XERIS BIOPHARMA HOLDINGS, INC. Consolidated Statements of Cash Flows 2021 2020 Cash flows from operating activities: Net loss $ (122,725) $ (91,140) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 1,329 1,467 Amortization of intangible assets 550 — Amortization of investments 413 84 Amortization of debt issuance costs 961 980 Stock-based compensation 11,381 8,273 Loss on conversion of convertible debt — 2,124 Loss on extinguishment of debt — 443 Change in fair value of warrants 702 9 Changes in operating assets and liabilities, net of business acquisition: Trade accounts receivable (6,237) (2,182) Prepaid expenses and other current assets 3,290 925 Inventory (7,418) (5,143) Accounts payable 5,527 (2,486) Other accrued liabilities 12,556 (2,207) Accrued trade discounts and rebates 4,213 4,609 Accrued returns reserve 1,110 932 Deferred rent 254 (447) Other (1,441) 3,201 Net cash used in operating activities (95,535) (80,558) Cash flows from investing activities: Capital expenditures (1,085) (377) Purchases of investments (43,020) (101,773) Sales and maturities of investments 103,600 74,745 Cash acquired through acquisition of business 38,469 — Net cash provided by (used in) investing activities 97,964 (27,405) Cash flows from financing activities: Proceeds from equity offerings 27,000 65,891 Payments of equity offering costs (54) (4,315) Proceeds from issuance of debt — 94,839 Repayment of debt — (25,089) Payments of debt issuance costs — (5,603) Payments of debt conversion costs — (400) Proceeds from issuance of employee stock purchase plan shares 642 669 Proceeds from exercise of stock awards 193 135 Repurchase of common stock withheld for taxes (534) (63) Net cash provided by financing activities 27,247 126,064 Effect of exchange rate changes on cash and cash equivalents (3) (22) Increase in cash and cash equivalents 29,673 18,079 Cash and cash equivalents, beginning of period 37,598 19,519 Cash and cash equivalents, end of period $ 67,271 $ 37,598 Supplemental schedule of cash flow information: Cash paid for interest $ 7,294 $ 4,555 Supplemental schedule of non-cash investing and financing activities: Issuance of stock for conversion of debt $ — $ 37,812 Accrued debt issuance costs $ — $ 347 Stock issued in connection with the Acquisition $ 137,655 $ — Initial fair value of equity awards and PIPE warrants consideration at acquisition date $ 8,871 $ — Initial fair value of contingent consideration at acquisition date $ 22,531 $ — (in thousands) Years Ended December 31, See accompanying notes to consolidated financial statements. 93
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