The 2018 Stock Option and Incentive Plan (the "2018 Plan") was adopted by the Board of Directors in April 2018 and approved by the Company's stockholders in June 2018. The 2018 Plan replaced the 2011 Plan as the Board of Directors decided not to make additional awards under the 2011 Stock Option Issuance Plan (the "2011 Plan"). Under the 2018 Plan, equity awards may be granted to the Company's officers, employees, directors, consultants and advisors. As of June 30, 2026, there were 10.8 million shares of common stock available for future issuance under the 2018 Plan.

The 2018 Employee Stock Purchase Plan (as amended, the "ESPP") was adopted by the Board of Directors in April 2018, approved by the Company's stockholders in June 2018, and subsequently amended by the Company's stockholders in June 2024. The ESPP permits eligible employees to authorize payroll deductions of up to 15% of their compensation to purchase up to the number of shares of common stock determined by dividing $25,000 by the closing market price of Xeris common stock on the offering date. The purchase price per share at each purchase date is equal to 85% of the lower of (i) the closing market price per share of Xeris common stock on the employee's offering date or (ii) the closing market price per share of Xeris common stock on the purchase date. Each offering period has a six-month duration and purchase interval. As of June 30, 2026, there were 5.7 million shares available for issuance under the ESPP.

The Equity Inducement Plan (the "Inducement Plan") was adopted by the Board of Directors in February 2019. Under the Inducement Plan, the Company may grant share-based awards to individuals who were not previously employees, or following a bona fide period of nonemployment, as an inducement to such individuals entering into employment with the Company. As of June 30, 2026, there were 0.5 million shares of common stock available for future issuance under the Inducement Plan.

As of June 30, 2026, there were no shares reserved for future grants under the legacy equity incentive plans of Strongbridge, including the Strongbridge 2015 equity compensation plan and Strongbridge 2017 inducement plan (collectively, the "Assumed Plans").

Stock options are granted with an exercise price equal to the market price of the Company's common stock at the date of grant. Stock option awards typically vest over three years after the grant date and expire seven to ten years from the grant date.


	Number of Options	Weighted Average Exercise Price Per Share	Weighted Average Contractual Life (years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2025	5,309,859	$5.54	2.78	$16.3
Granted	2,484,456	$7.26
Exercised	(508,059)	$2.81
Forfeited	(24,324)	$7.36
Expired	(194,680)	$7.58
Outstanding - June 30, 2026	7,067,252	$6.28	5.00	$15.3
Exercisable - June 30, 2026	4,607,120	$5.76	2.53	$13.7

As of June 30, 2026, there was $11.5 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over the weighted-average remaining vesting period of 2.5 years.

Restricted Stock Units ("RSUs") generally vest over three years in equal annual installments beginning on the one-year anniversary of the date of grant, subject to continued service through the vesting date. The Company withholds upon settlement as RSUs vest, or as stock options are exercised, the portion of those shares with a fair market value equal to the amount of the minimum statutory withholding taxes due. The withheld shares are accounted for as repurchases of common stock. Stock-based compensation expense related to RSUs is recognized on a straight-line basis over the grantee's requisite service period.


	Number of Units	Weighted Average Grant Date Fair Value Per Share
Unvested balance - December 31, 2025	13,511,338	$	2.93
Granted	3,343,506	$	7.19
Vested	(6,518,738)	$	2.49
Forfeited	(930,997)	$	3.82
Unvested balance - June 30, 2026	9,405,109	$	4.67

The total fair value of RSUs vested for the six months ended June 30, 2026 was $47.4 million. Of the vested RSUs, 2.3 million shares were surrendered to fulfill tax withholding obligations.

As of June 30, 2026, there was $34.6 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over the weighted-average remaining vesting period of 1.7 years. For the six months ended June 30, 2026 and June 30, 2025, the weighted-average grant date fair value per share of RSUs granted was $7.19 and $3.71, respectively.

Stock appreciation rights ("SARs") are granted under the 2018 Plan. SARs are granted with an exercise price equal to the market price of the Company's common stock at the date of grant. SARs allow the recipient to receive the appreciation in the fair market value of the Company's common stock between the exercise date and the date of grant. SARs are settled in cash and vest in full and automatically exercise on the second anniversary of the date of grant, subject to continued service through the vesting date. SARs are settled in cash, and accordingly are classified as liabilities in the Company's Consolidated Balance Sheets and are remeasured to fair value at the end of each reporting period using the Black-Scholes option-pricing model.


	Number of SARs	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in millions)
Outstanding - December 31, 2025	2,650,000	$	3.36	0.98	$	11.8
Granted	—	$	—
Outstanding - June 30, 2026	2,650,000	$	3.36	0.48	$	11.9
Vested and exercisable at June 30, 2026	—	$	—

The risk-free interest rate for SARs is based on the United States Treasury yield curve in effect at the time of remeasurement. Expected stock price volatility is based on the historical volatility of the Company's stock. As of June 30, 2026, there was $2.9 million of unrecognized stock-based compensation expense related to SARs.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

Research and development	$	503	$	444	$	1,142	$	768
Selling, general and administrative	$	10,563	$	4,564	$	14,064	$	8,683
Total stock-based compensation expense	$	11,066	$	5,008	$	15,206	$	9,451