Xeris Biopharma (XERS) 10-K 6 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40880
Entity Registrant Name	XERIS BIOPHARMA HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1082097
Entity Address, Address Line One	1375 West Fulton Street
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60607
City Area Code	844
Local Phone Number	445-5704
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	XERS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 361.6
Entity Common Stock, Shares Outstanding		140,453,467
Entity Central Index Key	0001867096
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP	KPMG LLP
Auditor Location	Grand Rapids, Michigan	Chicago, Illinois
Auditor Firm ID	42	185

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 67,449,000	$ 121,966,000
Short-term investments	5,002,000	0
Trade accounts receivable, net	39,197,000	30,830,000
Inventory	38,838,000	24,735,000
Prepaid expenses and other current assets	5,778,000	9,287,000
Total current assets	156,264,000	186,818,000
Property and equipment, net	5,971,000	5,516,000
Operating lease right-of-use assets	23,204,000	3,992,000
Goodwill	22,859,000	22,859,000
Other assets	109,764,000	120,607,000
Other assets	4,540,000	4,730,000
Total assets	322,602,000	344,522,000
Current Liabilities
Accounts payable	11,565,000	4,606,000
Current operating lease liabilities	3,495,000	1,580,000
Other accrued liabilities	23,510,000	36,786,000
Accrued trade discounts and rebates	22,149,000	16,818,000
Accrued returns reserve	14,198,000	11,173,000
Current portion of contingent value rights	19,109,000	0
Other current liabilities	1,167,000	2,658,000
Total current liabilities	95,193,000	73,621,000
Long-term debt, net of unamortized debt issuance costs	190,932,000	187,075,000
Non-current operating lease liabilities	34,764,000	9,402,000
Non-current contingent value rights	1,379,000	25,688,000
Deferred tax liabilities	2,268,000	3,518,000
Other liabilities	4,848,000	31,000
Total liabilities	329,384,000	299,335,000
Commitments and contingencies (Note 18)
Stockholders' Equity
Preferred stock—par value $0.0001, 25,000,000 shares and 25,000,000 shares authorized and no shares issued and outstanding as of December 31, 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 December 31, 2023 and December 31, 2022, respectively; 138,130,715 and 136,273,090 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	14,000	14,000
Additional paid in capital	610,254,000	599,966,000
Accumulated deficit	(617,025,000)	(554,770,000)
Accumulated other comprehensive loss	(25,000)	(23,000)
Total stockholders’ equity (deficit)	(6,782,000)	45,187,000
Total liabilities and stockholders’ equity (deficit)	$ 322,602,000	$ 344,522,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock shares authorized (in shares)	25,000,000	25,000,000
Preferred stock shares outstanding (in shares)	0	0
Preferred stock shares issued (in shares)	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	350,000,000	350,000,000
Common stock shares issues (in shares)	138,130,715	136,273,090
Common stock shares outstanding (in shares)	138,130,715	136,273,090

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total revenue	$ 163,914	$ 110,248	$ 49,590
Costs and expenses:
Cost of goods sold	28,645	22,634	13,318
Research and development	22,341	20,966	25,160
Selling, general and administrative	146,095	137,745	125,718
Amortization of intangible assets	10,843	10,843	550
Total costs and expenses	207,924	192,188	164,746
Loss from operations	(44,010)	(81,940)	(115,156)
Other income (expense):
Interest and other income	4,751	2,578	313
Loss on debt extinguishment, net	(2,837)	(1,223)	0
Interest expense	(26,609)	(14,102)	(7,180)
Change in fair value of warrants	1	1,760	(702)
Change in fair value of contingent value rights	5,200	(3,157)	0
Total other expense	(19,494)	(14,144)	(7,569)
Net loss before benefit from income taxes	(63,504)	(96,084)	(122,725)
Benefit from income taxes	1,249	1,424	0
Net loss	(62,255)	(94,660)	(122,725)
Other comprehensive loss, net of tax:
Unrealized gains (losses) on investments	(2)	7	(38)
Foreign currency translation adjustments	0	1	1
Comprehensive loss	$ (62,257)	$ (94,652)	$ (122,762)
Net loss per common share - basic (in dollars per share)	$ (0.45)	$ (0.70)	$ (1.55)
Net loss per common share - Diluted (in dollars per share)	$ (0.45)	$ (0.70)	$ (1.55)
Weighted Average Number of Shares Issued, Basic			79,027,062
Weighted average common shares outstanding - basic (in shares)	137,674,857	135,628,721
Weighted average common shares outstanding - Diluted (in shares)	137,674,857	135,628,721	79,027,062
Product revenue, net
Total revenue	$ 153,364	$ 109,263	$ 49,280
Royalty, contract and other revenue
Total revenue	$ 10,550	$ 985	$ 310

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, 2020		59,611,202
Beginning balance at Dec. 31, 2020	$ 33,761	$ 6	$ 371,134	$ 6	$ (337,385)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(122,725)				(122,725)
Issuance of common stock upon equity offerings (in shares)		6,553,398
Issuance of common stock related to Armistice equity offering	26,925	$ 1	26,924
Issuance of warrants related to loan agreement	137,655	$ 6	137,649
Issuance of common stock in connection with the Transactions (in shares)		58,082,606
Issuance of equity awards to Strongbridge equity award holders in connection with the Transactions	7,964
Exercise stock options (in shares)		93,399
Exercise of stock options	199		199
Vesting of restricted stock units (in shares)		316,772
Vesting of restricted stock units	534		534
Stock-based compensation	11,381		11,381
Issuance of common stock through employee stock purchase plan (in shares)		215,939
Issuance of common stock through employee stock purchase plan, value	642		642
Other comprehensive loss	(37)			(37)
Ending balance (in shares) at Dec. 31, 2021		124,873,316
Ending balance at Dec. 31, 2021	95,231	$ 13	555,359	(31)	(460,110)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(94,660)				(94,660)
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
Issuance of common stock in connection with the Transactions (in shares)
Issuance of warrants related to loan agreement			2,080
Exercise stock options (in shares)	11,228	11,228
Exercise of stock options	$ 8		8
Vesting of restricted stock units (in shares)		477,771
Vesting of restricted stock units	468		468
Stock-based compensation	12,160		12,160
Issuance of common stock through employee stock purchase plan (in shares)		671,867
Issuance of common stock through employee stock purchase plan, value	828		828
Other comprehensive loss	8			8
Ending balance (in shares) at Dec. 31, 2022		136,273,090
Ending balance at Dec. 31, 2022	45,187	$ 14	599,966	(23)	(554,770)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (62,255)				(62,255)
Exercise stock options (in shares)	14,036	14,036
Exercise of stock options	$ 32		32
Vesting of restricted stock units (in shares)		1,265,805
Vesting of restricted stock units	1,009		1,009
Stock-based compensation	10,716		10,716
Issuance of common stock through employee stock purchase plan (in shares)		577,784
Issuance of common stock through employee stock purchase plan, value	549		549
Other comprehensive loss	(2)			(2)
Ending balance (in shares) at Dec. 31, 2023		138,130,715
Ending balance at Dec. 31, 2023	$ (6,782)	$ 14	$ 610,254	$ (25)	$ (617,025)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss		$ (62,255)	$ (94,660)	$ (122,725)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		1,487	1,399	1,329
Amortization of intangible assets		10,843	10,843	550
Stock-based compensation		(1,263)	184	413
Amortization of debt discount and debt issuance costs		2,205	1,559	961
Amortization of operating right-of-use assets		830	426	0
Deferred income tax benefit		(1,249)	(1,424)	0
Stock-based compensation		10,716	12,160	11,381
Loss on extinguishment of debt		2,837	1,223	0
Loss on disposal of property and equipment		321	236	0
Gain on the remeasurement of lease liabilities		0	(1,084)	0
Change in fair value of warrants		(1)	(1,760)	702
Change in fair value of contingent value rights		(5,200)	3,157	0
Changes in operating assets and liabilities:
Trade accounts receivable		(8,367)	(13,374)	(6,237)
Prepaid expenses and other current assets		3,206	(3,887)	3,290
Inventory		(14,804)	(7,465)	(7,418)
Accounts payable		6,959	(4,318)	5,527
Other accrued liabilities		(5,855)	(11,384)	12,556
Accrued trade discounts and rebates		5,331	1,777	4,213
Accrued returns reserve		3,025	7,173	1,110
Supply agreement liabilities		(6,720)	(5,280)	0
Operating lease liabilities		7,538	(899)	0
Other		3,393	2,507	(1,187)
Net cash used in operating activities		(47,023)	(102,891)	(95,535)
Cash flows from investing activities:
Capital expenditures		(2,263)	(524)	(1,085)
Purchases of investments		(43,741)	0	(43,020)
Sales and maturities of investments		40,000	34,985	103,600
Cash acquired through acquisition of business		0	0	38,469
Net cash (used in) provided by investing activities		(6,004)	34,461	97,964
Cash flows from financing activities:
Proceeds from equity offerings		0	30,000	27,000
Payments of equity offering costs		0	0	(54)
Proceeds from issuance of debt		0	146,214	0
Repayment of debt		0	(43,496)	0
Payments of debt issuance costs		(1,185)	(4,876)	0
Payments for loss on extinguishment of debt		0	(737)	0
Proceeds from issuance of employee stock purchase plan shares		549	828	642
Proceeds from exercise of stock awards		32	8	193
Repurchase of common stock withheld for taxes		(1,009)	(468)	(534)
Net cash (used in) provided by financing activities		(1,613)	127,473	27,247
Effect of exchange rate changes on cash, cash equivalents and restricted cash		0	0	(3)
Increase (decrease) in cash, cash equivalents and restricted cash		(54,640)	59,043	29,673
Cash, cash equivalents and restricted cash, beginning of year		126,314	67,271	37,598
Cash, cash equivalents and restricted cash, end of year		71,674	126,314	67,271
Supplemental schedule of cash flow information:
Cash paid for interest		27,686	10,859	7,294
Supplemental schedule of non-cash activities:
Issuance of warrants related to loan agreement		0	2,080	0
Initial operating lease right-of-use assets for adoption of ASU 2016-02		(20,043)	0
Extinguishment of convertible note		(31,975)	0	0
Issuance of convertible note		33,574	0	0
Issuance of warrants related to loan agreement		0	0	137,655
Noncash Or Part Noncash Acquisition, Equity Assumed		0	0	8,871
Noncash or Part Noncash Acquisition, Debt Assumed		0	0	22,531
Cash flows from operating activities:
Cash and cash equivalents		67,449	121,966
Restricted cash included in Other assets (1)	[1]	4,225	4,348
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows		71,674	126,314	67,271
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)	0
Initial current and non-current operating lease liabilities for adoption of ASU 2016-02		$ 0	$ 14,013	$ 0
[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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Convertible Preferred Stock and Stockholders' Equity (Deficit) [Abstract]
Shares withheld for tax (in shares)	815,177	231,324	141,644

Organization and nature of the

Organization and nature of the business	12 Months Ended
	Dec. 31, 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). The Company is subject to a number of risks similar to other specialty pharmaceutical companies, including, but not limited to, successful commercialization and market acceptance of available products and any future products, if and when approved, successful development of the product candidates, the development of new technological innovations by competitors, and protection of intellectual property. Liquidity and capital resources The Company has incurred operating losses since inception and has an accumulated deficit of $617.0 million as of December 31, 2023. The Company expects to continue to incur net losses for at least the next 12 months beyond the issuance date of these consolidated financial statements. Based on the Company’s current operating plans, existing working capital at December 31, 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 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, Recorlev and Keveyis. Market volatility resulting from geopolitical instability resulting from the ongoing military conflicts between Russia and Ukraine and Israel and Hamas, rising interest rates, inflationary pressures, the tightening of lending standards, a potential shutdown of the U.S. government, 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	12 Months Ended
	Dec. 31, 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 consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The accompanying consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") issued by the Financial Accounting Standards Board ("FASB"). Basis of consolidation These consolidated financial statements include the financial statements of Xeris Biopharma Holdings, Inc. and 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, Recorlev and Keveyis in the United States only. Revenue is recognized when the Company's customer (e.g., a wholesaler or specialty pharmacy) obtains control of promised goods or services, which is when the Company's obligations under the terms of the contract with the customer are satisfied, based on the consideration the Company expects to receive in exchange for those goods or services. Revenues are recorded at the net product sales price, which includes estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. The Company applies significant judgments and estimates in determining some of these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known. Patient Copay Assistance Program The Company offers savings programs to commercially insured patients under which the cost of a prescription to a patient is discounted. The Company reimburses pharmacies for this discount through a third-party vendor. The Company records an accrual to reduce gross sales for the estimated copay on units sold to wholesalers and other customers. The estimate is based on estimated percentages of products that will be prescribed to qualified patients, expected patient utilization of the discount program, average assistance paid based on reporting from the third-party vendor as well as industry data and estimated levels of inventory in the distribution channel. Accrued copay fees are recorded as a reduction of product revenue and included in accrued trade discounts and rebates on the consolidated balance sheets. Commercial Rebates The Company contracts with certain private payor organizations, primarily insurance companies and pharmacy benefit managers, to provide rebates with respect to utilization of the products and contracted formulary status. The Company accrues estimated rebates based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebate as a reduction of product revenue. Accrued commercial rebates are included in accrued trade discounts and rebates on the consolidated balance sheets. Government Rebates The Company participates in certain federal and state government rebate programs such as the Medicaid Drug Rebate Program, TRICARE Retail Refunds Program, and Medicare Part D Program. The Company accrues estimated rebates and discounts based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebates as a reduction of product revenue. Accrued government rebates are included in accrued trade discounts and rebates on the consolidated balance sheets. Chargebacks The Company arranges with certain commercial and government entities allowing them to buy products directly from wholesalers at specific prices. These entities purchase products through wholesalers at the discounted price and the wholesalers charge the difference between their list price and the discounted price back to the Company. The Company accrues estimated chargebacks based on estimated percentages of products sold to these entities, contract prices, and estimated levels of inventory in the distribution channel and records the chargebacks as a reduction of product revenue. Accrued chargebacks are recorded as an allowance against trade receivables on the consolidated balance sheets. Product Returns For some products, the Company's customers may have the right to return product during the period beginning six months prior to the product expiration date and up to one year after the product expiration date. The Company uses actual return data to estimate the provision for returns. In a reporting period, the Company may decide to constrain revenue for product returns based on information from various sources, including channel inventory levels, inventory dating, prescription data, the expiration dates of product currently being shipped, price changes of competitive products and introductions of generic products. While the Company believes that the returns reserve is sufficient to avoid a significant reversal of revenue in future periods, if it were to increase or decrease the rate by 1%, it would have a $1.5 million impact on revenue in the year ended December 31, 2023. The Company records estimated product returns in accrued returns reserve on the consolidated balance sheets and as a reduction of product revenue. Prompt Payment Discounts As an incentive for prompt payment, the Company offers a discount to most customers. The Company expects that all eligible customers will comply with the contractual terms to earn the discount, and, therefore, the Company accrues the discount on all eligible sales. The Company records the discount as an allowance against trade accounts receivable on the consolidated balance sheets and as a reduction of product revenue. Service Fees The Company records service fees paid to the wholesaler and specialty pharmacy customers for distribution and inventory management services as a reduction to product revenue. The Company accrues estimated service fees based on contractually determined amounts. Accrued service fees are included in accrued trade discounts and rebates on the consolidated balance sheets. Concentration of credit risk For the years ended December 31, 2023, 2022 and 2021, four customers accounted for 97%, 96%, and 95% of the Company’s gross product revenue, respectively. At each of December 31, 2023 and December 31, 2022, the same four customers accounted for 99% of the trade accounts receivable, net. Cost of goods sold Cost of goods sold includes primarily product costs, which include all costs directly related to the purchase of raw materials, charges from contract manufacturing organizations, and manufacturing overhead costs, including shipping and distribution charges. Cost of goods sold also includes losses on excess, slow-moving or obsolete inventory and inventory purchase commitments, if any. Manufacturing costs for Gvoke and Recorlev incurred prior to approval and initial commercialization were expensed as research and development expenses. The Company does not incur material cost of goods sold related to royalty, contract and other revenue. Research and development expenses Research and development expenses are expensed as incurred. Research and development expenses include salaries, stock compensation and other personnel-related costs, consulting fees, fees paid for contract research and development services including those for preclinical and clinical trials, laboratory equipment and facilities costs, and other external costs. In addition, manufacturing costs of products prior to approval and initial commercialization are expensed as research and development costs. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are received, the services are performed, or the arrangement is terminated. Stock-based compensation expense The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments, including stock options, restricted stock units and employee stock purchases, to be recognized in the statements of operations based on their grant date fair values. The Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, the risk-free interest rate and the expected dividend yield of the common stock. Restricted stock units are valued based on the fair market value of the Company’s common stock on the date they were granted. The Company recognizes stock-based compensation expense equal to the grant date fair value of stock options, restricted stock units and employee stock purchases on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they are incurred. Income taxes Income taxes are recorded in accordance with ASC 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company determines the deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company's policy is to include interest and penalties related to uncertain tax positions, if any, within the provision for taxes in the statements of operations and comprehensive loss. For the years ended December 31, 2023, 2022 and 2021, the Company did not accrue any interest or penalties on uncertain tax positions. Cash and cash equivalents The Company considers all demand deposits with financial institutions and highly liquid investments with an original maturity of three months or less when purchased as cash equivalents. Restricted Cash Restricted cash includes amounts required to be held as a security deposit in the form of letters of credit for the Company to secure leases and state licenses. Investments The Company classifies investments in debt securities as available-for-sale investments. Investments classified as short-term on the balance sheets have original maturities of greater than 90 days but less than one year. Inventory Inventory is stated at the lower of cost or net realizable value, using the first-in, first-out convention. Inventory consists of raw materials, work in process and finished goods. The Company has entered into manufacturing and supply agreements for the manufacture or purchase of raw materials and production supplies. The Company’s inventory includes the direct purchase cost of materials and supplies, charges from contract manufacturing organizations and manufacturing overhead costs. The Company reviews inventory to assess if there is obsolete or excess inventory and records a charge to cost of goods sold if and when applicable. Property and equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets: Lab equipment 5 years Computer equipment 3 years Leasehold improvements Lesser of useful life or lease term Software 3-5 years Furniture and fixtures 5 years Office equipment 5 years Impairment of long-lived assets The Company periodically evaluates long-lived assets such as property and equipment, intangible assets subject to amortization, and right-of-use assets on operating leases for potential impairment in accordance with ASC 360, Property, Plant and Equipment . Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value. The Company recognized no impairment charges for the years ended December 31, 2023, 2022 and 2021. Goodwill The Company tests goodwill for impairment on an annual basis or whenever events occur that may indicate possible impairment. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and identified intangible assets acquired under a business combination. Goodwill is reviewed for impairment at a reporting unit level annually in the fourth quarter, or more frequently if events or circumstances indicate that the goodwill might be impaired. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of the net assets is less than their carrying amount, then the quantitative goodwill impairment test is unnecessary. If, based on the qualitative assessment, it is determined that it is more likely than not that the fair value of the net assets is less than their carrying amount, then the Company proceeds to perform the quantitative goodwill impairment test. In connection with the annual impairment test conducted in the fourth quarter of 2023, 2022 and 2021, the Company performed a qualitative assessment in connection with the annual goodwill impairment evaluation and determined that it was more likely than not that the fair value of the net assets exceeded their carrying value. Intangible assets Acquired definite life intangible assets are amortized using the straight-line method over their respective estimated useful lives. The Company evaluates the potential impairment of intangible assets if events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. The identified intangible assets are reviewed for impairment whenever events or changes in business circumstances arise that may indicate that the carrying amount of its intangible assets may not be recoverable. These events and changes can include significant current period operating losses or negative cash flows associated with the use of an intangible asset, or group of assets, combined with a history of such factors, significant changes in the manner of use of the assets, and current expectations that it is more likely than not that an intangible asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When impairment indicators are present, the Company compares undiscounted future cash flows to the asset group’s carrying value to determine if the asset group is recoverable. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value. No impairment expense was recorded for identified intangible assets during the year ended December 31, 2023, 2022 and 2021. For further discussion of identified intangible assets, see "Note 8 – Intangible assets". Debt issuance costs Debt issuance costs incurred in connection with financing arrangements are amortized to interest expense over the life of the respective financing arrangement using the effective interest method. Debt issuance costs, net of related amortization, reduce the carrying value of the related debt. Contingent considerations The fair value of the Contingent Value Rights ("CVRs") is calculated by using a discounted cash flow method for the Keveyis patent milestone and an option pricing method for the Recorlev and Keveyis sales milestones. In the case of Keveyis milestones, the Company applies a scenario-based method and weights them based on the possible achievement of the milestone. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement . The key assumptions used include the discount rate and sales growth. The estimated value of the CVR consideration is based upon available information and certain assumptions which the Company's management believes are reasonable under the circumstances. The ultimate payout under the CVRs may differ materially from the assumptions used in determining the fair value of the CVR consideration. This value is then remeasured for future expected payout as well as the increase in fair value due to the time value of money. These gains or losses, if any, are recognized in the consolidated statements of operations and comprehensive loss. Lease Accounting Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease over the lease term at the commencement date of the lease. As most of the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate based on the information available at the date of adoption in determining the present value of lease payments and used the implicit rate when readily determinable. The Company determined incremental borrowing rates through market sources for secured borrowings including relevant industry rates. The Company excludes variable payments from lease ROU assets and lease liabilities to the extent not considered in-substance fixed, and instead, expenses variable payments as incurred. The Company’s operating leases expire at various times in 2031 and 2037, some of which include options to extend leases. The exercise of lease renewal options is at the Company’s sole discretion and the Company’s lease ROU assets and liabilities reflect only the options the Company is reasonably certain that it will exercise. We do not have leases with residual value guarantees or similar covenants. Warrant liability Warrants required to be settled in cash are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity. The fair value of these warrants are remeasured each reporting period using the Black-Scholes option-pricing model which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The liability is recorded in other current liabilities on the consolidated balance sheets. Generally, changes in the fair value of the warrant liabilities are recorded in the consolidated statements of operations and comprehensive loss. Fair value of financial instruments Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value determination in accordance with applicable accounting guidance requires that a number of significant judgments be made. Additionally, fair value is used on a non-recurring basis to evaluate assets for impairment or as required for disclosure purposes by applicable accounting guidance on disclosures about fair value of financial instruments. Depending on the nature of the assets and liabilities, various valuation techniques and assumptions are used when estimating fair value. The carrying amounts of certain of the Company’s financial instruments, including cash, cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, and accounts payable, are shown at cost, which approximates fair value due to the short-term nature of these instruments. The debt outstanding under the Amended and Restated Loan and Security Agreement approximates fair value due to the variable interest rate on the debt. Items measured at fair value on a recurring basis include the Company’s investments, warrants and CVRs. The fair value of the convertible senior notes is determined from using current interest rates based on credit ratings and the remaining term of maturity. Segment reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available and utilized by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The Company operates in one segment. 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. 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 December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures. This standard requires an entity to provide more detailed information about its reportable segment expenses that are included within management’s measurement of profit and loss and will require certain annual disclosures to be provided on an interim basis. The amendments in this ASU are effective for the Company in 2025 for annual reporting and in 2026 for interim reporting, with early adoption permitted beginning in 2024, and is required to be applied using the full retrospective method of transition. The Company is evaluating the timing and effects of adoption of this ASU on the Company’s segment disclosures. 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. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or other reference rates that are expected to be discontinued because of reference rate reform. This standard is effective for all entities as of March 12, 2020 through December 31, 2022. 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 does not currently expect the adoption of this new standard to have a material impact on the financial statements.

Disaggregated revenue

Disaggregated revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregated revenue	Disaggregated revenue Disaggregated revenue by product (in thousands): Years Ended December 31, 2023 2022 2021 Product revenue: Gvoke $ 67,045 $ 52,527 $ 38,917 Keveyis 56,772 49,307 10,363 Recorlev 29,547 7,429 — Product revenue, net 153,364 109,263 49,280 Royalty, contract and other revenue 10,550 985 310 Total revenue $ 163,914 $ 110,248 $ 49,590

Short-term investments

Short-term investments	12 Months Ended
	Dec. 31, 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 December 31, 2023, consist of U.S. government securities, all with remaining maturities of less than one year. Debt securities as of December 31, 2023 had an average remaining maturity of 0.1 years. The debt securities are reported at fair value with unrealized gains or losses recorded in accumulated other comprehensive income (loss) in the 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 consolidated statements of operations and comprehensive loss. Refer to "Note 13 - Fair Value Measurements," for information related to the fair value measurements and valuation methods utilized. The following table represents the Company’s short-term investments by major security type as of December 31, 2023 (in thousands): December 31, 2023 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: U.S. government securities $ 5,004 $ — $ (2) $ 5,002 Total available-for-sale investments $ 5,004 $ — $ (2) $ 5,002 There were no short-term investments as of December 31, 2022. Allowance for Credit Losses

Inventory

Inventory	12 Months Ended
	Dec. 31, 2023
Inventory [Line Items]
Inventory Disclosure [Text Block]	Inventory The components of inventory consist of the following (in thousands): December 31, 2023 December 31, 2022 Raw materials $ 17,404 $ 7,410 Work in process 10,959 11,367 Finished goods 10,475 5,958 Inventory $ 38,838 $ 24,735 Inventory reserves were $2.4 million and $1.3 million at December 31, 2023 and December 31, 2022, respectively.

Property and equipment

Property and equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and equipment	Property and equipment Property and equipment consist of the following (in thousands): December 31, 2023 December 31, 2022 Lab equipment $ 4,153 $ 3,841 Furniture and fixtures 539 1,355 Computer equipment 860 474 Office equipment 97 8 Software 374 307 Leasehold improvements 5,984 5,065 Total property and equipment 12,007 11,050 Less: accumulated depreciation and amortization (6,036) (5,534) Property and equipment, net $ 5,971 $ 5,516

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Goodwill is evaluated for potential impairment annually, as of the beginning of the fourth quarter and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The process of evaluating goodwill for potential impairment is subjective and requires significant estimates, assumptions and judgments. As of December 31, 2023, the Company assessed qualitative and quantitative factors and determined that it was not more-likely-than-not that the fair value of the one reporting unit was less than the carrying value as of the testing date. As a result of the assessment, no goodwill impairment charge was recorded during the fiscal year ended December 31, 2023, 2022 and 2021.

Intangible assets

Intangible assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	Intangible assets Identified intangible assets consist of the following (in thousands): Life (Years) December 31, 2023 December 31, 2022 Gross assets Accumulated amortization Net Gross assets Accumulated amortization Net Definite-lived intangible asset - Keveyis 5 $ 11,000 $ (4,950) $ 6,050 $ 11,000 $ (2,750) $ 8,250 Definite-lived intangible asset - Recorlev 14 121,000 (17,286) 103,714 121,000 (8,643) 112,357 Total intangible assets $ 132,000 $ (22,236) $ 109,764 $ 132,000 $ (11,393) $ 120,607 As of December 31, 2023, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands): 2024 $ 10,843 2025 10,843 2026 10,293 2027 8,643 2028 8,643 Thereafter 60,499 Total $ 109,764

Other accrued liabilities

Other accrued liabilities	12 Months Ended
	Dec. 31, 2023
Accrued Expenses [Abstract]
Other accrued liabilities	Other accrued liabilities Other accrued liabilities consist of the following (in thousands): December 31, 2023 December 31, 2022 Accrued employee costs $ 16,956 $ 13,400 Supply agreement - current portion — 6,720 Accrued supply chain costs 523 562 Accrued marketing costs 598 2,593 Accrued research and development costs 960 1,411 Accrued restructuring charges — 2,799 Accrued interest expense 1,374 4,656 Accrued other costs 3,099 4,645 Other accrued liabilities $ 23,510 $ 36,786

Restructuring costs

Restructuring costs	12 Months Ended
	Dec. 31, 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 consolidated statements of operations and comprehensive loss. The plan was fully paid out in the fourth quarter of 2023. The following table summarizes the restructuring reserve in connection with the Strongbridge acquisition and the payments made during the years ended December 31, 2023, 2022 and 2021 (in thousands): Restructuring Costs Restructuring costs $ 9,657 Payments (2,944) Balance accrued at December 31, 2021 $ 6,713 Restructuring costs 1,488 Payments (5,402) Balance accrued at December 31, 2022 $ 2,799 Payments (2,799) Balance accrued at December 31, 2023 $ —

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 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 "2025 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 2025 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 2025 Convertible Notes. At any time before the close of business on the second scheduled trading day immediately before the maturity date, holders of 2025 Convertible Notes may convert their 2025 Convertible Notes at their option into shares of the Company’s common stock, together, if applicable, with cash in lieu of any fractional share, at a conversion rate of 326.7974 shares of the Company's common stock per $1,000 principal amount of 2025 Convertible Notes. In the second half of 2020, $39.1 million in principal amount of 2025 Convertible Notes were converted into 13,171,791 shares of Xeris Pharma’s common stock. On September 29, 2023, the Company completed the exchange of $32.0 million in aggregate principal amount of the 2025 Convertible Notes for $33.6 million in aggregate principal amount of new 8.00% Convertible Notes due 2028 (the "2028 Convertible Notes" and together with the 2025 Convertible Notes, the "Convertible Notes"). As of December 31, 2023, the outstanding balance of the 2025 Convertible Notes was $15.2 million and the outstanding balance of the 2028 Convertible Notes was $33.6 million. The Company evaluated the exchange agreement for debt modification and concluded that the debt qualified for debt extinguishment. Upon extinguishment, the Company recognized the new 2028 Convertible Notes at their fair value of $34.1 million, and derecognized the carrying value of $32.0 million for the 2025 Convertible Notes and $0.7 million of unamortized initial debt issuance costs resulting in a net loss on debt extinguishment of $2.8 million. The 2025 Convertible Notes are governed by the terms of a base indenture for senior debt securities dated June 30, 2020 (the "2025 Base Indenture"), 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 "Second Supplemental Indenture" and together with the 2025 Base Indenture and First Supplemental Indenture, the "2025 Indenture"), among the Company, Xeris Pharma and U.S. Bank Trust Company, National Association (f/k/a U.S. Bank National Association), as trustee (the "Trustee"). The 2028 Convertible Notes are governed by the terms of an indenture for senior debt securities dated September 29, 2023 (the "2028 Indenture" and together with the 2025 Indenture, the "Indentures") among the Company, Xeris Pharma and the Trustee. The 2025 Convertible Notes and the 2028 Convertible Notes will mature on July 15, 2025 and July 15, 2028, respectively, unless earlier converted or redeemed or repurchased. 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 2025 Convertible Notes are no longer convertible into shares of common stock of Xeris Pharma. Instead, subject to the terms and conditions of the 2025 Indenture, the 2025 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 2025 Indenture. The fair value of the Convertible Notes is determined from using current interest rates based on credit ratings and the remaining term of maturity. As of December 31, 2023, the fair value of the Convertible Notes was approximately $55.1 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 13 - 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 were otherwise 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 approximately 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 2025 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 $15.6 million of cash on hand, is sufficient to redeem and discharge the 2025 Convertible Notes in full. The components of debt are as follows (in thousands): December 31, 2023 December 31, 2022 Convertible Notes $ 49,306 $ 47,175 Loan facility 145,569 144,487 Less: unamortized debt issuance costs (3,943) (4,587) Long-term debt, net of unamortized debt issuance costs $ 190,932 $ 187,075 The following table sets forth the Company’s future minimum principal payments on the Convertible Note and the loan facility (in thousands): 2024 $ — 2025 15,200 2026 — 2027 150,000 2028 33,574 Thereafter — $ 198,774

Warrants

Warrants	12 Months Ended
	Dec. 31, 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 11 - 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 December 31, 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

Fair value measurements	12 Months Ended
	Dec. 31, 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 December 31, 2023 and December 31, 2022 (in thousands): Total as of December 31, 2023 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 67,449 $ 67,449 $ — $ — Investments: U.S. government securities $ 5,002 $ 5,002 $ — $ — Other assets: Restricted cash $ 4,225 $ 4,225 $ — $ — Liabilities Current portion of contingent value rights $ 19,109 $ — $ — $ 19,109 Non-current contingent value rights $ 1,379 $ — $ — $ 1,379 Warrant liabilities $ 8 $ — $ — $ 8 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 Non-current 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 8.3 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 the acquisition of Strongbridge $ 22,531 Change in fair value of CVRs — Balance at December 31, 2021 $ 22,531 Change in fair value of CVRs 3,157 Balance at December 31, 2022 $ 25,688 Change in fair value of CVRs (5,200) Balance at December 31, 2023 $ 20,488 Balance at Current portion of contingent value rights $ 19,109 Balance at Non-current contingent value rights 1,379 Balance at December 31, 2023 $ 20,488

Stockholders' equity

Stockholders' equity	12 Months Ended
	Dec. 31, 2023
Reverse Stock Split and Initial Public Offering [Abstract]
Stockholders' equity	Stockholders' equity The Company’s 375.0 million authorized shares of stock are divided into 350.0 million shares of common stock, par value $0.0001 per share, and 25.0 million shares of undesignated preferred stock, par value $0.0001 per share. At December 31, 2023, none of the 25.0 million shares of preferred stock were outstanding, and the Company has no present plans to issue any shares of preferred stock. The Company’s board of directors has the authority, without action by the Company’s stockholders, to designate and issue the preferred stock in one or more series and to designate the rights, preferences, limitations and privileges of each series of preferred stock, which may be greater than the rights of the Company’s common stock. The Company has not paid any cash dividends on the common stock during the periods presented. On January 3, 2022, the Company entered into a securities purchase agreement in connection with a private placement with an affiliate of Armistice Capital, LLC ("Armistice") for aggregate gross proceeds of approximately $30.0 million. In accordance with the purchase agreement, the Company issued to Armistice an aggregate of (i) 10,238,908 shares of the Company’s common stock, par value $0.0001 per share at a purchase price of $2.93 per share, and (ii) warrants to purchase an aggregate of 5,119,454 shares of the Company's common stock at an exercise price of $3.223 per share. The warrants became exercisable immediately upon the closing of the transaction and have a term of five years from the earliest of the date (a) of effectiveness of the resale registration statement, which was February 7, 2022, (b) all of the shares and the Company's common stock issuable upon exercise of the warrants (the "Warrant Shares") have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions, (c) following the one-year anniversary of the date of closing provided that the holder of Shares or Warrant Shares is not an affiliate of the Company, or (d) all of the shares and Warrant Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions.

Stock compensation plan

Stock compensation plan	12 Months Ended
	Dec. 31, 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 December 31, 2023, there were 3,240,766 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 December 31, 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 December 31, 2023, there were 365,949 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 December 31, 2023, there were 1,908,897 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 years ended December 31, 2023 and December 31, 2022 was as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - December 31, 2021 11,362,336 $ 5.86 5.62 Granted 175,000 $ 2.10 Exercised (11,228) $ 0.69 Forfeited (87,680) $ 5.25 Expired (1,738,267) $ 8.31 Outstanding - December 31, 2022 9,700,161 $ 5.37 4.76 Granted — — Exercised (14,036) 2.33 Forfeited (13,334) 5.54 Expired (473,047) 8.38 Outstanding - December 31, 2023 9,199,744 $ 5.22 3.84 Vested and expected to vest at December 31, 2023 9,199,744 $ 5.22 3.84 Exercisable - December 31, 2023 9,002,580 $ 5.23 3.77 At December 31, 2023, there was a total of $0.6 million of unrecognized stock-based compensation expense related to stock options that is expected to be recognized over a weighted average period of 0.9 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 years ended December 31, 2023 and December 31, 2022 was as follows: Number of Units Weighted Average Grant Date Fair Value Unvested balance - December 31, 2021 2,005,041 $ 5.15 Granted 4,477,850 $ 2.71 Vested (708,970) $ 5.46 Forfeited (518,261) $ 2.90 Unvested balance - December 31, 2022 5,255,560 $ 3.25 Granted 8,955,400 1.39 Vested (2,080,982) 3.59 Forfeited (550,430) 1.64 Unvested balance - December 31, 2023 11,579,548 $ 1.83 As of December 31, 2023, there was $12.4 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 1.7 years. The following table summarizes the reporting of total stock-based compensation expense resulting from stock options, RSUs and the ESPP (in thousands): Years Ended December 31, 2023 2022 2021 Cost of goods sold $ — $ — $ 106 Research and development 1,413 1,593 1,696 Selling, general and administrative 9,303 10,567 9,579 Total stock-based compensation expense $ 10,716 $ 12,160 $ 11,381

Other employee benefit plans

Other employee benefit plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Other employee benefit plans	Other employee benefit plans Defined Contribution Plan The Company sponsors an employee retirement plan qualifying under Section 401(k) of the Internal Revenue Code for all eligible employees in the United States. Employees become eligible to contribute to the plan upon meeting certain age requirements and 30 days of service. Commencing in 2019, the Company began discretionary matching employee contributions up to certain limits. For the years ended December 31, 2023, 2022 and 2021, the Company made $2.4 million, $1.7 million and $0.7 million of matching contributions to the plan, respectively. Deferred Compensation Plan

Leases

Leases	12 Months Ended
	Dec. 31, 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 consolidated balance sheets. The Company’s operating lease costs are included in operating expenses in the accompanying consolidated statements of operations and comprehensive loss. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. A majority of the Company's lease agreements include fixed rental payments. Certain lease agreements include fixed rental payments that are adjusted periodically by a fixed rate. The fixed payments, including the effects of changes in the fixed rate or amount, and renewal options reasonably certain to be exercised, are included in the measurement of the related lease liability. The exercise of lease renewal options is at the Company's sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease term, which includes renewal options reasonably certain to be exercised. The majority of the Company's real estate leases require that the Company pay maintenance, real estate taxes and insurance in addition to rent. These payments are generally variable and based on actual costs incurred by the lessor. Therefore, these amounts are not included in the consideration of the contract when determining the right-of-use asset and lease liability but are reflected as variable lease expenses. As the interest rate implicit in the lease is not readily determinable, the Company uses the incremental borrowing rate as the discount rate. The Company considers observable inputs as of the effective date of the ASC 842 adoption including the credit rating, existing borrowings and other relevant borrowing rates, such as risk-free rates like the United States Treasury rate, and then adjusting as necessary for the appropriate lease term. The incremental borrowing rate is reassessed if there is a change to the lease term or if a modification occurs and it is not accounted for as a separate contract. As of December 31, 2023, the Company’s operating leases had a weighted-average remaining lease term of 11.6 years and a weighted-average discount rate of 11.9%. Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): Years Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,648 $ 2,159 Right of use assets obtained in exchange for new lease obligations: Operating leases $ 20,043 $ — The Company reports the amortization of operating lease right-of-use assets and the change in operating lease liabilities on a net basis in other in the operating activities of the accompanying consolidated statements of cash flows. The components of lease expense were as follows (in thousand): Years Ended December 31, Lease cost 2023 2022 Operating lease expense $ 4,474 $ 1,799 Variable lease cost 1,208 1,091 Sublease income (216) (212) Total lease cost $ 5,466 $ 2,678 Rental expense for operating leases was approximately $2.4 million for the year ended December 31, 2021. As of December 31, 2023, maturities of lease liabilities are summarized as follows (in thousands): 2024 3,495 2025 6,080 2026 6,232 2027 6,389 2028 6,549 Thereafter 45,441 Total lease payments 74,186 Less: Effect of discounting to net present value (35,927) Present value of lease liabilities $ 38,259 Operating lease liabilities, current 3,495 Operating lease liabilities, non-current 34,764 Total operating lease liabilities $ 38,259

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 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 December 31, 2023, the Company had unused letters of credit of $4.2 million, which were issued primarily to secure leases. These letters of credit are collateralized by $4.2 million of restricted cash, which is recorded in other assets in the 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 December 31, 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 2025 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 $15.6 million of cash on hand, is sufficient to redeem and discharge the 2025 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	12 Months Ended
	Dec. 31, 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 December 31, 2023 2022 Shares to be issued upon conversion of Convertible Notes 15,939,216 15,416,667 Vested and unvested stock options 9,199,744 9,700,161 Restricted stock units 11,579,548 5,255,560 Warrants 8,362,270 8,362,270 Total anti-dilutive securities excluded from EPS computation 1 45,080,778 38,734,658 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.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Total income (loss) before income taxes by source of income was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Foreign $ 3,757 $ (18,999) $ (7,985) United States (67,261) (77,085) (114,740) Total loss before income taxes $ (63,504) $ (96,084) $ (122,725) Total income tax benefit by source was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Foreign $ 387 $ (1,595) $ (9,716) United States (15,855) (20,991) (19,926) Change in Valuation Allowance 14,219 21,162 29,642 Total income tax benefit $ (1,249) $ (1,424) $ — A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate of 21% to the Company’s effective income tax rate is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Federal tax benefit at statutory rate $ (13,336) $ (20,178) $ (25,772) State tax benefit, net of federal benefit (4,201) (4,325) (4,422) Research and development and orphan drug credits — (320) (350) Uncertain tax positions (28) 94 (302) Subpart F Income 3,092 — — Permanent adjustments to expenses 142 726 1,779 Stock-based compensation 142 414 901 Return to provision adjustment (1,080) (1,103) (2,450) Statutory tax rate differential (330) 1,600 663 Changes in valuation allowance 14,219 21,162 29,642 Other 131 506 311 Total income tax benefit $ (1,249) $ (1,424) $ — The benefit for income taxes for 2023 was attributable to the amortization of the deferred tax liability set up with the Acquisition. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is required to be established or maintained when, based on currently available information, it is more likely than not that all or a portion of a deferred tax asset will not be realized. The guidance on accounting for income taxes provides important factors in determining whether a deferred tax asset will be realized, including whether there has been sufficient taxable income in recent years and whether sufficient income can reasonably be expected in future years in order to utilize the deferred tax asset. For the years ended December 31, 2023, 2022 and 2021, the Company evaluated the need to maintain a valuation allowance for deferred tax assets based on the assessment of whether it is more likely than not that deferred tax benefits will be realized through the generation of future taxable income. Appropriate consideration is given to all available evidence, both positive and negative, in assessing the need for a valuation allowance. Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2023 December 31, 2022 2 Deferred tax assets: Net operating losses $ 119,346 $ 111,631 Federal research and orphan drug credits 9,116 8,836 Stock-based compensation 7,752 5,714 Section 163(j) interest 19,800 14,903 Capitalized R&D 6,293 1,493 Operating lease liabilities 10,472 — Other temporary differences 18,679 16,581 Valuation allowance (173,262) (159,043) Total assets 18,196 115 Deferred tax liabilities: Fixed and intangible assets (13,740) (11) Operating lease right-of-use assets (6,352) — Other deferred tax liabilities (373) (3,622) Total liabilities (20,465) (3,633) Net deferred tax liabilities $ (2,269) $ (3,518) 2 Certain reclasses have been made to the 2022 balances in this table to conform to the 2023 presentations. As of December 31, 2023, the Company had federal net operating loss carryforwards of $494.3 million and various state net operating loss carryforwards of $352.2 million. As of December 31, 2022, the Company had federal net operating loss carryforwards of $501.4 million and various state net operating loss carryforwards of $345.3 million. Net operating loss carryforwards for the United States federal income tax purposes that were generated prior to January 1, 2018 have a twenty-year carryforward life and will expire in 2037. Under the Tax Cuts and Jobs Act of 2017, federal net operating losses incurred in 2018 and later years may be carried forward indefinitely, but the deductibility of such net operating losses is limited to 80% of the current year’s taxable income. The United States state net operating loss carryforwards will start to expire in 2029 for the earliest net operating loss layers to the extent there is not sufficient state taxable income to utilize those net operating loss carryforwards. At December 31, 2023, the Company had $6.9 million and $3.7 million of federal and state income tax credits, respectively, to reduce future tax liabilities. At December 31, 2022, the Company had $6.7 million and $3.1 million of federal and state income tax credits, respectively, to reduce future tax liabilities. The federal income tax credits consist primarily of orphan drug credits and research and development credits. The United States state income tax credits consist primarily of California and Illinois research and development credits, as well as Illinois Economic Development for a Growing Economy Tax Credit. Both the United States federal orphan drug credits and research and development credits have a twenty-year carryforward life. The United States federal orphan drug credits and research and development credits will both begin to expire in 2038. A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): Valuation allowance at December 31, 2020 $ (92,493) Increase for 2021 activity (45,388) Valuation allowance at December 31, 2021 (137,881) Increase for 2022 activity (21,162) Valuation allowance at December 31, 2022 (159,043) Increase for 2023 activity (14,219) Valuation allowance at December 31, 2023 $ (173,262) The Company is required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken, or are expected to be taken, on an income tax return. The changes in the Company's uncertain income tax positions for the years ended December 31, 2023, 2022 and 2021, excluding interest and penalties, consisted of the following (in thousands): December 31, 2023 2022 2021 Beginning balance - uncertain tax positions $ 722 $ 627 $ 929 Increases related to tax positions taken during the current year — 92 17 Increases/(decreases) related to tax positions taken during the prior year (28) 3 (319) Ending balance - uncertain tax positions $ 694 $ 722 $ 627 For the year ended December 31, 2023, the decrease in current year uncertain tax positions was attributable primarily to the United States federal orphan drug credits and research and development credits and the decrease related to tax positions taken during the prior year was a result of return to provision adjustments. In the Company’s balance sheet, uncertain tax positions of $0.7 million were offset against deferred tax assets. Tax years prior to 2019 generally are not subject to examination by the Internal Revenue Service or state or local taxing authorities. The Company policy is to include interest and penalties related to uncertain tax penalties, if any, within the provision for taxes in the statements of operations. During the years ended December 31, 2023, 2022 and 2021, the Company incurred no interest and penalties related to income taxes.

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events Loan facility On March 5, 2024, the Company, Xeris Pharma and certain subsidiary guarantors of the Company entered into an Amended and Restated Credit Agreement and Guaranty (the "Amended and Restated Credit Agreement") with the lenders from time to time parties thereto (the "New Lenders") and Hayfin Services LLP, as administrative agent for the New Lenders, pursuant to which the Company and its subsidiaries party thereto granted a first priority security interest on substantially all of their assets, including intellectual property, subject to certain exceptions. The Amended and Restated Credit Agreement provided for the New Lenders to extend $200.0 million in term loans to the Company on the closing date and up to an additional $15.2 million in additional term loans, which additional term loans are available only to redeem the Company's existing 2025 Convertible Notes (collectively, the "2029 Loans"). The proceeds from the initial term loans will be used for general corporate purposes. In conjunction with the execution of the Amended and Restated Credit Agreement, the aggregate principal balance of $150.0 million plus all accrued and unpaid interest outstanding under the Hayfin Loan Agreement was continued under the Amended and Restated Credit Agreement. The 2029 Loans incur interest at a floating per annum rate in an amount equal to 6.95% (the “Margin”) plus the greater of the forward-looking term rate based on SOFR for a three-month tenor and 2.00%. Upon the occurrence and during the continuance of certain events of default, the Margin will be increased by three percent (3.00%) per annum, and all interest shall be payable monthly.

Basis of presentation and sum_2

Basis of presentation and summary of significant accounting policies and estimates (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The accompanying consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The results of operations for such periods are not necessarily indicative of the results that may be expected for any future period. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Update ("ASU") issued by the Financial Accounting Standards Board ("FASB").
Basis of consolidation	Basis of consolidation
Use of estimates	Use of estimates
Revenue recognition and Costs of goods sold	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, Recorlev and Keveyis in the United States only. Revenue is recognized when the Company's customer (e.g., a wholesaler or specialty pharmacy) obtains control of promised goods or services, which is when the Company's obligations under the terms of the contract with the customer are satisfied, based on the consideration the Company expects to receive in exchange for those goods or services. Revenues are recorded at the net product sales price, which includes estimated allowances for patient copay assistance programs, prompt payment discounts, payor rebates, chargebacks, service fees, and product returns, all of which are recorded at the time of sale to the pharmaceutical wholesaler or other customer. The Company applies significant judgments and estimates in determining some of these allowances. If actual results differ from its estimates, adjustments are made to these allowances in the period in which the actual results or updates to estimates become known. Patient Copay Assistance Program The Company offers savings programs to commercially insured patients under which the cost of a prescription to a patient is discounted. The Company reimburses pharmacies for this discount through a third-party vendor. The Company records an accrual to reduce gross sales for the estimated copay on units sold to wholesalers and other customers. The estimate is based on estimated percentages of products that will be prescribed to qualified patients, expected patient utilization of the discount program, average assistance paid based on reporting from the third-party vendor as well as industry data and estimated levels of inventory in the distribution channel. Accrued copay fees are recorded as a reduction of product revenue and included in accrued trade discounts and rebates on the consolidated balance sheets. Commercial Rebates The Company contracts with certain private payor organizations, primarily insurance companies and pharmacy benefit managers, to provide rebates with respect to utilization of the products and contracted formulary status. The Company accrues estimated rebates based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebate as a reduction of product revenue. Accrued commercial rebates are included in accrued trade discounts and rebates on the consolidated balance sheets. Government Rebates The Company participates in certain federal and state government rebate programs such as the Medicaid Drug Rebate Program, TRICARE Retail Refunds Program, and Medicare Part D Program. The Company accrues estimated rebates and discounts based on actual average rebate amounts and estimated percent of product that will be prescribed to qualified patients and records the rebates as a reduction of product revenue. Accrued government rebates are included in accrued trade discounts and rebates on the consolidated balance sheets. Chargebacks The Company arranges with certain commercial and government entities allowing them to buy products directly from wholesalers at specific prices. These entities purchase products through wholesalers at the discounted price and the wholesalers charge the difference between their list price and the discounted price back to the Company. The Company accrues estimated chargebacks based on estimated percentages of products sold to these entities, contract prices, and estimated levels of inventory in the distribution channel and records the chargebacks as a reduction of product revenue. Accrued chargebacks are recorded as an allowance against trade receivables on the consolidated balance sheets. Product Returns For some products, the Company's customers may have the right to return product during the period beginning six months prior to the product expiration date and up to one year after the product expiration date. The Company uses actual return data to estimate the provision for returns. In a reporting period, the Company may decide to constrain revenue for product returns based on information from various sources, including channel inventory levels, inventory dating, prescription data, the expiration dates of product currently being shipped, price changes of competitive products and introductions of generic products. While the Company believes that the returns reserve is sufficient to avoid a significant reversal of revenue in future periods, if it were to increase or decrease the rate by 1%, it would have a $1.5 million impact on revenue in the year ended December 31, 2023. The Company records estimated product returns in accrued returns reserve on the consolidated balance sheets and as a reduction of product revenue. Prompt Payment Discounts As an incentive for prompt payment, the Company offers a discount to most customers. The Company expects that all eligible customers will comply with the contractual terms to earn the discount, and, therefore, the Company accrues the discount on all eligible sales. The Company records the discount as an allowance against trade accounts receivable on the consolidated balance sheets and as a reduction of product revenue. Service Fees The Company records service fees paid to the wholesaler and specialty pharmacy customers for distribution and inventory management services as a reduction to product revenue. The Company accrues estimated service fees based on contractually determined amounts. Accrued service fees are included in accrued trade discounts and rebates on the consolidated balance sheets. Cost of goods sold Cost of goods sold includes primarily product costs, which include all costs directly related to the purchase of raw materials, charges from contract manufacturing organizations, and manufacturing overhead costs, including shipping and distribution charges. Cost of goods sold also includes losses on excess, slow-moving or obsolete inventory and inventory purchase commitments, if any. Manufacturing costs for Gvoke and Recorlev incurred prior to approval and initial commercialization were expensed as research and development expenses.
Research and development expenses	Research and development expenses Research and development expenses are expensed as incurred. Research and development expenses include salaries, stock compensation and other personnel-related costs, consulting fees, fees paid for contract research and development services including those for preclinical and clinical trials, laboratory equipment and facilities costs, and other external costs. In addition, manufacturing costs of products prior to approval and initial commercialization are expensed as research and development costs.
Stock-based compensation expense	Stock-based compensation expense The Company accounts for stock-based compensation awards in accordance with ASC 718, Compensation-Stock Compensation ("ASC 718"). ASC 718 requires all stock-based payments, including stock options, restricted stock units and employee stock purchases, to be recognized in the statements of operations based on their grant date fair values. The Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The use of the Black-Scholes option-pricing model requires management to make assumptions with respect to the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, the risk-free interest rate and the expected dividend yield of the common stock. Restricted stock units are valued based on the fair market value of the Company’s common stock on the date they were granted. The Company recognizes stock-based compensation expense equal to the grant date fair value of stock options, restricted stock units and employee stock purchases on a straight-line basis over the requisite service period. The Company accounts for forfeitures as they are incurred.
Income taxes	Income taxes Income taxes are recorded in accordance with ASC 740, Income Taxes ("ASC 740"), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. The Company determines the deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities, which are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company's policy is to include interest and penalties related to uncertain tax positions, if any, within the provision for taxes in the statements of operations and comprehensive loss. For the years ended December 31, 2023, 2022 and 2021, the Company did not accrue any interest or penalties on uncertain tax positions.
Cash and cash equivalents and Restricted Cash	Cash and cash equivalents The Company considers all demand deposits with financial institutions and highly liquid investments with an original maturity of three months or less when purchased as cash equivalents. Restricted Cash Restricted cash includes amounts required to be held as a security deposit in the form of letters of credit for the Company to secure leases and state licenses.
Investments	Investments
Inventory	Inventory
Property and equipment	Property and equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets: Lab equipment 5 years Computer equipment 3 years Leasehold improvements Lesser of useful life or lease term Software 3-5 years Furniture and fixtures 5 years Office equipment 5 years
Impairment of long-lived assets	Impairment of long-lived assets The Company periodically evaluates long-lived assets such as property and equipment, intangible assets subject to amortization, and right-of-use assets on operating leases for potential impairment in accordance with ASC 360, Property, Plant and Equipment . Potential impairment is assessed when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. Recoverability of these assets is assessed based on undiscounted expected future cash flows from the assets, considering a number of factors, including past operating results, budgets and economic projections, market trends and product development cycles. If impairments are identified, assets are written down to their estimated fair value.
Goodwill	Goodwill The Company tests goodwill for impairment on an annual basis or whenever events occur that may indicate possible impairment. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the net tangible and identified intangible assets acquired under a business combination. Goodwill is reviewed for impairment at a reporting unit level annually in the fourth quarter, or more frequently if events or circumstances indicate that the goodwill might be impaired. The Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. If, after assessing the totality of events or circumstances, the Company determines that it is not more likely than not that the fair value of the net assets is less than their carrying amount, then the quantitative goodwill impairment test is unnecessary. If, based on the qualitative assessment, it is determined that it is more likely than not that the fair value of the net assets is less than their carrying amount, then the Company proceeds to perform the quantitative goodwill impairment test. In connection with the annual impairment test conducted in the fourth quarter of 2023, 2022 and 2021, the Company performed a qualitative assessment in connection with the annual goodwill impairment evaluation and determined that it was more likely than not that the fair value of the net assets exceeded their carrying value.
Intangible assets	Intangible assets Acquired definite life intangible assets are amortized using the straight-line method over their respective estimated useful lives. The Company evaluates the potential impairment of intangible assets if events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. The identified intangible assets are reviewed for impairment whenever events or changes in business circumstances arise that may indicate that the carrying amount of its intangible assets may not be recoverable. These events and changes can include significant current period operating losses or negative cash flows associated with the use of an intangible asset, or group of assets, combined with a history of such factors, significant changes in the manner of use of the assets, and current expectations that it is more likely than not that an intangible asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. When impairment indicators are present, the Company compares undiscounted future cash flows to the asset group’s carrying value to determine if the asset group is recoverable. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing the fair value of the asset or asset group to its carrying value. No impairment expense was recorded for identified intangible assets during the year ended December 31, 2023, 2022 and 2021. For further discussion of identified intangible assets, see "Note 8 – Intangible assets".
Debt issuance costs	Debt issuance costs
Contingent considerations	Contingent considerations The fair value of the Contingent Value Rights ("CVRs") is calculated by using a discounted cash flow method for the Keveyis patent milestone and an option pricing method for the Recorlev and Keveyis sales milestones. In the case of Keveyis milestones, the Company applies a scenario-based method and weights them based on the possible achievement of the milestone. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement as defined in ASC 820, Fair Value Measurement
Lease Accounting	Lease Accounting Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease over the lease term at the commencement date of the lease. As most of the Company’s leases do not provide an implicit rate, the Company estimated the incremental borrowing rate based on the information available at the date of adoption in determining the present value of lease payments and used the implicit rate when readily determinable. The Company determined incremental borrowing rates through market sources for secured borrowings including relevant industry rates. The Company excludes variable payments from lease ROU assets and lease liabilities to the extent not considered in-substance fixed, and instead, expenses variable payments as incurred. The Company’s operating leases expire at various times in 2031 and 2037, some of which include options to extend leases. The exercise of lease renewal options is at the Company’s sole discretion and the Company’s lease ROU assets and liabilities reflect only the options the Company is reasonably certain that it will exercise. We do not have leases with residual value guarantees or similar covenants.
Warrant liability	Warrant liability Warrants required to be settled in cash are accounted for as liabilities in accordance with ASC 480, Distinguishing Liabilities from Equity. The fair value of these warrants are remeasured each reporting period using the Black-Scholes option-pricing model which considers the expected term of the warrants as well as the risk-free interest rate and expected volatility of the Company's common stock. The liability is recorded in other current liabilities on the consolidated balance sheets. Generally, changes in the fair value of the warrant liabilities are recorded in the consolidated statements of operations and comprehensive loss.
Fair value of financial instruments	Fair value of financial instruments
Segment reporting	Segment reporting Operating segments are identified as components of an enterprise for which separate discrete financial information is available and utilized by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The Company operates in one segment.
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. 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 December 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Segment Reporting Disclosures. This standard requires an entity to provide more detailed information about its reportable segment expenses that are included within management’s measurement of profit and loss and will require certain annual disclosures to be provided on an interim basis. The amendments in this ASU are effective for the Company in 2025 for annual reporting and in 2026 for interim reporting, with early adoption permitted beginning in 2024, and is required to be applied using the full retrospective method of transition. The Company is evaluating the timing and effects of adoption of this ASU on the Company’s segment disclosures. 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. The Company is currently evaluating the impact the adoption of this new standard will have on the financial statements and disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This standard provides optional expedients for application of GAAP, if certain criteria are met, to contracts and other transactions that reference London Inter-bank Offered Rate ("LIBOR") or other reference rates that are expected to be discontinued because of reference rate reform. This standard is effective for all entities as of March 12, 2020 through December 31, 2022. 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 does not currently expect the adoption of this new standard to have a material impact on the financial statements.

Basis of presentation and sum_3

Basis of presentation and summary of significant accounting policies and estimates (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Property and Equipment Useful Lives	Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets: Lab equipment 5 years Computer equipment 3 years Leasehold improvements Lesser of useful life or lease term Software 3-5 years Furniture and fixtures 5 years Office equipment 5 years Property and equipment consist of the following (in thousands): December 31, 2023 December 31, 2022 Lab equipment $ 4,153 $ 3,841 Furniture and fixtures 539 1,355 Computer equipment 860 474 Office equipment 97 8 Software 374 307 Leasehold improvements 5,984 5,065 Total property and equipment 12,007 11,050 Less: accumulated depreciation and amortization (6,036) (5,534) Property and equipment, net $ 5,971 $ 5,516

Disaggregated revenue (Tables)

Disaggregated revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	isaggregated revenue by product (in thousands): Years Ended December 31, 2023 2022 2021 Product revenue: Gvoke $ 67,045 $ 52,527 $ 38,917 Keveyis 56,772 49,307 10,363 Recorlev 29,547 7,429 — Product revenue, net 153,364 109,263 49,280 Royalty, contract and other revenue 10,550 985 310 Total revenue $ 163,914 $ 110,248 $ 49,590

Short-term investments (Tables)

Short-term investments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 (in thousands): December 31, 2023 Amortized Gross Unrealized Gross Unrealized Losses Total Investments: U.S. government securities $ 5,004 $ — $ (2) $ 5,002 Total available-for-sale investments $ 5,004 $ — $ (2) $ 5,002

Inventory (Tables)

Inventory (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory [Line Items]
Schedule of Inventory	The components of inventory consist of the following (in thousands): December 31, 2023 December 31, 2022 Raw materials $ 17,404 $ 7,410 Work in process 10,959 11,367 Finished goods 10,475 5,958 Inventory $ 38,838 $ 24,735

Property and equipment (Tables)

Property and equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property and equipment are carried at cost less accumulated depreciation. Depreciation is calculated utilizing the straight-line method over the estimated useful lives of the respective assets: Lab equipment 5 years Computer equipment 3 years Leasehold improvements Lesser of useful life or lease term Software 3-5 years Furniture and fixtures 5 years Office equipment 5 years Property and equipment consist of the following (in thousands): December 31, 2023 December 31, 2022 Lab equipment $ 4,153 $ 3,841 Furniture and fixtures 539 1,355 Computer equipment 860 474 Office equipment 97 8 Software 374 307 Leasehold improvements 5,984 5,065 Total property and equipment 12,007 11,050 Less: accumulated depreciation and amortization (6,036) (5,534) Property and equipment, net $ 5,971 $ 5,516

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Identified intangible assets consist of the following (in thousands): Life (Years) December 31, 2023 December 31, 2022 Gross assets Accumulated amortization Net Gross assets Accumulated amortization Net Definite-lived intangible asset - Keveyis 5 $ 11,000 $ (4,950) $ 6,050 $ 11,000 $ (2,750) $ 8,250 Definite-lived intangible asset - Recorlev 14 121,000 (17,286) 103,714 121,000 (8,643) 112,357 Total intangible assets $ 132,000 $ (22,236) $ 109,764 $ 132,000 $ (11,393) $ 120,607
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2023, expected amortization expense for intangible assets subject to amortization for the next five years and thereafter is as follows (in thousands): 2024 $ 10,843 2025 10,843 2026 10,293 2027 8,643 2028 8,643 Thereafter 60,499 Total $ 109,764

Other accrued liabilities (Tabl

Other accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Expenses [Abstract]
Other Accrued Liabilities	Other accrued liabilities consist of the following (in thousands): December 31, 2023 December 31, 2022 Accrued employee costs $ 16,956 $ 13,400 Supply agreement - current portion — 6,720 Accrued supply chain costs 523 562 Accrued marketing costs 598 2,593 Accrued research and development costs 960 1,411 Accrued restructuring charges — 2,799 Accrued interest expense 1,374 4,656 Accrued other costs 3,099 4,645 Other accrued liabilities $ 23,510 $ 36,786

Restructuring costs (Tables)

Restructuring costs (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes the restructuring reserve in connection with the Strongbridge acquisition and the payments made during the years ended December 31, 2023, 2022 and 2021 (in thousands): Restructuring Costs Restructuring costs $ 9,657 Payments (2,944) Balance accrued at December 31, 2021 $ 6,713 Restructuring costs 1,488 Payments (5,402) Balance accrued at December 31, 2022 $ 2,799 Payments (2,799) Balance accrued at December 31, 2023 $ —

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The components of debt are as follows (in thousands): December 31, 2023 December 31, 2022 Convertible Notes $ 49,306 $ 47,175 Loan facility 145,569 144,487 Less: unamortized debt issuance costs (3,943) (4,587) Long-term debt, net of unamortized debt issuance costs $ 190,932 $ 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): 2024 $ — 2025 15,200 2026 — 2027 150,000 2028 33,574 Thereafter — $ 198,774

Warrants (Tables)

Warrants (Tables)	12 Months Ended
	Dec. 31, 2023
Warrants [Abstract]
Schedule of Stockholders' Equity Note, Warrants or Rights	As of December 31, 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)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and December 31, 2022 (in thousands): Total as of December 31, 2023 Level 1 Level 2 Level 3 Assets Cash and cash equivalents: Cash and money market funds $ 67,449 $ 67,449 $ — $ — Investments: U.S. government securities $ 5,002 $ 5,002 $ — $ — Other assets: Restricted cash $ 4,225 $ 4,225 $ — $ — Liabilities Current portion of contingent value rights $ 19,109 $ — $ — $ 19,109 Non-current contingent value rights $ 1,379 $ — $ — $ 1,379 Warrant liabilities $ 8 $ — $ — $ 8 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 Non-current 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 the acquisition of Strongbridge $ 22,531 Change in fair value of CVRs — Balance at December 31, 2021 $ 22,531 Change in fair value of CVRs 3,157 Balance at December 31, 2022 $ 25,688 Change in fair value of CVRs (5,200) Balance at December 31, 2023 $ 20,488 Balance at Current portion of contingent value rights $ 19,109 Balance at Non-current contingent value rights 1,379 Balance at December 31, 2023 $ 20,488

Stock compensation plan (Tables

Stock compensation plan (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2023 and December 31, 2022 was as follows: Number of Options Weighted Average Exercise Price Weighted Average Contractual Life (Years) Outstanding - December 31, 2021 11,362,336 $ 5.86 5.62 Granted 175,000 $ 2.10 Exercised (11,228) $ 0.69 Forfeited (87,680) $ 5.25 Expired (1,738,267) $ 8.31 Outstanding - December 31, 2022 9,700,161 $ 5.37 4.76 Granted — — Exercised (14,036) 2.33 Forfeited (13,334) 5.54 Expired (473,047) 8.38 Outstanding - December 31, 2023 9,199,744 $ 5.22 3.84 Vested and expected to vest at December 31, 2023 9,199,744 $ 5.22 3.84 Exercisable - December 31, 2023 9,002,580 $ 5.23 3.77
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): Years Ended December 31, 2023 2022 2021 Cost of goods sold $ — $ — $ 106 Research and development 1,413 1,593 1,696 Selling, general and administrative 9,303 10,567 9,579 Total stock-based compensation expense $ 10,716 $ 12,160 $ 11,381
Schedule of Nonvested Restricted Stock Units Activity	A summary of outstanding RSU awards and the activity for the years ended December 31, 2023 and December 31, 2022 was as follows: Number of Units Weighted Average Grant Date Fair Value Unvested balance - December 31, 2021 2,005,041 $ 5.15 Granted 4,477,850 $ 2.71 Vested (708,970) $ 5.46 Forfeited (518,261) $ 2.90 Unvested balance - December 31, 2022 5,255,560 $ 3.25 Granted 8,955,400 1.39 Vested (2,080,982) 3.59 Forfeited (550,430) 1.64 Unvested balance - December 31, 2023 11,579,548 $ 1.83

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Cost	Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands): Years Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,648 $ 2,159 Right of use assets obtained in exchange for new lease obligations: Operating leases $ 20,043 $ — The components of lease expense were as follows (in thousand): Years Ended December 31, Lease cost 2023 2022 Operating lease expense $ 4,474 $ 1,799 Variable lease cost 1,208 1,091 Sublease income (216) (212) Total lease cost $ 5,466 $ 2,678
Schedule of Operating Lease Maturities (Topic 842)	As of December 31, 2023, maturities of lease liabilities are summarized as follows (in thousands): 2024 3,495 2025 6,080 2026 6,232 2027 6,389 2028 6,549 Thereafter 45,441 Total lease payments 74,186 Less: Effect of discounting to net present value (35,927) Present value of lease liabilities $ 38,259 Operating lease liabilities, current 3,495 Operating lease liabilities, non-current 34,764 Total operating lease liabilities $ 38,259

Net loss per common share (Tabl

Net loss per common share (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 2022 Shares to be issued upon conversion of Convertible Notes 15,939,216 15,416,667 Vested and unvested stock options 9,199,744 9,700,161 Restricted stock units 11,579,548 5,255,560 Warrants 8,362,270 8,362,270 Total anti-dilutive securities excluded from EPS computation 1 45,080,778 38,734,658 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.

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income (Loss) Before Income Taxes	income (loss) before income taxes by source of income was as follows (in thousands): Years Ended December 31, 2023 2022 2021 Foreign $ 3,757 $ (18,999) $ (7,985) United States (67,261) (77,085) (114,740) Total loss before income taxes $ (63,504) $ (96,084) $ (122,725)
Schedule of Components of Income Tax (Benefit) Expense	Years Ended December 31, 2023 2022 2021 Foreign $ 387 $ (1,595) $ (9,716) United States (15,855) (20,991) (19,926) Change in Valuation Allowance 14,219 21,162 29,642 Total income tax benefit $ (1,249) $ (1,424) $ —
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate of 21% to the Company’s effective income tax rate is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Federal tax benefit at statutory rate $ (13,336) $ (20,178) $ (25,772) State tax benefit, net of federal benefit (4,201) (4,325) (4,422) Research and development and orphan drug credits — (320) (350) Uncertain tax positions (28) 94 (302) Subpart F Income 3,092 — — Permanent adjustments to expenses 142 726 1,779 Stock-based compensation 142 414 901 Return to provision adjustment (1,080) (1,103) (2,450) Statutory tax rate differential (330) 1,600 663 Changes in valuation allowance 14,219 21,162 29,642 Other 131 506 311 Total income tax benefit $ (1,249) $ (1,424) $ —
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): December 31, 2023 December 31, 2022 2 Deferred tax assets: Net operating losses $ 119,346 $ 111,631 Federal research and orphan drug credits 9,116 8,836 Stock-based compensation 7,752 5,714 Section 163(j) interest 19,800 14,903 Capitalized R&D 6,293 1,493 Operating lease liabilities 10,472 — Other temporary differences 18,679 16,581 Valuation allowance (173,262) (159,043) Total assets 18,196 115 Deferred tax liabilities: Fixed and intangible assets (13,740) (11) Operating lease right-of-use assets (6,352) — Other deferred tax liabilities (373) (3,622) Total liabilities (20,465) (3,633) Net deferred tax liabilities $ (2,269) $ (3,518) 2
Summary of Valuation Allowance	A reconciliation of the beginning and ending amounts of valuation allowances for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands): Valuation allowance at December 31, 2020 $ (92,493) Increase for 2021 activity (45,388) Valuation allowance at December 31, 2021 (137,881) Increase for 2022 activity (21,162) Valuation allowance at December 31, 2022 (159,043) Increase for 2023 activity (14,219) Valuation allowance at December 31, 2023 $ (173,262)
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible	The Company is required to recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken, or are expected to be taken, on an income tax return. The changes in the Company's uncertain income tax positions for the years ended December 31, 2023, 2022 and 2021, excluding interest and penalties, consisted of the following (in thousands): December 31, 2023 2022 2021 Beginning balance - uncertain tax positions $ 722 $ 627 $ 929 Increases related to tax positions taken during the current year — 92 17 Increases/(decreases) related to tax positions taken during the prior year (28) 3 (319) Ending balance - uncertain tax positions $ 694 $ 722 $ 627

Organization and nature of th_2

Organization and nature of the business - Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 31, 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 | $	$ 617,025	$ 554,770

Basis of presentation and sum_4

Basis of presentation and summary of significant accounting policies and estimates - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Product returns reserve, increase or decrease by one percent, impact on revenue | $	$ 1.5
Number of operating segments | segment	1
Revenue Benchmark | Customer Concentration Risk | Four Customers | Product revenue, net
Concentration Risk [Line Items]
Concentration risk percentage	97%	96%	95%
Accounts Receivable | Customer Concentration Risk | Four Customers | Product revenue, net
Concentration Risk [Line Items]
Concentration risk percentage	99%	99%

Basis of presentation and sum_5

Basis of presentation and summary of significant accounting policies and estimates - Schedule of Property and Equipment Useful Lives (Details)	Dec. 31, 2023
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years
Minimum | Software
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	3 years
Maximum | Software
Property, Plant and Equipment [Line Items]
Property and equipment useful lives	5 years

Disaggregated revenue (Details)

Disaggregated revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 163,914	$ 110,248	$ 49,590
Depreciation Depletion and Amortization, not including asset impairments	1,500	1,400	1,300
Product revenue, net
Disaggregation of Revenue [Line Items]
Total revenue	153,364	109,263	49,280
Gvoke
Disaggregation of Revenue [Line Items]
Total revenue	67,045	52,527	38,917
Keveyis
Disaggregation of Revenue [Line Items]
Total revenue	56,772	49,307	10,363
Recorlev
Disaggregation of Revenue [Line Items]
Total revenue	29,547	7,429	0
Royalty, contract and other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 10,550	$ 985	$ 310

Short-term investments (Details

Short-term investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Average remaining maturity	1 month 6 days
Short-term investments	$ 5,002,000	$ 0
Amortized Cost	5,004,000
Gross Unrealized Gains	0
Gross Unrealized Losses	(2,000)
Total Fair Value	5,002,000
Available for sale securities, allowance for credit loss during period	0	$ 0	$ 0
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,004,000
Gross Unrealized Gains	0
Gross Unrealized Losses	(2,000)
Total Fair Value	$ 5,002,000

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 2,400	$ 1,300

Inventory Components of Invento

Inventory Components of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Raw materials	$ 17,404	$ 7,410
Work in process	10,959	11,367
Finished goods	10,475	5,958
Inventory	$ 38,838	$ 24,735

Property and equipment - Schedu

Property and equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,007	$ 11,050
Less: accumulated depreciation and amortization	(6,036)	(5,534)
Property and equipment, net	5,971	5,516
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,153	3,841
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	539	1,355
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	860	474
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	97	8
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	374	307
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,984	$ 5,065

Property and equipment - Narrat

Property and equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation Depletion and Amortization, not including asset impairments	$ 1.5	$ 1.4	$ 1.3

Intangible assets - Schedule of

Intangible assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross assets	$ 132,000	$ 132,000
Accumulated amortization	(22,236)	(11,393)
Net	$ 109,764	120,607
Developed Technology Rights - Keveyis
Finite-Lived Intangible Assets [Line Items]
Life (Years)	5 years
Gross assets	$ 11,000	11,000
Accumulated amortization	(4,950)	(2,750)
Net	$ 6,050	8,250
Developed Technology Rights - Recorlev
Finite-Lived Intangible Assets [Line Items]
Life (Years)	14 years
Gross assets	$ 121,000	121,000
Accumulated amortization	(17,286)	(8,643)
Net	$ 103,714	$ 112,357

Intangible assets - Expected Am

Intangible assets - Expected Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 10,843
2025	10,843
2026	10,293
2027	8,643
2028	8,643
Thereafter	60,499
Net	$ 109,764	$ 120,607

Other accrued liabilities (Deta

Other accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses [Abstract]
Accrued employee costs	$ 16,956	$ 13,400
Supply agreement - current portion	0	6,720
Accrued supply chain costs	523	562
Accrued marketing costs	598	2,593
Accrued research and development costs	960	1,411
Accrued restructuring charges	0	2,799
Accrued interest expense	1,374	4,656
Accrued other costs	3,099	4,645
Other accrued liabilities	$ 23,510	$ 36,786

Restructuring costs (Details)

Restructuring costs (Details) - USD ($) $ in Thousands	12 Months Ended			15 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Balance accrued at December 31, 2022	$ 2,799
Balance accrued at December 31, 2023	0	$ 2,799		$ 2,799
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs		1,488	$ 9,657
Restructuring Reserve [Roll Forward]
Balance accrued at December 31, 2022		6,713
Payments		(5,402)	(2,944)
Balance accrued at December 31, 2023			$ 6,713
2021 Restructuring Plan | Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs				11,100
Restructuring Reserve [Roll Forward]
Balance accrued at December 31, 2022	2,799
Payments	(2,799)
Balance accrued at December 31, 2023	$ 0	$ 2,799		$ 2,799

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details)			1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 29, 2023 USD ($)	Dec. 28, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2020 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2020 USD ($)	Jul. 07, 2020 USD ($)	Sep. 30, 2019 USD ($) tranche
Debt Instrument [Line Items]
Extinguishment of convertible note							$ 31,975,000	$ 0	$ 0
Long-term debt, net of unamortized debt issuance costs					$ 190,932,000		190,932,000	187,075,000
Loss on debt extinguishment, net							2,837,000	1,223,000	0
Proceeds from issuance of debt							0	146,214,000	0
Payments of debt issuance costs							1,185,000	4,876,000	0
Interest expense							(26,609,000)	(14,102,000)	(7,180,000)
Amortization of debt discount and debt issuance costs							2,205,000	1,559,000	$ 961,000
Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount					49,306,000		49,306,000	47,175,000
2025 Convertible Notes
Debt Instrument [Line Items]
Loss on debt extinguishment, net					2,800,000		$ 2,800,000
2025 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount											$ 86,300,000
Cash interest per annum on convertible notes											5%
Convertible notes purchased, due to exercise of underwriter option											$ 11,300,000
Accrued debt issuance costs											$ 5,100,000
Maximum conversion rate of Convertible Notes | shares							326.7974
Per principal amount of Convertible Notes							$ 1,000
Principal amount of convertible notes converted						$ 39,100,000
Issuance of common stock upon conversion of convertible notes (in shares) | shares						13,171,791
Extinguishment of convertible note	$ 32,000,000
Long-term debt, net of unamortized debt issuance costs					15,200,000		15,200,000
2028 Convertible Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount	33,600,000
Accrued debt issuance costs	$ 700,000
Stated interest rate	8%
Long-term debt, net of unamortized debt issuance costs					33,600,000		33,600,000
Fair value	$ 34,100,000				$ 55,100,000		$ 55,100,000
Loss on debt extinguishment, net	$ 2,800,000
Amended Loan and Security Agreement | Term Loan
Debt Instrument [Line Items]
Debt instrument face amount										$ 3,500,000		$ 60,000,000
Maximum borrowing capacity												$ 85,000,000
Number of tranches | tranche												3
Repayments of notes payable				$ 20,000,000
Hayfin Loan
Debt Instrument [Line Items]
Debt instrument face amount			$ 43,500,000
Payment of fees			$ 2,100,000
Interest rate during period			9%
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
Effective interest rate					11.80%		11.80%
Debt covenant, maximum cash on hand, early maturity					$ 15,600,000		$ 15,600,000
Hayfin Loan | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			2%
Hayfin Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument face amount			$ 100,000,000
Hayfin Loan | Delayed Draw Term Loan
Debt Instrument [Line Items]
Debt instrument face amount			$ 50,000,000
Proceeds from issuance of debt		$ 50,000,000
Oxford Loan Agreement
Debt Instrument [Line Items]
Loss on debt extinguishment, net								$ 1,200,000

Long-term debt - Components of

Long-term debt - Components of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense	$ (3,943)	$ (4,587)
Long-term debt, net of unamortized debt issuance costs	190,932	187,075
Convertible Debt
Debt Instrument [Line Items]
Debt instrument face amount	49,306	47,175
Loan Facility
Debt Instrument [Line Items]
Debt instrument face amount	$ 145,569	$ 144,487

Long-term debt - Future Princip

Long-term debt - Future Principal Payments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	15,200
2026	0
2027	150,000
2028	33,574
Thereafter	0
Long-term debt total	$ 198,774

Warrants Narrative (Details)

Warrants Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 03, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Common stock par value (in dollars per share)		$ 0.0001	$ 0.0001
Outstanding warrants		94,012
Loss (gain) on warrants		$ (1)	$ (1,760)	$ 702
Private Placement
Class of Warrant or Right [Line Items]
Proceeds from sale of stock	$ 30,000
Term A Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants		53,720
Exercise price per warrant (in USD per share)		$ 11.169
Term B Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants		40,292
Exercise price per warrant (in USD per share)		$ 11.169
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)		$ 3.223
Warrants term		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
Exercise price per warrant (in USD per share)		$ 2.280

Warrants Schedule of Stockholde

Warrants Schedule of Stockholders' Equity Note, Warrants or Rights (Details)	Dec. 31, 2023 $ / shares shares
Class of Warrant or Right [Line Items]
Outstanding warrants	94,012
Term A Warrants
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
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	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 05, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	$ 67,449	$ 121,966
U.S. government securities	5,002
Restricted cash	4,225	4,348
Current portion of contingent value rights	19,109	0
Non-current contingent value rights	1,379	25,688
Non-current contingent value rights		25,688
Other current liabilities	8	9
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and money market funds	67,449	121,966
U.S. government securities	5,002
Restricted cash	4,225	4,348
Current portion of contingent value rights	0
Non-current contingent value rights	0
Non-current 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
U.S. government securities	0
Restricted cash	0	0
Current portion of contingent value rights	0
Non-current contingent value rights	0
Non-current 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
U.S. government securities	0
Restricted cash	0	0
Current portion of contingent value rights	19,109
Non-current contingent value rights	1,379
Non-current contingent value rights		25,688
Other current liabilities	8	9
Level 3 | CVR Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-current contingent value rights	$ 20,488	$ 25,688	$ 22,531	$ 22,531

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	8.3
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 05, 2021
Contingent Value Rights [Roll Forward]
Balance at December 31, 2022	$ 25,688
Change in fair value of CVRs	(5,200)	$ 3,157	$ 0
Balance at December 31, 2023		25,688
Current portion of contingent value rights	19,109	0
Non-current contingent value rights	1,379	25,688
Balance at December 31, 2023		25,688
Level 3
Contingent Value Rights [Roll Forward]
Balance at December 31, 2022	25,688
Balance at December 31, 2023		25,688
Current portion of contingent value rights	19,109
Non-current contingent value rights	1,379
Balance at December 31, 2023		25,688
CVR Liabilities | Level 3
Contingent Value Rights [Roll Forward]
Balance at December 31, 2022	25,688	22,531
Change in fair value of CVRs	(5,200)
Balance at December 31, 2023	20,488	25,688	22,531
Balance at December 31, 2023	$ 20,488	25,688	22,531	$ 22,531
Change in fair value of CVRs		$ 3,157	$ 0

Stockholders' equity (Details)

Stockholders' equity (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 03, 2022	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total common stock and preferred stock authorized shares		375,000,000
Common stock shares authorized (in shares)		350,000,000	350,000,000
Common 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 par value (in dollars per share)		$ 0.0001	$ 0.0001
Preferred stock shares outstanding (in shares)		0	0
Warrants In Connection With Armistice Securities Purchase Agreement
Class of Stock [Line Items]
Warrants term		5 years
Private Placement
Class of Stock [Line Items]
Proceeds from sale of stock	$ 30
Private Placement | Common Stock
Class of Stock [Line Items]
Common stock par value (in dollars per share)	$ 0.0001
Stock issued (in shares)	10,238,908
Price per share of stock issued (in dollars per share)	$ 2.93
Private Placement | Warrants
Class of Stock [Line Items]
Stock issued (in shares)	5,119,454
Price per share of stock issued (in dollars per share)	$ 3.223

Stock compensation plan - Narra

Stock compensation plan - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Jun. 30, 2018	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)		1,822,000	4,714,982
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 600,000
Period for recognition	10 months 24 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	$ 12,400,000
Period for recognition	1 year 8 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)	3,240,766
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)	365,949
Assumed Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Available for grant (in shares)	1,908,897

Stock compensation plan - Emplo

Stock compensation plan - Employee Stock Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,199,744	9,700,161	11,362,336
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 5.22	$ 5.37	$ 5.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	3 years 10 months 2 days	4 years 9 months 3 days	5 years 7 months 13 days
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0	175,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0	$ 2.10
Exercises (in shares)	(14,036)	(11,228)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price	$ 2.33	$ 0.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares	(13,334)	(87,680)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 5.54	$ 5.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	(473,047)	(1,738,267)
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 8.38	$ 8.31
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	9,002,580
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.23
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	9,199,744
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price	$ 5.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	3 years 9 months 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term	3 years 10 months 2 days

Stock compensation plan - Stock

Stock compensation plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,716	$ 12,160	$ 11,381
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,413	1,593	1,696
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	9,303	10,567	9,579
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 0	$ 0	$ 106

Stock compensation plan - Restr

Stock compensation plan - Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,199,744	9,700,161	11,362,336
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	0	175,000
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	$ 5.15
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	1.39	2.71
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	3.59	5.46
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 1.64	$ 2.90
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized	$ 12.4
Period for recognition	1 year 8 months 12 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	11,579,548	5,255,560	2,005,041
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	8,955,400	4,477,850
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(2,080,982)	(708,970)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(550,430)	(518,261)

Other employee benefit plans (D

Other employee benefit plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Number of days until employee eligible	30 days
Matching contributions	$ 2,400	$ 1,700	$ 700
Cash awards granted, percentage			100%
Deferred compensation, accrued interest rate			2%
Compensation expense			$ 1,600

Leases - Narrative (Details)

Leases - Narrative (Details)	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Remaining lease term, weighted-average	11 years 7 months 6 days
Lease discount rate, weighted-average	11.90%

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 1,648	$ 2,159
Right of use assets obtained in exchange for new lease obligations:
Operating leases	20,043	0
Lease cost
Operating lease expense	4,474	1,799	$ 2,400
Variable lease cost	1,208	1,091
Sublease income	(216)	(212)
Total lease cost	$ 5,466	$ 2,678

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 3,495
2025	6,080
2026	6,232
2027	6,389
2028	6,549
Thereafter	45,441
Total lease payments	74,186
Less: Effect of discounting to net present value	(35,927)
Present value of lease liabilities	38,259
Current operating lease liabilities	3,495	$ 1,580
Non-current operating lease liabilities	34,764	$ 9,402
Operating lease liability	$ 38,259

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Restricted cash	$ 4,225	$ 4,348
Hayfin Loan
Other Commitments [Line Items]
Debt covenant, maximum cash on hand, early maturity	15,600
Letter of Credit
Other Commitments [Line Items]
Remaining borrowing capacity	4,200
Letter of Credit | Collateral Pledged
Other Commitments [Line Items]
Restricted cash	$ 4,200

Net loss per common share - Ant

Net loss per common share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	45,080,778	38,734,658
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	15,939,216	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	9,199,744	9,700,161
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	11,579,548	5,255,560
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

Income taxes - Schedule of Inco

Income taxes - Schedule of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Foreign	$ 3,757	$ (18,999)	$ (7,985)
United States	(67,261)	(77,085)	(114,740)
Total loss before income taxes	$ (63,504)	$ (96,084)	$ (122,725)

Income taxes - Schedule of Comp

Income taxes - Schedule of Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Foreign	$ 387	$ (1,595)	$ (9,716)
United States	(15,855)	(20,991)	(19,926)
Change in Valuation Allowance	14,219	21,162	29,642
Total income tax benefit	$ (1,249)	$ (1,424)	$ 0

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Federal statutory income tax rate	21%
Deduction percentage limit for net operating losses	80%
Uncertain tax positions	$ 694,000	$ 722,000	$ 627,000	$ 929,000
Income tax interest and penalties expense	0	0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	494,300,000	501,400,000
Federal and state income tax credits	6,900,000	6,700,000
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	352,200,000	345,300,000
Federal and state income tax credits	$ 3,700,000	$ 3,100,000

Income taxes - Reconciliation o

Income taxes - Reconciliation of Expected Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory rate	$ (13,336)	$ (20,178)	$ (25,772)
State tax benefit, net of federal benefit	(4,201)	(4,325)	(4,422)
Research and development and orphan drug credits	0	(320)	(350)
Uncertain tax positions	(28)	94	(302)
Subpart F Income	3,092	0	0
Permanent adjustments to expenses	142	726	1,779
Stock-based compensation	142	414	901
Return to provision adjustment	(1,080)	(1,103)	(2,450)
Statutory tax rate differential	(330)	1,600	663
Changes in valuation allowance	14,219	21,162	29,642
Other	131	506	311
Total income tax benefit	$ (1,249)	$ (1,424)	$ 0

Income taxes - Schedule of Defe

Income taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Net operating losses	$ 119,346	$ 111,631
Federal research and orphan drug credits	9,116	8,836
Stock-based compensation	7,752	5,714
Section 163(j) interest	19,800	14,903
Capitalized R&D	6,293	1,493
Operating lease liabilities	10,472	0
Other temporary differences	18,679	16,581
Valuation allowance	(173,262)	(159,043)	$ (137,881)	$ (92,493)
Total assets	18,196	115
Fixed and intangible assets	(13,740)	(11)
Operating lease right-of-use assets	(6,352)	0
Other deferred tax liabilities	(373)	(3,622)
Total liabilities	(20,465)	(3,633)
Net deferred tax liabilities	$ (2,269)	$ (3,518)

Income taxes - Valuation Allowa

Income taxes - Valuation Allowance Rollfoward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	$ (159,043)	$ (137,881)	$ (92,493)
Increase for activity	(14,219)	(21,162)	(45,388)
Valuation allowance, ending balance	$ (173,262)	$ (159,043)	$ (137,881)

Income taxes - Uncertain Tax Po

Income taxes - Uncertain Tax Positions Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance - uncertain tax positions	$ 722	$ 627	$ 929
Increases related to tax positions taken during the current year	0	92	17
Increases/(decreases) related to tax positions taken during the prior year		3
Increases/(decreases) related to tax positions taken during the prior year	(28)		(319)
Ending balance - uncertain tax positions	$ 694	$ 722	$ 627

Subsequent events (Details)

Subsequent events (Details) - Hayfin Loan - USD ($) $ in Millions		1 Months Ended
	Mar. 05, 2024	Mar. 31, 2022	Dec. 31, 2023
Subsequent Event [Line Items]
Debt instrument face amount		$ 43.5
Debt instrument, basis spread on variable rate		0.26161%
Debt covenant, maximum cash on hand, early maturity			$ 15.6
Subsequent Event
Subsequent Event [Line Items]
Stated interest rate	6.95%
Potential interest rate increase due to certain events of default	3%
Debt covenant, maximum cash on hand, early maturity	$ 15.6
Subsequent Event | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2%
Subsequent Event | Term Loan
Subsequent Event [Line Items]
Debt instrument face amount	$ 200
Subsequent Event | Additional Term Loan
Subsequent Event [Line Items]
Debt instrument face amount	15.2
Subsequent Event | Prior Hayfin Loan Agreement
Subsequent Event [Line Items]
Debt instrument face amount	$ 150