Xeris Biopharma (XERS) 10-Q 8 Aug 23 2023 FY Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40880
Entity Registrant Name	XERIS BIOPHARMA HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1082097
Entity Address, Address Line One	1375 West Fulton Street
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
City Area Code	844
Local Phone Number	445-5704
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	XERS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	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		138,065,993
Entity Central Index Key	0001867096
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 46,170,000	$ 121,966,000
Short-term investments	34,498,000	0
Trade accounts receivable, net	30,225,000	30,830,000
Inventory	36,538,000	24,735,000
Prepaid expenses and other current assets	8,310,000	9,287,000
Total current assets	155,741,000	186,818,000
Property and equipment, net	6,552,000	5,516,000
Operating lease right-of-use assets	23,632,000	3,992,000
Goodwill	22,859,000	22,859,000
Other assets	115,186,000	120,607,000
Other assets	4,808,000	4,730,000
Total assets	328,778,000	344,522,000
Current Liabilities
Accounts payable	11,621,000	4,606,000
Current operating lease liabilities	1,935,000	1,580,000
Other accrued liabilities	19,413,000	36,786,000
Accrued trade discounts and rebates	17,034,000	16,818,000
Accrued returns reserve	11,320,000	11,173,000
Current portion of contingent value rights	16,637,000	0
Other current liabilities	1,718,000	2,658,000
Total current liabilities	79,678,000	73,621,000
Long-term debt, net of unamortized debt issuance costs	188,182,000	187,075,000
Non-current operating lease liabilities	34,871,000	9,402,000
Non-current contingent value rights	6,911,000	25,688,000
Deferred tax liabilities	2,843,000	3,518,000
Other liabilities	2,652,000	31,000
Total liabilities	315,137,000	299,335,000
Commitments and contingencies (Note 15)
Stockholders' Equity
Preferred stock—par value $0.0001, 25,000,000 shares and 25,000,000 shares authorized and no shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	0	0
Common stock—par value $0.0001, 350,000,000 shares and 350,000,000 shares authorized as of June 30, 2023 and December 31, 2022, respectively; 138,012,130 and 136,273,090 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	14,000	14,000
Additional paid in capital	605,151,000	599,966,000
Accumulated deficit	(591,446,000)	(554,770,000)
Accumulated other comprehensive loss	(78,000)	(23,000)
Total stockholders’ equity	13,641,000	45,187,000
Total liabilities and stockholders’ equity	$ 328,778,000	$ 344,522,000

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parenthetical - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position Parenthetical [Abstract]
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Preferred stock shares outstanding (in shares)	0	0
Preferred stock shares issued (in shares)	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	350,000,000	350,000,000
Common stock shares issues (in shares)	138,012,130	136,273,090
Common stock shares outstanding (in shares)	138,012,130	136,273,090

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net sales	$ 38,008	$ 25,306	$ 71,204	$ 47,379
Operating expenses
Cost of goods sold	7,555	4,810	12,874	11,083
Research and development	6,087	3,718	10,925	9,968
Selling, general and administrative	37,635	32,984	71,240	68,897
Amortization of intangible assets	2,710	2,710	5,421	5,421
Total operating expenses	53,987	44,222	100,460	95,369
Loss from operations	(15,979)	(18,916)	(29,256)	(47,990)
Other income (expense)
Interest and other income	1,223	195	2,523	263
Interest expense	6,528	3,448	12,744	6,969
Change in fair value of warrants	(14)	516	(14)	1,737
Change in fair value of contingent value rights	781	(4,871)	2,140	(7,687)
Other income (expense)	(4,538)	(7,608)	(8,095)	(12,656)
Net loss before benefit from income taxes	(20,517)	(26,524)	(37,351)	(60,646)
Benefit from income taxes	675	339	675	747
Net loss	(19,842)	(26,185)	(36,676)	(59,899)
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on investments	(49)	14	(55)	(21)
Comprehensive loss	$ (19,891)	$ (26,171)	$ (36,731)	$ (59,920)
Net loss per common share - basic (in dollars per share)	$ (0.14)	$ (0.19)	$ (0.27)	$ (0.44)
Net loss per common share - Diluted (in dollars per share)	$ (0.14)	$ (0.19)	$ (0.27)	$ (0.44)
Weighted average common shares outstanding - basic (in shares)	137,338,071	135,529,968	137,250,465	135,282,749
Weighted average common shares outstanding - Diluted (in shares)	137,338,071	135,529,968	137,250,465	135,282,749
Product revenue, net
Net sales	$ 36,893	$ 25,260	$ 69,158	$ 47,170
Royalty, contract and other revenue
Net sales	$ 1,115	$ 46	$ 2,046	$ 209

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		124,873,316
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 (in shares)		10,238,908
Issuance of common stock related to Armistice equity offering	30,000	$ 1	29,999
Issuance of warrants related to loan agreement	2,080		2,080
Exercise stock options (in shares)		11,228
Exercise of stock options	8		8
Vesting of restricted stock units (in shares)		404,743
Vesting of restricted stock units	416		416
Stock-based compensation	3,301		3,301
Other comprehensive loss	(35)			(35)
Ending balance (in shares) at Mar. 31, 2022		135,528,195
Ending balance at Mar. 31, 2022	96,455	$ 14	590,331	(66)	(493,824)
Beginning balance (in shares) at Dec. 31, 2021		124,873,316
Beginning balance at Dec. 31, 2021	95,231	$ 13	555,359	(31)	(460,110)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(59,899)
Ending balance (in shares) at Jun. 30, 2022		135,920,743
Ending balance at Jun. 30, 2022	73,943	$ 14	593,990	(52)	(520,009)
Beginning balance (in shares) at Mar. 31, 2022		135,528,195
Beginning balance at Mar. 31, 2022	96,455	$ 14	590,331	(66)	(493,824)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(26,185)				(26,185)
Exercise stock options (in shares)		2,561
Exercise of stock options	(3)		(3)
Vesting of restricted stock units	0
Stock-based compensation	3,152		3,152
Issuance of common stock through employee stock purchase plan (in shares)		389,987
Issuance of common stock through employee stock purchase plan, value	510		510
Other comprehensive loss	14			14
Ending balance (in shares) at Jun. 30, 2022		135,920,743
Ending balance at Jun. 30, 2022	73,943	$ 14	593,990	(52)	(520,009)
Beginning balance (in shares) at Dec. 31, 2022		136,273,090
Beginning balance at Dec. 31, 2022	45,187	$ 14	599,966	(23)	(554,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(16,834)				(16,834)
Vesting of restricted stock units (in shares)		1,018,187
Vesting of restricted stock units	863		863
Stock-based compensation	2,564		2,564
Other comprehensive loss	(6)			(6)
Ending balance (in shares) at Mar. 31, 2023		137,291,277
Ending balance at Mar. 31, 2023	30,048	$ 14	601,667	(29)	(571,604)
Beginning balance (in shares) at Dec. 31, 2022		136,273,090
Beginning balance at Dec. 31, 2022	45,187	$ 14	599,966	(23)	(554,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (36,676)
Exercise stock options (in shares)	14,036
Ending balance (in shares) at Jun. 30, 2023		138,012,130
Ending balance at Jun. 30, 2023	$ 13,641	$ 14	605,151	(78)	(591,446)
Beginning balance (in shares) at Mar. 31, 2023		137,291,277
Beginning balance at Mar. 31, 2023	30,048	$ 14	601,667	(29)	(571,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(19,842)				(19,842)
Exercise stock options (in shares)		14,036
Exercise of stock options	32		32
Vesting of restricted stock units (in shares)		129,033
Vesting of restricted stock units	25		25
Stock-based compensation	2,928		2,928
Issuance of common stock through employee stock purchase plan (in shares)		577,784
Issuance of common stock through employee stock purchase plan, value	549		549
Other comprehensive loss	(49)			(49)
Ending balance (in shares) at Jun. 30, 2023		138,012,130
Ending balance at Jun. 30, 2023	$ 13,641	$ 14	$ 605,151	$ (78)	$ (591,446)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss		$ (36,676)	$ (59,899)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		750	673
Amortization of intangible assets		5,421	5,421
Stock-based compensation		(812)	129
Amortization of debt discount and debt issuance costs		1,107	673
Amortization of operating right-of-use assets		373	0
Stock-based compensation		5,492	6,453
Loss on extinguishment of debt		0	1,223
Change in fair value of warrants		14	(1,737)
Change in fair value of contingent value rights		(2,140)	7,687
Changes in operating assets and liabilities:
Trade accounts receivable		605	(8,300)
Prepaid expenses and other current assets		827	(921)
Inventory		(11,250)	(305)
Accounts payable		7,015	(2,293)
Other accrued liabilities		(11,206)	(12,478)
Accrued trade discounts and rebates		216	(198)
Accrued returns reserve		147	1,210
Supply agreement liabilities		(6,720)	(5,280)
Operating lease liabilities		5,961	0
Other		992	(1,076)
Net cash used in operating activities		(39,884)	(69,018)
Cash flows from investing activities:
Capital expenditures		(1,786)	(216)
Purchases of investments		(43,741)	0
Sales and maturities of investments		10,000	18,800
Net cash (used in) provided by investing activities		(35,527)	18,584
Cash flows from financing activities
Proceeds from equity offerings		0	30,000
Proceeds from issuance of debt		0	97,295
Repayment of debt		0	(43,496)
Payments of debt issuance costs		0	(4,657)
Payments for loss on extinguishment of debt		0	(737)
Proceeds from issuance of employee stock purchase plan shares		549	510
Proceeds from exercise of stock awards		32	8
Repurchase of common stock withheld for taxes		(888)	(419)
Net cash (used in) provided by financing activities		(307)	78,504
Effect of exchange rate changes on cash, cash equivalents and restricted cash		0	(1)
Increase in cash, cash equivalents and restricted cash		(75,718)	28,069
Cash, cash equivalents and restricted cash, beginning of year		126,314	67,271
Cash, cash equivalents and restricted cash, end of year		50,596	95,340
Supplemental schedule of cash flow information:
Cash paid for interest		15,206	4,767
Supplemental schedule of non-cash activities:
Issuance of warrants related to loan agreement		0	2,080
Initial operating lease right-of-use assets for adoption of ASU 2016-02		(20,043)	0
Cash flows from operating activities:
Cash and cash equivalents		46,170	95,340
Restricted cash included in Other assets (1)	[1]	4,426	0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows		50,596	95,340
Accounting Standards Update 2016-02
Supplemental schedule of non-cash activities:
Initial operating lease right-of-use assets for adoption of ASU 2016-02		0	(6,277)
Initial current and non-current operating lease liabilities for adoption of ASU 2016-02		$ 0	$ 14,013
[1]These restricted cash items are primarily security deposit in the form of letters of credit for the Company to secure lease.

Statements of Stockholders' E_2

Statements of Stockholders' Equity (Parenthetical) - shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) [Abstract]
Shares withheld for tax (in shares)	13,525	743,677	1,317,000	197,257

Organization and Nature of the

Organization and Nature of the Business	6 Months Ended
	Jun. 30, 2023
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 growth-oriented biopharmaceutical company committed to improving patients' lives by developing and commercializing clinically meaningful products across a range of therapies. The Company currently has three commercially available products: Gvoke, a ready-to-use, liquid-stable glucagon for the treatment of severe hypoglycemia; Keveyis, the first therapy approved in the United States to treat hyperkalemic, hypokalemic, and related variants of Primary Periodic Paralysis ("PPP"); and Recorlev, a cortisol synthesis inhibitor for the treatment of endogenous hypercortisolemia in adult patients with Cushing’s syndrome approved by the Food and Drug Administration ("FDA") in December 2021. The Company also has a pipeline of development programs to bring new products forward using its proprietary formulation science, XeriSol and XeriJect. As used herein, the "Company" or "Xeris" refers to Xeris Pharmaceuticals, Inc. ("Xeris Pharma") when referring to periods prior to the acquisition of Strongbridge Biopharma plc ("Strongbridge") on October 5, 2021 and to Xeris Biopharma when referring to periods on or subsequent to October 5, 2021. Throughout this document, unless otherwise noted, references to Gvoke include Gvoke PFS, Gvoke HypoPen, Gvoke Kit and Ogluo (glucagon). Liquidity and capital resources The Company has incurred operating losses since inception and has an accumulated deficit of $591.4 million as of June 30, 2023. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these condensed consolidated financial statements. Based on the Company’s current operating plans, existing working capital at June 30, 2023, the Company believes that its cash resources are sufficient to sustain operations and capital expenditure requirements for at least the next 12 months from the issuance date of these condensed consolidated financial statements. If needed, the Company may elect to finance its 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 geopolitical instability resulting from the ongoing military conflict between Russia and Ukraine, rising interest rates, inflationary pressures, the tightening of lending standards, any further deterioration in the macroeconomic economy or financial services industry resulting from actual or potential bank failures, 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 the Company's common stockholders, the terms of the debt could impose significant restrictions on the Company's 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 its business strategies. If additional funding is not secured when required, the Company may need to delay or curtail its 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	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation and summary of significant accounting policies and estimates	Basis of presentation and summary of significant accounting policies and estimates Basis of presentation The 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, 2022 included in the Company's Annual Report on Form 10-K filed with the SEC on March 8, 2023. Certain information and disclosures normally included in the annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, have been condensed or omitted. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") issued by the Financial Accounting Standards Board ("FASB"). Basis of consolidation These condensed consolidated financial statements include the financial statements of Xeris 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 that subsequently resell to retail pharmacies or patients. The Company enters into arrangements with payors, group purchasing organizations, and healthcare providers that provide for government-mandated or privately-negotiated rebates, chargebacks and discounts related to the Company’s products. The Company currently sells Gvoke, Keveyis and Recorlev in the United States only. Revenue is recognized when the Company's customer (e.g., a wholesaler or specialty pharmacy) obtains control of promised goods or services, which is when the Company's obligations under the terms of the contract with the customer are satisfied, based on the consideration the Company expects to receive in exchange for those goods or services. Revenues are recorded at the net product sales price, which includes estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or specialty pharmacy. The Company applies significant judgments and estimates in determining some of these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known. Such revenue is reported as product revenue, net in the condensed consolidated statements of operations and comprehensive loss. Additionally, the Company earns revenue from research collaborations for the use of Xeris’ proprietary formulation technology platforms and royalties from branded products. Such revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. This revenue is reported as royalty, contract and other revenue in the condensed consolidated statements of operations and comprehensive loss. Concentration of credit risk For the three and six months ended June 30, 2023, four customers accounted for 97% and 96% of the Company’s gross product revenue, respectively. For the three and six months ended June 30, 2022, the same four customers accounted for 98% and 96% of the Company’s gross product revenue, respectively. At June 30, 2023 and December 31, 2022, the same four customers accounted for 97% and 99% of the trade accounts receivable, net, respectively. New accounting pronouncements Adopted accounting standards 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 requires 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 the fair value increases. This standard would have been effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The effective date of ASC Topic 326 was then 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 adopted this standard beginning on January 1, 2023, and it did not have a material impact on the financial statements. Pending accounting standards 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 the 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. On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. The Company is currently evaluating the impact the adoption of this standard will have on the financial statements and disclosures.

Disaggregated revenue

Disaggregated revenue	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregated revenue	Disaggregated revenue Disaggregated revenue by product is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Product revenue (in thousands): Gvoke $ 15,638 $ 11,479 $ 30,671 $ 23,932 Keveyis 14,088 12,812 26,843 22,136 Recorlev 7,167 969 11,644 1,102 Product revenue, net 36,893 25,260 69,158 47,170 Royalty, contract and other revenue 1,115 46 2,046 209 Total revenue $ 38,008 $ 25,306 $ 71,204 $ 47,379

Short-term investments

Short-term investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Short-term investments	Short-term investments The Company classifies investments in debt securities as available-for-sale. Debt securities are comprised of liquid investments that are highly rated securities and, as of June 30, 2023, consist of U.S. government securities, all with remaining maturities of less than one year. Debt securities as of June 30, 2023 had an average remaining maturity of 0.3 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 sheets. The cost of short-term investments is adjusted for amortization of premiums or accretion of discounts to maturity, and such amortization or accretion, as well as interest income, are included in interest and other income in the condensed consolidated statements of operations and comprehensive loss. Refer to "Note 12 - Fair Value Measurements", for information related to the fair value measurements and valuation methods utilized. There were no short-term investments as of December 31, 2022. The following table represents the Company’s short-term investments by major security type as of June 30, 2023 (in thousands): June 30, 2023 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: U.S. government securities $ 34,553 $ — $ (55) $ 34,498 Total available-for-sale investments $ 34,553 $ — $ (55) $ 34,498 Allowance for Credit Losses

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory [Line Items]
Inventory Disclosure [Text Block]	Inventory The components of inventory consist of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 13,439 $ 7,410 Work in process 6,418 11,367 Finished goods 16,681 5,958 Inventory $ 36,538 $ 24,735 Inventory reserves were $0.7 million and $1.3 million at June 30, 2023 and December 31, 2022, respectively.

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment Property and equipment consist of the following (in thousands): June 30, 2023 December 31, 2022 Lab equipment $ 3,968 $ 3,841 Furniture and fixtures 1,626 1,355 Computer equipment 781 474 Office equipment 70 8 Software 353 307 Leasehold improvements 6,038 5,065 Total property and equipment 12,836 11,050 Less: accumulated depreciation and amortization (6,284) (5,534) Property and equipment, net $ 6,552 $ 5,516

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets Identified intangible assets consist of the following (in thousands): Life (Years) June 30, 2023 December 31, 2022 Gross assets Accumulated amortization Net Gross assets Accumulated amortization Net Definite-lived intangible asset - Keveyis 5 $ 11,000 $ (3,850) $ 7,150 $ 11,000 $ (2,750) $ 8,250 Definite-lived intangible asset - Recorlev 14 121,000 (12,964) 108,036 121,000 (8,643) 112,357 Total intangible assets $ 132,000 $ (16,814) $ 115,186 $ 132,000 $ (11,393) $ 120,607 As of June 30, 2023, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands): 2023 remaining 5,422 2024 10,843 2025 10,843 2026 10,293 2027 8,643 Thereafter 69,142 Total $ 115,186

Other Accrued Liabilities (Note

Other Accrued Liabilities (Notes)	6 Months Ended
	Jun. 30, 2023
Accrued Expenses [Abstract]
Other Accrued Liabilities	Other accrued liabilities Other accrued liabilities consist of the following (in thousands): June 30, 2023 December 31, 2022 Accrued employee costs $ 10,968 $ 13,400 Supply agreement - current portion — 6,720 Accrued supply chain costs 190 562 Accrued marketing costs 1,977 2,593 Accrued research and development costs 455 1,411 Accrued restructuring charges 802 2,799 Accrued interest expense 1,088 4,656 Accrued other costs 3,933 4,645 Other accrued liabilities $ 19,413 $ 36,786

Restructuring costs

Restructuring costs	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring costs	Restructuring costs After the completion of the acquisition of Strongbridge on October 5, 2021, the Company undertook a restructuring plan to streamline the organization and realize operating expense synergies. The Company incurred total restructuring costs of approximately $11.1 million, which primarily related to employee termination costs. These costs were fully recognized and recorded by 2022 in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. The Company anticipates the plan will be paid out by the fourth quarter of 2023. The restructuring reserve is included in other accrued liabilities in the condensed consolidated balance sheets. The following table summarizes the restructuring reserve for the six months ended June 30, 2023 (in thousands): Restructuring Costs Balance accrued at December 31, 2022 2,799 Payments (1,997) Balance accrued at June 30, 2023 $ 802

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [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. Since January 15, 2021, 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. Xeris Pharma incurred debt issuance costs of $5.1 million in connection with the issuance of the Convertible Notes. 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 a conversion rate of 326.7974 shares of the Company's common stock per $1,000 principal amount of Convertible Notes. In the second half of 2020, $39.1 million in principal amount of Convertible Notes were converted into 13,171,791 shares of Xeris Pharma’s common stock. 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 (the "Trustee"), as supplemented by the first supplemental indenture dated June 30, 2020 (the "First Supplemental Indenture"), and the second supplemental indenture dated October 5, 2021 (the "Supplemental Indenture" and together with the Base Indenture and First Supplemental Indenture, the "Indenture"), among the Company, Xeris Pharma and the Trustee. The Convertible Notes will mature on July 15, 2025, unless earlier converted or redeemed or repurchased by the Company. 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 associated with the acquisition of Strongbridge, and pursuant to the Second Supplemental Indenture, the Convertible Notes are no longer convertible into shares of common stock of Xeris Pharma. 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 for the acquisition of Strongbridge, and the "Reference Property" provisions in the Indenture. The fair value of the convertible senior notes is determined from using current interest rates based on credit ratings and the remaining term of maturity. As of June 30, 2023, the fair value of the convertible senior notes was approximately $41.7 million. The fair value of the convertible debt was estimated using inputs for volatility, the Company’s stock price, time to maturity, the risk-free rate and the Company’s credit spread, some of which are considered Level 3 inputs in the fair value hierarchy disclosed in "Note 12 - Fair value measurement". Loan Agreement In September 2019, Xeris Pharma entered into an Amended and Restated Loan and Security Agreement (the "Oxford Loan Agreement") with Oxford Finance LLC ("Oxford"), as the collateral agent and a lender, and Silicon Valley Bank, as a lender ("SVB", and together with Oxford, the "Prior Lenders"). The Oxford Loan Agreement provided for the Prior Lenders to extend up to $85.0 million in term loans to Xeris Pharma in three tranches, of which $60.0 million was drawn down in September 2019. In June 2020, Xeris Pharma paid a portion of the term loan equal to the sum of $20.0 million, plus all accrued and unpaid interest. In November 2020, an additional $3.5 million was drawn from the term loan. In March 2022, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into a Credit Agreement and Guaranty (as amended, modified or amended and restated from time to time, the "Hayfin Loan Agreement") with the lenders from time to time parties thereto (the "Lenders") and Hayfin Services LLP, as administrative agent for the Lenders (in such capacity, together with its successors and assigns, the "Agent"), 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 Lenders to extend $100.0 million in term loans 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 (collectively, the "Loans"). On December 28, 2022, the Company borrowed the full amount of such $50.0 million delayed draw term loan under the Hayfin Loan Agreement. In conjunction with the execution of the Hayfin Loan Agreement, the Oxford Loan Agreement remaining balance of $43.5 million 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 Oxford Loan Agreement in full, the proceeds will otherwise be used for general corporate purposes. 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 $3.6 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 11.8%. The debt outstanding under the Hayfin Loan Agreement approximates fair value due to the variable interest rate on the debt. The Loans will mature on March 8, 2027; provided, however, the Loans will mature on January 15, 2025 if the Convertible Notes are 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 components of debt are as follows (in thousands): June 30, 2023 December 31, 2022 Convertible Notes $ 47,175 $ 47,175 Loan facility 145,012 144,487 Less: unamortized debt issuance costs (4,005) (4,587) Long-term debt, net of unamortized debt issuance costs $ 188,182 $ 187,075 The following table sets forth the Company’s future minimum principal payments on the Convertible Note and the loan facility (in thousands): 2023 remaining $ — 2024 — 2025 47,175 2026 — 2027 150,000 $ 197,175

Warrants (Notes)

Warrants (Notes)	6 Months Ended
	Jun. 30, 2022
Warrants [Abstract]
Other Liabilities Disclosure	Warrants 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 of the Company’s common stock issued or issuable to Armistice under the securities purchase agreement and all shares of 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 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 March 8, 2029; (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 June 30, 2023, the following warrants were outstanding: Warrants classified as liabilities: Outstanding Warrants Exercise Price per Warrant Expiration Date 2018 Term A Warrants 53,720 $11.169 February 2025 2018 Term B Warrants 40,292 $11.169 September 2025 94,012 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 losses of $7,000 and $7,000 upon the change in fair value of the warrants during the three months ended June 30, 2023 related to the 2018 Term A Warrants and the 2018 Term B Warrants, respectively. The Company recognized losses of $8,000 and $6,000 upon the change in fair value of the warrants during the six months ended June 30, 2023 related to the 2018 Term A Warrants and the 2018 Term B Warrants, respectively.

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2023
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. Level 3: Measured based on prices or valuation models that require inputs that are both significant to the fair value measurement and less observable from objective sources (i.e., supported by little or no market activity). Fair value measurements are classified based on the lowest level of input that is significant to the measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, which may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The determination of the fair values stated below considers the market for the financial assets and liabilities, the associated credit risk and other factors as required. The Company considers active markets as those in which transactions for the assets or liabilities occur in sufficient frequency and volume to provide pricing information on an ongoing basis. The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value as of June 30, 2023 and December 31, 2022 (in thousands): Total as of June 30, 2023 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 46,170 $ 46,170 $ — $ — Investments: U.S. government securities $ 34,498 $ 34,498 $ — $ — Other assets: Restricted cash $ 4,426 $ 4,426 $ — $ — Liabilities Current portion of contingent value rights $ 16,637 $ — $ — $ 16,637 Non-current contingent value rights $ 6,911 $ — $ — $ 6,911 Warrant liabilities $ 23 $ — $ — $ 23 Total as of December 31, 2022 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 121,966 $ 121,966 $ — $ — Other assets: Restricted cash $ 4,348 $ 4,348 $ — $ — Liabilities Contingent value rights $ 25,688 $ — $ — $ 25,688 Warrant liabilities $ 9 $ — $ — $ 9 Contingent Value Rights As part of the 2021 acquisition of Strongbridge, the Company issued contingent value rights ("CVRs") representing additional contingent consideration of up to $1.00 for each CVR 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 revenue of Keveyis in 2023; • 2023 Recorlev Milestone: $0.25 per CVR, upon the first achievement of at least $40 million in net revenue of Recorlev in 2023; and • 2024 Recorlev Milestone: $0.50 per CVR, upon the first achievement of at least $80 million in net revenue of Recorlev in 2024. There are approximately 74.1 million CVRs. Up to 10.5 million CVRs may be issued to holders of Strongbridge rollover options and assumed warrants upon the exercise thereof. CVRs are settleable in cash, common stock, or a combination of cash and common stock, at the Company's sole election. Contingent consideration obligations are recorded at their estimated fair values and these obligations are revalued at each reporting period until the related contingencies are resolved. The CVRs 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. The Company has determined that the CVR liabilities' fair values are Level 3 items within the fair value hierarchy. The following table presents the change in the CVR liabilities (in thousands): Balance at December 31, 2022 $ 25,688 Change in fair value of CVRs (2,140) Balance at June 30, 2023 $ 23,548 Balance at Current portion of contingent value rights $ 16,637 Balance at Non-current contingent value rights 6,911 Balance at June 30, 2023 $ 23,548

Stock Compensation Plan (Notes)

Stock Compensation Plan (Notes)	6 Months Ended
	Jun. 30, 2023
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. 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. As of June 30, 2023, there were 3,856,319 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. As of June 30, 2023, there were 76 shares available for issuance under the ESPP. The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. The Inducement Plan allows the Company to make stock option or restricted stock unit awards to prospective employees of the Company as an inducement to such individuals to commence employment with the Company. The Company uses this Inducement Plan to help it attract and retain prospective employees who are necessary to support the commercialization of products and the expansion of the Company generally. As of June 30, 2023, there were 351,404 shares of common stock available for future issuance under the Inducement Plan. Assumed Plans On the acquisition date of Strongbridge, the Company assumed all then-outstanding stock options and shares available and reserved for issuance under some legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, the "Assumed Plans"). Shares reserved under the Assumed Plans will be available for future grants. The Company also assumed all then-outstanding stock options from the 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 June 30, 2023, there were 2,442,730 shares reserved for future grants under the Assumed Plans. Stock options Stock options are granted with an exercise price equal to the market price of the Company’s stock at the date of grant. Stock option awards typically vest over either two three seven 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 United States 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. Stock option activity under the 2011 Plan, 2018 Plan, Inducement Plan and Assumed Plans for the six months ended June 30, 2023 was as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - December 31, 2022 9,700,161 $ 5.37 4.76 Granted — — Exercised (14,036) 2.33 Forfeited (11,846) 5.49 Expired (366,433) 9.08 Outstanding - June 30, 2023 9,307,846 $ 5.23 4.40 Vested and expected to vest at June 30, 2023 9,307,846 $ 5.23 4.40 Exercisable - June 30, 2023 8,968,523 $ 5.24 4.28 At June 30, 2023, there was a total of $1.0 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 1.3 years. Restricted Stock Units The Company grants Restricted Stock Units ("RSUs") to employees. RSUs that are granted vest over either three A summary of outstanding RSU awards and the activity for the six months ended June 30, 2023 was as follows: Number of Units Weighted Average Grant Date Fair Value Unvested balance - December 31, 2022 5,255,560 $ 3.25 Granted 7,499,400 1.31 Vested (1,904,422) 3.69 Forfeited (247,767) 1.75 Unvested balance - June 30, 2023 10,602,771 $ 1.83 As of June 30, 2023, there was $15.4 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 2.2 years. The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development 632 416 $ 954 $ 963 Selling, general and administrative 2,296 2,736 4,538 5,490 Total stock-based compensation expense $ 2,928 $ 3,152 $ 5,492 $ 6,453

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The Company has non-cancellable operating leases for office and laboratory space, which expire at various times in 2031 and 2037. The non-cancellable lease agreements provide for monthly lease payments, which increase during the term of each lease agreement. On September 29, 2022, Xeris Pharma amended and restated its existing lease with Fulton Ogden Venture, LLC to expand the leased premises to accommodate the Company’s relocation of its headquarters to such premises. The term of the space existing prior to the amendment and restatement commenced on January 1, 2021 and the lease for the combined expanded space commenced on April 1, 2023. The term of the amended and restated lease will expire on March 31, 2036, unless extended or earlier terminated pursuant to the terms of the lease. All of the Company's leases are classified as operating leases, which are included as operating lease right-of-use assets and current and non-current operating lease liabilities in the condensed consolidated balance sheets. The Company’s operating lease costs are included in operating expenses in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. A majority of the Company's lease agreements include fixed rental payments. Certain lease agreements include fixed rental payments that are adjusted periodically by a fixed rate. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised. The majority of the Company's real estate leases require that the Company pay maintenance, real estate taxes and insurance in addition to rent. These payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the right-of-use asset and lease liability but are reflected as variable lease expenses. As the interest rate implicit in the lease is not readily determinable, the Company uses the incremental borrowing rate as the discount rate. The Company considers observable inputs as of the effective date of the ASC 842 adoption including the credit rating, existing borrowings and other relevant borrowing rates, such as risk-free rates like the United States Treasury rate, and then adjusting as necessary for the appropriate lease term. The incremental borrowing rate is reassessed if there is a change to the lease term or if a modification occurs and it is not accounted for as a separate contract. As of June 30, 2023, the Company’s operating leases had a weighted-average remaining lease term of 12.1 years and a weighted-average discount rate of 11.9%. Supplemental cash flow information related to the Company’s operating and finance leases was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 440 $ 613 $ 918 $ 1,058 Right of use assets obtained in exchange for new lease obligations: Operating leases $ 20,043 $ — $ 20,043 $ — The Company reports the amortization of operating lease right-of-use assets and the change in operating lease liabilities on a net basis in other in the operating activities of the accompanying condensed consolidated statements of cash flows. The components of lease expense were as follows (in thousand): Three Months Ended June 30, Six Months Ended June 30, Lease cost 2023 2022 2023 2022 Operating lease expense $ 1,350 $ 533 $ 1,763 $ 1,000 Variable lease cost 302 215 652 440 Sublease income (54) (52) (108) (104) Total lease cost $ 1,598 $ 696 $ 2,307 $ 1,336 As of June 30, 2023, maturities of lease liabilities are summarized as follows (in thousands): 2023 remaining $ 730 2024 3,495 2025 6,080 2026 6,232 2027 6,389 Thereafter 51,990 Total lease payments 74,916 Less: Effect of discounting to net present value (38,110) Present value of lease liabilities $ 36,806 Operating lease liabilities, current 1,935 Operating lease liabilities, non-current 34,871 Total operating lease liabilities $ 36,806

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and contingencies Commitments Commitments to Taro The Company has a supply agreement with Taro Pharmaceuticals North America, Inc. ("Taro") to produce Keveyis. In 2023, the Company amended the agreement to extend the initial term until March 2027. As part of the agreement as amended, the Company has agreed to certain annual minimum marketing spend requirements and minimum purchase order quantities for each year, which in the case of the minimum purchase order quantities, is based on the previous year's purchases. Leases As of June 30, 2023, the Company had unused letters of credit of $4.4 million, which were issued primarily to secure leases. These letters of credit are collateralized by $4.4 million of restricted cash, which is recorded in other assets in the condensed consolidated balance sheets. Contingencies Litigation From time to time, the Company may become involved in various legal actions arising in the ordinary course of business. As of June 30, 2023, 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, the loans outstanding under the Hayfin Loan Agreement will mature on January 15, 2025.

Net loss per common share

Net loss per common share	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 2022 Shares to be issued upon conversion of Convertible Notes 15,416,667 15,416,667 Vested and unvested stock options 9,307,846 10,009,493 Restricted stock units 10,602,771 5,381,154 Warrants 8,362,270 8,362,270 Total anti-dilutive securities excluded from EPS computation 1 43,689,554 39,169,584 1 Total anti-dilutive securities exclude CVRs which are settleable in cash, additional Xeris Biopharma shares, or a combination, at the election of the Company.

Basis of presentation and sum_2

Basis of presentation and summary of significant accounting policies and estimates (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Revenue recognition	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 that subsequently resell to retail pharmacies or patients. The Company enters into arrangements with payors, group purchasing organizations, and healthcare providers that provide for government-mandated or privately-negotiated rebates, chargebacks and discounts related to the Company’s products. The Company currently sells Gvoke, Keveyis and Recorlev in the United States only. Revenue is recognized when the Company's customer (e.g., a wholesaler or specialty pharmacy) obtains control of promised goods or services, which is when the Company's obligations under the terms of the contract with the customer are satisfied, based on the consideration the Company expects to receive in exchange for those goods or services. Revenues are recorded at the net product sales price, which includes estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or specialty pharmacy. The Company applies significant judgments and estimates in determining some of these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known. Such revenue is reported as product revenue, net in the condensed consolidated statements of operations and comprehensive loss. Additionally, the Company earns revenue from research collaborations for the use of Xeris’ proprietary formulation technology platforms and royalties from branded products. Such revenue is recognized as earned in accordance with contract terms when it can be reasonably estimated and collectability is reasonably assured. This revenue is reported as royalty, contract and other revenue in the condensed consolidated statements of operations and comprehensive loss.
New accounting pronouncements	New accounting pronouncements Adopted accounting standards 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 requires 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 the fair value increases. This standard would have been effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The effective date of ASC Topic 326 was then 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 adopted this standard beginning on January 1, 2023, and it did not have a material impact on the financial statements. Pending accounting standards 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 the 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. On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022 to December 31, 2024. The Company is currently evaluating the impact the adoption of this standard will have on the financial statements and disclosures.

Basis of presentation and sum_3

Basis of presentation and summary of significant accounting policies and estimates (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Property and Equipment Useful Lives	Property and equipment consist of the following (in thousands): June 30, 2023 December 31, 2022 Lab equipment $ 3,968 $ 3,841 Furniture and fixtures 1,626 1,355 Computer equipment 781 474 Office equipment 70 8 Software 353 307 Leasehold improvements 6,038 5,065 Total property and equipment 12,836 11,050 Less: accumulated depreciation and amortization (6,284) (5,534) Property and equipment, net $ 6,552 $ 5,516

Disaggregated revenue (Tables)

Disaggregated revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	isaggregated revenue by product is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Product revenue (in thousands): Gvoke $ 15,638 $ 11,479 $ 30,671 $ 23,932 Keveyis 14,088 12,812 26,843 22,136 Recorlev 7,167 969 11,644 1,102 Product revenue, net 36,893 25,260 69,158 47,170 Royalty, contract and other revenue 1,115 46 2,046 209 Total revenue $ 38,008 $ 25,306 $ 71,204 $ 47,379

Short-term investments (Tables)

Short-term investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale	The following table represents the Company’s short-term investments by major security type as of June 30, 2023 (in thousands): June 30, 2023 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: U.S. government securities $ 34,553 $ — $ (55) $ 34,498 Total available-for-sale investments $ 34,553 $ — $ (55) $ 34,498

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory [Line Items]
Schedule of Inventory	The components of inventory consist of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 13,439 $ 7,410 Work in process 6,418 11,367 Finished goods 16,681 5,958 Inventory $ 36,538 $ 24,735

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment consist of the following (in thousands): June 30, 2023 December 31, 2022 Lab equipment $ 3,968 $ 3,841 Furniture and fixtures 1,626 1,355 Computer equipment 781 474 Office equipment 70 8 Software 353 307 Leasehold improvements 6,038 5,065 Total property and equipment 12,836 11,050 Less: accumulated depreciation and amortization (6,284) (5,534) Property and equipment, net $ 6,552 $ 5,516

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Identified intangible assets consist of the following (in thousands): Life (Years) June 30, 2023 December 31, 2022 Gross assets Accumulated amortization Net Gross assets Accumulated amortization Net Definite-lived intangible asset - Keveyis 5 $ 11,000 $ (3,850) $ 7,150 $ 11,000 $ (2,750) $ 8,250 Definite-lived intangible asset - Recorlev 14 121,000 (12,964) 108,036 121,000 (8,643) 112,357 Total intangible assets $ 132,000 $ (16,814) $ 115,186 $ 132,000 $ (11,393) $ 120,607
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of June 30, 2023, expected amortization expense for intangible assets subject to amortization for the next five years is as follows (in thousands): 2023 remaining 5,422 2024 10,843 2025 10,843 2026 10,293 2027 8,643 Thereafter 69,142 Total $ 115,186

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Expenses [Abstract]
Other Accrued Liabilities	Other accrued liabilities consist of the following (in thousands): June 30, 2023 December 31, 2022 Accrued employee costs $ 10,968 $ 13,400 Supply agreement - current portion — 6,720 Accrued supply chain costs 190 562 Accrued marketing costs 1,977 2,593 Accrued research and development costs 455 1,411 Accrued restructuring charges 802 2,799 Accrued interest expense 1,088 4,656 Accrued other costs 3,933 4,645 Other accrued liabilities $ 19,413 $ 36,786

Restructuring costs (Tables)

Restructuring costs (Tables)	6 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the restructuring reserve for the six months ended June 30, 2023 (in thousands): Restructuring Costs Balance accrued at December 31, 2022 2,799 Payments (1,997) Balance accrued at June 30, 2023 $ 802

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The components of debt are as follows (in thousands): June 30, 2023 December 31, 2022 Convertible Notes $ 47,175 $ 47,175 Loan facility 145,012 144,487 Less: unamortized debt issuance costs (4,005) (4,587) Long-term debt, net of unamortized debt issuance costs $ 188,182 $ 187,075
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): 2023 remaining $ — 2024 — 2025 47,175 2026 — 2027 150,000 $ 197,175

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2023
Warrants [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	As of June 30, 2023, the following warrants were outstanding: Warrants classified as liabilities: Outstanding Warrants Exercise Price per Warrant Expiration Date 2018 Term A Warrants 53,720 $11.169 February 2025 2018 Term B Warrants 40,292 $11.169 September 2025 94,012 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

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 (in thousands): Total as of June 30, 2023 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 46,170 $ 46,170 $ — $ — Investments: U.S. government securities $ 34,498 $ 34,498 $ — $ — Other assets: Restricted cash $ 4,426 $ 4,426 $ — $ — Liabilities Current portion of contingent value rights $ 16,637 $ — $ — $ 16,637 Non-current contingent value rights $ 6,911 $ — $ — $ 6,911 Warrant liabilities $ 23 $ — $ — $ 23 Total as of December 31, 2022 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 121,966 $ 121,966 $ — $ — Other assets: Restricted cash $ 4,348 $ 4,348 $ — $ — Liabilities Contingent value rights $ 25,688 $ — $ — $ 25,688 Warrant liabilities $ 9 $ — $ — $ 9
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table presents the change in the CVR liabilities (in thousands): Balance at December 31, 2022 $ 25,688 Change in fair value of CVRs (2,140) Balance at June 30, 2023 $ 23,548 Balance at Current portion of contingent value rights $ 16,637 Balance at Non-current contingent value rights 6,911 Balance at June 30, 2023 $ 23,548

Stock Compensation Plan (Tables

Stock Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 was as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - December 31, 2022 9,700,161 $ 5.37 4.76 Granted — — Exercised (14,036) 2.33 Forfeited (11,846) 5.49 Expired (366,433) 9.08 Outstanding - June 30, 2023 9,307,846 $ 5.23 4.40 Vested and expected to vest at June 30, 2023 9,307,846 $ 5.23 4.40 Exercisable - June 30, 2023 8,968,523 $ 5.24 4.28
Share-based Payment Arrangement, Expensed and Capitalized, Amount	The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development 632 416 $ 954 $ 963 Selling, general and administrative 2,296 2,736 4,538 5,490 Total stock-based compensation expense $ 2,928 $ 3,152 $ 5,492 $ 6,453
Schedule of Nonvested Restricted Stock Units Activity	A summary of outstanding RSU awards and the activity for the six months ended June 30, 2023 was as follows: Number of Units Weighted Average Grant Date Fair Value Unvested balance - December 31, 2022 5,255,560 $ 3.25 Granted 7,499,400 1.31 Vested (1,904,422) 3.69 Forfeited (247,767) 1.75 Unvested balance - June 30, 2023 10,602,771 $ 1.83

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease Cost	Supplemental cash flow information related to the Company’s operating and finance leases was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 440 $ 613 $ 918 $ 1,058 Right of use assets obtained in exchange for new lease obligations: Operating leases $ 20,043 $ — $ 20,043 $ — The components of lease expense were as follows (in thousand): Three Months Ended June 30, Six Months Ended June 30, Lease cost 2023 2022 2023 2022 Operating lease expense $ 1,350 $ 533 $ 1,763 $ 1,000 Variable lease cost 302 215 652 440 Sublease income (54) (52) (108) (104) Total lease cost $ 1,598 $ 696 $ 2,307 $ 1,336
Schedule of Operating Lease Maturities (Topic 842)	As of June 30, 2023, maturities of lease liabilities are summarized as follows (in thousands): 2023 remaining $ 730 2024 3,495 2025 6,080 2026 6,232 2027 6,389 Thereafter 51,990 Total lease payments 74,916 Less: Effect of discounting to net present value (38,110) Present value of lease liabilities $ 36,806 Operating lease liabilities, current 1,935 Operating lease liabilities, non-current 34,871 Total operating lease liabilities $ 36,806

Net loss per common share (Tabl

Net loss per common share (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 2022 Shares to be issued upon conversion of Convertible Notes 15,416,667 15,416,667 Vested and unvested stock options 9,307,846 10,009,493 Restricted stock units 10,602,771 5,381,154 Warrants 8,362,270 8,362,270 Total anti-dilutive securities excluded from EPS computation 1 43,689,554 39,169,584 1 Total anti-dilutive securities exclude CVRs which are settleable in cash, additional Xeris Biopharma shares, or a combination, at the election of the Company.

Organization and Nature of th_2

Organization and Nature of the Business Narrative (Details) $ / shares in Units, $ in Thousands	Jun. 30, 2023 USD ($) commerciallyAvailableProduct $ / shares	Dec. 31, 2022 USD ($) $ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number Of Commercially Available Products | commerciallyAvailableProduct	3
Common stock par value (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Accumulated deficit | $	$ 591,446	$ 554,770

Basis of presentation and sum_4

Basis of presentation and summary of significant accounting policies and estimates - Narrative (Details) - Customer Concentration Risk - Four Customers	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue Benchmark | Product revenue, net
Concentration Risk [Line Items]
Concentration risk percentage	97%	98%	96%	96%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			97%		99%

Revenue from Contract with Cust

Revenue from Contract with Customer (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 38,008	$ 25,306	$ 71,204	$ 47,379
Product revenue, net
Disaggregation of Revenue [Line Items]
Net sales	36,893	25,260	69,158	47,170
Gvoke
Disaggregation of Revenue [Line Items]
Net sales	15,638	11,479	30,671	23,932
Keveyis
Disaggregation of Revenue [Line Items]
Net sales	14,088	12,812	26,843	22,136
Recorlev
Disaggregation of Revenue [Line Items]
Net sales	7,167	969	11,644	1,102
Royalty, contract and other revenue
Disaggregation of Revenue [Line Items]
Net sales	$ 1,115	$ 46	$ 2,046	$ 209

Short-term investments (Details

Short-term investments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Average remaining maturity	3 months 18 days
Short-term investments	$ 34,498,000	$ 0
Amortized Cost	34,553,000
Gross Unrealized Gains	0
Gross Unrealized Losses	(55,000)
Total Fair Value	34,498,000
Available for sale securities, allowance for credit loss during period	0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	34,553,000
Gross Unrealized Gains	0
Gross Unrealized Losses	(55,000)
Total Fair Value	$ 34,498,000

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 700	$ 1,300

Inventory Components of Invento

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory [Line Items]
Raw materials	$ 13,439	$ 7,410
Work in process	6,418	11,367
Finished goods	16,681	5,958
Inventory	$ 36,538	$ 24,735

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,836	$ 11,050
Less: accumulated depreciation and amortization	(6,284)	(5,534)
Property and equipment, net	6,552	5,516
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,968	3,841
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,626	1,355
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	781	474
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	70	8
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	353	307
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,038	$ 5,065

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation Depletion and Amortization, not including asset impairments	$ 0.4	$ 0.4	$ 0.8	$ 0.7

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000	$ 132,000
Accumulated amortization	(16,814)	(11,393)
Net	$ 115,186	120,607
Developed Technology Rights - Keveyis
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000	11,000
Accumulated amortization	(3,850)	(2,750)
Net	$ 7,150	8,250
Developed Technology Rights - Recorlev
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000	121,000
Accumulated amortization	(12,964)	(8,643)
Net	$ 108,036	$ 112,357

Intangible Assets - Expected Am

Intangible Assets - Expected Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 10,843
2025	10,843
2026	10,293
2027	8,643
Thereafter	69,142
Net	115,186	$ 120,607
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	$ 5,422

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses [Abstract]
Accrued employee costs	$ 10,968	$ 13,400
Supply agreement - current portion	0	6,720
Accrued supply chain costs	190	562
Accrued marketing and selling costs	1,977	2,593
Accrued research and development costs	455	1,411
Accrued restructuring charges	802	2,799
Accrued interest expense	1,088	4,656
Accrued other costs	3,933	4,645
Other accrued liabilities	$ 19,413	$ 36,786

Restructuring costs (Details)

Restructuring costs (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Jan. 03, 2022	Jun. 30, 2020	Jun. 30, 2023	Dec. 31, 2022	Nov. 30, 2020	Jul. 07, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Accrued restructuring charges			$ 802	$ 2,799
Private Placement
Restructuring Cost and Reserve [Line Items]
Proceeds from sale of stock	$ 30,000
Convertible Notes
Restructuring Cost and Reserve [Line Items]
Cash interest per annum on convertible notes						5%
Debt Instrument, Face Amount			145,012	144,487		$ 86,300
Term A Loan [Member]
Restructuring Cost and Reserve [Line Items]
Repayments of Notes Payable		$ 20,000
Debt Instrument, Face Amount							$ 60,000
Term D Loan
Restructuring Cost and Reserve [Line Items]
Debt Instrument, Face Amount					$ 3,500
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]
Payments			1,997
Accrued restructuring charges			$ 802	$ 2,799

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)		1 Months Ended		3 Months Ended		6 Months Ended
	Dec. 28, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2022 USD ($)	Jul. 07, 2020 USD ($)	Sep. 30, 2019 USD ($) tranche
Debt Instrument [Line Items]
Convertible notes purchased, due to exercise of underwriter option										$ 11,300,000
Principal amount of convertible notes converted								$ 39,100,000
Issuance of common stock upon conversion of convertible notes, shares | shares								13,171,791
Proceeds from issuance of debt						$ 0	$ 97,295,000
Payments of debt issuance costs						$ 0	4,657,000
Outstanding warrants | shares				94,012		94,012
Interest expense				$ (6,528,000)	$ (3,448,000)	$ (12,744,000)	(6,969,000)
Amortization of debt discount and debt issuance costs						1,107,000	673,000
Loss on extinguishment of debt						$ 0	1,223,000
Warrants In Connection With Hayfin Loan Agreement Due March 2029
Debt Instrument [Line Items]
Outstanding warrants | shares				1,315,789		1,315,789
Exercise price per warrant (in USD per share) | $ / shares				$ 2.280		$ 2.280
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 145,012,000		$ 145,012,000			$ 144,487,000	$ 86,300,000
Cash interest per annum on convertible notes										5%
Debt Issuance Costs, Gross										$ 5,100,000
Fair value				$ 41,700,000		41,700,000
Per principal amount of Convertible Notes						$ 1,000
Maximum conversion rate of Convertible Notes | shares						326.7974
Term A Loan [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount											$ 60,000,000
Repayments of Notes Payable			$ 20,000,000
Amended Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity											$ 85,000,000
Debt Instrument, Number Of Tranches | tranche											3
Secured Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 100,000,000
Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount		50,000,000
Proceeds from issuance of debt	$ 50,000,000
Hayfin Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount		43,500,000
Debt Instrument, Payment Of Fees		$ 2,100,000
Debt Instrument, Interest Rate During Period		9%
Debt Instrument, Interest Rate, Replacement Rate		8%
Debt Instrument, Replacement Rate		1%
Debt Instrument, Basis Spread on Variable Rate		0.26161%
Payments of debt issuance costs		$ 3,600,000
Debt Instrument, Interest Rate, Effective Percentage				11.80%		11.80%
Debt covenant, maximum cash on hand, early maturity				$ 15,000,000		$ 15,000,000
Hayfin Loan | Prime Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2%
Debt
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs				$ 600,000	$ 500,000	$ 1,100,000	$ 700,000

Long-Term Debt - Components of

Long-Term Debt - Components of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jul. 07, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ (4,005)	$ (4,587)
Long-term debt, net of unamortized debt issuance costs	188,182	187,075
Senior Loans
Debt Instrument [Line Items]
Debt Instrument, Face Amount	47,175	47,175
Convertible Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 145,012	$ 144,487	$ 86,300

Long-Term Debt - Future Princip

Long-Term Debt - Future Principal Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	47,175
2026	0
2027	150,000
Long-term debt total	197,175
2023	$ 0

Warrants Narrative (Details)

Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 03, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Common stock par value (in dollars per share)			$ 0.0001		$ 0.0001		$ 0.0001
Outstanding warrants			94,012		94,012
Loss (gain) on warrants			$ 14	$ (516)	$ 14	$ (1,737)
Private Placement
Class of Warrant or Right [Line Items]
Proceeds from sale of stock	$ 30,000
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants			53,720		53,720
Exercise price per warrant (in USD per share)			$ 11.169		$ 11.169
Loss (gain) on warrants			$ 7	(23)	$ 8	(35)
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants			40,292		40,292
Exercise price per warrant (in USD per share)			$ 11.169		$ 11.169
Loss (gain) on warrants			$ 7	$ (18)	$ 6	$ (26)
Assumed Strongbridge Private Placement Warrants
Class of Warrant or Right [Line Items]
Loss (gain) on warrants		$ 500
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants			5,119,454		5,119,454
Exercise price per warrant (in USD per share)			$ 3.223		$ 3.223
Warrants term			5 years		5 years
Common Stock | Private Placement
Class of Warrant or Right [Line Items]
Stock issued (in shares)	10,238,908
Common stock par value (in dollars per share)	$ 0.0001
Price per share of stock issued (in dollars per share)	$ 2.93
Warrants In Connection With Hayfin Loan Agreement Due March 2029
Class of Warrant or Right [Line Items]
Outstanding warrants			1,315,789		1,315,789
Exercise price per warrant (in USD per share)			$ 2.280		$ 2.280

Warrants Schedule of Stockholde

Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	Jun. 30, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Outstanding warrants	94,012
Term A Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	53,720
Exercise price per warrant (in USD per share) | $ / shares	$ 11.169
Term B Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrants	40,292
Exercise price per warrant (in USD per share) | $ / shares	$ 11.169
Warrants In Connection With Horizon and Oxford Loan Agreement
Class of Warrant or Right [Line Items]
Outstanding warrants	125,999
Exercise price per warrant (in USD per share) | $ / 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 (in USD per share) | $ / 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 (in USD per share) | $ / 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 (in USD per share) | $ / 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 (in USD per share) | $ / 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 (in USD per share) | $ / 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 (in USD per share) | $ / shares	$ 2.280
Total Warrants Assumed
Class of Warrant or Right [Line Items]
Outstanding warrants	8,268,258

Fair value measurements - Fair

Fair value measurements - Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 46,170	$ 121,966
Restricted cash	4,426	4,348
Current portion of contingent value rights	16,637	0
Non-current contingent value rights	6,911	25,688
Contingent value rights		25,688
Other current liabilities	23	9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	46,170	121,966
Restricted cash	4,426	4,348
Current portion of contingent value rights	0
Non-current contingent value rights	0
Contingent value rights		0
Other current liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Restricted cash	0	0
Current portion of contingent value rights	0
Non-current contingent value rights	0
Contingent value rights		0
Other current liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	0	0
Restricted cash	0	0
Current portion of contingent value rights	16,637
Non-current contingent value rights	6,911
Contingent value rights		25,688
Other current liabilities	23	9
Level 3 | CVR Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent value rights	23,548	$ 25,688
U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. government securities	34,498
U.S. government securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. government securities	34,498
U.S. government securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. government securities	0
U.S. government securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. government securities	$ 0

Fair value measurements - Narra

Fair value measurements - Narrative (Details) - Strongbridge contingentValueRight in Millions	Oct. 05, 2021 USD ($) contingentValueRight
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 1
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
Achievement In Net Sales Of Keveyis In 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	$ 0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Achievement In Net Sales Of Recorlev In 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.25
Business Combination, Contingent Consideration, Net Sales Threshold	40,000,000
Achievement In Net Sales Of Recorlev In 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Business Combination, Contingent Consideration, Payable Per Contingent Value Right	0.50
Business Combination, Contingent Consideration, Net Sales Threshold	$ 80,000,000

Fair value measurements - CVR R

Fair value measurements - CVR Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Contingent Value Rights [Roll Forward]
Balance at December 31, 2022			$ 25,688
Change in fair value of CVRs	$ (781)	$ 4,871	(2,140)	$ 7,687
Current portion of contingent value rights	16,637		16,637		$ 0
Non-current contingent value rights	6,911		6,911		25,688
Balance at June 30, 2023					25,688
Level 3
Contingent Value Rights [Roll Forward]
Balance at December 31, 2022			25,688
Current portion of contingent value rights	16,637		16,637
Non-current contingent value rights	6,911		6,911
Balance at June 30, 2023					25,688
CVR Liabilities | Level 3
Contingent Value Rights [Roll Forward]
Balance at December 31, 2022			25,688
Change in fair value of CVRs			(2,140)
Balance at June 30, 2023	23,548		23,548
Balance at June 30, 2023	$ 23,548		$ 23,548		$ 25,688

Stock Compensation Plan Narrati

Stock Compensation Plan Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)		1,822,000	4,714,982
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 1,000,000
Period for recognition	1 year 3 months 18 days
Options | Minimum | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Options | Minimum | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Options | Minimum | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Exchange Offer | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	7 years
Exchange Offer | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 15,400,000
Period for recognition	2 years 2 months 12 days
Restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	3,856,319
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)		193,000
Available for grant (in shares)	76
Maximum employee payroll deduction percentage	15%
Common stock value, tax limit on employee stock purchase plan	$ 25,000
Purchase price of common stock (percent)	85%
Equity Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	351,404
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	2,442,730

Stock Compensation Plan Employe

Stock Compensation Plan Employee Stock Award Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,307,846	9,700,161
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 5.23	$ 5.37
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	4 years 4 months 24 days	4 years 9 months 3 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
Exercises (in shares)	(14,036)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 2.33
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(11,846)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 5.49
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(366,433)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 9.08
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	8,968,523
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.24
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	9,307,846
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 5.23
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	4 years 3 months 10 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	4 years 4 months 24 days

Stock Compensation Plan Stock-B

Stock Compensation Plan Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,928	$ 3,152	$ 5,492	$ 6,453
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	632	416	954	963
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,296	$ 2,736	$ 4,538	$ 5,490

Stock Compensation Plan Restric

Stock Compensation Plan Restricted stock units, activity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,307,846	9,700,161
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	$ 1.83	$ 3.25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	1.31
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	3.69
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 1.75
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 15.4
Period for recognition	2 years 2 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	10,602,771	5,255,560
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	7,499,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(1,904,422)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(247,767)

Leases - Narrative (Details)

Leases - Narrative (Details)	Jun. 30, 2023
Lessee, Lease, Description [Line Items]
Remaining lease term, weighted-average	12 years 1 month 6 days
Lease discount rate, weighted-average	11.90%

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 440	$ 613	$ 918	$ 1,058
Right of use assets obtained in exchange for new lease obligations:
Operating leases	20,043	0	20,043	0
Lease cost
Operating lease expense	1,350	533	1,763	1,000
Variable lease cost	302	215	652	440
Sublease income	(54)	(52)	(108)	(104)
Total lease cost	$ 1,598	$ 696	$ 2,307	$ 1,336

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 remaining	$ 730
2024	3,495
2025	6,080
2026	6,232
2027	6,389
Thereafter	51,990
Total lease payments	74,916
Less: Effect of discounting to net present value	(38,110)
Present value of lease liabilities	36,806
Current operating lease liabilities	1,935	$ 1,580
Non-current operating lease liabilities	34,871	$ 9,402
Operating lease liability	$ 36,806

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands, contingentValueRight in Millions	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 05, 2021 contingentValueRight
Other Commitments [Line Items]
Restricted cash	$ 4,426	$ 4,348
Letter of Credit
Other Commitments [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	4,400
Letter of Credit | Collateral Pledged
Other Commitments [Line Items]
Restricted cash	$ 4,400
Strongbridge
Other Commitments [Line Items]
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

Net loss per common share - Ant

Net loss per common share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	43,689,554	39,169,584
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	9,307,846	10,009,493
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,602,771	5,381,154
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	8,362,270	8,362,270