Xeris Biopharma Holdings, Inc. 8-K

What Happened Xeris Biopharma Holdings, Inc. announced on June 11, 2026 (entered into June 10, 2026) that it signed privately negotiated exchange agreements with certain holders of its 8.00% Convertible Senior Notes due 2028 to exchange roughly $23.0 million in aggregate principal for a mix of cash and shares of common stock. The cash portion of the consideration will equal the principal being exchanged; the stock portion will be determined by the volume-weighted average price (VWAP) of Xeris common stock over a 21 trading-day period beginning June 11, 2026. The company expects the exchange to close on or about July 15, 2026 and intends to fund the cash portion from liquidity on hand.

Key Details

• Exchange entered into June 10, 2026; press release issued June 11, 2026 (Exhibit 99.1).
• Approximately $23.0 million principal (about 69% of outstanding 2028 Notes) will be exchanged; $10.5 million in principal will remain outstanding after the exchange.
• Stock portion of consideration set by 21-trading-day VWAP starting June 11, 2026; closing expected ~July 15, 2026, subject to customary conditions.
• Shares will be issued in a private placement relying on Section 4(a)(2) of the Securities Act; holders represented they are accredited investors and qualified institutional buyers.

Why It Matters The transaction materially reduces outstanding principal of the 8.00% convertible notes (about 69% exchanged), which changes the company’s debt profile and near-term cash obligations. However, the exchange involves issuing common stock based on a VWAP formula, so it will increase the share count and could be dilutive to existing shareholders. The cash portion will be paid from the company’s available liquidity. Investors should watch the VWAP period and the closing for the final number of shares issued and the company’s updated debt and equity totals following closing.