Xeris Biopharma Holdings, Inc.

Good morning and welcome to the Xeris Biopharma Q126 Earnings Conference Call. Please note that before we begin, this conference is being recorded on Thursday, May 7th at 8.30 a.m. I will now pass the call over to Alison Wei for opening remarks. Please go ahead.

Thank you, Sarah. Good morning, everyone, and welcome to Xeris' first quarter financial results conference call. Earlier this morning, we issued a press release detailing our first quarter 2026 financial and operating results. This press release can be found on our website. Joining me today is John Shannon, our Chief Executive Officer, and Steve Piper, our Chief Financial Officer. Following our prepared remarks, we will open the call for your questions. Before we begin, I'd like to remind you that today's discussion will include forward-looking statements regarding Xeris's future expectations, plans, strategies, objectives, and financial performance. These forward-looking statements are based on management's current assumptions and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For discussion of these risks and uncertainties, please refer to the risk factors described in our filings with the SEC. Any forward-looking statements made on this call speak only as of today's date. And except as required by law, the company undertakes no obligation to update or revise these statements. In addition, during today's call, we will reference certain financial measures that are represented on a non-GAAP basis. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in our press release. With that, I will now turn the call over to John for his opening remarks.

Thank you and good morning, everyone. We are off to an amazing start in 2026. First quarter net product revenue grew an impressive 43% to more than 82 million, driven by Recoralev, which nearly doubled with 95% growth, while Cabeas increased 4% and GVOC remained flat year over year. Given this strong start to the year and the positive demand trends we are seeing overall, especially for Recoralev, We are raising the bottom end of our revenue guidance. We now expect full year revenue of 380 to 390 million, representing more than 30% revenue growth. Turning now to each product, starting with Recorlove. As I said, Recorlove revenue nearly doubled to 50 million, representing a $24 million increase compared to last year. This was driven by both record referrals and record new patient starts. Importantly, coming out of the typical Q1 payer resets, we saw a significant increase in new patients, especially in March, which is fueling our optimism for another outstanding year. I'm also pleased to share that our commercial expansion was completed exactly as planned, significantly expanding our sales force and patient support teams. This enhanced infrastructure will allow us to increase both the quantity and quality of our interactions with healthcare providers and patients, driving even greater awareness of RecoraLove's value proposition in treating hypercortisolemia and Cushing's syndrome. We anticipate the impact of this commercial expansion to begin contributing incrementally in the second half of this year and continue to deliver sustained benefits well into the future. Turning to GVOTE. GVOC generated revenue of nearly $21 million in the first quarter. While we anticipated some seasonal headwinds from typical payer resets, GVOC's performance was slightly below our internal expectations. This was primarily due to Medicare policy and plan changes, which impacted patients' coverage, deductibles, and most importantly, out-of-pocket costs, resulting in a reduction in the number of patients getting their prescriptions filled. We expect GVOC to recover from its first quarter challenges, and it's already beginning to see an increase in prescription demand. Importantly, GVOC's growth potential remains well intact and untapped, since the vast majority of the 15 million patients who should have a ready-to-use glucagon rescue therapy still do not have one. Finally, CAVEAS. CAVEAS once again delivered exceptional performance in the first quarter, with revenue of approximately 12 million, representing a 4% increase year over year. This is the second consecutive quarter of year over year growth and demonstrates the remarkable brand strength and durability of Cabeus in this ultra rare market. This performance not only highlights the inherent clinical value of Cabeus itself, but also the importance of the comprehensive patient-centered support infrastructure we have built to serve individuals living with primary periodic paralysis. Turning to our pipeline, XP81-21 is progressing well, and we are on track to begin phase three later this year. Millions of hypothyroid patients still struggle to achieve stable hormone levels due to GI absorption issues, and XP81 is designed to address this important unmet medical need. XP8121 will also enable us to leverage a tremendous amount of existing capability. First, it requires our Xerosol formulation technology, the same technology inside of Jibo. It will also leverage our drug device combination expertise, our deep connections with the endocrinology community, and our extensive commercial infrastructure. From a medical communication standpoint, XP8121 is receiving significant attention this year as the medical conference season gets underway. This quarter alone, we're presenting four separate abstracts, each carefully designed to advance the understanding of hypothyroidism management while highlighting the persistent clinical challenges that prevent many patients from achieving and maintaining stable control. Building on this momentum, we'll plan to host a comprehensive program review later this fall. where we will share additional details of our phase three trial design. Before I turn the call over to Steve, I want to briefly recap the strong progress we have made against the three priorities I outlined in March. First, we remain clearly focused on driving rapid revenue growth. Our first quarter performance and upward revised full year outlook gives us tremendous confidence that our business is on track. Second, we remain focused on advancing our pipeline with key deliverables on track and XP8121 Phase 3 start anticipated later this year. And third, we remain committed to disciplined financial management and to maintaining a strong balance sheet, which is driving much of the outstanding performance that Steve will highlight in more detail. With that, I'll turn the call over to Steve.