Xeris Pharmaceuticals, Inc. (NASDAQ:XERS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 10, 2020 • 08:30 am ET

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Xeris Pharmaceuticals, Inc. (NASDAQ:XERS) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Barry Deutsch

2020 were 46,277,008 shares.

AT June 30th, 2020, we entered into an amendment to our loan agreement with Oxford and SVB to provide for the lenders' consent to our convertible debt offering and permit the Company to prepay our PPP loan in full. The amendment also provided for the extension of the interest-only payment period through December 31st, 2021 after which the term loans will be payable in 30 equal monthly installments. If the Company achieves a certain revenue milestone prior to January 1st, 2022, then the period for interest only payments is extended through September 30th, 2022, after which the term loans will be payable in 21 equal monthly installments. The amendment provides for an extension of the maturity date from June 1st, 2023 to June 1st, 2024. Pursuant to the amendment, the Company prepaid $20 million of the $60 million outstanding under the term loan along with associated accrued and unpaid interest, fees and expenses.

I now will turn the call back to Paul.

Executive
Paul R. Edick

Thanks, Barry. I want to once again summarize some of what we believe you can see with our Company. We believe the fundamentals of our Company are truly stronger than ever. If you think about our performance thus far and specifically in the second quarter, we had a great quarter. We're seeing early success in the Gvoke HypoPen launch in the month of July. We are advancing our pipeline programs, reporting out positive data on four programs in just the second quarter and we continue to add new opportunities to our development pipeline coming out of our labs. We also have enough cash to get us to cash flow positive. So once again, we believe the fundamentals of the Company are strong.

And with that I will turn it over to the operator for questions.