Xeris Biopharma Holdings, Inc.XERS

Xeris Biopharma Holdings, Inc. Earnings Per Share Disclosure

10-KFiled Mar 2, 20262 min read
Net Income (Loss) Per Common Share
Basic and diluted net income (loss) per common share are determined by dividing net income (loss) applicable to common stockholders by the weighted average common shares outstanding during the period. For periods in which the Company was in a net loss, the shares issuable upon conversion, exercise or vesting of Convertible Notes, warrants, stock option awards and RSUs have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average common shares outstanding used to calculate both basic and diluted net loss per common share are the same.
A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share is as follows (in thousands):
Years Ended December 31,
202520242023
Numerator (basic and diluted):
Net income (loss)$554 $(54,836)$(62,255)
Denominator:
Weighted-average shares outstanding for basic net income (loss) per share160,425,198 146,772,758 137,674,857 
Effect of dilutive securities:
Stock options1,759,487 — — 
RSUs8,392,992 — — 
Warrants2,165,043 — — 
Weighted-average shares outstanding for diluted net income (loss) per share172,742,720 146,772,758 137,674,857 

The following potentially dilutive securities were excluded from the computation of diluted weighted average common shares outstanding due to their anti-dilutive effect:
Years Ended December 31,
202520242023
Shares to be issued upon conversion of 2028 and 2025 Convertible Notes12,441,36815,939,21615,939,216
Stock Options— 8,832,170 9,199,744 
Restricted stock units (RSUs)— 16,420,640 11,579,548 
Warrants— 8,053,148 8,362,270 
Total anti-dilutive securities excluded from EPS computation12,441,368 49,245,174 45,080,778 
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Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Mar 6, 2025

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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