Xeris Biopharma Holdings, Inc.

**Signal Note: Driehaus Capital Initiates $23.4M XERS Position** Growth-focused Driehaus's entry into Xeris suggests conviction in the company's commercial execution of ready-to-use injectables (glucagon, hydrocortisone) targeting acute care markets with high switching costs and limited competition. The ~3M share position (likely 5-7% of float) indicates meaningful conviction; near-term catalysts likely include glucagon label expansion data and hydrocortisone revenue ramp in the acute setting, where Xeris has pricing power versus legacy vial-and-syringe formulations.