Xeris Biopharma is a commercial-stage specialty pharma company focused on rare and chronic endocrine diseases. Xeris markets three products in the U.S. through a specialty sales force targeting endocrinologists and other relevant specialists, with all products distributed via specialty pharmacies. Recorlev (levoketoconazole) is a cortisol synthesis inhibitor approved for Cushing's syndrome — a rare disorder caused by chronically elevated cortisol — and is Xeris' largest and fastest-growing product. Gvoke is a ready-to-use glucagon auto-injector for severe hypoglycemia in diabetes patients, differentiated by simpler administration versus older reconstitution-based kits. Keveyis (dichlorphenamide) is the only FDA-approved treatment for Primary Periodic Paralysis, an ultra-rare neuromuscular disorder. Xeris' revenue is driven by patient volume across all three products — new patient additions minus discontinuations — with relatively fixed revenue per patient. Gross margins are high given Xeris outsources all manufacturing to third-party contract manufacturers. Xeris also licenses its proprietary non-aqueous formulation platforms (XeriSol and XeriJect) to other pharma companies, generating modest royalty and milestone revenue. The lead pipeline asset is XP-8121, a once-weekly subcutaneous levothyroxine injection for hypothyroidism patients inadequately controlled on standard daily oral therapy, targeting Phase 3 initiation in H2 2026. Xeris' growth strategy centers on scaling Recorlev's commercial footprint, advancing XP-8121, and maintaining profitability without shareholder dilution.