Hello, everyone and welcome to the Xeris Biopharma Third Quarter 2023 Financial Results Call. My name is Bruno and I will be leading the call today. I will now pass it over to Allison Wey, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Bruno. Good morning and welcome to Xeris Biopharma's third quarter financial results conference call and webcast. A press release with the company's financial results was issued earlier this morning and can be found on our website. We are joined this morning by Paul Edick, Chairman and CEO; John Shannon, our Chief Operating Officer; and Steve Pieper, our Chief Financial Officer. After our prepared remarks, we will open the lines for questions. In addition, we will be extending the Q&A portion to answer a number of questions we've been routinely receiving from some of our shareholders. Before we begin, I'd like to remind you that this call will contain forward-looking statements concerning the company's future expectations, plans, prospects and financial performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. For more information on such risks, please refer to our earnings press release and risk factors included in our SEC filings, including our quarterly report on Form 10-Q that will be filed later today. Any forward-looking statements in this call represent our views only as of the date of this call and subject to applicable laws. We disclaim any obligations to update such statements. I'll now turn the call over to Paul.

Thanks, Allison. Good morning, everyone, and thank you for being here today. I’m pleased to share that the Xeris organization is performing exceptionally well, particularly in our commitment to patients, as we work towards establishing a patient-focused, self-sustaining biopharma company. In the third quarter, we achieved total net revenue of $48 million, reflecting a 63% increase from the same quarter in 2022. This marks our fourth consecutive quarter of at least 50% net revenue growth year-over-year and a 27% increase from the second quarter of this year. We are making progress on all three core areas of our business. First, our three innovative commercial products—Gvoke, Keveyis, and Recorlev—together generated about $42 million in net product revenue in the third quarter, which is a remarkable 41% increase from the third quarter last year and a 13% increase from the second quarter of this year. Second, we are over 80% enrolled in our levothyroxine Phase 2 clinical study. Third, we launched a successfully formulated ultra-concentrated ready-to-use subcutaneous version of XeriJect TEPEZZA. Due to our strong performance, we’re narrowing our 2023 total revenue guidance to between $160 million and $165 million, indicating that we expect to achieve the high end of our original projections. Steve will further discuss our financial performance shortly. Let’s take a closer look at our commercial operations. Gvoke had another record quarter with net revenue and prescriptions, generating $17.7 million—a 30% increase compared to the third quarter of 2022. Total prescriptions exceeded 58,000, growing by 52% year-over-year and up 14% from the second quarter of this year. The market for glucagon products is consistently growing in double digits, and Gvoke is outpacing competitors and capturing significant market share. By the end of October, Gvoke’s market share of new and total prescriptions in the retail glucagon market reached approximately 33% and 31%, respectively. New ready-to-use glucagon products now account for 80% of both new and total prescriptions. As noted in our previous call, we have increased our inside sales team modestly to sustain Gvoke's momentum in the expanding glucagon market, now totaling around 50 reps. This team has shown strong productivity in raising awareness and driving market share for Gvoke. Despite steady market growth, we believe the opportunity remains vast, as fewer than 10% of those at elevated risk for severe hypoglycemia currently have a ready-to-use rescue glucagon product available. Recent guidelines from major diabetes organizations emphasize the importance of ready-to-use rescue glucagon, particularly for the 15 million people with diabetes at greater risk for severe low blood sugar. A key risk factor is being on insulin and sulfonylureas, and we advocate that those patients should have access to options like Gvoke HypoPen. Our mission is to encourage healthcare professionals to adopt these products as standard of practice. Moving on to Recorlev, it generated $8.1 million in net revenue for the third quarter, representing a 221% increase from the previous year and a 13% increase from the second quarter of this year. We are encouraged by the steady growth in Recorlev revenue quarter-over-quarter, with patient referrals remaining strong and underlying demand increasing by 12% over the second quarter. We expect to see continued patient growth in the fourth quarter as well. The healthy pipeline of patient referrals indicates that Recorlev is recognized as a significant treatment option for Cushing's patients. Given its effectiveness in suppressing cortisol production, healthcare professionals often consider Recorlev a first-line treatment post-surgery. Like Gvoke, we are expanding our sales and patient support teams to capitalize on our growth in the Cushing's market. Now on to Keveyis. Keveyis had a strong quarter as well, with revenue and new referrals showing impressive resilience against the backdrop of an approved generic. Third quarter revenue was $15.9 million, up about 19% year-over-year and 13% from the previous quarter. The medical community acknowledges the value provided by our Xeris CareConnections team, which supports patients and assists healthcare providers with referrals and securing reimbursement. Regarding XeriSol levothyroxine, which is a potential once-weekly subcutaneous injection, our Phase 2 study has now surpassed 80% enrollment, and we aim to complete it in the first half of next year with data available midyear. The results will inform our FDA proposal for a pivotal Phase 3 study. In our formulation technology business, we have successfully met the target product profile for XeriJect TEPEZZA, which triggers a $6 million success payment from Amgen, recently acquired by Horizon. We are currently awaiting their decision on whether to exercise their option for an exclusive license of XeriJect technology for the primary indication to further develop subcutaneous TEPEZZA. If they proceed, we may be entitled to additional development and sales-based milestones and royalties. Regarding our collaboration with Regeneron, we are currently formulating two molecules for their platform program and expect to provide the formulations for evaluation soon. Regeneron has the option to suggest additional molecules for development or to execute a licensing agreement. Additionally, we are in discussions with various companies about new partnerships for XeriJect. Our delivery system offers distinct advantages over existing formulation technologies in administering large molecules and biologics subcutaneously. In summary, we’ve achieved another excellent quarter, characterized by record revenue from our commercial portfolio and successful collaboration with partners. We maintain strong commercial performance, responsible resource allocation, and disciplined expense management. Our healthy cash position supports our continued operations as a self-sustaining business. We are not providing financial guidance for 2024 at this time, but we forecast net revenue growth from 2023 levels, flat operating expenses, and further reductions in cash burn while ensuring we have sufficient cash at year-end to support our company’s goals and growth initiatives. More specific guidance for 2024 will be shared in March when we release our fourth-quarter and full-year results for 2023. Now, I will turn the call over to Steve for more details about our third-quarter financial performance.

Thanks, Paul and good morning, everyone. As Paul mentioned, we are executing on all fronts. We have continued to generate net revenue growth across all three products. We succeeded in formulating the prespecified target product profile of XeriJect TEPEZZA. We continued to demonstrate disciplined cash management. We exited the third quarter in an extremely healthy cash position and are on track to hit cash flow breakeven for the fourth quarter. Lastly, we created significant financial flexibility to run our business by exchanging approximately two-thirds of our 5% convertible senior notes due in 2025 for 8% convertible senior notes due in July 2028, leaving only $15 million of the 2025 convertible notes remaining and no other debt due until 2027. For the third quarter, total revenue was a record $48.3 million, representing more than a 60% increase over the same quarter last year. The increase was driven by strong patient demand for all three products, coupled with the successful formulation of the prespecified target product profile for XeriJect TEPEZZA which triggered a one-time revenue recognition in the quarter of $6 million. Gvoke net revenue for the quarter was a record $17.7 million, representing a 30% increase compared to the same period last year. Year-to-date net revenue was $48.4 million, representing a 29% increase compared to last year. In the quarter, Gvoke prescriptions topped 58,000 for the first time, a 52% increase compared to the same period in 2022. In the third quarter, the total glucagon prescription market grew 16% versus the prior quarter. Gvoke's total prescriptions grew 14% in the same period, ending the quarter with total retail market share of approximately 29%. Gvoke's strong performance has continued into October, ending the month with a total retail prescription market share of over 31%. Moving to Recorlev. Recorlev net revenue was $8.1 million for the third quarter and $19.7 million on a year-to-date basis. Compared to Q2 2023, net revenue increased by 13% due to an increase in patient demand and net pricing. We are encouraged by Recorlev's steady patient demand growth. Furthermore, referrals continue to remain strong, which bodes well for the future growth of Recorlev. Moving to Keveyis. Keveyis net revenue for the quarter was $15.9 million, representing a 19% increase compared to the same period last year. Year-to-date net revenue was $42.7 million, representing a 20% increase compared to the same period last year. Consistent with my previous remarks, our strategy to invest in Keveyis and defend brand prescribing has been successful to date. We will continue to invest in Keveyis and Xeris CareConnections as they offer the best-in-class therapy and support for PPP patients. Before I move on to our technology partnerships, I wanted to mention that we have received questions regarding the Keveyis CVR milestone. We wanted to acknowledge that the year-to-date 2023 Keveyis revenue is over $42 million, exceeding the CVR Keveyis milestone of $40 million. This achievement will trigger the CVR milestone in 2023 which will be settled with Xeris equity in late Q1 2024. Moving over to our technology partnership business. As previously mentioned, we successfully formulated the prespecified target product profile for XeriJect TEPEZZA which triggered a one-time revenue recognition of $6 million in the quarter. We subsequently received the payment in October. Looking ahead for the full-year 2023, based on our overall year-to-date results and achievements in our formulation technology collaborations, we are raising the low end of our previously issued revenue guidance from $155 million to $165 million to $160 million to $165 million. This means we will come in at the high end of our original 2023 revenue guidance. Moving down the P&L. Cost of goods sold in the third quarter was $8.2 million, a 56% increase compared to the same quarter last year. For the year, cost of goods sold was $21.1 million, an increase of 29% compared to the same period last year. These increases are mainly driven by higher product sales. Research and development expenses were $5 million for the quarter and $16 million on a year-to-date basis, which is flat to the prior year. Selling, general and administrative expenses were $37.3 million for the quarter, an increase of approximately $2.8 million relative to the same period last year. This increase was primarily driven by an increase in personnel costs from last year's fourth quarter sales force expansion. Compared to, however, the last quarter, SG&A actually decreased by $300,000 in the quarter. And looking ahead, we expect to further decrease the SG&A expenses in the fourth quarter. On a year-to-date basis, SG&A was $108.5 million, an increase of only approximately $5 million or 5% versus year-to-date 2022. This is consistent with our previous guidance that SG&A would be relatively flat for the year compared to 2022. We ended the quarter with a very healthy cash position. As of September 30, we had total cash of approximately $66 million compared to $81 million at June 30. We are executing on our strategy and, as we previously mentioned, we expected cash utilization to moderate through the middle of 2023 until the fourth quarter when we expected to achieve cash flow breakeven. We remain firmly on track to achieve cash flow breakeven for the fourth quarter, the drivers of which include additional cash flow from our products and partnerships, including the one-time payment from Amgen, a reduction of SG&A expenses in the fourth quarter, and timing of various vendor payments. We have previously guided to finishing 2023 with at least $65 million to $70 million of cash. Given our ending cash in Q3, we will finish 2023 with at least $66 million of cash, cash equivalents, and short-term investments. This would imply cash utilization for the full year 2023 of no more than $56 million, a significant improvement over 2022 cash utilization of over $100 million, really a dramatic improvement. As Paul mentioned, while it is still too early to provide specific 2024 guidance, our initial outlook for 2024 assumes revenue will continue to grow from 2023 levels and total operating expenses will remain relatively flat, which coupled together will continue to reduce our overall net cash outflow in 2024. We believe we will have enough cash at the end of the year to meet our obligations while continuing to invest in the growth of the enterprise and remain a self-sustaining business. We will provide specific 2024 guidance in March when we announce full year 2023 financial results.

Just a few. First on Recorlev. Can you go into some specifics on what the patient footprint is like? And what you're seeing in terms of patients who are treatment naive versus treatment experienced? And how you're thinking about the trajectory in 2024? And then secondly, on Recorlev, just competitive landscape longer term. Can you talk to the potential presence of Corcept's relacorilant and then how that could impact Recorlev? And then lastly on Gvoke, can you just talk to how you're thinking about the presence of Amphastar in the market with Baqsimi and what your view is regarding share of voice in the space with the product changing hands?

Thanks, David. I'm going to do my best. I'm kind of losing my voice here, so I may need to go to John Shannon for some of these answers. Let me address the end of your question about Gvoke, market presence, and competition. We believe the market truly needs more voices. Our aim is for 15 million people using insulin or sulfonylureas to have access to rescue glucagon, like the Gvoke HypoPen, ensuring they have that safety net at home. This is critical since lives are at stake. More voices and discussions about rescue glucagon and ready-to-use products are essential, and we hope Lilly will continue to make their presence felt in the market. We also look forward to Amphastar contributing to market penetration. Regarding Corcept and their new or replacement product, we believe it will be quite similar in performance, likely involving a trade-off. Korlym is significant, but it doesn’t normalize cortisol, while we do. We are confident that our product performs better, and we are starting to see physicians choosing Recorlev as a first-line treatment, which is impressive for such a new product. I'm uncertain about your question regarding the patient footprint for Recorlev. Can you clarify that? Also, regarding the competitive environment with Recorlev, could you provide more insights?

What I meant is how many patients are on the drug. That's what I meant.

We appreciate your interest, but for competitive reasons, we don't disclose that information. It's a metric that many would find useful, but we're still in the early stages of our business and focusing on growth. However, we are seeing great success compared to our competitors, and our referral base remains robust. The key factor with Recorlev is how quickly we can turn those referrals into actual patients using the medication.

So another Recorlev question for me. I was curious, just broad strokes, what proportion of existing Recorlev patients have reached stable or maintenance doses? And anecdotally, could you talk about what's discontinuation rates you're seeing, if any, for Recorlev so far?

So it's too early to have a sense of the DC rate but I would tell you it's very, very low, single digits. And reasons could vary in terms of end of the year insurance, various other things. So it's too early to have a handle on an ongoing DC rate but so far negligible. In terms of patients being stable at whatever dose, we're still really early in the whole titration. I mean, we're seeing people who sort of level out in the 400 range but are not at the end of their titration. We're seeing people who remain at starting doses for quite a while. So physicians aren't being terribly aggressive at the titration but we are starting to see titration. The optimal dose in the 500 to 600 range, very few have really gotten there yet.

Got it. And one question for Gvoke as well. I was curious if you could talk a little bit more about any back-to-school trends you might have seen in the quarter or other drivers of the revenue growth in 3Q.

Yes, I think we performed well during the back-to-school season. This period is primarily focused on pediatric endocrinology, where Lilly has traditionally excelled. However, it is a very small segment of the market that has been saturated over time, with most children having some form of treatment and parents ensuring they are receiving care. The majority of our growth is actually coming from adults, which represents a significant opportunity. Out of 15 million individuals, around 14 million are adults rather than children. During the back-to-school season, we saw strong performance in pediatrics, but we also experienced notable growth in the adult segment, leading to increases in both our overall prescriptions and market share.

Thanks, Rene. At this time, the team will take questions that we've been receiving from some of our shareholders. So we've grouped the questions by topic. So let's start with the financial question, Steve. Is Xeris committed to cash flow positive and no dilution?

Thanks, Allison. As we discussed, we expect to reach cash flow breakeven in the fourth quarter and will have sufficient cash to meet our obligations going forward. Therefore, we do not foresee any dilution for shareholders.

Thanks, Steve. When do you expect to reach full year profitability, not just cash flow breakeven but net income?

So, we haven't given guidance to that level. But as I mentioned a few times here this morning, we have enough cash to meet our obligations while continuing to invest in the growth in the enterprise and remain a self-sustaining company.

Our next one. Why are operational expenses scaling in tandem with revenue growth?

Actually, our operating expenses on a year-to-date basis grew by 7%, whereas our total revenue grew by 55%. Translated to dollars, operating expenses grew by $10 million compared to revenue growth of over $42 million. And half of that expense growth is due to an increase in cost of goods sold, and an increase in cost of goods sold is expected in a company where revenues are growing like Xeris.

Thank you. Can you provide some insight into the strategies in place to ensure enhanced operating levers?

So as I just covered, we continue to grow our revenues significantly faster while holding our operating expenses at a growth rate that is a fraction of our revenue growth. This really means that we're executing on our strategy.

Thanks. When will we see better operating leverage in that so far this year, expenses are growing nearly as fast as revenue?

So I think we just covered that, that revenues are growing at a much higher clip than expenses are.

Thanks. What initiatives are being considered to curtail elevated SG&A expenses?

So as I covered in my prepared remarks, our continuous management of expenses has actually resulted in a decrease in SG&A relative to last quarter, and we are expecting a further decrease in the fourth quarter.

Thanks. Are there plans in motion to mitigate interest burdens through strategic longer payments?

So in addition to what I just covered from operating expense management, we are equally focused on our cost to finance the enterprise. We, like many others, are facing an increased cost of borrowing, given the macroeconomic hyperinflationary environment. The good news is, given the health of our business, we can meet these obligations. That being said, we are actively looking for ways to reduce that cost burden.

Thank you. Would Xeris consider a buyback with extra cash on hand to reduce the float?

Good question. Currently, we believe investing in our three pillars to support our growth strategy will deliver greater value for the company and our shareholders rather than a share buyback. Therefore, we have no immediate plans to do a share buyback.

The last one for you, Steve. Please address the CVRs for the legacy Strongbridge shareholders.

Sure. As I mentioned in my opening remarks, year-to-date 2023 Keveyis revenue is over $42 million, exceeding the CVR Keveyis milestone of $40 million. This achievement will trigger the CVR milestone in 2023, which will be settled in Xeris equity in late Q1 2024. We believe that the delivery of over $40 million of Keveyis revenue this year is a great outcome for Xeris and our shareholders.

Thanks, Steve. The next set of questions is about our commercial products and the pipeline. So why are Gvoke sales growing slowly? John, do you want to take that?

We disagree with the assessment that Gvoke sales have been slow. This year, Gvoke prescriptions have increased by over 50% compared to last year, while the glucagon market has grown by approximately 10% in the same period. Therefore, Gvoke's growth is significantly outpacing the overall market growth. We take great pride in our commercial team's efforts to make Gvoke accessible to people with diabetes, and we do not view a 50% increase as slow growth.

Thanks, John. Can you please elaborate on initiatives in place to accelerate the sales momentum for both Gvoke and Ogluo?

Sure. Let me go backwards. Let me start with Ogluo. As you know, we've licensed Ogluo to our European partner Arecor. They are executing on their plan which consists of increasing utilization in the countries where they've already launched, and they continue to launch in additional countries where it makes sense in Europe. With regard to Gvoke in the U.S., as I mentioned previously, we've already seen a 50% growth in prescriptions this year alone. So our sales and marketing teams will continue to execute our commercial plans which are driving awareness, increasing utilization and most importantly leveraging the recently updated medical guidelines from ADA, Endo, ACE, all of which Paul just mentioned earlier, basically recommend that anyone on insulin or sulfonylureas should have a ready-to-use glucagon on hand, such as Gvoke, just in case of severe low blood sugar. Our commercial team is focused on making this new standard of care outlined in all the medical guidelines, the new standard of practice for healthcare professionals.

Thanks, John. In addition, can we expect any material updates on the sales progression of Ogluo in the European market and timing of any associated milestone received?

Well, first, Ogluo is doing fine in Europe. In the near term, we don't expect any material updates regarding Ogluo and we don't have any near-term expectations regarding milestones.

Thanks. Considering the pronounced prevalence of diabetes in specific international markets such as Mexico, could the team shed some light on the market entry strategy for Gvoke?

So we've evaluated all the larger markets outside the U.S. And with the exception of our partnership in Europe, based on the market opportunity assessment, financial analysis, the economics simply don't work for Xeris. And therefore, we don't have any plans to launch Gvoke in any other major markets.

Thanks, John. Any updates on the Keveyis patent? Paul, do you want to take that?

Yes. As I have mentioned a couple of times in our previous calls, we have continued to go through the appeal process. We are now in the process of filing our appeal with the Federal Circuit Court and we will provide updates as we have future developments.

Thanks. Are there plans to add more to the development pipeline other than levothyroxine in the coming quarters?

We've said we're going to be very disciplined about how we approach our pipeline and how we use our technologies for our own portfolio. Right now, levothyroxine once-weekly sub-Q injection is our focus. It's the best opportunity that we have. That said, down the road, as we are able from an allocation of resources perspective, we will continue to use our technologies to develop new products that we can bring into our pipeline and eventually into our portfolio. Right now, the focus is levothyroxine.

Thanks, Paul. Moving on to our XeriJect technology and the current and potential partnerships. So please provide a comprehensive update on the strategic trajectory with Regeneron, Amgen-Horizon, outlining anticipated timelines and potential inflection points expected by year end 2023.

This is a great question, and I anticipate the answer might not be well-received. The projects and partnerships we have with both Amgen-Horizon and Regeneron are highly confidential. We are working with other companies' molecules and products using our formulation technology, so there isn't much we can disclose publicly. However, I can share that the collaboration with Amgen-Horizon has been successful. We met the target product profile, received our payment, and now we are awaiting their decision on whether they want to proceed with the license for further development. I consider this a positive outcome. Regarding Horizon, as I mentioned before, we are in the process of formulating the initial products. They have the option to add more products from the platform and can choose to pick up a license for continued development at any time. We are very satisfied with the status of these partnerships. I should note that these processes take time; the formulation process is not something that occurs quickly.

Thanks, Paul. So what are the competitive advantages of the XeriJect platform relative to other providers of the subcutaneous injection process? John, do you want to take that?

Sure. So with our XeriJect platform, we can reach ultra-high concentrated sub-Q injections. So what does that mean? Our XeriJect technology allows us to formulate 400 to 600 milligrams per milliliter in a sub-Q delivery that can be administered in a 15- to 30-second injection through a very small gauge needle. This is in comparison to other technologies that might deliver a 1- to 7-minute sub-Q infusion. Our XeriJect technology allows us to formulate drugs that are traditionally IV administered and potentially move them out of the infusion center or doctor's office into a self-administration form, potentially even at home.

That's great. So, John, can you talk to how your team identifies potential medicines like TEPEZZA or potential partners that could benefit from having a XeriJect formulation on their molecule?

Well, yes, I think it just covered the value proposition of XeriJect. So the ideal candidate today is a drug that is currently IV administered in an infusion center or a doctor's office and could benefit from becoming a sub-Q administration, potentially at home. So when talking to companies, we focus on those types of products as true partnering opportunities.

Right, thanks. So Paul, how long does it take to determine if the technology platform is a good fit?

Yes. Each partnership is different and we go through several months of formulation refinement to work to achieve a desired target product profile. As John was going through, the identification of a target is immediately a fit. We've not failed to formulate anything that we've attempted to or been given by a potential partner to formulate. At the end of the day, getting to whether or not that is a viable asset takes several rounds of formulation and hundreds of rounds of optimization of that formulation.

So then why has no one moved forward with a license yet?

That's a good question and we get asked that a lot. This is entirely up to the partner. In today's market of monoclonal antibodies and biologics, competition is fierce. This is one reason why there are confidentiality restrictions on our discussions. The entry point has shifted; it's no longer just an intravenous product. Companies now need to at least offer a subcutaneous injection. Once they achieve that, each company undergoes its own process to determine which assets to invest in for clinical development, often based on a market analysis of their pipeline. We provide the subcutaneous option. For instance, Merck had a successful formulation process but opted not to advance their product due to competitive considerations in their target market. Similarly, Asahi Kasei had a formulated product that did not meet its clinical study endpoints, which was unrelated to our work. Ultimately, this is about decision-making based on the partner's pipeline portfolios.

Thanks, Paul. The last few questions are for you. So why aren't management and the Board buying any Xeris shares?

That's a good question. Our management team has acquired shares with their own investments, and every member has participated in this. We have always done this and will continue with any companies we are involved in. I, as people can see in the public record, buy shares at least annually, sometimes almost semi-annually. I believe in this company and consistently invest heavily with my own assets in this business. I am confident that it will eventually yield significant returns.

And you haven't sold any shares, correct?

None of the shares have been sold. I don't even contemplate selling at this point.

Thanks, Paul. You've mentioned in the past that part of the Xeris strategy includes acquisitions, and what is the likelihood of a purchase of an additional asset or an organization in 2024 given your recent statements?

I don't know the answer to that. I think as things become available, we're very active. We're looking at a lot of things. We look at anything that we come across our radar. We're going to be very opportunistic but our goal is to continue to add to the enterprise. So if there's an opportunity to efficiently financially benefits us to add a product that's affordable, we'll pursue it. Same thing with potential company acquisitions.

Thanks. Has the company been approached with any acquisition offers to date? And if so, could you delineate the financial parameters that would make such a transaction compelling?

Yes. As a public company, nobody will ever answer that question.

So what efforts are being undertaken to cultivate and deepen relationships with institutional funds and how might achieving a cash flow breakeven point influence long-term institutional participation?

I think moving to cash flow breakeven or getting to profitability in any company is going to attract more and better institutional investment. I mean, that's almost a given, I think. We spent a great deal of time with all of our shareholders and investors, from minor retail all through some of the biggest institutions in the business. And we're at a lot of banking conferences. I think we're going to three in the next couple of weeks. And our calendars are full. So we're constantly having those conversations.

Thanks. And one final question. The team has had success together building other companies. Is this team still committed to returning the same results as in the past? Paul, as the leader of this team, what are your strategic goals for Xeris over the medium term?

So when talking about the team, the team is 100% committed. We came together to build an enterprise and we're not done with that. We're really still in the early stages. We continue to execute and have demonstrated this by driving significant revenue growth over all three products. We've built a promising pipeline. It may be a single asset but it could be a blockbuster asset. And we've established an emerging technology business. And I emphasize the word emerging, it's early. And we've done this in the face of significant headwinds over the years, which speaks to the kind of DNA we've built in this company. And I think in closing, we're building a growth-oriented biopharmaceutical company committed to improving patient lives across the range of therapies and as a self-sustaining and continuing self-sustaining organization. I think that's it for the questions. I appreciate everybody sending them in. We hopefully have accumulated and aggregated the questions that came in, in a lot of different forms to answer a lot of questions. I think there's, to some degree, a lot of the questions we get pretty routinely. And hopefully, we've clarified as best possible. And I'd like to thank everybody for joining us today for your thoughtfulness. And if you have additional questions, please continue to send them into Allison. And to conclude, I'd like to say that we're very proud of our performance to date and look forward to growing an enterprise for which we can all be proud. And once again, to thank the healthcare professionals and the patients and the Xeris employees who make it happen every day.

Thank you, Paul.

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines. Have a great day. Thank you.