X4 Pharmaceuticals, IncXFOR

X4 Pharmaceuticals, Inc Segments Disclosure

10-KFiled Mar 17, 20262 min read
Segment Information
The Company’s Executive Chairman, who is its CODM, manages the Company’s operations as a single operating segment, which comprises its single reportable segment, for the purposes of assessing performance and making operating decisions. The Company’s focus is on the research, development and commercialization of novel therapeutics for the treatment of rare hematology diseases. The Company’s research, development and commercialization efforts are focused on its lead molecule, mavorixafor.

The measure of profit for the segment is net loss and consisted of the following for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
(in thousands)202520242023
Revenue from external customers (a)$35,113 $2,557 $— 
Compensation expense, excluding stock-based compensation, SARs compensation expense and severance expense33,283 46,148 28,377 
Direct research and development program expenses (mavorixafor) 41,400 41,483 41,163 
Gain on sale of non-financial assets— (105,000)— 
Other segment items (b)39,629 57,376 31,627 
Net loss (measure of segment profit)$(79,199)$(37,450)$(101,167)
(a) For the year ended December 31, 2025, the Company recognized $6.5 million of revenue from its U.S. customer and $28.6 million of revenue from its customer in the United Kingdom. For the year ended December 31, 2024, the Company recognized $2.6 million of revenue from its U.S. customer and it had no non-U.S. revenue. The Company recognized no revenue for the year ended December 31, 2023.
(b) Other segment items primarily include cost of revenue, non-compensation departmental costs within sales, general and administrative departments, certain unallocated external costs within research and development, stock-based compensation expense, SARs compensation expense, severance expense, other income (expense), and provision for income taxes.

The CODM only receives and reviews information regarding segment assets at the consolidated level. As of December 31, 2025, the Company’s single operating segment had long-lived assets, including property and equipment and right-of-use assets, of $1.6 million, all of which were located in the U.S. As of December 31, 2024, the operating segment’s long-lived assets were $4.8 million, of which $3.2 million and $1.6 million were located in the U.S. and Austria, respectively.

Historical Timeline

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

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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