Filing Overview
Xeris Biopharma Holdings, Inc. filed a Form 8-K dated March 17, 2023, reporting events occurring on March 13, 2023. The filing concerns a change in the company’s independent registered public accounting firm and does not provide current-period operating or financial results.
Business Context and Reporting Period
The Audit Committee approved the dismissal of KPMG LLP and the engagement of Ernst & Young LLP (E&Y) to audit the company’s financial statements for the fiscal year ending December 31, 2023.
Financial Metrics and Capitalization
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, guidance, or other operating metrics.
Material Changes and Auditor Matters
- KPMG was dismissed as the company’s independent registered public accounting firm on March 13, 2023.
- KPMG’s audit reports for the years ended December 31, 2022 and 2021 contained no adverse opinion, disclaimer, or qualification relating to uncertainty, audit scope, or accounting principles, other than an explanatory paragraph concerning the adoption of ASC 842, Leases, effective January 1, 2022.
- The company reported no disagreements with KPMG regarding accounting principles, financial statement disclosure, or audit scope or procedures during the fiscal years ended December 31, 2022 and 2021 or the subsequent interim period through March 13, 2023.
- The company also reported no reportable events during those periods.
- E&Y was engaged to audit the fiscal year ending December 31, 2023. The company stated that neither it nor anyone acting on its behalf consulted E&Y about specified accounting, auditing, financial reporting, disagreement, or reportable-event matters before the engagement.
Outlook, Risks, and Unusual Items
The filing contains no management guidance or business outlook. The auditor transition is the principal unusual item. KPMG’s letter addressing the company’s disclosures is included as Exhibit 16.1.
Investor Verification Points
- Review Exhibit 16.1 for KPMG’s confirmation or comments regarding the auditor-change disclosures.
- Confirm the scope and timing of E&Y’s audit of the fiscal year ending December 31, 2023.
- Review the company’s subsequent financial filings for any effects of the auditor transition or additional accounting matters.
- Verify the company’s adoption and ongoing application of ASC 842, Leases, in its financial statements.