XERS Xeris Biopharma Holdings, Inc. - Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$9.08
· of 52w range
· above low
· to high
$5.2552w low
$11.3352w high
Market Cap (MRQ)
$1.58B
P/E (TTM)
-90.8
EPS (TTM)
$-0.10
Revenue (TTM)
$335M
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52W Range
$5–$11
Analyst Rating
BUY
Price Target
$12
P/E
-90.8
ROE
118.2%
Net Profit Margin
-5.1%
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XERS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$9.08
Market Cap (MRQ)
$1.58B
P/E (TTM)
-90.8
EPS (TTM)
$-0.10
Revenue (TTM)
$335M
ROE (TTM)
118.2%
Debt/Equity (MRQ)
-25.9
52W Range
$5–$11
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$292M2020-12-31 → 2025-12-31
EPS$0.002021-12-31 → 2025-12-31
Free Cash Flow·2021-12-31 → 2021-12-31
Net margin-5.1%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | XERS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -90.8 | · | · | · | |
| P/S (TTM) | 4.75Y avg ≈3.0 | ≈3.0 | 6.9 | Undervalued | |
| P/B (MRQ) | -161.95Y avg ≈10.1 | ≈10.1 | · | · | |
| EV / EBITDA | 61.8 | · | · | · | |
| Price / Cash Flow | 52.75Y avg ≈8.3 | ≈8.3 | 11.3 | Overvalued | |
| EV / Revenue | 5.5 | · | · | · | |
| Price / Tangible Book (MRQ) | -17.1 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | XERS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 10.9%5Y avg ≈-11.6% | ≈-11.6% | 5.6% | In line | |
| EBITDA Margin | 9.0%5Y avg ≈-11.0% | ≈-11.0% | 4.1% | Top tier | |
| Pretax Margin | 0.19%5Y avg ≈-22.2% | ≈-22.2% | 11.5% | Weak | |
| Net Profit Margin (TTM) | -5.1%5Y avg ≈-21.6% | ≈-21.6% | -13.6% | Below avg | |
| ROA (TTM) | -4.6%5Y avg ≈-11.9% | ≈-11.9% | -0.47% | Top tier | |
| ROE (TTM) | 118.2%5Y avg ≈1479.3% | ≈1479.3% | -5.5% | Weak | |
| ROIC | 10.6%5Y avg ≈210.3% | ≈210.3% | 9.5% | In line |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | XERS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | -25.9 | · | 0.4 | Low debt | |
| Current Ratio (MRQ) | 1.45Y avg ≈1.8 | ≈1.8 | 2.9 | Low liquidity | |
| Quick Ratio | 1.55Y avg ≈1.3 | ≈1.3 | 1.9 | Low liquidity | |
| Long-Term Debt / Equity (MRQ) | -19.4 | · | 0.4 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | XERS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 43.7%5Y avg ≈38.8% | ≈38.8% | · | · | |
| Revenue CAGR 3Y | 38.3%5Y avg ≈66.2% | ≈66.2% | · | · | |
| Revenue CAGR 5Y | 70.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | XERS | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.6 | ≈0.6 | 0.7 | Top tier | |
| Receivables Turnover | 6.45Y avg ≈5.4 | ≈5.4 | 6.4 | In line | |
| Revenue / Employee | ≈$670.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
29.2%
Next Report
Nov 04, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 5, 2026 | $-0.18 | $0.00 | — |
| March 31, 2026 | $0.01 | $-0.01 | — | |
| Dec. 31, 2025 | $0.06 | $0.04 | 33.6% | |
| Sept. 30, 2025 | $0.00 | $0.00 | — | |
| June 30, 2025 | $-0.01 | $-0.03 | 64.4% | |
| March 31, 2025 | $-0.06 | $-0.05 | -10.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $292M | $203M | $164M | $110M | $50M | $20M | |
| R&D Expense | $31M | $26M | $22M | $21M | $25M | $21M | |
| SG&A Expense | $182M | $163M | $146M | $138M | $126M | $74M | |
| Operating Income | $25M | $-34M | $-44M | $-82M | $-115M | $-84M | |
| Interest Expense | · | · | $27M | $14M | $7M | $11M | |
| Other Non-op | $-24M | $-23M | $-19M | $-14M | $-8M | $-8M | |
| Pretax Income | $554.0K | $-57M | $-64M | $-96M | $-123M | · | |
| Income Tax | $0 | $-2M | $-1M | $-1M | $0 | $-110.0K | |
| Net Income | $554.0K | $-55M | $-62M | $-95M | $-123M | $-91M | |
| EPS (Basic) | $0.00 | $-0.37 | $-0.45 | $-0.70 | $-1.55 | · | |
| EPS (Diluted) | $0.00 | $-0.37 | $-0.45 | $-0.70 | $-1.55 | · | |
| Shares (Basic) | 160,425,198 | 146,772,758 | 137,674,857 | 135,628,721 | 79,027,062 | · | |
| Shares (Diluted) | 172,742,720 | 146,772,758 | 137,674,857 | 135,628,721 | 79,027,062 | · | |
| EBITDA | $26M | $-32M | $-43M | $-81M | $-114M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $111M | $72M | $67M | $122M | $67M | $38M | |
| Short-term Investments | · | $0 | $5M | $0 | $35M | $96M | |
| Receivables | $51M | $40M | $39M | $31M | $17M | $7M | |
| Inventory | $69M | $48M | $39M | $25M | $18M | $8M | |
| Prepaid Expense | $10M | $7M | $6M | $9M | $5M | $3M | |
| Current Assets | $240M | $168M | $156M | $187M | $143M | $152M | |
| PP&E (Net) | $5M | $6M | $6M | $6M | $7M | $7M | |
| PP&E (Gross) | $13M | $13M | $12M | $11M | $11M | $9M | |
| Accum. Depreciation | $8M | $7M | $6M | $6M | $4M | $3M | |
| Goodwill | $23M | $23M | $23M | $23M | $23M | $0 | |
| Intangibles | $88M | $99M | $110M | $121M | $131M | $0 | |
| Other Non-current Assets | $5M | $5M | $5M | $5M | $829.0K | $232.0K | |
| Total Assets | $384M | $323M | $323M | $345M | $304M | $159M | |
| Accounts Payable | $3M | $2M | $12M | $5M | $9M | $3M | |
| Accrued Liabilities | $33M | $28M | $24M | $37M | $49M | $16M | |
| Current Liabilities | $110M | $100M | $95M | $74M | $79M | $28M | |
| Capital Leases | $32M | $33M | $35M | $9M | $0 | · | |
| Deferred Tax | · | $0 | $2M | $4M | $5M | $0 | |
| Other Non-current Liabilities | $8M | $2M | $5M | $31.0K | $2M | $4M | |
| Total Liabilities | $370M | $353M | $329M | $299M | $209M | $125M | |
| Long-term Debt | $220M | $232M | $191M | $187M | $88M | $87M | |
| Total Debt | $220M | $232M | · | · | · | · | |
| Common Stock | $17.0K | $15.0K | $14.0K | $14.0K | $13.0K | $6.0K | |
| Paid-in Capital | $685M | $642M | $610M | $600M | $555M | $371M | |
| Retained Earnings | $-671M | $-672M | $-617M | $-555M | $-460M | $-337M | |
| AOCI | $-25.0K | $-25.0K | $-25.0K | $-23.0K | $-31.0K | $6.0K | |
| Stockholders' Equity | $14M | $-30M | $-7M | $45M | $95M | $34M | |
| Liabilities + Equity | $384M | $323M | $323M | $345M | $304M | $159M | |
| Shares Outstanding | 166,215,410 | 149,429,410 | 138,130,715 | 136,273,090 | 124,873,316 | 59,611,202 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $1M | $1M | $1M | $1M | $1M | $1M | |
| Stock-based Comp | $22M | $18M | $11M | $12M | $11M | $8M | |
| Deferred Tax | $0 | $-2M | $-1M | $-1M | $0 | · | |
| Amort. of Intangibles | $11M | $11M | $11M | $11M | $550.0K | $0 | |
| Other Non-cash | $4M | $533.0K | $4M | $-20M | $14M | · | |
| Operating Cash Flow | $29M | $-37M | $-47M | $-103M | $-96M | $-81M | |
| CapEx | · | · | · | · | $1M | $377.0K | |
| Investing Cash Flow | $-696.0K | $5M | $-6M | $34M | $98M | $-27M | |
| Debt Issued | · | $0 | $0 | $146M | $0 | $95M | |
| Net Debt Issued | · | $0 | $0 | $103M | $0 | · | |
| Stock Issued | · | $0 | $0 | $30M | $27M | $66M | |
| Net Stock Activity | · | $0 | $0 | $30M | $27M | · | |
| Financing Cash Flow | $11M | $36M | $-2M | $127M | $27M | $126M | |
| Net Change in Cash | $39M | $4M | $-55M | $59M | $30M | $18M | |
| Free Cash Flow | · | · | · | · | $-97M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | 8.5% | -16.6% | -26.9% | -74.3% | -232.2% | · | |
| Net Margin | 0.19% | -27.0% | -38.0% | -85.9% | -247.5% | · | |
| Pretax Margin | 0.19% | -28.1% | -38.7% | · | · | · | |
| EBITDA Margin | 9.0% | -16.0% | -25.9% | -73.0% | -229.5% | · | |
| ROA | 0.16% | -16.6% | -19.1% | -29.2% | -52.9% | · | |
| ROE | -19.7% | 189.3% | 4268.4% | -188.9% | -264.6% | · | |
| ROIC | 10.6% | -16.0% | 636.2% | · | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 1.7 | 1.6 | 2.5 | 1.8 | · | |
| Quick Ratio | 1.5 | 1.1 | 1.2 | 2.1 | 1.5 | · | |
| Debt / Equity | 16.1 | -7.8 | · | · | · | · | |
| LT Debt / Equity | 16.1 | -7.3 | · | · | · | · | |
| Interest Coverage | · | · | -1.7 | -5.3 | -16.0 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.6 | 0.5 | 0.3 | 0.2 | · | |
| Receivables Turnover | 6.4 | 5.2 | 4.7 | 4.6 | 4.1 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.08 | $-0.20 | $-0.05 | $0.33 | · | · | |
| Revenue / Share | $1.69 | $1.38 | $1.19 | $0.81 | · | · | |
| Cash Flow / Share | $0.17 | $-0.25 | $-0.34 | $-0.76 | · | · | |
| Cash / Share | $0.67 | $0.48 | $0.49 | $0.90 | · | · | |
| EPS (TTM) | $0.00 | $-0.37 | $-0.45 | $-0.70 | $-1.55 | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 43.7% | 23.9% | 48.7% | 122.3% | 142.7% | · | |
| Revenue CAGR 3Y | 38.3% | 60.0% | 100.2% | · | · | · | |
| Revenue CAGR 5Y | 70.2% | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $292M | $203M | $164M | $110M | $50M | · | |
| Net Income TTM | $554.0K | $-55M | $-62M | $-95M | $-123M | · | |
| Market Cap | $1.30B | $507M | $325M | $181M | · | · | |
| Enterprise Value | $1.41B | $667M | · | · | · | · | |
| P/E | · | -9.2 | -5.2 | -1.9 | -1.9 | · | |
| P/S | 4.5 | 2.5 | 2.0 | 1.6 | · | · | |
| P/B | 95.3 | -17.1 | -47.9 | 4.0 | · | · | |
| P / Cash Flow | 45.6 | -13.7 | -6.9 | -1.8 | · | · | |
| EV / EBITDA | 54.0 | -20.6 | · | · | · | · | |
| EV / Revenue | 4.8 | 3.3 | · | · | · | · | |
| Earnings Yield | 0.00% | -10.9% | -19.1% | -52.6% | -52.9% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $92M | $83M | $86M | $74M | $72M | $60M | $60M | $54M | $48M | $41M | $44M | $48M | $38M | $33M | $33M | $30M | |
| R&D Expense | $11M | $9M | $8M | $7M | $8M | $8M | $6M | $6M | $6M | $8M | $6M | $5M | $6M | $5M | $5M | $6M | |
| SG&A Expense | $61M | $53M | $48M | $46M | $44M | $44M | $40M | $45M | $40M | $38M | $38M | $37M | $38M | $34M | $34M | $34M | |
| Operating Income | $5M | $8M | $17M | $7M | $4M | $-3M | $2M | $-13M | $-8M | $-14M | $-10M | $-5M | $-16M | $-13M | $-15M | $-19M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $7M | · | $7M | $7M | $6M | · | $4M | |
| Other Non-op | $-36M | $-6M | $-6M | $-6M | $-6M | $-6M | $-7M | $-6M | $-6M | $-4M | $-4M | $-8M | $-5M | $-4M | $2M | $-3M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-3M | $749.0K | $307.0K | $-236.0K | $-338.0K | $-675.0K | $0 | $-338.0K | $-339.0K | |
| Net Income | $-31M | $2M | $11M | $621.0K | $-2M | $-9M | $-5M | $-16M | $-15M | $-19M | $-13M | $-12M | $-20M | $-17M | $-13M | $-22M | |
| EPS (Basic) | $-0.18 | $0.01 | $0.07 | $0.00 | $-0.01 | $-0.06 | $-0.02 | $-0.11 | $-0.10 | $-0.14 | $-0.10 | $-0.09 | $-0.14 | $-0.12 | $-0.10 | $-0.16 | |
| EPS (Diluted) | $-0.18 | $0.01 | $0.07 | $0.00 | $-0.01 | $-0.06 | $-0.02 | $-0.11 | $-0.10 | $-0.14 | $-0.10 | $-0.09 | $-0.14 | $-0.12 | $-0.10 | $-0.16 | |
| Shares (Basic) | 172,823,455 | 170,523,208 | · | 163,649,932 | 159,459,413 | 152,445,935 | · | 148,993,823 | 148,345,549 | 140,513,907 | · | 138,059,781 | 137,338,071 | 137,142,565 | · | 135,951,761 | |
| Shares (Diluted) | 172,823,455 | 177,631,154 | · | 177,617,307 | 159,459,413 | 152,445,935 | · | 148,993,823 | 148,345,549 | 140,513,907 | · | 138,059,781 | 137,338,071 | 137,142,565 | · | 135,951,761 | |
| EBITDA | $5M | $8M | · | $7M | $4M | $-3M | · | $-13M | $-8M | $-14M | · | $-5M | $-16M | $-13M | · | $-19M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $122M | $112M | $111M | $92M | $59M | $58M | $72M | $59M | $58M | · | $67M | $46M | · | · | · | $84M | |
| Short-term Investments | · | · | · | · | · | · | · | $10M | $20M | · | · | $20M | · | · | · | $9M | |
| Receivables | $58M | $56M | $51M | $54M | $53M | $46M | $40M | $41M | $42M | · | · | $46M | · | · | · | $28M | |
| Inventory | $81M | $74M | $69M | $67M | $67M | $53M | $48M | $45M | $43M | · | · | $38M | · | · | · | $20M | |
| Prepaid Expense | $14M | $9M | $10M | $11M | $6M | $6M | $7M | $7M | $7M | · | · | $8M | · | · | · | $8M | |
| Current Assets | $275M | $252M | $240M | $224M | $186M | $163M | $168M | $163M | $170M | · | · | $158M | · | · | · | $149M | |
| PP&E (Net) | $5M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | · | · | $6M | · | · | · | $6M | |
| PP&E (Gross) | $14M | $14M | $13M | $13M | $13M | $13M | $13M | $13M | $12M | · | · | $12M | · | · | · | $11M | |
| Accum. Depreciation | $9M | $9M | $8M | $8M | $8M | $8M | $7M | $7M | $7M | · | · | $6M | · | · | · | $5M | |
| Goodwill | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $23M | $23M | · | · | $23M | · | · | · | $23M | |
| Intangibles | $83M | $85M | $88M | $91M | $94M | $96M | $99M | $102M | $104M | · | · | $112M | · | · | · | $123M | |
| Other Non-current Assets | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | · | · | $5M | · | · | · | $2M | |
| Total Assets | $412M | $392M | $384M | $370M | $335M | $315M | $323M | $321M | $332M | · | · | $328M | · | · | · | $303M | |
| Accounts Payable | $9M | $11M | $3M | $7M | $9M | $6M | $2M | $7M | $6M | · | · | $12M | · | · | · | $4M | |
| Accrued Liabilities | $40M | $32M | $33M | $30M | $25M | $20M | $28M | $24M | $23M | · | · | $19M | · | · | · | $38M | |
| Current Liabilities | $190M | $119M | $110M | $116M | $95M | $95M | $100M | $91M | $75M | · | · | $87M | · | · | · | $69M | |
| Capital Leases | $31M | $31M | $32M | $32M | $32M | $33M | $33M | $34M | $34M | · | · | $35M | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | · | $0 | $3M | · | · | $3M | · | · | · | $4M | |
| Other Non-current Liabilities | $13M | $8M | $8M | $3M | $8M | $5M | $2M | $9M | $8M | · | · | $4M | · | · | · | $311.0K | |
| Total Liabilities | $422M | $379M | $370M | $371M | $354M | $351M | $353M | $349M | $351M | · | · | $324M | · | · | · | $248M | |
| Long-term Debt | $253M | $221M | $220M | $219M | $219M | $230M | $232M | $216M | $230M | · | · | $190M | · | · | · | $139M | |
| Total Debt | $253M | · | · | $219M | $219M | $230M | · | $15M | · | · | · | · | · | · | · | · | |
| Common Stock | $18.0K | $18.0K | $17.0K | $17.0K | $16.0K | $16.0K | $15.0K | $15.0K | $15.0K | · | · | $14.0K | · | · | · | $14.0K | |
| Paid-in Capital | $690M | $682M | $685M | $682M | $664M | $646M | $642M | $638M | $632M | · | · | $608M | · | · | · | $597M | |
| Retained Earnings | $-700M | $-669M | $-671M | $-682M | $-683M | $-681M | $-672M | $-667M | $-651M | · | · | $-604M | · | · | · | $-542M | |
| AOCI | $-10.0K | $-24.0K | $-25.0K | $-25.0K | $-24.0K | $-25.0K | $-25.0K | $-16.0K | $-31.0K | · | · | $-50.0K | · | · | · | $-37.0K | |
| Stockholders' Equity | $-10M | $13M | $14M | $-861.0K | $-19M | $-35M | $-30M | $-28M | $-19M | · | $-7M | $4M | · | · | $45M | $55M | |
| Liabilities + Equity | $412M | $392M | $384M | $370M | $335M | $315M | $323M | $321M | $332M | · | · | $328M | · | · | · | $303M | |
| Shares Outstanding | 173,591,637 | 172,558,783 | 166,215,410 | 165,528,253 | 161,224,762 | 156,014,050 | 149,429,410 | 149,003,934 | 148,936,727 | · | · | 138,067,806 | · | · | · | 135,961,552 |
Cash Flow
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | $337.0K | $335.0K | $338.0K | $325.0K | $315.0K | $313.0K | $307.0K | $281.0K | $326.0K | $346.0K | $391.0K | $386.0K | $364.0K | $366.0K | $360.0K | |
| Stock-based Comp | · | $4M | $5M | $8M | $5M | $4M | $4M | $7M | $4M | $4M | $3M | $2M | $3M | $3M | $3M | $3M | |
| Deferred Tax | · | · | $0 | $0 | $0 | $0 | $0 | $-3M | $749.0K | $307.0K | $-1M | $675.0K | $-675.0K | $0 | · | · | |
| Amort. of Intangibles | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| Other Non-cash | · | $3M | · | · | · | $-6M | · | · | · | $-6M | · | · | · | $-12M | · | · | |
| Operating Cash Flow | · | $10M | $20M | $18M | $182.0K | $-10M | $2M | $-8M | $-10M | $-20M | $7M | $-15M | $-14M | $-26M | $-16M | $-18M | |
| Investing Cash Flow | · | $-325.0K | $-333.0K | $-71.0K | $-279.0K | $-13.0K | $10M | $10M | $5M | $-20M | $15M | $15M | $8M | $-44M | $9M | $7M | |
| Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $49M | $0 | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Stock Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | $0 | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | · | $-9M | $-266.0K | $14M | $942.0K | $-3M | $398.0K | $-83.0K | $659.0K | $35M | $-1M | $-72.0K | $556.0K | $-863.0K | $49M | $-187.0K | |
| Net Change in Cash | · | $708.0K | $19M | $32M | $845.0K | $-13M | $12M | $2M | $-5M | $-5M | $21M | $-27.0K | $-5M | $-71M | $42M | $-11M |
Profitability
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 5.6% | 9.5% | · | 9.0% | 6.3% | -5.1% | · | -23.8% | -17.0% | -35.0% | · | -10.2% | -42.0% | -40.0% | · | -63.2% | |
| Net Margin | -33.8% | 2.7% | · | 0.83% | -2.7% | -15.3% | · | -29.0% | -31.2% | -46.7% | · | -25.2% | -52.2% | -50.7% | · | -73.4% | |
| EBITDA Margin | 5.6% | 9.9% | · | 9.0% | 6.3% | -4.6% | · | -23.8% | -17.0% | -34.2% | · | -10.2% | -42.0% | -38.9% | · | -63.2% | |
| ROA | -8.3% | · | · | 0.18% | -0.58% | -2.8% | · | -4.9% | -4.6% | · | · | -3.9% | · | · | · | -10.1% | |
| ROE | 214.2% | · | · | -4.3% | 10.0% | -30.1% | · | 128.7% | -54.9% | · | · | -41.4% | · | · | · | -83.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.4 | · | · | 1.9 | 1.9 | 1.7 | · | 1.8 | 2.3 | · | · | 1.8 | · | · | · | 2.2 | |
| Quick Ratio | 0.9 | · | · | 1.3 | 1.2 | 1.1 | · | 1.2 | 1.6 | · | · | 1.3 | · | · | · | 1.8 | |
| Debt / Equity | -25.9 | · | · | -254.9 | -11.3 | -6.5 | · | -0.5 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | -19.4 | · | · | -254.9 | -11.3 | -6.2 | · | · | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -2.0 | · | -0.7 | -2.4 | -2.1 | · | -4.7 |
Efficiency
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | · | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.1 | · | · | 0.2 | · | · | · | 0.1 | |
| Receivables Turnover | 1.7 | · | · | 1.6 | 1.5 | 1.7 | · | 1.2 | 1.4 | · | · | 1.3 | · | · | · | 2.2 |
Per Share
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $-0.06 | · | · | $-0.01 | $-0.12 | $-0.23 | · | $-0.19 | $-0.13 | · | · | $0.03 | · | · | · | $0.40 | |
| Revenue / Share | $0.53 | $0.47 | · | $0.42 | $0.45 | $0.39 | · | $0.36 | $0.32 | $0.29 | · | $0.35 | $0.28 | $0.24 | · | $0.22 | |
| Cash Flow / Share | · | $0.06 | · | · | · | $-0.07 | · | · | · | $-0.14 | · | · | · | $-0.19 | · | · | |
| Cash / Share | $0.70 | · | · | $0.55 | $0.37 | $0.37 | · | $0.40 | $0.39 | · | · | $0.33 | · | · | · | $0.62 | |
| EPS (TTM) | $-0.10 | $-0.06 | · | · | · | · | · | $-0.45 | $-0.43 | $-0.47 | · | $-0.45 | $-0.52 | $-0.57 | · | $-1.05 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q4 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $335M | $289M | · | · | · | · | · | $187M | $181M | $171M | · | $153M | $134M | $121M | · | $99M | |
| Net Income TTM | · | $-8M | · | · | · | · | · | $-63M | $-60M | $-64M | · | $-62M | $-71M | $-78M | · | $-133M | |
| Market Cap | $1.37B | · | · | $1.35B | $753M | $857M | · | $425M | $335M | · | · | $257M | · | · | · | $212M | |
| Enterprise Value | $1.51B | · | · | $1.48B | $912M | $1.03B | · | $370M | · | · | · | · | · | · | · | · | |
| P/E | -79.2 | -96.7 | · | · | · | · | · | -6.3 | -5.2 | -4.7 | · | -4.1 | -5.0 | -2.9 | · | -1.5 | |
| P/S | 4.1 | · | · | · | · | · | · | 2.3 | 1.8 | · | · | 1.7 | · | · | · | 2.2 | |
| P/B | -141.2 | · | · | -1564.9 | -39.0 | -24.4 | · | -15.0 | -17.4 | · | · | 66.4 | · | · | · | 3.9 | |
| P / Cash Flow | · | · | · | · | · | -85.4 | · | · | · | · | · | · | · | · | · | · | |
| EV / Revenue | 4.5 | · | · | · | · | · | · | 2.0 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -1.3% | -1.0% | · | · | · | · | · | -15.8% | -19.1% | -21.3% | · | -24.2% | -19.9% | -35.0% | · | -67.3% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2023-06-30 |
|---|---|---|---|---|---|
| Revenue | $292M | $203M | · | $164M | · |
| Operating Margin % | 8.5% | -16.6% | · | -26.9% | · |
| Net Income | $554.0K | $-55M | · | $-62M | · |
| Diluted EPS | $0.00 | $-0.37 | · | $-0.45 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2024-03-31 | 2023-12-31 | 2023-06-30 |
|---|---|---|---|---|---|
| Debt / Equity | 16.1 | -7.8 | · | · | · |
| Current Ratio | 2.2 | 1.7 | · | 1.6 | · |
| Quick Ratio | 1.5 | 1.1 | · | 1.2 | · |
No data for this statement
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 255 filers · $950.7M total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
255
Value held
$950.7M
New positions
35
Exited positions
25
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 35 (-15 vs prior Q) | 25 (-8 vs prior Q) | 104 (+4 vs prior Q) | 68 (+14 vs prior Q) | +2.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $115,042,270 | 14,525,539 | 12.10% | Shares |
| VANGUARD GROUP INC | $87,815,416 | 11,186,677 | 9.24% | Shares |
| D. E. Shaw & Co., Inc. | $61,813,683 | 7,804,758 | 6.50% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $58,134,614 | 7,340,229 | 6.11% | Shares |
| STATE STREET CORP | $38,186,803 | 4,821,566 | 4.02% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $37,374,872 | 4,718,183 | 3.93% | Shares |
| Nuveen, LLC | $34,730,316 | 4,385,141 | 3.65% | Shares |
| Rosalind Advisors, Inc. | $23,039,130 | 2,908,981 | 2.42% | Shares |
| Qube Research & Technologies Ltd | $22,918,492 | 2,893,749 | 2.41% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $20,799,567 | 2,626,208 | 2.19% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $18,731,616 | 2,365,103 | 1.97% | Shares |
| MORGAN STANLEY | $18,509,800 | 2,337,096 | 1.95% | Shares |
| Legal & General Group Plc | $15,941,313 | 2,012,792 | 1.68% | Shares |
| ARMISTICE CAPITAL, LLC | $15,512,920 | 1,958,702 | 1.63% | Shares |
| TWO SIGMA INVESTMENTS, LP | $14,933,184 | 1,885,503 | 1.57% | Shares |
| Parkman Healthcare Partners LLC | $14,316,358 | 1,807,621 | 1.51% | Shares |
| ALGERT GLOBAL LLC | $13,804,101 | 1,742,942 | 1.45% | Shares |
| NORTHERN TRUST CORP | $12,654,172 | 1,597,749 | 1.33% | Shares |
| GOLDMAN SACHS GROUP INC | $12,625,051 | 1,594,072 | 1.33% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $12,204,601 | 1,540,985 | 1.28% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $11,819,547 | 1,492,367 | 1.24% | Shares |
| FEDERATED HERMES, INC. | $11,360,709 | 1,434,433 | 1.19% | Shares |
| BANK OF AMERICA CORP /DE/ | $11,064,636 | 1,397,050 | 1.16% | Shares |
| UBS Group AG | $10,303,231 | 1,300,913 | 1.08% | Shares |
| Ishara Investments LP | $9,741,600 | 1,230,000 | 1.02% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $9,697,232 | 1,224,398 | 1.02% | Shares |
| KENNEDY CAPITAL MANAGEMENT LLC | $9,575,819 | 1,209,068 | 1.01% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $8,503,221 | 1,073,639 | 0.89% | Shares |
| Knott David M Jr | $8,395,200 | 1,060,000 | 0.88% | Shares |
| JPMORGAN CHASE & CO | $8,189,439 | 1,058,067 | 0.86% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $7,705,210 | 972,880 | 0.81% | Shares |
| Granahan Investment Management, LLC | $7,118,124 | 898,753 | 0.75% | Shares |
| TWO SIGMA ADVISERS, LP | $6,667,272 | 849,334 | 0.70% | Shares |
| NORGES BANK | $6,313,824 | 797,200 | 0.66% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $5,667,615 | 715,608 | 0.60% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $5,429,714 | 685,570 | 0.57% | Shares |
| CITADEL ADVISORS LLC | $5,263,347 | 664,564 | 0.55% | Shares |
| FMR LLC | $5,100,933 | 644,057 | 0.54% | Shares |
| Walleye Capital LLC | $4,841,464 | 611,296 | 0.51% | Shares |
| DEUTSCHE BANK AG\ | $4,193,189 | 529,443 | 0.44% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $3,874,829 | 668,074 | 0.41% | Shares |
| Bank of New York Mellon Corp | $3,868,454 | 488,441 | 0.41% | Shares |
| FIRST TRUST ADVISORS LP | $3,841,025 | 484,978 | 0.40% | Shares |
| IHT Wealth Management, LLC | $3,816,418 | 481,871 | 0.40% | Shares |
| PERCEPTIVE ADVISORS LLC | $3,698,743 | 467,013 | 0.39% | Shares |
| ROYCE & ASSOCIATES LP | $3,652,332 | 461,153 | 0.38% | Shares |
| Man Group plc | $3,606,610 | 455,380 | 0.38% | Shares |
| Caption Management, LLC | $3,512,520 | 443,500 | 0.37% | Put option |
| Russell Investments Group, Ltd. | $3,490,591 | 440,731 | 0.37% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $3,409,465 | 430,488 | 0.36% | Shares |
Company insiders 18 insiders · 8 officers · 12 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John Patrick Shannon Jr | Chief Executive Officer and Chairman of the Board | Aug. 1, 2026 F | 2,898,933 | 0 | 2 | $-349,727 |
| Paul R Edick | Chairman and Chief Executive Officer | Jan. 31, 2024 A | 3,788,064 | 0 | 0 | $0 |
| Steven Pieper | Chief Financial Officer | Oct. 1, 2026 S | 1,351,053 | 0 | 5 | $-515,102 |
| Kevin Mcculloch | President and Chief Operating Officer | Oct. 1, 2026 S | 1,599,208 | 0 | 6 | $-1,481,500 |
| Beth Hecht | Chief Legal Officer and Corporate Secretary | Oct. 1, 2026 S | 1,111,130 | 0 | 13 | $-1,462,577 |
| Anh Tu Nguyen | Chief Medical Officer | Feb. 24, 2026 F | 395,023 | 0 | 0 | $0 |
| Kenneth Erland Johnson | Senior Vice President, Global Development and Medical Affairs | Jan. 31, 2025 F | 320,446 | 0 | 0 | $0 |
| Steven Prestrelski | Chief Scientific Officer | Jan. 31, 2023 A | 719,780 | 0 | 0 | $0 |
| Nerissa Kreher | Director | July 1, 2026 A | 33,582 | 0 | 0 | $0 |
| James Aloysius Brady | Director | June 4, 2026 A | 113,359 | 0 | 1 | $-60,020 |
| Dawn Halkuff | Director | June 4, 2026 A | 119,193 | 0 | 1 | $-121,800 |
| Barbara-Jean Anne Bormann-Kennedy | Director | June 4, 2026 A | 150,693 | 0 | 2 | $-203,790 |
| Garheng Kong | Director | June 4, 2026 A | 238,337 | 0 | 0 | $0 |
| John Johnson | Director | June 4, 2026 A | 707,276 | 0 | 1 | $-91,350 |
| Marla Persky | Director | June 4, 2026 A | 150,693 | 0 | 1 | $-91,450 |
| Jeffrey W Sherman | Director | Aug. 28, 2025 M | 219,188 | 0 | 0 | $0 |
| John P. Schmid | Director | Aug. 12, 2024 P | 25,200 | 0 | 0 | $0 |
| Ricki Louise Fairley | Director | June 5, 2024 A | 135,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 34 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BBP · ETFis Series Trust I | 1.64% | 199,875 NS | July 31, 2026 | N-PORT |
| PILL · Direxion Shares ETF Trust | 1.06% | 27,065 NS | July 31, 2026 | N-PORT |
| JSML · Janus Detroit Street Trust | 0.75% | 335,210 NS | July 31, 2026 | N-PORT |
| ABLS · Abacus FCF ETF Trust | 0.66% | 380 NS | July 31, 2026 | N-PORT |
| FYC · First Trust Exchange-Traded AlphaDE… | 0.55% | 886,418 NS | July 31, 2026 | N-PORT |
| JSMD · Janus Detroit Street Trust | 0.50% | 644,770 NS | July 31, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.49% | 217,193 SH | Oct. 2, 2026 | Daily |
| IWC · iShares Trust | 0.31% | 581,968 SH | Sept. 11, 2026 | Daily |
| IHE · iShares Trust | 0.30% | 639,408 SH | Sept. 11, 2026 | Daily |
| FYX · First Trust Exchange-Traded AlphaDE… | 0.19% | 330,430 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.11% | 12,893 SH | Oct. 2, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.11% | 80,301 NS | July 31, 2026 | N-PORT |
| FSMD · FIDELITY COVINGTON TRUST | 0.10% | 319,842 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.09% | 1,599,956 SH | Sept. 11, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.08% | 183,914 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.04% | 82,092 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.04% | 4,374,051 SH | Sept. 11, 2026 | Daily |
| ISCG · iShares Trust | 0.04% | 51,092 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.04% | 986,945 SH | Aug. 19, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.02% | 6,460 SH | Oct. 2, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,985,911 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.02% | 508,653 SH | Aug. 19, 2026 | Daily |
| FHLC · FIDELITY COVINGTON TRUST | 0.02% | 80,356 NS | July 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.02% | 353,351 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 7,894 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.00% | 8,551 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 229,876 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 47,281 SH | Sept. 10, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 32,852 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 35,241 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 4,518 NS | July 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 5,193,656 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 13,864 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 7,243 SH | Sept. 11, 2026 | Daily |
XERS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 13 analysts
BUY
Median target
$12.00
+32.2%
5 38.5%
Strong Buy
6 46.2%
Buy
2 15.4%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
7 analysts · 2026-09-29Mean target $12.29 +35.3%
Now
Current price $9.08
Low$8.00
Mean$12.29
High$18.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| XERS | $1.30B | · | 43.7% | 0.19% | -19.7% | · |
| OCUL | $2.62B | -8.5 | -18.5% | -511.9% | -55.4% | · |
| PAHC | · | 12.9 | 17.1% | 6.6% | 29.7% | 33.8% |
| NKTR | $862M | -4.3 | -43.9% | -297.1% | -500.1% | · |
| INVA | · | 6.1 | 14.7% | · | · | · |
| MAZE | $2.04B | -13.6 | · | · | -598.9% | · |
| KARD | · | · | · | · | · | · |
| OMER | $1.23B | -343.6 | · | · | 1.9% | · |
| AVLN | · | · | · | · | · | · |
| LBRX | $563M | -7.1 | · | · | -25.5% | · |
| HROW | $1.82B | -350.0 | 36.4% | -1.9% | -8.4% | 75.0% |
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Source: SEC 10-Q filed Aug 6, 2026