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XFOR

X4 Pharmaceuticals, Inc.

XFOR

X4 Pharmaceuticals, Inc. • NASDAQ
$3.64 ▲ 0.00% (+0.00)
Market Cap $41.53 M
52w High $26.82
52w Low $1.35
Dividend Yield 0%
P/E -0.41
Volume 178.41K
Outstanding Shares 11.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.765M ▼ $28.923M ▲ $-29.815M ▼ -1.689K% ▼ $-0.69 ▲ $-27.365M ▼
Q2-2025 $1.973M ▼ $27.879M ▼ $-25.741M ▼ -1.305K% ▼ $-3.47 ▼ $-23.117M ▼
Q1-2025 $28.807M ▲ $33.534M ▼ $282K ▲ 0.979% ▲ $0.039 ▲ $2.993M ▲
Q4-2024 $1.434M ▲ $36.847M ▲ $-39.821M ▼ -2.777K% ▲ $-6 ▼ $-36.986M ▼
Q3-2024 $560K $34.833M $-36.696M -6.553K% $-5.4 $-34M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $122.418M ▲ $163.555M ▲ $101.936M ▲ $61.619M ▲
Q2-2025 $62.951M ▼ $105.168M ▼ $101.197M ▼ $3.971M ▼
Q1-2025 $86.951M ▼ $130.013M ▼ $107.069M ▼ $22.944M ▲
Q4-2024 $102.06M ▼ $146.447M ▼ $124.298M ▲ $22.149M ▼
Q3-2024 $134.977M $178.165M $118.544M $59.621M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-29.815M ▼ $-27.822M ▲ $-28.669M ▼ $86.905M ▲ $30.413M ▲ $-27.822M ▲
Q2-2025 $-25.741M ▼ $-29.901M ▼ $23.112M ▲ $5.631M ▲ $-1.019M ▲ $-29.901M ▼
Q1-2025 $282K ▲ $-12.368M ▲ $-3.138M ▲ $0 ▼ $-15.434M ▲ $-15.368M ▲
Q4-2024 $-39.821M ▼ $-32.995M ▲ $-8.621M ▲ $135K ▲ $-41.725M ▲ $-33.036M ▲
Q3-2024 $-36.696M $-34.032M $-15.929M $0 $-49.796M $-34.124M

Revenue by Products

Product Q2-2024Q1-2025Q2-2025Q3-2025
License and Other Revenue
License and Other Revenue
 $0 ▲$30.00M ▲$0 ▼$0 ▲
Product
Product
 $0 ▲$0 ▲$0 ▲$0 ▲
Product Returns
Product Returns
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement X4 has essentially been a research-and-development story so far, with no meaningful product revenue showing up yet in the reported years and ongoing operating losses. The company spends heavily on development and commercialization activities relative to its size, which keeps earnings deep in negative territory. That said, losses per share have been trending in a better direction over time, helped by cost management and share structure changes. With the first product now approved, the income statement is at an inflection point: future results will depend heavily on how quickly XOLREMDI prescriptions build and whether the company can scale sales faster than expenses, but profitability still appears some distance away.

Balance Sheet

Balance Sheet The balance sheet is small and relatively simple, dominated by cash and a modest amount of debt. Total assets have stayed fairly steady over the past few years, suggesting disciplined spending but also limited financial flexibility. Equity remains positive but thin, reflecting accumulated losses and past financing. The reverse stock splits highlight historical pressure on the share price and point to dilution risk as a recurring tool for funding. Overall, X4 has a lean but not distressed balance sheet, with enough resources to pursue near-term milestones but likely a need for fresh capital if growth or trial timelines stretch out.

Cash Flow

Cash Flow Cash flows show a clear pattern of steady cash burn from operations with virtually no spending on physical assets, which is typical for an R&D‑driven biotech. The company’s cash use has been relatively consistent, reflecting ongoing trials and now the early commercialization build-out. With no material inflows yet from product sales in the historical data, X4 remains dependent on external funding to support its programs. Management commentary that the cash runway extends into the first half of 2026 suggests near-term breathing room, but longer-term sustainability will rely on converting XOLREMDI and pipeline progress into meaningful recurring cash inflows.

Competitive Edge

Competitive Edge X4 occupies a specialized niche in rare immune disorders with a clear first‑mover advantage. XOLREMDI is the only approved targeted therapy for WHIM syndrome, giving the company strong positioning in a very small but underserved market, supported by orphan-disease dynamics and limited direct competition. The oral, once-daily format and mechanistic targeting of the CXCR4 pathway create meaningful differentiation versus older, injectable, or non-targeted approaches. The main competitive vulnerabilities are the narrow starting indication, potential future entrants targeting the same pathway, and payer scrutiny on high-priced rare disease drugs. Regional partnerships broaden its reach but also share economics, slightly muting the full competitive benefit.

Innovation and R&D

Innovation and R&D Innovation is X4’s core strength. The company has built deep expertise around the CXCR4 pathway and turned this into the first oral CXCR4 antagonist approved for a rare immunodeficiency, which is a significant scientific and regulatory achievement. The strategy is to leverage the same mechanism across related conditions, with a pivotal trial in chronic neutropenia as the next major step that could greatly expand the commercial opportunity. Early-stage candidates aiming at brain and oncology applications show ambition to extend the platform, but they are still at a high‑risk, preclinical stage. The R&D portfolio is focused and coherent, yet also concentrated: success depends heavily on one pathway and one lead molecule continuing to demonstrate benefit and safety across indications.

Summary

X4 Pharmaceuticals is transitioning from a pure R&D biotech into an early commercial company anchored by a first‑in‑class rare disease drug. Financially, it remains loss‑making with steady cash burn and a modest balance sheet, but with enough liquidity reported to pursue key milestones over the next couple of years. The company’s main strengths lie in its scientific leadership in CXCR4 biology, its first and only approved therapy for WHIM syndrome, and a clear plan to expand into larger but still specialized blood and immune disorders. The biggest uncertainties are clinical and regulatory outcomes for the chronic neutropenia program, the real‑world uptake and reimbursement of XOLREMDI, and the timing and terms of future financing. Overall, X4 is a high‑risk, high‑uncertainty biotech story where future value will hinge on execution in both the clinic and the marketplace rather than on current financial performance.

NEWS

November 5, 2025 · 4:01 PM UTC

X4 Pharmaceuticals to Participate in Guggenheim's Second Annual Healthcare Innovation Conference

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November 5, 2025 · 7:00 AM UTC

X4 Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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October 27, 2025 · 7:05 PM UTC

X4 Pharmaceuticals Announces Closing of Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares for Gross Proceeds of $155.3 Million

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October 24, 2025 · 12:37 AM UTC

X4 Pharmaceuticals Announces Pricing of $135 Million Underwritten Public Offering

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October 23, 2025 · 4:01 PM UTC

X4 Pharmaceuticals Announces Proposed Underwritten Public Offering

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