Xeris Biopharma Announces Private Exchange of Convertible Notes
Eliminates approximately $23 million of debt, resulting in approximately $2 million in annual interest savings
Principal to be paid in cash, remainder in common stock
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a fast-growing biopharmaceutical company committed to improving patient lives by developing and commercializing innovative products across a range of therapies, today announced that it has entered into separate, privately negotiated exchange agreements with certain holders of its 8.00% Convertible Senior Notes due 2028 (the “Notes”). Pursuant to the exchange agreements, Xeris has agreed, subject to customary closing conditions, to retire approximately $23 million aggregate principal amount of the Notes for exchange consideration consisting of approximately $23 million in cash and a number of shares of its common stock that will be determined based upon the volume-weighted average price per share of Xeris’ common stock over a 21 trading day averaging period commencing on June 11, 2026. Assuming the per share volume-weighted average price of Xeris’ common stock during each day of the averaging period is $6.71 (the closing price of Xeris’ common stock on June 10, 2026), Xeris expects to issue an aggregate of approximately 4.6 million shares of common stock upon consummation of the exchanges. Following the closing of the exchanges, Xeris will have $10.5 million in aggregate principal amount of the Notes outstanding.
