X4 Pharmaceuticals, Inc

Listed Company

XFORCIK 0001501697NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$35.11M

Net Income

$-79.20M

Total Assets

$290.46M

Equity

$186.29M

Shares Out

90.92M

Op. Cash Flow

$-85.60M

Business

X4 Pharmaceuticals, Inc is a biopharmaceutical company developing and commercializing novel small‑molecule therapeutics that target the immune system via CXCR4 antagonism. Its main product is mavorixafor, an oral CXCR4 antagonist marketed as XOLREMDI for WHIM syndrome, with ongoing clinical development in chronic neutropenic disorders and preclinical CXCR4 candidates. The company operates as a single reportable segment focused on clinical development, regulatory filings, commercialization, and partner licensing arrangements. It currently markets in the United States and pursues regulatory approvals and commercialization through partners and distributors across Europe, Greater China, the Middle East, Australia and New Zealand, using specialty pharmacy channels and licensees.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	35	3	0	0	0
Cost of revenue	6	797,000	0	0	—
Research and development	73	82	72	61	51
General and administrative	44	62	36	27	25
Gain on sale of non-financial asset	0	−105	0	0	0
Total operating expense	122	39	108	—	—
Loss from operations	−87	−36	−108	−88	−85
Interest income	5	6	5	219,000	10,000
Interest expense	−9	−9	−6	−4	—
Change in fair value of warrant liability	13	2	7	2	−366,000
Other (expense) income, net	−753,000	332,000	554,000	−4	426,000
Total other income (expense), net	8	−739,000	6	−6	−4
Loss before provision for income taxes	−79	−37	−101	−94	−89
Provision for income taxes	41,000	310,000	78,000	28,000	17,000
Net loss	−79	−37	−101	−94	−89
Net loss per share attributable to common stockholdersbasic	−1.87	−5.59	−17.07	−1.52	−3.99
Weighted average shares of common stock outstandingbasic	42	7	6	64	26
Net loss per share attributable to common stockholdersdiluted	−1.87	−5.59	−17.07	−1.52	−3.99
Weighted average shares of common stock outstandingdiluted	42	7	6	64	26
Change in net unrealized gains on marketable debt securities	13,000	−3,000	0	−3	−14
Comprehensive loss	−79	−37	−101	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	217	56	99	122	82
Accounts receivable	573,000	1	0	—	—
Marketable securities	36	46	15	0	—
Research and development incentive receivable	0	640,000	562,000	1	747,000
Inventory	4	3	—	—	—
Prepaid expenses and other current assets	4	6	7	6	5
Total current assets	262	112	122	129	88
Property and equipment, net	182,000	776,000	745,000	1	2
Goodwill	17	17	17	17	17
Intangible asset, net	9	10	0	—	—
Right-of-use assets	1	4	6	7	9
Other assets	692,000	2	1	1	2
Total assets	290	146	147	156	117
Accounts payable	6	9	9	8	4
Accrued expenses	19	23	13	12	8
Deferred revenue	464,000	0	—	—	—
Current portion of lease liability	994,000	1	1	1	1
Total current liabilities	26	33	23	22	14
Long-term debt, including accretion, net of discount	76	75	—	—	—
Lease liabilities	0	1	3	4	5
Warrant liability	977,000	14	16	23	0
Deferred revenue	621,000	0	—	—	—
Other liabilities	525,000	831,000	432,000	173,000	826,000
Total liabilities	104	124	96	82	53
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock, $0.001 par value. 10,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0	0	—	—
Common stock, $0.001 par value, 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 90,906,920 and 5,698,231 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	91,000	6,000	167,000	122,000	28,000
Additional paid-in capital	781	538	529	451	347
Accumulated other comprehensive loss	−109,000	−122,000	−119,000	−119,000	−119,000
Accumulated deficit	−595	−515	−478	−377	−283
Total stockholders equity	186	22	51	74	64
Total liabilities and stockholders equity	290	146	147	156	117

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	4	8	9	5	6
Depreciation and amortization expense	1	796,000	419,000	513,000	499,000
Non-cash lease expense	3	2	2	1	1
Accretion of debt discount	865,000	856,000	929,000	918,000	756,000
Change in fair value of warrant liability	−13	−2	−7	3	366,000
Other	−161,000	−639,000	−227,000	37,000	337,000
Accounts receivable	497,000	−1	0	0	—
Inventory	−2	−3	0	0	—
Prepaid expenses, other current and non-current assets and research and development incentive receivable	4	683,000	−1	−610,000	−2
Accounts payable	−3	−286,000	1	3	1
Accrued expenses and other long-term liabilities	−2	7	2	4	−152,000
Deferred revenue	1	0	0	—	—
Lease liabilities	−2	−1	−1	−882,000	−698,000
Net cash used in operating activities	−86	−131	−97	−77	−71
Acquisition of intangible asset	−3	−7	0	—	—
Proceeds from sale of non-financial asset	0	105	0	—	—
Purchase of marketable securities	−63	−57	−17	0	0
Sales and maturities of marketable securities	75	26	2	0	0
Acquisition of property and equipment	0	−326,000	−60,000	−103,000	−615,000
Net cash provided by (used in) investing activities	8	67	−15	−103,000	−615,000
Proceeds from exercise of stock options, warrants, and pre-funded warrants and issuance of shares of common stock under employee stock purchase plan	98,000	294,000	9	—	—
Proceeds from borrowings under loan and security agreement	0	20	23	0	0
Repayments of borrowings under loan and security agreement	0	0	−2	−795,000	0
Issuance costs for amendments to loan and security agreement and for the sale of warrants accounted as a liability	0	0	−631,000	−5	0
Proceeds from sale of shares of common stock, warrants and pre-funded warrants, less issuance costs	239	0	60	—	—
Net cash provided by financing activities	239	20	89	117	74
Effect of exchange rate changes on cash, cash equivalents and restricted cash	213,000	−156,000	99,000	−105,000	−319,000
Net increase (decrease) in cash, cash equivalents and restricted cash	161	−44	−23	40	2
Acquisition of intangible assets included in accrued expenses	500,000	4	0	—	—
Cash paid for interest	8	8	5	3	3

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