XERS: Fired KPMG, Hired E&Y

On March 13, 2023, the audit committee (the “Audit Committee”) of the board of directors (the “Board”) of Xeris Biopharma Holdings, Inc. and subsidiaries (the “Company”) approved the dismissal of KPMG LLP ("KPMG") as the Company's independent registered public accounting firm and KPMG was dismissed. KPMG was previously the principal independent accountant for the Company. The audit reports of KPMG on the consolidated financial statements of the Company as of and for the years ended December 31, 2022 and 2021 did not contain any adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles, except as follows:

KPMG’s report on the consolidated financial statements of the Company as of and for the years ended December 31, 2022 and 2021 contained a paragraph stating that “As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2022 due to the adoption of Accounting Standards Update 2016-02, Leases (Topic 842)” .

During the fiscal years ended December 31, 2022 and 2021 and the subsequent interim period through March 13, 2023, there were no (i) disagreements (as that term is described in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of KPMG, would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports on the Company’s consolidated financial statements for such years, or (ii) reportable events (as that term is described in Item 304(a)(1)(v) of Regulation S-K and the related instructions).

The Company provided KPMG with a copy of the disclosures in this Current Report on Form 8-K prior to its filing with the Securities and Exchange Commission (the “Commission”) and requested KPMG furnish it a letter addressed to the Commission stating whether it agrees with the above statements and, if not, stating the respects in which it does not agree. A copy of that letter, dated March 17, 2023, is filed as Exhibit 16.1 to this Current Report on Form 8-K.

On March 13, 2023, the Audit Committee of the Board approved the engagement of Ernst & Young LLP (“E&Y”) as its new independent registered public accounting firm to audit the Company's financial statements for the fiscal year ending December 31, 2023.

During the fiscal years ended December 31, 2022 and 2021 and the subsequent interim period through March 13, 2023, neither the Company nor anyone on its behalf consulted with E&Y regarding (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company's financial statements and neither a written report nor oral advice was provided to the Company that E&Y concluded was an important factor considered by the Company in reaching a decision as to accounting, auditing or financial reporting issues, (ii) any matter that was the subject of a disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions), or (iii) any reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).

KPMG Response

March 17, 2023
Securities and Exchange Commission
Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for Xeris Biopharma Holdings, Inc. and subsidiaries (the “Company”) and, under the date of March 8, 2023, we reported on the consolidated financial statements of the Company as of and for the years ended December 31, 2022 and 2021. On March 13, 2023, we were dismissed.

We have read the Company’s statements included under Item 4.01 of its Form 8-K dated March 17, 2023, and we agree with such statements, except that we are not in a position to agree or disagree with the Company’s statement that the audit committee of the board of directors approved the dismissal and the statements in Item 4.01(b).
Very truly yours,
/s/ KPMG LLP

[Apparently, KPMG was not in attendance to the meeting of the Audit Committee. Neither was I. Therefore, I must also state....what they stated somewhat gratuitously.]