XERSXeris Biopharma Holdings, Inc.

Pharmaceutical Preparations

Revenue: $292M; 44% YoY
Operating margin: 8.5%; 151% YoY
EBITDA: $26M; 181% YoY
Market cap: $1.9B
Employees: 25,000; $12K revenue each
Net debt / EBITDA: 5.0×; $131M net debt
AI in 10-K: 4.7; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
52× net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentYes
60% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$12K · 23rd pct
Bottom quartile of its SIC industry
Quiet on AINo
4.7 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$50M	$110M	$164M	$203M	$292M	44%
Operating income	−$115M	−$82M	−$44M	−$34M	$25M	174%
Net income	−$123M	−$95M	−$62M	−$55M	$554K	101%
Operating cash flow	−$96M	−$103M	−$47M	−$37M	$29M	177%
Capex	$1M	—	—	—	—
Stock-based comp	$11M	$12M	$11M	$18M	$22M	22%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 33
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$12M	160	125
FY2024	—	—	69	93
FY2023	$2M	$3M	48	94
FY2022	$3M	$1M	27	90
FY2021	$4M	$2M	60	100