What is the next catalyst for Xeris Biopharma (XERS)?

The next dated event is Phase 3 start (Cornerstone) for XP-8121, expected Q4 2026, as stated by the company.

How long will Xeris Biopharma's cash last?

Xeris Biopharma has said its cash will fund operations for at least the next twelve months (guidance as of November 5, 2026).

XERSXeris Biopharma Holdings, Inc.

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Xeris Biopharma Reports Third Quarter 2026 Financial Results and Business Highlights - Business Wire

Business Wire · Nov 5, 12:00 PM

Market reactionShares rose 25% on Nov 5.

IntactLast material event Aug 6, 2026 · Updated Oct 25, 2026

Recorlev drove 34% product revenue growth at Xeris in Q2; the Phase 3 of once-weekly injectable levothyroxine XP-8121 is due to start by year-end

Xeris Biopharma is a commercial-stage company selling Recorlev for Cushing's syndrome, Gvoke for severe low blood sugar and Keveyis for periodic paralysis, and developing XP-8121 for hypothyroidism.

Xeris's case rests on Recorlev for endogenous Cushing's syndrome, whose net revenue rose 81% to $56.8 million in Q2 2026. Xeris expects 2026 total revenue of $385 to $390 million, and its pipeline bet, once-weekly XP-8121 for hypothyroidism, reports Phase 3 topline data in late 2028. Keveyis faces generic challengers, and cash was $121.7 million at June 30.

Thesis checklist

0 risks need attention

Select a row for evidence

What must be trueStateNext proof

Recorlev keeps driving growthSupportedQ3 revenue (November).Next: Q3 revenue (November).

Why it is in this state

The evidence, what would weaken it and the source filing

XP-8121's Phase 3 starts by year-endAwaiting evidenceCornerstone start (by year-end 2026).Next: Cornerstone start (by year-end 2026).

Why it is in this state

The evidence, what would weaken it and the source filing

Keveyis keeps its patent protectionAwaiting evidenceCourt rulings and any settlements.Next: Court rulings and any settlements.

Why it is in this state

The evidence, what would weaken it and the source filing

The business funds itselfSupportedQ3 cash and adjusted EBITDA.Next: Q3 cash and adjusted EBITDA.

Why it is in this state

The evidence, what would weaken it and the source filing

Next decision point

Q3 2026 results

Tests: Recorlev keeps driving growth

Early November 2026

Does Recorlev keep growing fast enough for Xeris to meet its 2026 guidance?

Strong, inconclusive and weak outcomes

What to look for in the result and how each would move the checklist

Questions to investigate

History

Price and material events

Select an event marker to read the update below. Marker colors show Thesis status.

IntactCurrentFinancial

+2.3%Aug 6, 2026

Recorlev drove 34% product revenue growth at Xeris in Q2; the Phase 3 of once-weekly injectable levothyroxine XP-8121 is due to start by year-end

About this history: every entry shows when the Thesis moved and what it said. The reasoning behind each move (the evidence, the analysis and the source filing) and the earnings write-ups are part of a subscription.

Pipeline

Hypothyroidism

XP-8121 · 3 upcoming

Phase 3 Study InitiationCornerstonePivotal

2025Q4 2026

Phase 3 Data: ToplineCornerstonePivotal

late 2028

Approval

2030

Hypothyroidism· pediatric

XP-8121 · 1 upcoming

Phase 2 DataCapstone

TBD

Hypothyroidism· inadequately controlled on oral levothyroxine

XP-8121 · 1 upcoming

DataTouchstone

TBD

Diagnostic aid in radiologic examinations

Gvoke VialDx · 1 completed

Approval

Reported May 8, 2025

Dates, trials and completed outcomes are open to everyone. What each upcoming milestone hinges on is part of a subscription.

Quick answers

Is the Xeris Biopharma (XERS) investment thesis intact?: Yes. Readouts currently rates the Xeris Biopharma Thesis Intact. Recorlev drove 34% product revenue growth at Xeris in Q2; the Phase 3 of once-weekly injectable levothyroxine XP-8121 is due to start by year-end.
What is the next catalyst for Xeris Biopharma (XERS)?: The next dated event is Phase 3 start (Cornerstone) for XP-8121, expected Q4 2026, as stated by the company.
How long will Xeris Biopharma's cash last?: Xeris Biopharma has said its cash will fund operations for at least the next twelve months (guidance as of November 5, 2026).

Disease areas: Neuromuscular diseases, Obesity, diabetes and heart disease, Endocrine and bone diseases
Catalyst calendar · Upcoming FDA decisions · Thesis changes

Competitive landscape

vs. direct competitors

Financial snapshot

Dates and calculation details

Cash: Market-data provider estimate; measurement period unavailable.

Debt: Market-data provider estimate; a complete comparable filing balance is unavailable.

Quarterly burn: Estimated from trailing free cash flow; measurement period unavailable.

Net cash and estimated runway require verified matching measurement periods. Missing debt components are not assumed to be zero.

Runway: No underlying guidance available.