X4 Pharmaceuticals, IncXFOR

X4 Pharmaceuticals, Inc Earnings Per Share Disclosure

10-KFiled Mar 17, 20262 min read
Net Loss Per Share
Basic and diluted net loss per share was calculated as follows:
Year Ended December 31,
(in thousands, except share and per share data)202520242023
Numerator:
Net loss
$(79,199)$(37,450)$(101,167)
Denominator:
Weighted average shares of common stock outstanding—basic and diluted
42,292,818 6,702,073 5,927,082 
Net loss per share— basic and diluted
$(1.87)$(5.59)$(17.07)
Basic and diluted weighted average shares of common stock outstanding for the years ended December 31, 2025, 2024 and 2023 includes the weighted average effect of pre-funded warrants for the purchase of shares of common stock, for which the remaining unfunded exercise price is less than or equal to $0.30 per share.

For each of the years ended December 31, 2025, 2024, and 2023, during which the Company recorded net loss, the Company’s potentially dilutive securities included outstanding stock options, unvested restricted stock units and warrants to purchase shares of common stock. These potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share, and thus they are considered “anti-dilutive.” Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same for these periods.

The Company excluded the following potential shares of common stock from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:
Year Ended December 31,
202520242023
Options to purchase shares of common stock12,080,718 394,783 402,690 
Unvested restricted stock units73,381 200,060 265,874 
Warrants to purchase shares of common stock (excluding prefunded warrants, which are included in basic shares outstanding)
2,545,948 2,545,960 2,545,960 
14,700,047 3,140,803 3,214,524 

Historical Timeline

Fiscal YearFiled
2025Mar 17, 2026Showing above
2024Mar 26, 2025

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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