The capital structure shows signs of repair as equity turned positive to $13.0M in 2026Q1, though the company remains burdened by a debt-to-equity ratio of 2.87.
| Total Current Assets | 251.68M | 240.31M | 167.66M | 156.26M | 186.82M | 142.6M | 152.21M | 87.48M | 117.9M | 44.05M | 33.17M |
| Cash & Short-Term Investments | 111.75M | 111.04M | 71.62M | 72.45M | 121.97M | 102.43M | 133.79M | 75.55M | 112.63M | 42.05M | 32.27M |
| Cash Only | 111.75M | 111.04M | 71.62M | 67.45M | 121.97M | 67.27M | 37.6M | 19.52M | 45.72M | 42.05M | 32.27M |
| Short-Term Investments | 0 | 0 | 0 | 5M | 0 | 35.16M | 96.19M | 56.03M | 66.92M | 0 | 0 |
| Accounts Receivable | 56.3M | 51.05M | 40.41M | 39.2M | 30.83M | 17.46M | 6.88M | 4.69M | 2.87M | 1.2M | 101K |
| Days Sales Outstanding | 62.06 | 63.85 | 72.64 | 87.28 | 102.07 | 128.48 | 122.8 | 629.3 | 424.82 | 281.26 | 34.29 |
| Inventory | 74.23M | 68.67M | 48.17M | 38.84M | 24.73M | 18.12M | 8.35M | 2.18M | 0 | 0 | 0 |
| Days Inventory Outstanding | 437.06 | 469.29 | 477.41 | 494.88 | 398.88 | 496.55 | 326.85 | 495.47 | - | - | - |
| Other Current Assets | 9.4M | 9.55M | 7.45M | 5.78M | 9.29M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 140.33M | 143.21M | 155.4M | 166.34M | 157.7M | 161.76M | 6.94M | 21.5M | 2.13M | 945K | 359K |
| Property, Plant & Equipment | 26.98M | 27.06M | 28.21M | 29.18M | 9.51M | 6.63M | 6.71M | 7.85M | 2.03M | 788K | 312K |
| Fixed Asset Turnover | 11.56x | 10.79x | 7.20x | 5.62x | 11.60x | 7.48x | 3.05x | 0.35x | 1.21x | 1.97x | 3.45x |
| Goodwill | 22.86M | 22.86M | 22.86M | 22.86M | 22.86M | 22.86M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 85.37M | 88.08M | 98.92M | 109.76M | 120.61M | 131.45M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 4.12M | 0 | 0 | 0 | 0 | 13.23M | 0 | 0 | 0 |
| Other Non-Current Assets | 5.12M | 5.22M | -4.81M | 4.54M | 4.73M | 829K | 232K | 420K | 95K | 157K | 47K |
| Total Assets | 392.01M | 383.53M | 323.06M | 322.6M | 344.52M | 304.36M | 159.15M | 108.99M | 120.03M | 45M | 33.53M |
| Asset Turnover | 0.85x | 0.76x | 0.63x | 0.51x | 0.32x | 0.16x | 0.13x | 0.02x | 0.02x | 0.03x | 0.03x |
| Asset Growth % | 59.16% | 18.72% | 0.14% | -6.36% | 13.2% | 91.24% | 46.03% | -9.2% | 166.74% | 34.19% | - |
| Total Current Liabilities | 118.59M | 109.57M | 100.44M | 95.19M | 73.62M | 79.04M | 28.21M | 27.34M | 10.17M | 4.86M | 2.53M |
| Accounts Payable | 11.47M | 3.08M | 2.29M | 11.56M | 4.61M | 8.92M | 3.12M | 5.6M | 866K | 1.98M | 1.31M |
| Days Payables Outstanding | 48.06 | 21.02 | 22.69 | 147.36 | 74.28 | 244.58 | 121.97 | 1.28K | 7.53K | 180.31K | 60K |
| Short-Term Debt | 6.27M | 6.23M | 15.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 232K | 234K | 263K |
| Other Current Liabilities | 100.86M | 100.27M | 39.75M | 51.43M | 27.23M | 25.63M | 11.2M | 9.06M | 4.98M | 1.3M | 468K |
| Current Ratio | 2.12x | 2.19x | 1.67x | 1.64x | 2.54x | 1.80x | 5.40x | 3.20x | 11.59x | 9.06x | 13.13x |
| Quick Ratio | 1.50x | 1.57x | 1.19x | 1.23x | 2.20x | 1.57x | 5.10x | 3.12x | 11.59x | 9.06x | 13.13x |
| Cash Conversion Cycle | 451.06 | 512.11 | 527.36 | 434.8 | 426.67 | 380.46 | 327.68 | -151.02 | - | - | - |
| Total Non-Current Liabilities | 260.41M | 260.26M | 252.23M | 234.19M | 225.71M | 130.09M | 97.18M | 67.21M | 34.45M | 97.97M | 62.94M |
| Long-Term Debt | 31.06M | 31.53M | 217.01M | 190.93M | 187.07M | 88.07M | 87.02M | 58.3M | 31.89M | 0 | 0 |
| Capital Lease Obligations | 32.44M | 0 | 33.26M | 34.76M | 9.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 2.27M | 3.52M | 4.94M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 229.35M | 228.73M | 1.97M | 6.23M | 25.72M | 37.08M | 10.16M | 8.91M | 2.56M | 97.97M | 62.94M |
| Total Liabilities | 379M | 369.84M | 352.68M | 329.38M | 299.33M | 209.13M | 125.39M | 94.55M | 44.62M | 102.83M | 65.47M |
| Total Debt | 37.33M | 37.76M | 271.45M | 229.19M | 198.06M | 88.07M | 87.02M | 58.3M | 31.89M | 0 | 0 |
| Net Debt | -74.42M | -73.28M | 199.83M | 161.74M | 76.09M | 20.8M | 49.42M | 38.79M | -13.83M | -42.05M | -32.27M |
| Debt / Equity | 2.87x | 2.76x | - | - | 4.38x | 0.92x | 2.58x | 4.04x | 0.42x | - | - |
| Debt / EBITDA | 0.77x | 1.02x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.53x | -1.98x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 1.13x | 0.02x | -0.80x | -1.39x | -5.81x | -16.09x | -10.95x | -16.60x | -22.61x | -13277.00x | -6603.50x |
| Total Equity | 13.01M | 13.69M | -29.61M | -6.78M | 45.19M | 95.23M | 33.76M | 14.44M | 75.41M | -57.83M | -31.93M |
| Equity Growth % | 380.13% | 146.22% | -336.67% | -115.01% | -52.55% | 182.07% | 133.87% | -80.86% | 230.39% | -81.09% | - |
| Book Value per Share | 0.07 | 0.08 | -0.20 | -0.05 | 0.33 | 1.21 | 0.79 | 0.55 | 6.26 | -28.51 | -17.33 |
| Total Shareholders' Equity | 13.01M | 13.69M | -29.61M | -6.78M | 45.19M | 95.23M | 33.76M | 14.44M | 75.41M | -57.83M | -31.93M |
| Common Stock | 18K | 17K | 15K | 14K | 14K | 13K | 6K | 3K | 2K | 1K | 1K |
| Retained Earnings | -669.07M | -671.31M | -671.86M | -617.02M | -554.77M | -460.11M | -337.38M | -246.25M | -120.67M | -60.59M | -34.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.75M | -2.1M |
| Accumulated OCI | -24K | -25K | -25K | -25K | -23K | -31K | 6K | 43K | -52K | -440K | -268K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High debt service burden
According to recent financial statements, XERS has improved its total asset base to $392.0M in 2026Q1, reflecting a steady expansion from $322.6M in 2023Q4, which suggests that the company is successfully converting commercial revenue growth into a more substantial and stable asset foundation.
The upward trend in total assets, coupled with the recent emergence of positive equity, indicates a fundamental shift in the company's financial trajectory. Investors should monitor whether this growth in assets is primarily driven by cash accumulation or if it reflects an underlying increase in working capital requirements as the business scales.
As reported in quarterly filings, XERS shows a debt-to-equity ratio of 2.87 in 2026Q1, which, while improved from historical periods of negative equity, highlights a persistent reliance on debt financing that warrants close scrutiny regarding the company's long-term interest coverage capabilities.
The reduction in total debt from the $270M range in 2024 to $37.3M in 2026Q1 appears to be a significant de-leveraging event that may lower the company's interest burden. However, the remaining debt load remains a critical factor in assessing the durability of cash flows, as any disruption in product revenue could quickly strain the company's ability to service these obligations.
Based on the 2026Q1 balance sheet, XERS maintains a cash position of $111.8M and a current ratio of 2.12, suggesting that the company has established a sufficient liquidity buffer to support ongoing commercial operations and mitigate potential short-term shocks to its working capital cycle.
The improvement in the current ratio from 1.64 in 2023Q4 to 2.12 in 2026Q1 indicates a strengthening of the company's near-term solvency. This liquidity position appears adequate to fund current commercial activities, though investors should remain cautious about the potential for future cash burn if the company pursues aggressive expansion or R&D initiatives.
As evidenced by the transition from negative equity in 2025Q3 to $13.0M in 2026Q1, XERS has begun to repair its capital structure, a development that suggests the company is moving toward a more sustainable financial footing as it achieves consistent commercial profitability.
The historical accumulation of retained earnings losses totaling -$669.1M remains a significant drag on the balance sheet, reflecting years of heavy R&D and commercial launch investment. The recent shift to positive equity is a positive signal, but the company will likely need several quarters of sustained profitability to fully offset these accumulated deficits.
Quick answers to the most common questions about buying XERS stock.
As of 2025, Xeris Biopharma Holdings, Inc. (XERS) had total assets of $383.5M including $240.3M in current assets.
Xeris Biopharma Holdings, Inc. (XERS) carries total debt of $37.8M, offset by $111.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Xeris Biopharma Holdings, Inc. (XERS) has total shareholders' equity (book value) of $13.7M ($0.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Xeris Biopharma Holdings, Inc. (XERS) reported a current ratio of 2.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.