize on the movement in the marketplace.

Dennis Ding, Biotech Analyst, Jefferies: Right. So if a doctor has a new patient who just got diagnosed with Cushing’s, what is that doctor’s decision tree in terms of figuring out which drug to put that patient on first? How does that work?

John Shannon, CEO, Xeris Biopharma: Yeah, think most of the time they go look for the source and they they try to take that on. The second thing they do then is is look at the different options that they have. And and that’s where we come in and where we talk to them about is if you’re looking to normalize that cortisol and and block the synthesis of cortisol, the production of cortisol, then we are the best agent in that choice based on our mechanism of action. So and and that’s how we position Recorlev with them. So and I don’t at least half of our patients are new to therapy.

Some come switching over from other agents, the other half from different agents depending on what was or wasn’t working for people. So we get, you know, a little bit from all. But, you know, the the first point is that they’re they have a they have they have too much production of cortisol.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And then in terms of clinical efficacy, how does Recorlev compare with some of the other agents? Like I appreciate that you will normalize cortisol. That’s a biomarker, but I’m just wondering in terms of how patients feel, the diabetes, the hypertension, and things like that, or some of the other symptoms of Cushing’s, how does Recortlev look relative to others, and if that influences a doctor’s decision to put somebody on Recortlev relative to some of the others?

John Shannon, CEO, Xeris Biopharma: I think they all look similar in terms of of addressing the under the comorbidities. Mhmm. And in terms of, you know, time to normalizing, that’s not really what the clinician’s looking. They’re looking for a smooth transition to normalizing cortisol, and that’s very it’s very subjective in that respect. So you you don’t if you go too fast, you’ll get cortisol withdrawal, very simply.

That’s not good. If you take out all the cortisol, that’s not good in some cases. So so so so trying to do it in a way that’s smooth and and and and slows it down as opposed to just slamming on the brakes and stopping is probably the best effort. And that’s kind of where we fit and we mechanistically, we we look like we would do that the best. Mhmm.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And what about things like being able to manage the dose and having the flexibility to toggle the dose? You know, we’ve heard from from some physicians that that’s kind of an important element. Do you think that is something that you guys are actively marketing, around Recorlev?

John Shannon, CEO, Xeris Biopharma: Doctor. Yeah. The movement out there by clinicians is straightforward. Start low and go slow in terms of the titration on these doses because you really again, it gets back to the point I was trying to make about trying to slow it down, smooth it, do it slowly. And that’s what we see in the marketplace and how they treat.

Dennis Ding, Biotech Analyst, Jefferies: Okay. Now, there’s going to be a new therapy in Cushing’s by the end of the year by a competitor. Talk about, are you kind of do you feel like that would put you on defense or do you think you still remain on the offensive and take more share even with the new entrant? Maybe talk about just your thoughts on that compound and some of your puts and takes on that.

John Shannon, CEO, Xeris Biopharma: Yeah. It won’t put us on the defense. I think more players in this marketplace is good and important. Having more people talking about testing and and watching and looking for cortisol as a problem is a good thing. There is another product that is under review that maybe get approved by the end of the year.

But that one is for what I based on what I know is is, again, it’s a receptor blocker. So that’s out in the tissue blocking cortisol. It’s not really going after the underlying cause of slowing it down to synthesis. So so it’ll be, you know, it’ll be an important asset in the in in the in for physicians in order to to treat some of these patients. But from from our perspective, I don’t really see it as a a big concern and more as an opportunity to create more noise in the marketplace, which is good.

Dennis Ding, Biotech Analyst, Jefferies: Okay. Yeah. And it gives you an opportunity to capture to slot yourself in there if they are kind of eligible for a switch. Mhmm. Potentially.

Okay. So outside of of Recoriliv, remind us the other two assets that you have that are commercial. How those two drugs play into your 2030 product revenue guidance?

Steve Piper, CFO, Xeris Biopharma: Yes. So we have we so in our 2030 revenue guidance, it does include contributions from both Gvoke as well as KEVEYIS. Mhmm. We still expect significant contributions from those products collectively, more so obviously from from Gvoke. But, yes, we still expect, you know, Gvoke in particular to continue to grow into the future.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And what is exactly driving that growth? You know, can you just comment on any kind of industry sort of tailwinds or trends that, you know, that that Gvoke could be benefiting from?

John Shannon, CEO, Xeris Biopharma: Yeah. So so g Gvoke’s a great story. This is a, you know, a rescue med for people with diabetes. So if you go low on insulin, if you go too low, it’ll kill you. So g voke is is there as a protector.

And our focus in this space is to protect the more than 15,000,000 people out there that, based on the medical guidelines, should have a rescue med just in case, but don’t. Only about a million of those people do. So the job there is to get to the medical community and and educate them about the medical guidelines and then also get them more compliant with those medical guidelines. And that’s that’s a that’s a pretty big job. But the opportunity is tremendous to get this out into the hands of these patients.

And it’s an important job for us to make sure people know that they could have a product. Hopefully, they never need it, but they should have it. They deserve to have it to just to be protected in case. So we you know, we’re we’ll continue to work on that. We it it you know, there’s long term growth there, but it takes time and it’s and it’s and it’s a lot of, you know, lifting to get the the medical community on board.

Not on board. It’s easy just to get them to remember to do it, really.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And remind us the competitive landscape, you know, in the glucagon sort of arena. Is it just Gvoke and there are others?

John Shannon, CEO, Xeris Biopharma: There’s, there are two other, what I would call, ready to use rescues. There’s the there’s the traditional, emergency kits which are still out there, and they still have a little bit of market share. And then there’s two other players. There’s nasal, and a, another analog of glucagon out there. But it it this is not a competitive be competitive type mode.

Our number one objective is to just get everybody, all those 15,000,000 people, to have a ready to use product, and and that’s that’s really the focus is. I’m I’m not trying to get grab share from somewhere else. There’s way more opportunity in the people that don’t have something than there are other people that do.

Dennis Ding, Biotech Analyst, Jefferies: Okay. But where’s the 15,000,000 people from?

John Shannon, CEO, Xeris Biopharma: Insulin, sulfonylureas

Dennis Ding, Biotech Analyst, Jefferies: Okay. All of them. Medication. Yeah. Okay.

And by your estimate, like, how many of those or, like, proportion of them actually have a glucagon rescue sort of option?

John Shannon, CEO, Xeris Biopharma: We estimate about a million, maybe a little bit less.

Dennis Ding, Biotech Analyst, Jefferies: Okay. So there’s still a ton of room. Yeah. So, like, how do you penetrate you know, how do you grow that overall penetration? Is it just through education or time?

John Shannon, CEO, Xeris Biopharma: Like Yeah. You get you get in the office with the clinician and say, you know and this is what happens a lot of times. We see the doctor and they they go, yeah. I agree. And they the next three patients that they see that day get a rescue med and then they forget tomorrow.

So it’s a constant reminder of this is what you should be doing. It’s you know, it and, you know, again, them understand. In some cases, when you move out to primary care, they don’t know the guidelines as much. So, you know, education there and then just kind of also trying to help them. How do you adjust your practices within the office to make sure people are protected?

Things like that.

Dennis Ding, Biotech Analyst, Jefferies: Is there a concentration of these prescribers either in the PCP setting or in the endocrinologist?

John Shannon, CEO, Xeris Biopharma: They’re primarily endocrinology for sure. I like to call them primary care that are high diabetology. A lot of practices can have a lot of diabetes patients. Great places to go. A clinician might see six or seven patients that day, all on insulin.

So those places are very much the key places that you want to spend the most time on, that’s kind of how we’re designed and set up to do that.

Dennis Ding, Biotech Analyst, Jefferies: Okay. So it seems like there are a lot of education efforts that need to take place over the next several years. Is glucagon rescue therapy in the diabetes guidelines at all? Like could that help with the education component of it?

John Shannon, CEO, Xeris Biopharma: Yeah. The guidelines are really clear there. It says that you should have all the guidelines, endo, ADA, and ACE, and they’re all the same. They basically say, if you’re on insulin or safoniris for example, you should have one just in case. You should have a rescue plan.

You should have a rescue med. You should have a ready to use rescue.

Dennis Ding, Biotech Analyst, Jefferies: Okay. Yeah, there just seems to be a very large disconnect there. If it’s in guidelines, if it makes sense to have a rescue medication, there’s a, you know, yet there’s only a million of these fifty million patients with one of these rescue options. So, there just seems to be a lot of work left to be done to actually grow that penetration.

John Shannon, CEO, Xeris Biopharma: We agree. So,

Dennis Ding, Biotech Analyst, Jefferies: have about ten minutes left. Maybe we can talk about the pipeline. I mean, you guys had a great segment yesterday VEL XP eight thousand one twenty one in hypothyroid. So, just remind us of where you are, the Phase II data that you guys had, and just sort of the timelines moving forward and when you expect that to be on the market.

John Shannon, CEO, Xeris Biopharma: Yeah. I’ll give my same commercial. Go go and see the the webcast of yesterday because you’ll see not only from the experts two experts on thyroid, but also our our clinical team and and our commercial leader on that product. This is an exciting opportunity for us with XP 08/2021. There’s really been no innovation at all in the thyroid space for more than fifty years.

And we’ll be the first one to really come out into the marketplace with clinical data and clinical information on and going after and this is really important. A very important unmet medical need in this space. This is a large market. There’s 20 people that are on daily oral thyroid replacement. But there’s a lot of them, and you’ll see the ranges in the data.

But that we estimate that there’s at least twenty percent of them. So call it three to five million that today cannot be in range or in control, consistent control, because of the route of administration, oral. So this is really important because this is a narrow therapeutic window kind of treatment. And it’s important that you are getting the right absorption. And it just can’t be achieved in the gut.

And it could be you have certain things like celiac disease or other things. Or you’re on proton pump inhibitors. Or you’re on over the counter kind of antacids and things like that. So it’s it’s this is this is really important that you get back into control. And here’s the thing that we learned, and you’ll hear this in the in the from the from the experts.

It’s a real problem for clinicians as well to manage these patients. You’re constantly testing and adjusting doses, and you just get it right, and then all of sudden you’re overdosing, and then you’re under dosing. So they’re constantly managing this as a really challenge. And then they start referring them over to endocrinology. And endocrinology is really busy these days.

So there’s no room for these patients to be treated. So to have a once weekly sub q that normalizes and delivers the dose in a way that people can get in control and stay in control is a real, real opportunity. And we gave out some guidance yesterday that we think once approved that this could be a $1 to $3,000,000,000 market opportunity. And and we’re excited about that. And so we’ll begin the clinical the phase three.

We’ve done phase one, phase two with this. We’ve demonstrated that we’ve got the right dose. We’ve demonstrated the safety and efficacy of this the agent here, is levothyroxine, is well documented for years. But this will be the first time we actually create, anybody creates real clinical data, biomarkers and things like that in trial. So we want to make sure that we deliver a robust amount of data so that we can truly go after this unmet medical need in the marketplace.

Dennis Ding, Biotech Analyst, Jefferies: Remind us the phase two data.

John Shannon, CEO, Xeris Biopharma: The phase two data we were able to show that we could take people we take people that were normalized and then we would unnormalize them and then bring them back with a once weekly. And we were able to do that pretty consistently with 40% less drug So that was really what the proof point that we were looking to get and so was the agency so that we could, you know, move forward and make sure we had the right dose going into the phase three trial.

Dennis Ding, Biotech Analyst, Jefferies: Was that a placebo controlled trial? Was that single arm?

John Shannon, CEO, Xeris Biopharma: No. They were they were control they were in control. One of the reasons it was so hard to do the study is because we had an extremely high dropout rate a screen failure rate, sorry, of people that, you know, they thought they were in control, then we start to we go and test them, and they’re not. So they had to be in control on a daily oral. We took them out of control, and then we brought them back into control with it once weekly.

Dennis Ding, Biotech Analyst, Jefferies: Got it.

John Shannon, CEO, Xeris Biopharma: And that was really the proof point for moving forward.

Dennis Ding, Biotech Analyst, Jefferies: Okay. And as we move into phase three, I believe it’s supposed to start next year. Is that right? Can you talk a little bit about the clinical trial design, the primary endpoint, how you guys will be evaluating that and when you think the data will read out?

John Shannon, CEO, Xeris Biopharma: Yeah. Go to the website webcast again. Allison’s going, good job, John. You know, yeah. So what we said in there is we this is going to be about a thousand patient trial.

It will our first we’ll start it next year in ’twenty six. And we’ll have it done by ’twenty eight, maybe some readouts in between. We haven’t really discussed that, but people were asking about that. And then then looking at our approval by ’30 and we put numbers out there that for sure we thought we could you know either you know meet or beat in terms of our expectations out there because until we get in enrolling on this, it’ll be interesting. The primary endpoint is at one year.

There’s a number of endpoints in there. We didn’t disclose them all, but that’s one of the main ones. Because what we wanted to do is reassure that we had an endpoint that would for certain get us regulatory approval and then have a bunch of stuff around there that would really help us create a pretty dynamic label in that respect. So what else can we build in there from a clinical standpoint?

Dennis Ding, Biotech Analyst, Jefferies: So can you clarify your comments around some of the, you know, you made a comment around interim readouts. You know, what does that mean exactly?

John Shannon, CEO, Xeris Biopharma: I I don’t I don’t know other than what I just said. I mean, we we we talked about that as as, know, there’s there may be time points during here where it may make sense to, you know, you know, put data out there. But right now, you know, I don’t know what that would be.

Dennis Ding, Biotech Analyst, Jefferies: Okay. ’26, you start readout in ’28, I Yeah. But perhaps, what I’m hearing or how I’m interpreting your comments is that there could be a scenario where there is a pre specified interim at a certain amount of enrollment reaching fifty two weeks and you could take a look at the data where you wouldn’t necessarily have to wait until 2028 for the data to read out. Is that fair? Or is that not even on the table because it’s because it doesn’t really seem that clear from your comments.

John Shannon, CEO, Xeris Biopharma: I I it’s possible, but I don’t we haven’t decided exactly where we would Okay. Do that. Right? Okay.

Dennis Ding, Biotech Analyst, Jefferies: And on the primary endpoint, it is percent of patients with normal TSH. There’s an active comparator of oral Levothyroxine. So how is that measured exactly? Would that be measured at fifty two weeks and you look at that time point, what percentage of patients are controlled between the two arms? Or is it kind of, you know, because you mentioned that their patients can fluctuate throughout the trials.

So, you know, how can you account for that?

John Shannon, CEO, Xeris Biopharma: Yeah, we didn’t fully disclose all of that. We just basically laid out those endpoints. And so over time I think those will be clearer as we get closer to starting the trial. But really the key endpoint was at fifty two weeks and there are you’re taking measurements throughout. So Yeah.

That’s why, you know, it’s it you know, depending on, you know, where things are, we could, you know, make different you know, depending on where we’re at in terms of time points, could look at those endpoints.

Dennis Ding, Biotech Analyst, Jefferies: Okay. I’m assuming this is kind of like a preliminary design. You still kind of have to meet with the FDA to kind of align or

John Shannon, CEO, Xeris Biopharma: is already We have that all aligned, yeah. Okay. On the, yeah.

Dennis Ding, Biotech Analyst, Jefferies: Okay, got it. And you mentioned the opportunity here is one to 3,000,000,000. Can you just walk us through the math around that?

Steve Piper, CFO, Xeris Biopharma: Yeah. We haven’t I mean, we took we talk about the three to 5,000,000 patients. We haven’t gotten into pricing at all. You know, there are analogs out there. We’re not ready to discuss pricing.

But it it and and what share and all that. So we haven’t gotten into that, but you could probably back into into some of the math to to arrive at a conclusion that, you know, the 1 to 3,000,000,000 is a is a pretty solid estimate.

Dennis Ding, Biotech Analyst, Jefferies: Yeah. And, the idea there is if it works, that’s a big market. You launch in like 02/1930, right? And, it could be transformational for the company given, you know, it’d be a new launch story for people to kind of track once we’re in 02/1930.

John Shannon, CEO, Xeris Biopharma: No doubt. Yep.

Dennis Ding, Biotech Analyst, Jefferies: Okay. Well, I think that’s all the time that we have today, but thank you guys for the fireside. Hope you guys have a great day of meetings.

John Shannon, CEO, Xeris Biopharma: Thanks. Thank you.

Dennis Ding, Biotech Analyst, Jefferies: Thank you.

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