Xeris Biopharma (XERS) 10-Q 11 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40880
Entity Registrant Name	XERIS BIOPHARMA HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1082097
Entity Address, Address Line One	180 N. LaSalle Street
Entity Address, Address Line Two	Suite 1600
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60601
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		135,530,756
Entity Central Index Key	0001867096
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 103,771	$ 67,271
Short-term Investments	28,377	35,162
Trade accounts receivable, net	23,383	17,456
Inventory	16,872	18,118
Prepaid expenses and other current assets	5,147	4,589
Total current assets	177,550	142,596
Property and equipment, net	6,291	6,627
Goodwill	22,859	22,859
Intangible Assets, Net (Excluding Goodwill)	128,739	131,450
Other assets	2,184	829
Total assets	337,623	304,361
Current Liabilities
Accounts payable	11,091	8,924
Other accrued liabilities	34,358	49,088
Accrued trade discounts and rebates	14,993	15,041
Accrued returns reserve	5,431	4,000
Other current liabilities	619	1,987
Total current liabilities	66,492	79,040
Long-term debt, net of unamortized debt issuance costs	137,639	88,067
Contingent value rights	25,347	22,531
Supply agreement liability, less current portion	0	5,991
Long-term deferred rent	6,942	6,883
Deferred tax liabilities	4,534	4,942
Other Liabilities, Noncurrent	214	1,676
Total liabilities	241,168	209,130
Commitments and contingencies (Note 9)
Stockholders' Equity
Preferred stock, par value $0.0001	0	0
Common stock, par value $0.0001	14	13
Additional paid in capital	590,331	555,359
Accumulated deficit	(493,824)	(460,110)
Accumulated other comprehensive income (loss)	(66)	(31)
Total stockholders' equity	96,455	95,231
Total liabilities and stockholders' equity	$ 337,623	$ 304,361

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parenthetical	Mar. 31, 2022$ / sharesshares
Statement of Financial Position Parenthetical [Abstract]
Preferred Stock, Par Value Per Share | $ / shares	$ 0.0001
Par value (in dollars per share) | $ / shares	$ 0.0001
Preferred Stock, Shares Authorized	25,000,000
Common Stock, Shares Authorized	350,000,000
Preferred Stock, Shares Issued	0
Common Shares, Shares, Issued	135,528,195

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statements of Operations [Abstract]
Net sales	$ 21,910	$ 8,051
Grant and other income	163	144
Gross Profit	22,073	8,195
Operating expenses
Cost of goods sold	6,273	1,826
Research and development	6,250	4,032
Selling, general and administrative	35,913	19,077
Amortization of Intangible Assets	2,711	0
Total operating expenses	51,147	24,935
Loss from operations	(29,074)	(16,740)
Other income (expense)
Interest and other income	68	100
Interest expense	3,521	1,791
Change in fair value of warrants	1,221	20
Change in fair value of contingent value rights	(2,816)	0
Other income (expense)	(5,048)	(1,671)
Net loss before benefit from income taxes	(34,122)	(18,411)
Benefit from income taxes	408	0
Net loss	(33,714)	(18,411)
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	(35)	(17)
Foreign currency translation adjustments	0	1
Comprehensive loss	$ (33,749)	$ (18,427)
Net loss per common share - basic (in dollars per share)	$ (0.25)	$ (0.30)
Net loss per common share - Diluted (in dollars per share)	$ (0.25)	$ (0.30)
Weighted average common shares outstanding - basic (in shares)	135,032,782	61,245,220
Weighted average common shares outstanding - Diluted (in shares)	135,032,782	61,245,220

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	AOCI Attributable to Parent	Retained Earnings
Shares, Issued, Beginning Balance at Dec. 31, 2020		59,611,202
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020	$ 33,761	$ 6	$ 371,134	$ 6	$ (337,385)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,411)				(18,411)
Issuance of common stock upon equity offerings, shares		6,553,398
Issuance of common stock upon equity offerings, value	26,925	$ 1	26,924
Exercise and vesting of stock options, shares		20,213
Stock Issued During Period, Shares, Vesting Of Restricted Stock Units		148,643
Exercise and vesting of stock options, value	32		32
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(365)
Payments Related To Tax Withholding For Share Based Compensation, RSUs			365
Stock-based compensation	2,461		2,461
Other comprehensive loss	(16)			(16)
Shares, Issued at Mar. 31, 2021		66,333,456
Stockholders' Equity Attributable to Parent at Mar. 31, 2021	44,387	$ 7	400,186	(10)	(355,796)
Shares, Issued, Beginning Balance at Dec. 31, 2021		124,873,316
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2021	95,231	$ 13	555,359	(31)	(460,110)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(33,714)				(33,714)
Issuance of common stock upon equity offerings, shares		10,238,908
Issuance of common stock upon equity offerings, value	30,000	$ 1	29,999
Issuance of common stock upon conversion of convertible notes, value	$ 2,080		2,080
Exercise and vesting of stock options, shares	11,228	11,228
Stock Issued During Period, Shares, Vesting Of Restricted Stock Units		404,743
Exercise and vesting of stock options, value	$ 8		8
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	(416)
Payments Related To Tax Withholding For Share Based Compensation, RSUs			416
Stock-based compensation	3,301		3,301
Other comprehensive loss	(35)			(35)
Shares, Issued at Mar. 31, 2022		135,528,195
Stockholders' Equity Attributable to Parent at Mar. 31, 2022	$ 96,455	$ 14	$ 590,331	$ (66)	$ (493,824)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (33,714,000)	$ (18,411,000)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	321,000	337,000
Amortization of Intangible Assets	2,711,000	0
Amortization of investments	(50,000)	(154,000)
Amortization of debt issuance costs	219,000	251,000
Stock-based compensation	3,301,000	2,461,000
Loss on extinguishment of debt	(1,323,000)	0
Change in fair value of warrants	(1,221,000)	(20,000)
Change in fair value of contingent value rights	2,816,000	0
Changes in operating assets and liabilities
Trade accounts receivable	5,927,000	2,063,000
Prepaid expenses and other current assets	58,000	15,000
Inventory	157,000	3,482,000
Accounts payable	2,168,000	1,651,000
Other accrued liabilities	(13,658,000)	(2,790,000)
Accrued trade discounts and rebates	(48,000)	(265,000)
Accrued returns reserve	1,431,000	(270,000)
Deferred rent	59,000	0
Other	(8,025,000)	(1,494,000)
Net cash used in operating activities	(48,409,000)	(23,956,000)
Cash flows from investing activities
Capital expenditures	16,000	(429,000)
Payments to Acquire Investments	0	(7,920,000)
Sales and maturities of investments	6,700,000	34,650,000
Net cash used in investing activities	6,716,000	26,301,000
Cash flows from financing activities
Proceeds from equity offerings	30,000,000	27,000,000
Proceeds from issuance of debt	97,295,000	0
Repayments of Long-term Debt	(43,496,000)	0
Payments of debt issuance costs	4,360,000	0
Payments for loss on extinguishment of debt	(837,000)	0
Proceeds from exercise of stock awards	8,000	26,000
Repurchase of common stock withheld for taxes	416,000	365,000
Net cash provided by financing activities	78,194,000	26,661,000
Effect of exchange rate on cash and cash equivalents	(1,000)	0
Increase (decrease) in cash and cash equivalents	36,500,000	29,006,000
Cash and cash equivalents, beginning of period	67,271,000	37,598,000
Cash and cash equivalents, end of period	103,771,000	66,604,000
Supplemental schedule of cash flow information
Cash paid for interest	3,769,000	2,238,000
Supplemental schedule of non-cash investing and financing activities
Issuance Of Warrants For Loan Agreement	2,080,000	0
Accrued equity offering costs	$ 0	$ 56,000

Organization and Nature of the

Organization and Nature of the Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Organization and nature of the business Nature of business Xeris Biopharma Holdings, Inc. ("Xeris Biopharma" or the "Company") is a biopharmaceutical company committed to developing and commercializing innovative solutions to enhance the lives of people with life-threatening diseases. The Company's primary focus is on therapies for patient populations in endocrinology, neurology, and gastroenterology. The Company currently has three commercially available products, Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, Keveyis, the first and only U.S. Food and Drug Administration (“FDA”) approved therapy for primary periodic paralysis (“PPP”), and Recorlev, approved by the FDA in December 2021 for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s Syndrome. The Company also has a pipeline of development programs to extend the current marketed products into new indications and uses or bring new products forward using the proprietary formulation technology platforms, XeriSol TM and XeriJect TM . On October 5, 2021, Xeris Pharmaceuticals, Inc. ("Xeris Pharma") acquired Strongbridge Biopharma plc (“Strongbridge”), a biopharmaceutical company commercializing therapies for rare diseases with significant unmet needs. Immediately following the acquisition and related transactions, both Xeris Pharma and Strongbridge became wholly owned subsidiaries of Xeris Biopharma. The common stock of Xeris Pharma and the ordinary shares of Strongbridge were de-registered after completion of the Transactions (as defined below in Note 3). On October 6, 2021, Xeris Biopharma’s common stock, par value $0.0001 per share, commenced trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “XERS”. See “Note 3 – Business combination” for a more detailed description of the Transactions. As used herein, the “Company” or "Xeris" refers to Xeris Pharma when referring to periods prior to the acquisition of Strongbridge, an Irish public limited company, on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021. As a result, Xeris Pharma became the predecessor to Xeris Biopharma Holdings, Inc. upon completion of the Merger on October 5, 2021. Liquidity and capital resources The Company has incurred operating losses since inception and has an accumulated deficit of $493.8 million as of March 31, 2022. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these consolidated financials. Based on the Company’s current operating plans, existing working capital at March 31, 2022 and capital raised in the first quarter, the Company believes the cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these consolidated financial statements. If needed, the Company may elect to finance the operations through equity or debt financing along with revenues. There can be no assurance that such funding may be available to the Company on acceptable terms, or at all, or that the Company will be able to successfully market and sell Gvoke, Keveyis and Recorlev. Market volatility resulting from the COVID-19 pandemic, and geopolitical instability resulting from the ongoing military conflict between Russia and Ukraine, rising interest rates, the tightening of lending standards or other factors could also adversely impact the Company's ability to access capital as and when needed. The issuance of equity securities may result in dilution to stockholders. If the Company raises additional funds through the issuance of additional debt, which may have rights, preferences and privileges senior to those of our common stockholders, the terms of the debt could impose significant restrictions on the operations. The failure to raise funds as and when needed could have a negative impact on the Company's financial condition and ability to pursue the business strategies. If additional funding is not secured when required, the Company may need to delay or curtail the operations until such funding is received, which would have a material adverse impact on the business prospects and results of operations.

Basis of presentation and summa

Basis of presentation and summary of significant accounting policies and estimates	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Basis of presentation and summary of significant accounting policies and estimates	ummary of significant accounting policies and estimates Basis of presentation The 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, 2021 included in the Company's Annual Report on Form 10-K filed with the SEC on March 11, 2022. 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 Biopharma Holdings, Inc. and 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 606, Revenue Recognition , to all contracts with customers within the scope of the standard. The Company sells product primarily to wholesalers or a specialty pharmacy who 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 Gvoke, Keveyis and Recorlev in the United States only and Ogluo (European brand name of Gvoke) in the United Kingdom. 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. Refer to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for further discussion of the Company's accounting policies. New accounting pronouncements Recently issued accounting pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard requires that an acquirer recognize and measure such contract assets and contract liabilities under Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. This standard also allows for election of certain practical expedients, which are applied on an acquisition-by-acquisition basis. This standard is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, including for any interim period, and if elected, this standard is applied retrospectively for any acquisitions that occurred in the fiscal year of interim adoption. Since the Company already adopted ASC 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides a single comprehensive accounting model on revenue recognition for contracts with customers, the Company elected to early adopt ASU 2021-08 in the fourth quarter 2021 as the Company completed the acquisition of Strongbridge. Therefore, the Company has accounted for the acquisition of all contracts with customers from the Strongbridge acquisition in accordance with ASC 606. Under previous U.S. GAAP, the Company would have discounted the acquired contracts with customers to present value as of the acquisition closing date. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) . This standard addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This standard is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard in first quarter 2022 and it did not have a material impact on the financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This standard eliminates certain accounting models to simplify the accounting for convertible instruments, expands the disclosure requirements related to the terms and features of convertible instruments, and amends the guidance for the derivatives scope exception for contracts settled in an entity’s own equity. This standard enhances the consistency of earnings-per-share ("EPS") calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted EPS calculations and disclosures. This standard is effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted but not earlier than periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference London Inter-bank Offered Rate (“LIBOR”) or other reference rates that are expected to be discontinued because of reference rate reform. This standard is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard eliminates certain exceptions in the current guidance related to the approach for intra-period tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify U.S. GAAP. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption of this standard is permitted. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard will require allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard is effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. This standard is effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The FASB has extended the effective date of this standard for certain companies. As amended in ASU 2020-05, this standard will be effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and related disclosures; however, since the Company is a lessee to certain leases for property whose terms exceed twelve months, it expects, once adopted, to report assets and liabilities related to these leases on the balance sheet.

Business combination

Business combination	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business combination	Business combination On May 24, 2021, Xeris Pharma issued an announcement pursuant to Rule 2.5 of the Irish Takeover Panel Act 1997 (as amended), Takeover Rules, 2013, disclosing that the boards of directors of Xeris Pharma and Strongbridge (with the exception of Jeffrey W. Sherman, M.D., a director in common to both companies, who abstained from the voting), had reached agreement on the terms of a recommended acquisition of Strongbridge by Xeris Pharma (the “Acquisition”). Xeris Pharma, Strongbridge, Xeris Biopharma and Wells MergerSub, Inc., a Delaware corporation (“MergerSub”), entered into a Transaction Agreement, dated as of May 24, 2021 (the “Transaction Agreement”). On October 5, 2021 (the "acquisition closing date"), pursuant to the Transaction Agreement, Xeris Pharma completed the acquisition of Strongbridge. Upon completion of the Acquisition, (a) the Company acquired Strongbridge by means of a scheme of arrangement (the “Scheme”) under Irish law pursuant to which the Company acquired all of the outstanding ordinary shares of Strongbridge (“Strongbridge Shares”) in exchange for (i) 0.7840 of a share of the Company’s common stock (“Company Shares”) and cash in lieu of fractions of Company Shares in exchange for each Strongbridge Share held by such Strongbridge Shareholders and (ii) one (1) non-tradeable CVR, worth up to a maximum of $1.00 per Strongbridge Share settleable in cash, additional Company Shares, or a combination of cash and additional Company Shares, at the Company’s sole election and (b) MergerSub merged with and into Xeris Pharma, with Xeris Pharma, as the surviving corporation in the merger (the “Merger,” and the Merger together with the Acquisition, the “Transactions”). Upon completion of the Merger, (a) each share of Xeris Pharma common stock was assumed by the Company and converted into the right to receive one Company Share and any cash in lieu of fractional entitlements due to a Xeris Pharma shareholder and (b) each Xeris Pharma option, stock appreciation right, restricted share award and other Xeris Pharma share based award that was outstanding was assumed by the Company and converted into an equivalent equity award of the Company, which award was subject to the same number of shares and the same terms and conditions as were applicable to the Xeris Pharma award in respect of which it was issued. On October 6, 2021, the Company’s common stock, par value $0.0001 per share, commenced trading on the Nasdaq Global Select Market (“Nasdaq”) under the ticker symbol “XERS”. At the effective time of the Scheme, Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each Strongbridge Share Award was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company Shares (each, a “Strongbridge Rollover Option”), with the exercise price per Company Share and the number of Company Shares underlying the Strongbridge Rollover Option adjusted to reflect the conversion from Strongbridge Shares into Company Shares, provided that each Strongbridge Rollover Option will continue to have, and be subject to, the same terms and conditions that applied to the corresponding Strongbridge Rollover Option (except for terms rendered inoperative by reason of the Acquisition or for immaterial administrative or ministerial changes that are not adverse to any holder other than in any de minimis respect), provided that the terms of each Strongbridge Rollover Option with an exercise price of $4.50 or less (prior to the adjustment described above) were amended to provide that it shall remain exercisable for a period of time following the effective time of the Scheme equal to the lesser of (A) the maximum remaining term of such corresponding Strongbridge Option and (B) the fourth anniversary of the effective date of the Merger, in each case regardless of whether the holder of such Strongbridge Rollover Option experiences a termination of employment or service on or following the effective time of the Scheme and (iv) the Company issued to each holder of a Strongbridge Rollover Option one CVR with respect to each Strongbridge Share subject to the applicable Strongbridge Option, provided that in no event shall such holder be entitled to any payments with respect to such CVR unless the corresponding Strongbridge Option has been exercised on or prior to any such payment. Additionally, on completion of the Acquisition, (a) each outstanding and unexercised Strongbridge warrant (except private placement warrants) was assumed by the Company such that, upon exercise, the applicable holders will have the right to have delivered to them the reference property (as such term is defined in the Strongbridge assumed warrants) and (b) each outstanding and unexercised Strongbridge private placement warrant was assumed by the Company such that the applicable holders will have the right to subscribe for Company Shares, in accordance with certain terms of the Strongbridge private placement warrants. The Acquisition was accounted for as a business combination using the acquisition method of accounting under the provisions of ASC 805, Business Combinations . The Acquisition will diversify and increase the Company’s revenue base into the specialized commercial platforms and expand the development pipeline. Additionally, the Company expects to achieve significant synergies by eliminating redundant processes and headcount, most notably within the commercial, executive and general and administrative functions. Acquisition consideration The acquisition-date fair value of the consideration transferred totaled $169.1 million, which consisted of the following: Fair value of consideration transferred (in thousands, except share number) Xeris Biopharma Holdings, Inc. common shares (58,082,606 shares) $ 137,655 Unexercised Strongbridge options assumed by Xeris Pharma and converted into options to purchase Company Shares 6,404 Strongbridge warrants 2,467 Contingent consideration (Contingent value rights) 22,531 Total consideration $ 169,057 The Company’s acquisition accounting is primarily pending final valuation and potential CVR fair value adjustments to the consideration. The fair value of the common stock issued was determined based on the closing market price of shares of the Company’s common stock on the acquisition date. The fair value of the private placement warrants was determined using the Black-Scholes valuation model which considers the expected terms of the private placement warrants from the acquisition closing date as well as the risk-free interest rate, current exercise price of $2.50 multiplied by (the average of Xeris Pharma closing prices for the 20-day period ending three three The CVRs represent contingent additional consideration of up to $1.00 for each CVR, payable to CVR holders, to satisfy future performance milestones, settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. The CVRs are conditioned upon the achievement of the following: • Keveyis Milestone: $0.25 per CVR, upon the earlier of the first listing of any patent in the FDA's Orange Book for Keveyis by the end of 2023 or the first achievement of at least $40 million in net sales of Keveyis in 2023; • 2023 Recorlev Milestone: $0.25 per CVR, upon the first achievement of at least $40 million in net sales of Recorlev in 2023; and • 2024 Recorlev Milestone: $0.50 per CVR, upon the first achievement of at least $80 million in net sales of Recorlev in 2024. Refer to "Note 12 - Fair Value Measurements", for information related to the fair value measurements on CVRs and valuation methods utilized. As of the acquisition closing date, there were approximately 74.1 million CVRs. There will be additional issuance of up to 10.5 million. CVRs to holders of Strongbridge rollover options and assumed warrants upon exercise. Preliminary purchase price allocation In accordance with ASC 805, Xeris Pharma was determined to be the accounting acquirer in the Acquisition. The Company has applied the acquisition method of accounting that requires, among other things, that identifiable assets acquired and liabilities assumed generally be recognized on the balance sheet at fair value as of the acquisition date. In determining the fair value, the Company utilized various forms of the income, cost and market approaches depending on the asset or liability being fair valued. The estimation of fair value required significant judgment related to future net cash flows (including revenue, operating expenses, and working capital), discount rates reflecting the risk inherent in each cash flow stream, competitive trends, market comparables and other factors. Inputs were generally determined by taking into account historical data (supplemented by current and anticipated market conditions), trends and growth rates. The initial allocation of the purchase price was based on preliminary valuations and assumptions. During the fourth quarter of 2021, the Company did record $4.9 million of net deferred tax liabilities based on jurisdictional outcomes. Otherwise, there were no material measurement period adjustments. The table below presents the estimated fair value that was allocated to Strongbridge’s assets and liabilities based upon fair values as determined by the Company (in thousands): Fair Value Cash and cash equivalents $ 38,469 Trade accounts receivable 4,344 Inventory 1,862 Prepaid expenses and other current assets 4,683 Property and equipment 161 IPR&D 121,000 Other intangible asset 11,000 Other assets 860 Total identifiable assets acquired 182,379 Accounts payable (279) Other accrued liabilities (13,703) Accrued trade discounts and rebates (4,844) Supply agreement liability (12,000) Deferred tax liabilities (4,942) Other liabilities (413) Total liabilities assumed (36,181) Net identifiable assets acquired 146,198 Goodwill 22,859 Net assets acquired $ 169,057 The above allocation of the purchase price is provisional and is still subject to change within the measurement period (up to one year from the acquisition date) as a result of additional information obtained with regards to facts and circumstances that existed as of the acquisition date. The final allocation of the purchase price is expected to be completed as soon as practicable, but no later than one year from the date of the Transactions. The following is a description of the methods used to determine the fair values of significant assets and liabilities. In-process research and development ("IPR&D") and other intangible asset The IPR&D intangible asset represents the recording of the acquired IPR&D indefinite-lived intangible asset related to Recorlev. The other intangible asset represents the commercial product in the form of Keveyis. The fair value for the IPR&D and other intangible assets were based on assumptions developed by management and other information compiled by management including, but not limited to, discounted future expected cash flows. The fair value of intangibles relies heavily on projected future net cash flows including, but not limited to, key assumptions for revenue and operating expenses. The discount rates used for intangible assets are based on current market rates and reflect the risk inherent in each cash flow stream. The estimated useful life of the intangible asset of Keveyis is five years which reflects the time period in which the Company expects to receive the benefits of the related cash flows. Goodwill The excess of the consideration transferred over the fair value of assets acquired and liabilities assumed was recognized as goodwill. The goodwill is generated from operational synergies and cost savings the Company expects to achieve from the combined operations and Strongbridge’s knowledgeable and experienced workforce. The majority of the goodwill is not expected to be deductible for tax purposes. Transaction costs In connection with the Transactions, the Company incurred significant expenses in the 2021, such as transaction costs (e.g., bankers' fees, legal fees, consultant fees, etc.). The transaction costs totaled $8.6 million and were recorded in the selling, general and administrative expenses in third quarter 2021 through first quarter 2022. Supplemental pro forma information The following unaudited supplemental pro forma financial information assumes the companies were combined as of January 1, 2021. The pro forma financial information as presented below is for informational purposes only and is based on estimates and assumptions that have been made solely for purposes of developing such pro forma information. This is not necessarily indicative of the results of operations that would have been achieved if the Acquisition had taken place on January 1, 2021, nor is it necessarily indicative of future results. Consequently, actual results could differ materially from the unaudited pro forma financial information presented below. The following table presents the pro forma operating results as if Strongbridge had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2021 (unaudited, in thousands): Three Months Ended 2022 2021 Revenue $ 22,073 $ 16,577 Net loss $ (33,714) $ (28,737) These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of Xeris to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2021. The unaudited supplemental pro forma information above does not include any cost saving synergies from operating efficiencies. There is a tax impact on the pro forma adjustments due to deferred tax liabilities being greater than the deferred tax assets in Ireland. For the other non-Irish entities, there is no tax impact of the pro forma adjustments reflected as both companies are, and have been for some time, in net operating loss positions and have full valuation allowances against their net deferred tax assets on both a historical and pro forma basis.

Inventory

Inventory	3 Months Ended
	Mar. 31, 2022
Inventory [Line Items]
Inventory Disclosure [Text Block]	Inventory The components of inventories consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 5,018 $ 5,181 Work in process 7,068 7,442 Finished goods 4,786 5,495 Inventory $ 16,872 $ 18,118 Inventory reserves were $0.8 million and $1.0 million at March 31, 2022 and December 31, 2021, respectively.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2022
Property and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment Property and equipment consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lab equipment $ 3,759 $ 3,739 Furniture and fixtures 1,355 1,355 Computer equipment 314 307 Office equipment 8 28 Software 307 307 Leasehold improvements 5,004 5,026 Total property and equipment 10,747 10,762 Less: accumulated depreciation and amortization (4,456) (4,135) Property and equipment, net $ 6,291 $ 6,627 Depreciation and amortization expense relating to property and equipment was $0.3 million and $0.3 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets Identified intangible assets consisted of the following (in thousands): March 31, 2022 Life (Years) Gross assets Accumulated amortization Net Definite-lived intangible asset - Keveyis 5 $ 11,000 $ (1,100) $ 9,900 Definite-lived intangible asset - Recorlev 14 121,000 (2,161) 118,839 Total intangible assets $ 132,000 $ (3,261) $ 128,739 Keveyis is the developed product rights obtained from Strongbridge's acquisition of U.S. marketing rights to Keveyis (dichlorphenamide) from Taro Pharmaceuticals U.S.A., Inc. ("Taro"). The IPR&D product Recorlev acquired from the Acquisition was approved by the FDA on December 30, 2021. The IPR&D asset was reclassified as a definite-lived intangible asset in 2021 and began being amortized on a straight-line basis over an estimated useful life of 14 years assigned based on the economic life and remaining patent life. As of March 31, 2022, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands): 2022 remaining $ 8,132 2023 10,843 2024 10,843 2025 10,843 2026 10,293 Thereafter 77,785 Total $ 128,739

Other Accrued Liabilities (Note

Other Accrued Liabilities (Notes)	3 Months Ended
	Mar. 31, 2022
Accrued Expenses [Abstract]
Other Accrued Liabilities	Other accrued liabilities Other accrued liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued employee costs $ 9,558 $ 19,638 Supply agreement - current portion 6,276 6,009 Accrued supply chain costs 1,360 595 Accrued marketing and selling costs 2,262 3,237 Accrued research and development costs 1,572 1,998 Accrued restructuring charges 6,941 6,715 Accrued interest expense 1,165 1,413 Accrued Strongbridge transaction costs 112 1,839 Accrued Debt 341 — Accrued other costs 4,771 7,644 Other accrued liabilities $ 34,358 $ 49,088

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2022
Long-term Debt, Unclassified [Abstract]
Long-term Debt	Long-term debt Convertible Senior Notes In June 2020, Xeris Pharma completed a public offering of $86.3 million aggregate principal amount of Xeris Pharma's 5.00% Convertible Senior Notes due 2025 (the "Convertible Notes"), including $11.3 million pursuant to the underwriters' option to purchase additional notes which was exercised in full in July 2020. Xeris Pharma incurred debt issuance costs of $5.1 million in connection with the issuance of the Convertible Notes. Xeris Pharma used $20.0 million and $4.2 million of the net proceeds from the sale to prepay a portion of the principal amount on the Term A Loan (as defined below) and the remaining amount of borrowings outstanding under the PPP Loan (as defined below), respectively. The Convertible Notes are governed by the terms of a base indenture for senior debt securities dated June 30, 2020 (the “Base Indenture”), between Xeris Pharma and U.S. Bank National Association, as trustee, as supplemented by the first supplemental indenture thereto dated June 30, 2020, between U.S. Bank National Association, as trustee, and the second supplemental indenture thereto dated October 5, 2021 ("the Supplemental Indentures" and together with the Base Indenture, the "Indenture"), among the Company, Xeris Pharma and U.S. Bank National Association, as trustee. The Convertible Notes bear cash interest at the rate of 5.00% per annum, payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2021, to holders of record at the close of business on the preceding January 1 and July 1, respectively. The Convertible Notes will mature on July 15, 2025, unless earlier converted or redeemed or repurchased by the Company. At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of Convertible Notes may convert their 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 the then-applicable conversion rate. The conversion rate for the Convertible Notes will initially be 326.7974 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $3.06 per share of common stock, and is subject to adjustment under the terms of the Convertible Notes. In the event of certain circumstances, the Company will increase the conversion rate, provided that the conversion rate will not exceed 367.6470 shares of the Company's common stock per $1,000 principal amount of Convertible Notes. In the second half of 2020, $8.4 million in principal amount of Convertible Notes were converted into 2,736,591 shares of Xeris Pharma’s common stock at the conversion rate of 326.7974 shares per $1,000 principal amount of Convertible Notes. Additionally, in the fourth quarter of 2020, Xeris Pharma entered into separate, privately negotiated exchange agreements with certain holders of Convertible Notes to exchange $30.7 million in principal amount of Convertible Notes for 10,435,200 shares of Xeris Pharma’s common stock. Xeris Pharma recognized a $2.6 million loss related to the convertible note exchange transactions. The Convertible Notes are senior, unsecured obligations and are equal in right of payment with Xeris Pharma's existing and future senior, unsecured indebtedness, senior in right of payment to its future indebtedness, if any, that is expressly subordinated to the 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 Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent Xeris Pharma is not a holder thereof) preferred equity, if any, of the Company’s other direct and indirect subsidiaries. As a result of the Transactions, and pursuant to the Second Supplemental Indenture, the Convertible Notes are no longer convertible into shares of common stock of Xeris Pharma common stock. Instead, subject to the terms and conditions of the Indenture, the Convertible Notes will be exchangeable into cash and shares of common stock of the Company in proportion to the transaction consideration payable pursuant to the Transaction Agreement, and the “Reference Property” provisions in the Indenture. Pursuant to the Second Supplemental Indenture, the Company agreed to guarantee (a) the full and punctual payment when due of all monetary obligations of Xeris Pharma under the Indenture and (b) the full and punctual performance within applicable grace periods of all other obligations of Xeris Pharma under the Indenture. Prior Loan Facility In February 2018, Xeris Pharma entered into the Loan and Security Agreement, dated as of February 28, 2018 (as amended, the “Original Loan Agreement”), with Oxford Finance LLC (“Oxford”), as the collateral agent (in such capacity, the “Collateral Agent”) and a lender, and Silicon Valley Bank, as a lender (“SVB”, and together with Oxford, the “Lenders”), which provided for a senior secured loan facility of up to an aggregate principal amount of $45.0 million. The first tranche of $20.0 million was drawn down in February 2018 (the "2018 Term A Loan"). The second tranche of $15.0 million was drawn down in September 2018 (the "2018 Term B Loan"). Xeris Pharma also issued warrants to the Lenders to purchase common stock, which is further discussed in "Note 11 - Warrants". In September 2019, Xeris Pharma entered into an Amended and Restated Loan and Security Agreement (the "Loan Agreement") with the Lenders which amended and restated the Original Loan Agreement in its entirety. The Loan Agreement provided for the Lenders to extend up to $85.0 million in term loans to Xeris Pharma in three tranches. The initial tranche of $60.0 million (the “Term A Loan”) was drawn down in September 2019. Additional tranches of $15.0 million (the “Term B Loan”) and $10.0 million (the “Term C Loan”) were contingent on achievement of certain revenue targets which were not achieved. In conjunction with the execution of the Loan Agreement, the 2018 Term A Loan and 2018 Term B Loan were repaid and the final payment fee of $2.3 million was paid. Effective April 21, 2020, Xeris Pharma entered into that certain First Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “First Amendment”) to amend the Loan Agreement to allow Xeris Pharma to incur indebtedness under the U.S. Small Business Administration (the “SBA”) the Paycheck Protection Program enabled by the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”) in the amount of $5.1 million (the “PPP Loan”). On June 30, 2020, Xeris Pharma entered into that certain Second Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Second Amendment") to amend the Loan Agreement to provide for the Lenders’ consent to and allow for Xeris Pharma's underwritten public offering of Xeris Pharma's 5.00% Convertible Senior Notes due 2025 and permit the Company to prepay the PPP Loan in full. The Second Amendment also provided for the extension of the interest-only payment period, certain revenue milestones and extensions of the maturity date. Pursuant to the Second Amendment, Xeris Pharma prepaid a portion of the Term A Loan equal to the sum of (i) $20.0 million, plus all accrued and unpaid interest as of the date of the Second Amendment, (ii) the applicable final payment fee of $0.6 million, (iii) the applicable prepayment fee of $0.3 million and (iv) all outstanding Lenders’ expenses as of the date of the Second Amendment. On August 5, 2020, Xeris Pharma entered into that certain Third Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Third Amendment”) to amend the Loan Agreement to (i) amend the definition of “Permitted Indebtedness” to include a new standby letter of credit in an amount not to exceed $0.4 million issued to the landlord for Xeris Pharma’s new leased laboratory space and (ii) permit the sale of certain equipment related to the relocation of Xeris Pharma’s research and development laboratory from San Diego to Chicago. On October 23, 2020, Xeris Pharma entered into that certain Fourth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the "Fourth Amendment") to amend the Loan Agreement to provide an additional tranche of $3.5 million (the “Term D Loan”, and, together with the Term A Loan, Term B Loan, and Term C Loan, the "Term Loan"), available upon execution. The Term D Loan of $3.5 million was drawn in November 2020 and will be payable under the same payment terms as the term loans. After repayment, the loan may not be re-borrowed. On May 3, 2021, Xeris Pharma entered into that certain Fifth Amendment to Amended and Restated Loan and Security Agreement with the Lenders (the “Fifth Amendment”) to amend the Loan Agreement to provide for revenue milestone triggering interest-only payment periods. The Company achieved all revenue milestones and therefore classified the amounts due under the Amended Loan Agreement as non-current on the balance sheet as of March 31, 2022. On May 24, 2021, Xeris Pharma entered into that certain Consent Under Amended and Restated Loan and Security Agreement (the “Consent”) with the Lenders to permit the Company to execute, deliver and perform (a) the Transaction Agreement with Strongbridge and (b) that certain Expenses Reimbursement Agreement dated as of May 24, 2021 by and between Xeris Pharma and Strongbridge pursuant to which Xeris Pharma and Strongbridge agreed to certain reimbursement obligations related to the transactions contemplated by the Transaction Agreement. In connection with the completion of the Transactions, on October 5, 2021, the Company entered into that certain Joinder and Sixth Amendment to Amended and Restated Loan and Security Agreement (the “Sixth Amendment”) with Xeris Pharma, the Lenders and Strongbridge US, Inc. (“Strongbridge US”) (each of Strongbridge US and the Company, a “New Borrower”) to amend the Loan Agreement. The Sixth Amendment adds the New Borrowers as borrowers under the Loan Agreement and provides for the grant by the New Borrowers to the Collateral Agent, for the ratable benefits of the Lenders, a first priority security interest on substantially all of their assets, including intellectual property, subject to certain exceptions. The Sixth Amendment also updates certain negative covenants and definitions to among, other things, permit certain intercompany arrangements and restructuring activities, as well as modifies the revenue milestones to address both Gvoke and non-Gvoke revenues. All of the loans incur interest at a floating per annum rate in an amount equal to the sum of 6.25% plus the greater of (a) 2.43% and (b) the thirty-day U.S. Dollar LIBOR rate (or, the LIBOR replacement rate as applicable). For the period from the funding date of the Term A Loan through and including March 31, 2022, the interest rate was 8.68%. The Company has incurred total debt issuance costs of $2.0 million related to the Original Loan Agreement and the Amended Loan Agreement, which are being amortized to interest expense over the life of the loan using the effective interest method. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The Amended Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder, but not less than $2.0 million of the outstanding principal at any time. The Company is subject to a prepayment fee equal to 1.50% of the principal amount being prepaid. Also, a final payment fee of 3.0% multiplied by the amount to be repaid is due upon the earliest to occur of the maturity date of the Amended Loan Agreement, the acceleration of the amounts outstanding under the Amended Loan Agreement or prepayment of such borrowings and is recorded in other liabilities on the condensed consolidated balance sheets. The Amended Loan Agreement contains customary representations and warranties, events of default (including an event of default upon a material adverse change of the Company) and affirmative and negative covenants, including, among others, covenants that limit or restrict the Company’s 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. Hayfin Loan Agreement In March 2022, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into a Credit Agreement and Guaranty (the "Hayfin Loan Agreement") with the lenders from time to time parties thereto (the “New Lenders”) and Hayfin Services LLP, as administrative agent for the New 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 Hayfin Loan Agreement provided for the New Lenders to extend $100.0 million in term loans (the “Initial Loan”) to the Company on the closing date and up to an additional $50.0 million in delayed draw term loans during the one year period immediately following the closing date (the “Delayed Draw Term Loan” and, together with the Initial Loan, the “Loans”) in no more than three drawings of no less than $10.0 million per drawing, subject to the Company being in pro forma compliance with the financial covenants and other conditions set forth therein. In conjunction with the execution of the Hayfin Loan Agreement, the Amended Loan Agreement balance of $43.5 million was repaid in full and fees of $2.1 million in connection with the loan repayment were paid. In addition to utilizing the proceeds to repay the obligations under the Amended Loan Agreement in full, the proceeds will otherwise be used for general corporate purposes. After repayment, the Loans may not be re-borrowed. All of the Loans incur interest at a floating per annum rate in an amount equal to the sum of (i) 9.0% (or 8.0% per annum if the replacement rate in effect is the Wall Street Journal Prime Rate) plus (ii) the greater of (x) (1) CME Group Benchmark Administration Limited (CBA) Term SOFR (or the replacement rate, if applicable) if CBA Term SOFR is greater than 1.00% plus 0.26161% or (2) 1.00% if CME Term SOFR is less than 1.00% and (y) one percent (1.00%) per annum (or 2.0% per annum if the replacement rate in effect is the Wall Street Journal Prime Rate). The Company has incurred total debt issuance costs of approximately $3.5 million related to the Hayfin Loan Agreement, which are being amortized to interest expense over the life of the loan using the effective interest method. The remaining balance of unamortized debt issuance costs have been reflected as a direct reduction to the loan balance. The effective interest rate, including the amortization of debt discount and debt issuance costs, amounts to 12.1%, maturing March 2027. The Loans will mature on March 8, 2027; provided, however, that the Loans will mature on January 15, 2025 if the Convertible Notes are still outstanding as of such date and either (i) the maturity date thereof has not been extended to a date on or after September 4, 2027 or (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 $15.0 million of cash on hand, is sufficient to redeem and discharge the Convertible Notes in full. The Hayfin Loan Agreement allows the Company to voluntarily prepay the outstanding amounts thereunder. The Company is subject to an early prepayment fee equal to (i) for any prepayment that occurs 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: (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 (5.0%), (B) after the third anniversary of the closing date and on or prior to the fourth anniversary of the closing date, three percent (3.0%), and (C) after the fourth anniversary of the closing date, zero percent (0.0%). The Hayfin Loan 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 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. Associated with the Hayfin Loan Agreement, the New Lenders also received warrants to purchase 1,315,789 shares of the common stock of the Company at a price of $2.28 per share. Please refer to "Note 11 - Warrants" for further details. The components of debt are as follows (in thousands): March 31, 2022 December 31, 2021 Convertible Notes $ 47,175 $ 47,175 Loan facility 95,820 43,500 Less: unamortized debt issuance costs (5,356) (2,608) Long-term debt, net of unamortized debt issuance costs $ 137,639 $ 88,067 The following table sets forth the Company’s future minimum principal payments on the Convertible Note and the loan facility (in thousands): 2022 $ — 2023 — 2024 — 2025 47,175 2026 — Thereafter 100,000 $ 147,175

Stockholders' equity

Stockholders' equity	3 Months Ended
	Mar. 31, 2022
Reverse Stock Split and Initial Public Offering [Abstract]
Stockholders' equity	Stockholders' equity The Company’s 375.0 million authorized shares of stock are divided into 350.0 million shares of common stock, par value $0.0001 per share, and 25.0 million shares of undesignated preferred stock, par value $0.0001 per share. At March 31, 2022 none of the 25.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on the common stock during the periods presented. As of October 5, 2021, when the Company completed the acquisition of Strongbridge, Xeris Pharma sold an aggregate of 204,427 shares of common stock in at-the-market offerings under the shelf registration statement on Form S-3, which was filed on August 6, 2019 and declared effective by the SEC on August 21, 2019, for gross proceeds of $1.8 million. The shelf ceased to be available to the Company upon the consummation of the Transactions. The Company filed a shelf registration statement on Form S-3 with the SEC on January 28, 2022, which was declared effective on February 27, 2022 and which covers the offering, issuance and sale by the Company of up to an aggregate of $250.0 million of our common stock, preferred stock, debt securities, warrants and/or units. In March 2021, the Company completed a registered direct offering of 6,553,398 shares of the common stock at a price of $4.12 per share. Net proceeds from the equity offering were approximately $26.9 million after deducting offering expenses. On October 5, 2021, the Company completed the acquisition of Strongbridge. Upon completion of the Merger, (a) each share of Xeris Pharma common stock was assumed by the Company and converted into the right to receive one Company Share and any cash in lieu of fractional entitlements due to a Xeris Pharma shareholder and (b) each Xeris Pharma option, stock appreciation right, restricted share award and other Xeris Pharma share based award that was outstanding was assumed by the Company and converted into an equivalent equity award of the Company, which award was subject to the same number of shares and the same terms and conditions as were applicable to the Xeris Pharma award in respect of which it was issued. Upon completion of the Merger, the Company acquired all of the outstanding Strongbridge Shares in exchange for (i) 0.7840 of a share of the Company Shares and cash in lieu of fractions of Company Shares in exchange for each Strongbridge Share held by such Strongbridge Shareholders and (ii) one CVR. Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each Strongbridge Share Award was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company Shares. On January 3, 2022, the Company entered into a securities purchase agreement in connection with a private placement with an affiliate of Armistice Capital, LLC (“Armistice”) for aggregate gross proceeds of approximately $30.0 million. In accordance with the purchase agreement, the Company issued to Armistice an aggregate of (i) 10,238,908 shares of the Company’s common stock, par value $0.0001 per share at a purchase price of $2.93 per share, and (ii) warrants to purchase an aggregate of 5,119,454 shares of the Company's common stock at an exercise price of $3.223 per share. The warrants became exercisable immediately upon the closing of the transaction and have a term of five years from the earliest of the date (a) of effectiveness of the resale registration statement, which was February 7, 2022, (b) all of the shares and the Company's common stock issuable upon exercise of the warrants (the “Warrant Shares”) have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one-year anniversary of the date of closing provided that the holder of Shares or Warrant Shares is not an affiliate of the Company, or (d) all of the shares and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions.

Warrants (Notes)

Warrants (Notes)	3 Months Ended
	Mar. 31, 2022
Warrants [Abstract]
Other Liabilities Disclosure	Warrants Associated with the Armistice securities purchase agreement disclosed in "Note 13 - Stockholders' equity", the Company also issued warrants (the "Armistice Warrants") to purchase an aggregate of 5,119,454 shares of the Company's common stock at an exercise price of $3.223 per share. The warrants became exercisable immediately upon the closing of the transaction and have a term of five years from the earliest of the date (a) of effectiveness of the resale registration statement, which was February 7, 2022, (b) all of the shares and the Company's common stock issuable upon exercise of the warrants (the “Warrant Shares”) have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one-year anniversary of the date of closing provided that the holder of Shares or Warrant Shares is not an affiliate of the Company, or (d) all of the shares and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions. Associated with the Hayfin Loan Agreement disclosed in "Note 10 - Long-term Debt", the New Lenders also received warrants to purchase 1,315,789 shares of the common stock of the Company at a price of $2.28 per share. The warrants are (i) exercisable until the seventh (7th) anniversary of the closing date; (ii) freely transferable and detachable from the Loans; and (iii) subject to customary warrant holder rights and protections, including structural-based anti-dilution protection and adjustments for stock dividends, splits, combinations, reclassifications and the like. As of March 31, 2022, the following warrants were outstanding: Warrants classified as liabilities: Outstanding Warrants Exercise Price per Warrant Expiration Date Assumed Strongbridge private placement warrants 4,446,425 $3.005 June 2022 2018 Term A Warrants 53,720 $11.169 February 2025 2018 Term B Warrants 40,292 $11.169 September 2025 4,540,437 Warrants classified as equities: Warrants in connection with CRG loan agreement 309,122 $9.410 July 2024 Warrants in connection with CRG loan amendment in January 2018 978,628 $12.760 January 2025 Warrants in connection with Avenue Capital loan agreement 209,633 $2.390 May 2025 Warrants in connection with Avenue Capital loan agreement 209,633 $2.390 December 2025 Warrants in connection with Horizon and Oxford loan agreement 125,999 $3.130 December 2026 Warrants in connection with Armistice securities purchase agreement 5,119,454 $3.223 February 2027 Warrants in connection with Hayfin loan agreement 1,315,789 $2.280 March 2029 8,268,258 The Company recognized gains of $1.2 million, $12,000 and $8,000 upon the change in fair value of the warrants during the three months ended March 31, 2022 related to the assumed Strongbridge private placement warrants, the 2018 Term A Warrants and the 2018 Term B Warrants, respectively. The Company recognized gains of $11,000 and $9,000 upon the change in fair value of the warrants during the three months ended March 31, 2021 related to the 2018 Term A Warrants and the 2018 Term B Warrants, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies Commitments Commitments to Taro Pharmaceuticals U.S.A., Inc. ("Taro") Upon the completion of Strongbridge acquisition, the Company also acquired the supply agreement Strongbridge had with Taro to produce Keveyis. Strongbridge was obligated to purchase annual minimum amounts of product totaling approximately $29.1 million over a six-year period from Taro. As of March 31, 2022, the remaining obligation under the Supply Agreement was $8.0 million. The agreement with Taro may extend beyond the orphan exclusivity period unless terminated by either party pursuant to the terms of the agreement. If terminated by Taro at the conclusion of the orphan exclusivity period, the Company has the right to manufacture the product on its own or has the product manufactured by a third party on its behalf. The Company is also required to reimburse Taro for royalty obligation resulting from its sale of Keveyis to the Company. Leases The Company has non-cancellable operating leases for office and laboratory space, which expire at various times in 2031 and 2033. The non-cancellable lease agreements provide for monthly lease payments which increase during the term of each lease agreement. Future minimum lease payments under operating leases at March 31, 2022 are as follows (in thousands): 2022 $ 1,490 2023 2,031 2024 1,981 2025 1,931 2026 1,982 Thereafter 11,741 Total minimum lease payments $ 21,156 Total rent expense under these operating leases was approximately $0.7 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the Company had unused letters of credit of $1.7 million which were issued primarily to secure leases. Contingencies CVR liability Upon closing the Transactions, the Company entered into a CVR Agreement. Each CVR entitles its holder to receive additional consideration of up to $1.00, to satisfy future performance milestones, settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. As of the acquisition closing date, there were approximately 74.1 million CVRs. There will be additional issuance of up to 10.5 million CVRs to holders of Strongbridge rollover options and assumed warrants upon exercise. Litigation From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of March 31, 2022, 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 In the event the Convertible Notes are still outstanding as of January 15, 2025 and the maturity date thereof has not been extended to a date on or after September 4, 2027, then unless the Company has received net cash proceeds from one or more permitted equity raises or permitted raises of convertible debt which, together with no more than $15.0 million of cash on hand, is sufficient to redeem and discharge the Convertible Notes in full, then the loans outstanding under the Hayfin Loan Agreement will mature on January 15, 2025.

Restructuring costs

Restructuring costs	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring costs	Restructuring costs After the completion of the Acquisition on October 5, 2021, the Company undertook a strategic restructuring to streamline the organization and realize operating expense synergies. The costs associated with the restructuring include employee termination costs. The Company expects to incur total restructuring cost of approximately $11.1 million related to this plan. Costs of $1.4 million were incurred in the three months ended March 31, 2022, the majority of which is included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company anticipates the restructuring related to the Strongbridge acquisition to be substantially complete by the fourth quarter of 2023. The restructuring reserve is included in other accrued liabilities in the condensed consolidated balance sheet. The following table summarizes the initial restructuring reserve in connection with the Strongbridge acquisition and the payments made during the three months ended March 31, 2022 (in thousands): Restructuring Costs Balance accrued at December 31, 2021 $ 6,713 Restructuring costs 1,413 Payments (1,185) Balance accrued at March 31, 2022 $ 6,941

Stock Compensation Plan (Notes)

Stock Compensation Plan (Notes)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Compensation Plan	Stock compensation plan In 2011, the Company adopted the 2011 Stock Option Issuance Plan (the “2011 Plan”) and subsequently amended it to authorize the Board of Directors to issue up to 4,714,982 incentive stock option and non-qualified stock option awards. The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to award up to 1,822,000 shares of common stock. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Plan following the closing of the IPO, which occurred in June 2018. The 2018 Plan allows the compensation committee to make equity-based and cash-based incentive awards to the Company's officers, employees, directors and other key persons (including consultants). No grants of stock options or other awards may be made under the 2018 Plan after the tenth anniversary of the effective date. The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019, and each January 1 thereafter, by 4% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by the compensation committee. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. On January 1, 2022 and 2021, the number of shares of common stock available for issuance under the 2018 Plan was automatically increased by 4,994,933 shares and 2,384,448 shares, respectively. As of March 31, 2022, there were 3,308,937 shares of common stock available for future issuance under the 2018 Plan. The 2018 Employee Stock Purchase Plan (the "ESPP") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018 to issue up to 193,000 shares of common stock to participating employees. Through the ESPP, eligible employees may authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee’s offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval with a purchase date of the last business day of June and December each year. This plan became effective on the date immediately prior to the effectiveness of the Company's IPO registration statement. The ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of our common stock on the immediately preceding December 31; (ii) 386,000 shares or (iii) such lesser number of shares as determined by the ESPP administrator. On January 1, 2022 and 2021, the number of shares of common stock available for issuance under the ESPP increased by 386,000 shares and 386,000 shares, respectively. The number of shares reserved under the ESPP is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of March 31, 2022, there were 863,727 shares available for issuance under the ESPP. The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan was adopted without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercial launch of Gvoke and the expansion of the Company generally. The Company initially reserved 750,000 shares of common stock for the issuance of awards under the Inducement Plan. This number is subject to adjustment in the event of a stock split, stock dividend or other change affecting the Company's common stock. As of March 31, 2022, there were 221,674 shares of common stock available for future issuance under the Inducement Plan. On October 8, 2020, the Company's stockholders, upon recommendation of the Board of Directors, approved an amendment to the Company's 2011 Plan and 2018 Plan to allow the Company to permit certain employee option holders, subject to specified conditions, to exchange some or all of their outstanding options to purchase shares of the Company's common stock for a lesser number of new options to purchase shares of the Company’s common stock (the “Option Exchange”). On November 10, 2020, the Company filed with the SEC a Tender Offer Statement on Schedule TO defining the terms and conditions of the Option Exchange. The total number of shares of common stock underlying a new option with respect to an exchanged eligible option was determined by dividing the number of shares of common stock underlying the exchanged eligible option by the applicable exchange ratio and rounding to the nearest whole number, subject to the terms and conditions described in the Exchange Offer. On December 10, 2020, the completion date of the Option Exchange, the Company canceled the options accepted for exchange and granted 832,907 new options to purchase shares of common stock in exchange for 1,127,906 options issued under the 2011 Plan and 2018 Plan. The exercise price per share of the options granted pursuant to the Exchange Offer was $4.09 per share, which was the closing price per share of common stock on The Nasdaq Global Select Market on the grant date of such new options. The new options will vest and become exercisable in two equal installments following the grant date, subject to an option holder's continuous service, and expire seven Assumed Plans At the effective time of the Scheme, Strongbridge’s outstanding equity awards were treated as set forth in the Transaction Agreement, such that (i) each Strongbridge Share Award was vested and settled for Strongbridge Shares immediately prior to the effective time of the Scheme, (ii) each Strongbridge Option became fully vested and exercisable immediately prior to the effective time of the Scheme, (iii) each unexercised Strongbridge Option was assumed by the Company and converted into an option to purchase Company Shares (each, a “Strongbridge Rollover Option”), with the exercise price per Company Share and the number of Company Shares underlying the Strongbridge Rollover Option adjusted to reflect the conversion from Strongbridge Shares into Company Shares, provided that each Strongbridge Rollover Option will continue to have, and be subject to, the same terms and conditions that applied to the corresponding Strongbridge Rollover Option (except for terms rendered inoperative by reason of the Acquisition or for immaterial administrative or ministerial changes that are not adverse to any holder other than in any de minimis respect), provided that the terms of each Strongbridge Rollover Option with an exercise price of $4.50 or less (prior to the adjustment described above) were amended to provide that it shall remain exercisable for a period of time following the effective time of the Scheme equal to the lesser of (A) the maximum remaining term of such corresponding Strongbridge Option and (B) the fourth anniversary of the effective date of the Merger, in each case regardless of whether the holder of such Strongbridge Rollover Option experiences a termination of employment or service on or following the effective time of the Scheme. On the acquisition closing date, the Company assumed all then-outstanding stock options and shares available and reserved for issuance under some legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, the “Assumed Plans”). Shares reserved under the Assumed Plans will be available for future grants. The Company also assumed all then-outstanding stock options from the rest of the legacy equity incentive plans of Strongbridge without assuming the shares available and reserved for issuance under these plans. The number of shares subject to stock options outstanding under all Strongbridge legacy equity incentive plans are included in the tables below. As of March 31, 2022, there were 3.2 million shares reserved for future grants under the Assumed Plans. CVRs were also issued to the holders of Strongbridge vested and unexercised options that were outstanding and assumed by the Company at the acquisition date. Stock options Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two three four seven ten The fair value of each option is estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods during the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The expected stock price volatility assumption is based on the historical volatilities of a peer group of publicly traded companies as well as the historical volatility of the Company's common stock since the Company began trading subsequent to the IPO in June 2018 over the period corresponding to the expected life as of the grant date. The expected dividend yield is based on the expected annual dividend as a percentage of the market value of the Company’s ordinary shares as of the grant date. There was no stock options granted during the first quarter of 2022. Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the three months ended March 31, 2022 was as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - December 31, 2021 11,362,336 $ 5.86 5.62 Granted — — Exercised (11,228) 0.69 Forfeited (17,084) 6.01 Expired (877,423) 8.01 Outstanding - March 31, 2022 10,456,601 $ 5.69 5.18 Exercisable - March 31, 2022 9,113,304 $ 5.74 4.80 Vested and expected to vest at March 31, 2022 10,456,601 $ 5.69 5.18 As of March 31, 2022, the aggregate intrinsic value of awards vested and expected to vest was $1.2 million. At March 31, 2022, there was a total of $4.8 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 1.7 years. Restricted Share Units The Company grants RSUs to employees. RSUs that are granted vest over either three or four years in equal annual installments beginning on the one-year anniversary of the date of grant, provided that the employee is employed by the Company on such vesting date. If and when the RSUs vest, the Company will issue one share of common stock for each whole RSU that has vested, subject to satisfaction of the employee’s tax withholding obligations. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the employee’s requisite service period. A summary of outstanding RSU awards and the activity for the three months ended March 31, 2022 was as follows: Number of Units Weighted Average Grant Date Fair Value Unvested balance - December 31, 2021 2,005,041 $ 5.15 Granted 3,977,850 2.81 Vested (602,000) 5.85 Forfeited (78,374) 2.81 Unvested balance - March 31, 2022 5,302,517 $ 3.35 As of March 31, 2022, there was $16.1 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 2.6 years. The following table summarizes the reporting of total stock-based compensation expense resulting from stock options and RSUs and the ESPP (in thousands): Three Months Ended March 31, 2022 2021 Cost of goods sold $ — $ 16 Research and development 547 347 Selling, general and administrative 2,754 2,098 Total stock-based compensation expense $ 3,301 $ 2,461

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair value measurements	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; and 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 takes into account 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, 2022 and December 31, 2021 (in thousands): Total as of March 31, 2022 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 103,771 $ 103,771 $ — $ — Investments: Corporate securities 9,377 — 9,377 — Commercial paper 17,684 — 17,684 — Foreign government 1,316 — 1,316 — Total investments $ 28,377 $ — $ 28,377 $ — Liabilities Contingent value rights $ 25,347 $ — $ — $ 25,347 Warrant liabilities $ 548 $ — $ — $ 548 Total as of December 31, 2021 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 67,271 $ 67,271 $ — $ — Investments: U.S. government securities — — — — Corporate securities 12,067 — 12,067 — Commercial paper 21,773 — 21,773 — Foreign government 1,322 $ — $ 1,322 $ — Total investments $ 35,162 $ — $ 35,162 $ — Liabilities Contingent value rights $ 22,531 $ — $ — $ 22,531 Warrant liabilities $ 1,769 $ — $ — $ 1,769 Contingent Value Rights The fair value of the CVRs is calculated by using a discounted cash flow method for the Keveyis patent milestone and an option pricing method for the Recorlev and Keveyis sales milestones. In the case of Keveyis milestones, the Company applies a scenario-based method and weighted them based on the possible achievement of the milestone. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement . The key assumptions used include the discount rate and sales growth. The estimated value of the CVR consideration is preliminary only and is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration. Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued each reporting period until the related contingencies are resolved. The contingent value rights are adjusted to fair value using the methods described above at the end of each reporting period. Significant changes which increase or decrease the probabilities of achieving the related milestones or shorten or lengthen the time required to achieve such events would result in corresponding increases or decreases in the fair values of these obligations. As of March 31, 2022, the CVRs were revalued at $25.3 million using the same methods described above. During the first quarter of 2022, a loss of $2.8 million was recognized in the condensed consolidated statements of operations from changes in the fair values of the CVRs. See "Note 15 – Commitments and contingencies" for a discussion of the CVRs. Warrant liability The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could resulted in higher or lower fair value measurement. The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands): Balance at December 31, 2021 $ 1,769 Change in fair value of warrants (1,221) Balance at March 31, 2022 $ 548 There were no transfers between any of the levels of the fair value hierarchy during the three months ended March 31, 2022.

Short-term investments

Short-term investments	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Short-term investments	Short-term investmentsThe Company classifies investments in debt securities as available-for-sale. Debt securities are comprised of highly liquid investments with minimum “A” rated securities and, as of March 31, 2022, consist of U.S. Treasury and agency bonds and corporate entity commercial paper and securities, all with maturities of more than three months but less than one year at the date of purchase. Debt securities as of March 31, 2022 had an average remaining maturity of 0.4 years. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss) in the condensed consolidated balance sheet. Refer to "Note 12 - Fair Value Measurements", for information related to the fair value measurements and valuation methods utilized. The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: Commercial paper $ 17,684 $ — $ (32) $ 17,652 Corporate securities 9,409 — — 9,409 Foreign government securities 1,326 — (10) 1,316 Total available-for-sale investments $ 28,419 $ — $ (42) $ 28,377 December 31, 2021 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: Commercial paper $ 21,773 $ — $ — $ 21,773 Corporate securities 12,072 2 (7) 12,067 Foreign government securities 1,324 — (2) 1,322 Total available-for-sale investments $ 35,169 $ 2 $ (9) $ 35,162 The Company reviews available-for-sale investments for other-than-temporary impairment loss periodically. The Company considers factors such as the duration, severity of and reason for the decline in value, the potential recovery period and our intent to sell. For debt securities, the Company also consider whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. During three months ended March 31, 2022 and 2021, the Company did not recognize any other-than-temporary impairment losses. All marketable securities with unrealized losses have been in a loss position for less than twelve months.

Net loss per common share

Net loss per common share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss per common share	Net loss per common share Basic and diluted net loss per common share are determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, 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. The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect: As of March 31, 2022 2021 Shares to be issued upon conversion of Convertible Notes 15,416,667 15,416,667 Vested and unvested stock options 10,456,601 5,299,521 Restricted stock units 5,302,517 1,884,095 Warrants 12,808,695 94,012 Total anti-dilutive securities excluded from EPS computation 1 43,984,480 22,694,295

Other Employee Benefit Plans

Other Employee Benefit Plans	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
Compensation and Employee Benefit Plans	Other employee benefit plans Defined Contribution Plan The Company sponsors an employee retirement plan qualifying under Section 401(k) of the Internal Revenue Code for all eligible employees in the United States. Employees become eligible to contribute to the plan upon meeting certain age requirements and 30 days of service. Commencing in 2019, the Company began discretionary matching employee contributions up to certain limits. For the years ended March 31, 2022 and 2021, the Company made $0.7 million and $0.6 million of matching contributions to the plan, respectively. Deferred Compensation Plan

Basis of presentation and sum_2

Basis of presentation and summary of significant accounting policies and estimates (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Revenue Recognition, Sales of Goods [Policy Text Block]	Revenue recognition The Company applies the guidance in ASC 606, Revenue Recognition , to all contracts with customers within the scope of the standard. The Company sells product primarily to wholesalers or a specialty pharmacy who 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 Gvoke, Keveyis and Recorlev in the United States only and Ogluo (European brand name of Gvoke) in the United Kingdom. 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.
New Accounting Pronouncements, Policy [Policy Text Block]	New accounting pronouncements Recently issued accounting pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This update requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard requires that an acquirer recognize and measure such contract assets and contract liabilities under Topic 606, Revenue from Contracts with Customers, as if it had originated the contracts. This standard also allows for election of certain practical expedients, which are applied on an acquisition-by-acquisition basis. This standard is effective for the Company for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, including for any interim period, and if elected, this standard is applied retrospectively for any acquisitions that occurred in the fiscal year of interim adoption. Since the Company already adopted ASC 2014-09, Revenue from Contracts with Customers (Topic 606) , which provides a single comprehensive accounting model on revenue recognition for contracts with customers, the Company elected to early adopt ASU 2021-08 in the fourth quarter 2021 as the Company completed the acquisition of Strongbridge. Therefore, the Company has accounted for the acquisition of all contracts with customers from the Strongbridge acquisition in accordance with ASC 606. Under previous U.S. GAAP, the Company would have discounted the acquired contracts with customers to present value as of the acquisition closing date. In May 2021, the FASB issued ASU No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40) . This standard addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This standard is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this standard in first quarter 2022 and it did not have a material impact on the financial statements. In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . This standard eliminates certain accounting models to simplify the accounting for convertible instruments, expands the disclosure requirements related to the terms and features of convertible instruments, and amends the guidance for the derivatives scope exception for contracts settled in an entity’s own equity. This standard enhances the consistency of earnings-per-share ("EPS") calculations by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted EPS calculations and disclosures. This standard is effective for the Company for fiscal years beginning after December 15, 2023. Early adoption is permitted but not earlier than periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference London Inter-bank Offered Rate (“LIBOR”) or other reference rates that are expected to be discontinued because of reference rate reform. This standard is effective for all entities as of March 12, 2020 through December 31, 2022. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard eliminates certain exceptions in the current guidance related to the approach for intra-period tax allocation and the methodology for calculating income taxes in an interim period and amends other aspects of the guidance to help clarify and simplify U.S. GAAP. This standard will be effective for the Company for annual periods beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. Early adoption of this standard is permitted. The Company does not currently expect the adoption of this new standard to have a material impact on the financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used and establishes additional disclosures related to credit risks. For available-for-sale debt securities with unrealized losses, the standard will require allowances to be recorded instead of reducing the amortized cost of the investment. This standard limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. This standard is effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. On November 15, 2019, the FASB delayed the effective date of FASB ASC Topic 326 for certain small public companies and other private companies. As amended, the effective date of ASC Topic 326 was delayed until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new standard requires lessees to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases will be classified as either operating or finance leases under the new guidance. Operating leases will result in straight-line expense in the income statement, similar to current operating leases, and finance leases will result in more expense being recognized in the earlier years of the lease term, similar to current capital leases. This standard is effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The FASB has extended the effective date of this standard for certain companies. As amended in ASU 2020-05, this standard will be effective for the Company for fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and related disclosures; however, since the Company is a lessee to certain leases for property whose terms exceed twelve months, it expects, once adopted, to report assets and liabilities related to these leases on the balance sheet.

Business combination (Tables)

Business combination (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The acquisition-date fair value of the consideration transferred totaled $169.1 million, which consisted of the following: Fair value of consideration transferred (in thousands, except share number) Xeris Biopharma Holdings, Inc. common shares (58,082,606 shares) $ 137,655 Unexercised Strongbridge options assumed by Xeris Pharma and converted into options to purchase Company Shares 6,404 Strongbridge warrants 2,467 Contingent consideration (Contingent value rights) 22,531 Total consideration $ 169,057 The table below presents the estimated fair value that was allocated to Strongbridge’s assets and liabilities based upon fair values as determined by the Company (in thousands): Fair Value Cash and cash equivalents $ 38,469 Trade accounts receivable 4,344 Inventory 1,862 Prepaid expenses and other current assets 4,683 Property and equipment 161 IPR&D 121,000 Other intangible asset 11,000 Other assets 860 Total identifiable assets acquired 182,379 Accounts payable (279) Other accrued liabilities (13,703) Accrued trade discounts and rebates (4,844) Supply agreement liability (12,000) Deferred tax liabilities (4,942) Other liabilities (413) Total liabilities assumed (36,181) Net identifiable assets acquired 146,198 Goodwill 22,859 Net assets acquired $ 169,057
Business Acquisition, Pro Forma Information	The following table presents the pro forma operating results as if Strongbridge had been included in the Company's Condensed Consolidated Statements of Operations as of January 1, 2021 (unaudited, in thousands): Three Months Ended 2022 2021 Revenue $ 22,073 $ 16,577 Net loss $ (33,714) $ (28,737)

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory [Line Items]
Schedule of Inventory	The components of inventories consisted of the following (in thousands): March 31, 2022 December 31, 2021 Raw materials $ 5,018 $ 5,181 Work in process 7,068 7,442 Finished goods 4,786 5,495 Inventory $ 16,872 $ 18,118

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Property and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consisted of the following (in thousands): March 31, 2022 December 31, 2021 Lab equipment $ 3,759 $ 3,739 Furniture and fixtures 1,355 1,355 Computer equipment 314 307 Office equipment 8 28 Software 307 307 Leasehold improvements 5,004 5,026 Total property and equipment 10,747 10,762 Less: accumulated depreciation and amortization (4,456) (4,135) Property and equipment, net $ 6,291 $ 6,627

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Identified intangible assets consisted of the following (in thousands): March 31, 2022 Life (Years) Gross assets Accumulated amortization Net Definite-lived intangible asset - Keveyis 5 $ 11,000 $ (1,100) $ 9,900 Definite-lived intangible asset - Recorlev 14 121,000 (2,161) 118,839 Total intangible assets $ 132,000 $ (3,261) $ 128,739
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2022, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands): 2022 remaining $ 8,132 2023 10,843 2024 10,843 2025 10,843 2026 10,293 Thereafter 77,785 Total $ 128,739

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Expenses [Abstract]
Other Accrued Liabilities	Other accrued liabilities consisted of the following (in thousands): March 31, 2022 December 31, 2021 Accrued employee costs $ 9,558 $ 19,638 Supply agreement - current portion 6,276 6,009 Accrued supply chain costs 1,360 595 Accrued marketing and selling costs 2,262 3,237 Accrued research and development costs 1,572 1,998 Accrued restructuring charges 6,941 6,715 Accrued interest expense 1,165 1,413 Accrued Strongbridge transaction costs 112 1,839 Accrued Debt 341 — Accrued other costs 4,771 7,644 Other accrued liabilities $ 34,358 $ 49,088

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Long-term Debt, Unclassified [Abstract]
Schedule of Long-term Debt Instruments	The components of debt are as follows (in thousands): March 31, 2022 December 31, 2021 Convertible Notes $ 47,175 $ 47,175 Loan facility 95,820 43,500 Less: unamortized debt issuance costs (5,356) (2,608) Long-term debt, net of unamortized debt issuance costs $ 137,639 $ 88,067
Schedule of Maturities of Long-term Debt	The following table sets forth the Company’s future minimum principal payments on the Convertible Note and the loan facility (in thousands): 2022 $ — 2023 — 2024 — 2025 47,175 2026 — Thereafter 100,000 $ 147,175

Warrants (Tables)

Warrants (Tables)	3 Months Ended
	Mar. 31, 2022
Warrants [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	As of March 31, 2022, the following warrants were outstanding: Warrants classified as liabilities: Outstanding Warrants Exercise Price per Warrant Expiration Date Assumed Strongbridge private placement warrants 4,446,425 $3.005 June 2022 2018 Term A Warrants 53,720 $11.169 February 2025 2018 Term B Warrants 40,292 $11.169 September 2025 4,540,437 Warrants classified as equities: Warrants in connection with CRG loan agreement 309,122 $9.410 July 2024 Warrants in connection with CRG loan amendment in January 2018 978,628 $12.760 January 2025 Warrants in connection with Avenue Capital loan agreement 209,633 $2.390 May 2025 Warrants in connection with Avenue Capital loan agreement 209,633 $2.390 December 2025 Warrants in connection with Horizon and Oxford loan agreement 125,999 $3.130 December 2026 Warrants in connection with Armistice securities purchase agreement 5,119,454 $3.223 February 2027 Warrants in connection with Hayfin loan agreement 1,315,789 $2.280 March 2029 8,268,258

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	Future minimum lease payments under operating leases at March 31, 2022 are as follows (in thousands): 2022 $ 1,490 2023 2,031 2024 1,981 2025 1,931 2026 1,982 Thereafter 11,741 Total minimum lease payments $ 21,156

Restructuring costs (Tables)

Restructuring costs (Tables)	3 Months Ended
	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the initial restructuring reserve in connection with the Strongbridge acquisition and the payments made during the three months ended March 31, 2022 (in thousands): Restructuring Costs Balance accrued at December 31, 2021 $ 6,713 Restructuring costs 1,413 Payments (1,185) Balance accrued at March 31, 2022 $ 6,941

Stock Compensation Plan (Tables

Stock Compensation Plan (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 was as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - December 31, 2021 11,362,336 $ 5.86 5.62 Granted — — Exercised (11,228) 0.69 Forfeited (17,084) 6.01 Expired (877,423) 8.01 Outstanding - March 31, 2022 10,456,601 $ 5.69 5.18 Exercisable - March 31, 2022 9,113,304 $ 5.74 4.80 Vested and expected to vest at March 31, 2022 10,456,601 $ 5.69 5.18
Share-based Payment Arrangement, Expensed and Capitalized, Amount	The following table summarizes the reporting of total stock-based compensation expense resulting from stock options and RSUs and the ESPP (in thousands): Three Months Ended March 31, 2022 2021 Cost of goods sold $ — $ 16 Research and development 547 347 Selling, general and administrative 2,754 2,098 Total stock-based compensation expense $ 3,301 $ 2,461
Schedule of Nonvested Restricted Stock Units Activity	A summary of outstanding RSU awards and the activity for the three months ended March 31, 2022 was as follows: Number of Units Weighted Average Grant Date Fair Value Unvested balance - December 31, 2021 2,005,041 $ 5.15 Granted 3,977,850 2.81 Vested (602,000) 5.85 Forfeited (78,374) 2.81 Unvested balance - March 31, 2022 5,302,517 $ 3.35

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and December 31, 2021 (in thousands): Total as of March 31, 2022 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 103,771 $ 103,771 $ — $ — Investments: Corporate securities 9,377 — 9,377 — Commercial paper 17,684 — 17,684 — Foreign government 1,316 — 1,316 — Total investments $ 28,377 $ — $ 28,377 $ — Liabilities Contingent value rights $ 25,347 $ — $ — $ 25,347 Warrant liabilities $ 548 $ — $ — $ 548 Total as of December 31, 2021 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 67,271 $ 67,271 $ — $ — Investments: U.S. government securities — — — — Corporate securities 12,067 — 12,067 — Commercial paper 21,773 — 21,773 — Foreign government 1,322 $ — $ 1,322 $ — Total investments $ 35,162 $ — $ 35,162 $ — Liabilities Contingent value rights $ 22,531 $ — $ — $ 22,531 Warrant liabilities $ 1,769 $ — $ — $ 1,769 Contingent Value Rights The fair value of the CVRs is calculated by using a discounted cash flow method for the Keveyis patent milestone and an option pricing method for the Recorlev and Keveyis sales milestones. In the case of Keveyis milestones, the Company applies a scenario-based method and weighted them based on the possible achievement of the milestone. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement . The key assumptions used include the discount rate and sales growth. The estimated value of the CVR consideration is preliminary only and is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration. Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued each reporting period until the related contingencies are resolved. The contingent value rights are adjusted to fair value using the methods described above at the end of each reporting period. Significant changes which increase or decrease the probabilities of achieving the related milestones or shorten or lengthen the time required to achieve such events would result in corresponding increases or decreases in the fair values of these obligations. As of March 31, 2022, the CVRs were revalued at $25.3 million using the same methods described above. During the first quarter of 2022, a loss of $2.8 million was recognized in the condensed consolidated statements of operations from changes in the fair values of the CVRs. See "Note 15 – Commitments and contingencies" for a discussion of the CVRs. Warrant liability The fair value of the Company’s warrant liabilities is based on a Black-Scholes valuation which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The uncertainty of the fair value measurement due to the use of unobservable inputs and interrelationships between these unobservable inputs could resulted in higher or lower fair value measurement.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The Company has determined that the warrant liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the warrant liabilities (in thousands): Balance at December 31, 2021 $ 1,769 Change in fair value of warrants (1,221) Balance at March 31, 2022 $ 548

Short-term investments (Tables)

Short-term investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale	The following table represents the Company’s available-for-sale investments by major security type as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: Commercial paper $ 17,684 $ — $ (32) $ 17,652 Corporate securities 9,409 — — 9,409 Foreign government securities 1,326 — (10) 1,316 Total available-for-sale investments $ 28,419 $ — $ (42) $ 28,377 December 31, 2021 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: Commercial paper $ 21,773 $ — $ — $ 21,773 Corporate securities 12,072 2 (7) 12,067 Foreign government securities 1,324 — (2) 1,322 Total available-for-sale investments $ 35,169 $ 2 $ (9) $ 35,162

Net loss per common share (Tabl

Net loss per common share (Tables)	3 Months Ended
	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect: As of March 31, 2022 2021 Shares to be issued upon conversion of Convertible Notes 15,416,667 15,416,667 Vested and unvested stock options 10,456,601 5,299,521 Restricted stock units 5,302,517 1,884,095 Warrants 12,808,695 94,012 Total anti-dilutive securities excluded from EPS computation 1 43,984,480 22,694,295

Organization and Nature of th_2

Organization and Nature of the Business Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ 493,824	$ 460,110

Business combination (Details)

Business combination (Details) $ / shares in Units, contingentValueRight in Millions	Oct. 05, 2021USD ($)contingentValueRight$ / sharesshares	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Business Acquisition [Line Items]
Goodwill		$ 22,859,000		$ 22,859,000	$ 22,859,000
Warrants
Business Acquisition [Line Items]
Class Of Warrant Or Right, Multiplier Period	20 days
Strongbridge
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 1
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	58,082,606
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$ 38,469,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables	4,344,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory	1,862,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	4,683,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	161,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	121,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	11,000,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	860,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	182,379,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	(279,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Liabilities, Other	(13,703,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Accrued Trade Discounts And Rebates	(4,844,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Supply Agreement	(12,000,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities	(4,942,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other	(413,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	(36,181,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	146,198,000
Goodwill	22,859,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net	169,057,000
Business Combination, Consideration Transferred	169,057,000
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	137,655,000
Business Combination, Consideration Transferred, Value Of Options Assumed	6,404,000
Business Combination, Consideration Transferred, Value Of Warrants Assumed	2,467,000
Business Combination, Consideration Transferred, Other	$ 22,531,000
Business Combination, Contingent Consideration, Number Of Contingent Value Rights | contingentValueRight	74.1
Business Combination, Contingent Consideration, Number Of Additional Contingent Value Rights To Be Issued | contingentValueRight	10.5
Business Acquisition, Pro Forma Revenue		22,073,000	$ 16,577,000
Business Acquisition, Pro Forma Net Income (Loss)		$ (33,714,000)	$ (28,737,000)
Business Combination, Provisional Information, Initial Accounting Incomplete, Deferred Tax Liabilities	$ 4,900,000
Strongbridge | Achievement In Net Sales Of Keveyis In 2023
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Strongbridge | Achievement In Net Sales Of Recorlev In 2023
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Strongbridge | Achievement In Net Sales Of Recorlev In 2024
Business Acquisition [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.50
Business Combination, Contingent Consideration, Net Sales Threshold	$ 80,000,000
Strongbridge | Selling, General and Administrative Expenses [Member]
Business Acquisition [Line Items]
Business Combination, Transaction Costs				$ 8,600,000
Strongbridge | Warrants
Business Acquisition [Line Items]
Class Of Warrant Or Right, Multiplier Period	20 days
Exercise Price Per Warrant | $ / shares	$ 2.50
Class Of Warrant Or Right, Threshold Trading Days	3 days
Strongbridge | Warrants | Measurement Input, Price Volatility
Business Acquisition [Line Items]
Warrants and Rights Outstanding, Measurement Input	0.50

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 800	$ 1,000

Inventory Components of Invento

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Raw materials	$ 5,018	$ 5,181
Work in process	7,068	7,442
Finished goods	4,786	5,495
Inventory	$ 16,872	$ 18,118

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 10,747	$ 10,762
Less: accumulated depreciation and amortization	(4,456)	(4,135)
Property and equipment, net	6,291	6,627
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,759	3,739
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,355	1,355
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	314	307
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8	28
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	307	307
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,004	$ 5,026

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation Depletion and Amortization, not including asset impairments	$ 300	$ 300

Intangible Assets (Details)

Intangible Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000
Accumulated amortization	(3,261)
Net	$ 128,739
Developed Technology Rights
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000
Accumulated amortization	(1,100)
Net	$ 9,900
In Process Research and Development
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000
Accumulated amortization	(2,161)
Net	$ 118,839

Intangible Assets - Expected Am

Intangible Assets - Expected Amortization (Details) $ in Thousands	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 8,132
2024	10,843
2025	10,843
2026	10,843
Finite-Lived Intangible Asset, Expected Amortization, Year Five	10,293
Thereafter	77,785
Net	$ 128,739

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses [Abstract]
Accrued employee costs	$ 9,558	$ 19,638
Supply agreement - current portion	6,276	6,009
Accrued supply chain costs	1,360	595
Accrued marketing and selling costs	2,262	3,237
Accrued research and development costs	1,572	1,998
Accrued restructuring charges	6,941	6,715
Accrued interest expense	1,165	1,413
Accrued Strongbridge transaction costs	112	1,839
Accrued Debt	341	0
Accrued other costs	4,771	7,644
Other accrued liabilities	$ 34,358	$ 49,088

Long-Term Debt - Future Princip

Long-Term Debt - Future Principal Payments (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	0
2024	0
2025	47,175
2026	0
Thereafter	100,000
Debt Instrument, Face Amount	$ 147,175

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended					6 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2021	Oct. 23, 2020	Jul. 07, 2020	Apr. 21, 2020	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 147,175,000	$ 147,175,000
Prepayment allowed per debt agreement	$ 2,000,000	$ 2,000,000
Prepayment penalty percentage		1.50%
Final payment fee percentage	3.00%	3.00%
Interest expense		$ (3,521,000)	$ (1,791,000)
Long-term Debt	$ 137,639,000	137,639,000							$ 88,067,000
Amortization of debt issuance costs		219,000	251,000
Unamortized Debt Issuance Expense	(5,356,000)	(5,356,000)							(2,608,000)
Convertible notes purchased, due to exercise of underwriter option											$ 11,300,000
Principal amount of convertible notes converted							$ 8,400,000
Issuance of common stock upon conversion of convertible notes, shares							2,736,591
Principal amount of convertible notes converted privately				$ 30,700,000
Stock Issued During Period, Shares, Conversion of Convertible Securities privately exchanged				10,435,200
Loss on the convertible note exchange transactions				$ 2,600,000
Letters of Credit Outstanding, Amount	1,700,000	1,700,000
Loss on extinguishment of debt		1,323,000	0
Debt Instrument, Maximum Amount Per Drawing	10,000,000	10,000,000
Payments for loss on extinguishment of debt		837,000	0
Payments of debt issuance costs		4,360,000	0
Chicago Fulton Market
Debt Instrument [Line Items]
Letters of Credit Outstanding, Amount	$ 400,000	$ 400,000
2018 Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount															$ 20,000,000
2018 Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount														$ 15,000,000
2018 Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity															$ 45,000,000
Amended Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity													$ 85,000,000
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount													60,000,000
Debt Instrument, Interest Rate, Stated Percentage	6.25%	6.25%
Debt Instrument, Basis Spread on Variable Rate		2.43%
Debt Issuance Costs, Gross	$ 2,000,000	$ 2,000,000
Interest rate, stated percentage plus greater of (a) 2.43% or (b) thirty-day LIBOR	8.68%	8.68%
Repayments of Notes Payable						$ 20,000,000		$ 20,000,000
Final payment fee settled at closing								600,000
Prepayment fee settled at closing								$ 300,000
Term B Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount													15,000,000
Term C Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount													$ 10,000,000
2018 Term A & B Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Fee					2.3 million
Senior Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 47,175,000	$ 47,175,000							47,175,000
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 95,820,000	$ 95,820,000							$ 43,500,000		86,300,000
Debt Issuance Costs, Gross											$ 5,100,000
Cash interest per annum on convertible notes	5.00%	5.00%									5.00%
Initial conversion rate for Convertible Notes		326.7974					326.7974
Per principal amount of Convertible Notes		$ 1,000					$ 1,000
Debt Instrument, Convertible, Conversion Price	$ 3.06	$ 3.06
Maximum conversion rate of Convertible Notes		367.6470
PPP Loan
Debt Instrument [Line Items]
Repayments of Notes Payable						$ 4,200,000
Notes Payable												$ 5,100,000
Term D Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 3,500,000
Debt
Debt Instrument [Line Items]
Amortization of debt issuance costs		$ 200,000	$ 300,000
Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 100,000,000	100,000,000
Hayfin Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 43,500,000	$ 43,500,000
Debt Instrument, Basis Spread on Variable Rate	0.26161%
Debt Instrument, Replacement Rate	1.00%	1.00%
Payments of debt issuance costs	$ 3,500,000
Debt Instrument, Interest Rate During Period	9.00%
Debt Instrument, Interest Rate, Replacement Rate	8.00%	8.00%
Debt Instrument, Covenant, Prepayment Fee One, Percentage	5.00%	5.00%
Debt Instrument, Covenant, Prepayment Fee Two, Percentage	3.00%	3.00%
Debt Instrument, Covenant, Prepayment Fee Three, Percentage	0.00%	0.00%
Debt Instrument, Payment Of Fees	$ 2,100,000
Debt Instrument, Interest Rate, Effective Percentage	12.10%	12.10%
Debt Instrument, Covenant, Maximum Cash On Hand	$ 15,000,000	$ 15,000,000
Hayfin Loan | Prime Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.00%
Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000,000	$ 50,000,000

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 03, 2022	Oct. 05, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2020	Jan. 28, 2022	Dec. 31, 2021	Mar. 17, 2021
Class of Stock [Line Items]
Total common stock and preferred stock authorized shares			375,000,000
Common Stock, Shares Authorized			350,000,000					350,000,000
Par value (in dollars per share)			$ 0.0001
Preferred Stock, Shares Authorized			25,000,000					25,000,000
Preferred Stock, Par Value Per Share			$ 0.0001
Common Shares, Shares, Issued			135,528,195					124,873,316	6,553,398
Shares Issued, Price Per Share									$ 4.12
Net proceeds from issuance of public offering				$ 26,900
Principal amount of convertible notes converted						$ 8,400
Issuance of common stock upon conversion of convertible notes, shares						2,736,591
Principal amount of convertible notes converted privately					$ 30,700
Stock Issued During Period, Shares, Conversion of Convertible Securities privately exchanged					10,435,200
Restricted stock units vested and settled during period			602,000	220,425
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation			197,257	71,782
Statutory withholding taxes on vesting and settlement of RSUs			$ 400	$ 400
Proceeds from sale of stock		$ 1,800
Sale Of Stock, Aggregate Proceeds Allowed							$ 250,000
Stonebridge
Class of Stock [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		204,427
Private Placement
Class of Stock [Line Items]
Proceeds from sale of stock	$ 30,000
Private Placement | Common Stock
Class of Stock [Line Items]
Par value (in dollars per share)	$ 0.0001
Stock issued (in shares)	10,238,908
Price per share of stock issued (in dollars per share)	$ 2.93
Private Placement | Warrants
Class of Stock [Line Items]
Stock issued (in shares)	5,119,454
Price per share of stock issued (in dollars per share)	$ 3.223

Warrants Narrative (Details)

Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Warrant or Right [Line Items]
Change in fair value of warrants	$ (1,221)	$ (20)
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Exercise Price Per Warrant	$ 11.169
Change in fair value of warrants	$ 12	11
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Exercise Price Per Warrant	$ 11.169
Change in fair value of warrants	$ 8	$ 9
2014 Warrants [Member]
Class of Warrant or Right [Line Items]
Change in fair value of warrants	$ 1,200

Warrants Schedule of Stockholde

Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	Mar. 31, 2022$ / sharesshares
Class of Warrant or Right [Line Items]
Outstanding warrants	4,540,437
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	53,720
Exercise Price Per Warrant | $ / shares	$ 11.169
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	40,292
Exercise Price Per Warrant | $ / shares	$ 11.169
Assumed Strongbridge Private Placement Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants	4,446,425
Exercise Price Per Warrant | $ / shares	$ 3.005
Warrants In Connection With Horizon and Oxford Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	125,999
Exercise Price Per Warrant | $ / shares	$ 3.130
Warrants In Connection With CRG Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	309,122
Exercise Price Per Warrant | $ / shares	$ 9.410
Warrants In Connection With CRG Loan Amendment Dated January 2028
Class of Warrant or Right [Line Items]
Outstanding warrants	978,628
Exercise Price Per Warrant | $ / shares	$ 12.760
Warrants In Connection With Avenue Capital Loan Agreement Due May 2025
Class of Warrant or Right [Line Items]
Outstanding warrants	209,633
Exercise Price Per Warrant | $ / shares	$ 2.390
Warrants In Connection With Avenue Capital Loan Agreement Due December 2025
Class of Warrant or Right [Line Items]
Outstanding warrants	209,633
Exercise Price Per Warrant | $ / shares	$ 2.390
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	5,119,454
Exercise Price Per Warrant | $ / shares	$ 3.223
Warrants In Connection With Hayfin Loan Agreement Due March 2029
Class of Warrant or Right [Line Items]
Outstanding warrants	1,315,789
Exercise Price Per Warrant | $ / shares	$ 2.28
Total Warrants Assumed
Class of Warrant or Right [Line Items]
Outstanding warrants	8,268,258

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands, contingentValueRight in Millions	3 Months Ended		72 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2023USD ($)	Oct. 05, 2021contingentValueRight
Commitments and Contingencies Disclosure [Abstract]
Remaining future minimum lease payments, 2021	$ 1,490
Remaining future minimum lease payments, 2022	2,031
Remaining future minimum lease payments, 2023	1,981
Remaining future minimum lease payments, 2024	1,931
Remaining future minimum lease payments, 2025	1,982
Remaining future minimum lease payments, thereafter	11,741
Total minimum lease payments	21,156
Rent Expense, operating leases	700	$ 600
Letters of Credit Outstanding, Amount	1,700
Strongbridge
Other Commitments [Line Items]
Business Combination, Contingent Consideration, Number Of Additional Contingent Value Rights To Be Issued | contingentValueRight				10.5
Business Combination, Contingent Consideration, Number Of Contingent Value Rights | contingentValueRight				74.1
Purchase Commitment
Other Commitments [Line Items]
Purchase Commitment, Remaining Minimum Amount Committed	8,000
Purchase Commitment | Forecast
Other Commitments [Line Items]
Long-term Purchase Commitment, Amount			$ 29,100
Chicago Fulton Market
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Outstanding, Amount	$ 400

Restructuring costs (Details)

Restructuring costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Accrued restructuring charges	$ 6,941	$ 6,715
2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Expected Cost	11,100
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1,413
Payments	1,185
Accrued restructuring charges	6,941	$ 6,713
Employee Severance | 2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and Related Cost, Incurred Cost	$ 1,400

Stock Compensation Plan Narrati

Stock Compensation Plan Narrative (Details) - USD ($)	Dec. 10, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2019	Jun. 30, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					1,822,000	4,714,982
Least amount of annual increase of shares available for issuance		386,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period upon Option Exchange, Weighted Average Exercise Price	$ 4.09
Share-based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period upon Option Exchange	832,907
Share-based Compensation Arrangement by Share-based Payment Award, Options, Cancelled upon Option exchange	(1,127,906)
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value		$ 1,200,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 4,800,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		1 year 8 months 12 days
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Exchange Offer | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		7 years
Exchange Offer | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage shares available for issuance automatically increase annually		4.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		4,994,933	2,384,448
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		3,308,937
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized					193,000
Maximum employee payroll deduction percentage		15.00%
Common stock value, tax limit on employee stock purchase plan		$ 25,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent		85.00%
Percentage shares available for issuance automatically increase annually		1.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		386,000	386,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		863,727
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				750,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		221,674
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		3,200,000

Stock Compensation Plan Employe

Stock Compensation Plan Employee Stock Award Activity (Details) - $ / shares	Dec. 10, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		10,456,601		11,362,336
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 5.69		$ 5.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		5 years 2 months 4 days	5 years 7 months 13 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period upon Option Exchange, Weighted Average Exercise Price	$ 4.09
Share-based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period upon Option Exchange	832,907
Share-based Compensation Arrangement by Share-based Payment Award, Options, Cancelled upon Option exchange	(1,127,906)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period		(11,228)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price		$ 0.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares		(17,084)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price		$ 6.01
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period		(877,423)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price		$ 8.01
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number		9,113,304
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 5.74
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		4 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number		10,456,601
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price		$ 5.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term		5 years 2 months 4 days

Stock Compensation Plan Stock-B

Stock Compensation Plan Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 3,301	$ 2,461
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	547	347
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,754	2,098
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 0	$ 16

Stock Compensation Plan Restric

Stock Compensation Plan Restricted stock units, activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	10,456,601	11,362,336
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 3.35	$ 5.15
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	2.81
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	5.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 2.81
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 16.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	5,302,517	2,005,041
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	3,977,850
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(602,000)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(78,374)

Fair value measurements - Fair

Fair value measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 103,771		$ 67,271
Investments	28,377		35,162
Contingent value rights	25,347		22,531
Other current liabilities	548		1,769
Change in fair value of warrants	(1,221)	$ (20)
Contingent Consideration Classified as Equity, Gain (Loss)	2,800
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	103,771		67,271
Investments	0		0
Contingent value rights	0		0
Other current liabilities	0		0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0
Investments	28,377		35,162
Contingent value rights	0		0
Other current liabilities	0		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0		0
Investments	0		0
Contingent value rights	25,347		22,531
Other current liabilities	548		1,769
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0
U.S. government securities | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0
U.S. government securities | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0
U.S. government securities | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments			0
Corporate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,377		12,067
Corporate securities | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Corporate securities | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,377		12,067
Corporate securities | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	17,684		21,773
Commercial paper | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Commercial paper | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	17,684		21,773
Commercial paper | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Foreign Government Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,316		1,322
Foreign Government Investments | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0		0
Foreign Government Investments | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,316		1,322
Foreign Government Investments | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0		$ 0

Short-term investments (Details

Short-term investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Available For Sale Securities Maturities Period	4 months 24 days
Amortized Cost	$ 28,419	$ 35,169
Gross Unrealized Gains	0	2
Gross Unrealized Losses	(42)	(9)
Total Fair Value	28,377	35,162
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	17,684	21,773
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(32)	0
Total Fair Value	17,652	21,773
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,409	12,072
Gross Unrealized Gains	0	2
Gross Unrealized Losses	0	(7)
Total Fair Value	9,409	12,067
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		1,324
Gross Unrealized Gains		0
Gross Unrealized Losses		(2)
Total Fair Value		$ 1,322
Foreign government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,326
Gross Unrealized Gains	0
Gross Unrealized Losses	(10)
Total Fair Value	$ 1,316

Net loss per common share - Ant

Net loss per common share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	43,984,480	22,694,295
Shares to be issued upon conversion of Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	15,416,667	15,416,667
Vested and unvested stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,456,601	5,299,521
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,302,517	1,884,095
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,808,695	94,012

Other Employee Benefit Plans (D

Other Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Defined Contribution Plan, Matching Contributions	$ 700	$ 600
Deferred Compensation Arrangement with Individual, Cash Awards Granted, Percentage	100.00%
Deferred compensation, accrued interest rate	2.00%
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 1,600