Xeris Biopharma Holdings Inc. (NASDAQ: XERS) entered into private exchange agreements with holders of its 8.00% Convertible Senior Notes due 2028 to retire approximately $23 million in debt, the company announced.

Under the agreements, Xeris will pay approximately $23 million in cash and issue shares of common stock to retire the notes. The number of shares will be determined based on the volume-weighted average price of Xeris stock over a 21 trading day period beginning June 11, 2026.

If the stock price averages $6.71 per share during the averaging period, equal to the June 10, 2026 closing price, Xeris expects to issue approximately 4.6 million shares. The transaction will reduce annual interest expenses by approximately $2 million.

Following the exchange, Xeris will have $10.5 million in aggregate principal amount of the convertible notes remaining outstanding. Morgan Stanley served as placement agent for the transaction.

The exchanges are being conducted under Section 4(a)(2) exemption from registration under the Securities Act of 1933. The shares to be issued have not been registered under federal or state securities laws.

Xeris develops and commercializes pharmaceutical products including Recorlev for endogenous Cushing's syndrome, Gvoke for severe hypoglycemia treatment, and Keveyis for primary periodic paralysis. The Chicago-based company also has a development pipeline led by XP-8121, a once-weekly treatment for hypothyroidism in Phase 3 readiness.