XFOR on Nasdaq
X4 Pharmaceuticals, Inc
American biological products company based in Boston, incorporated in Delaware.
$2.56 up 0.12 (4.69%)Price as of Oct 15, 2026 at 17:33 UTC
Last updated Oct 18, 2026.
Overview
Compare with C4 Therapeutics (United States), Precision BioSciences or Scholar Rock Holding Corp, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-247.4%Operating margin4
-225.6%Net margin4
1273.2%Revenue growth, 20254
-42.5%Return on equity4
0.40×Debt to equity4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
License and Other Revenue brought in 81% of the revenue X4 Pharmaceuticals, Inc broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| License and Other Revenue | $0 | $0 | $28.6M |
| Product | $0 | $2.6M | $6.5M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue7¢$5.8M
- Research and development93¢$72.7M
- Income tax0¢$41.0K
Out of $35.1M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $35.1M | $2.6M | $0 |
| Cost of revenue | $5.8M | $797.0K | $0 |
| Research and development | $72.7M | $81.6M | $72.0M |
| General and administrative | $43.5M | $61.5M | $35.5M |
| Gain on sale of non-financial asset | $0 | -$105.0M | $0 |
| Total operating expense | $122.0M | $39.0M | $107.5M |
| Loss from operations | -$86.9M | -$36.4M | -$107.5M |
| Interest income | $4.6M | $5.8M | $4.6M |
| Interest expense | -$8.9M | -$8.8M | -$5.8M |
| Change in fair value of warrant liability | $12.8M | $1.9M | $7.1M |
| Other (expense) income, net | -$753.0K | $332.0K | $554.0K |
| Total other income (expense), net | $7.7M | -$739.0K | $6.4M |
| Loss before provision for income taxes | -$79.2M | -$37.1M | -$101.1M |
| Provision for income taxes | $41.0K | $310.0K | $78.0K |
| Net loss | -$79.2M | -$37.5M | -$101.2M |
| Net loss per share attributable to common stockholdersbasic | -$1.87 | -$5.59 | -$17.07 |
| Weighted average shares of common stock outstandingbasic | 42.3M shares | 6.7M shares | 5.9M shares |
| Net loss per share attributable to common stockholdersdiluted | -$1.87 | -$5.59 | -$17.07 |
| Weighted average shares of common stock outstandingdiluted | 42.3M shares | 6.7M shares | 5.9M shares |
| Change in net unrealized gains on marketable debt securities | $13.0K | -$3.0K | $0 |
| Comprehensive loss | -$79.2M | -$37.5M | -$101.2M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $217.0M | $55.7M | ||
| Accounts receivable | $573.0K | $1.1M | ||
| Marketable securities | $35.9M | $46.4M | ||
| Research and development incentive receivable | $0 | $640.0K | ||
| Inventory | $4.5M | $2.8M | ||
| Prepaid expenses and other current assets | $3.5M | $5.6M | ||
| Total current assets | $261.6M | $112.2M | ||
| Property and equipment, net | $182.0K | $776.0K | ||
| Goodwill | $17.4M | $17.4M | $17.4M | |
| Intangible asset, net | $9.2M | $10.0M | ||
| Right-of-use assets | $1.4M | $4.1M | ||
| Other assets | $692.0K | $2.1M | ||
| Total assets | $290.5M | $146.4M | ||
| Accounts payable | $5.7M | $8.6M | ||
| Accrued expenses | $18.6M | $23.0M | ||
| Deferred revenue | $464.0K | $0 | ||
| Current portion of lease liability | $994.0K | $1.3M | ||
| Total current liabilities | $25.8M | $32.9M | ||
| Long-term debt, including accretion, net of discount | $76.3M | $75.4M | ||
| Lease liabilities | $0 | $1.4M | ||
| Warrant liability | $977.0K | $13.8M | ||
| Deferred revenue | $621.0K | $0 | ||
| Other liabilities | $525.0K | $831.0K | ||
| Total liabilities | $104.2M | $124.3M | ||
| 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 | ||
| 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 | $91.0K | $6.0K | ||
| Additional paid-in capital | $780.9M | $537.6M | ||
| Accumulated other comprehensive loss | -$109.0K | -$122.0K | ||
| Accumulated deficit | -$594.6M | -$515.4M | ||
| Total stockholders equity | $186.3M | $22.1M | $51.1M | $74.1M |
| Total liabilities and stockholders equity | $290.5M | $146.4M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in usd per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized | 500.0M shares | 500.0M shares | ||
| Common stock, shares issued | 90.9M shares | 5.7M shares | ||
| Common stock, shares outstanding | 90.9M shares | 5.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $217.0M | $55.7M | ||
| Accounts receivable | $573.0K | $1.1M | ||
| Marketable securities | $35.9M | $46.4M | ||
| Research and development incentive receivable | $0 | $640.0K | ||
| Inventory | $4.5M | $2.8M | ||
| Prepaid expenses and other current assets | $3.5M | $5.6M | ||
| Total current assets | $261.6M | $112.2M | ||
| Property and equipment, net | $182.0K | $776.0K | ||
| Goodwill | $17.4M | $17.4M | $17.4M | |
| Intangible asset, net | $9.2M | $10.0M | ||
| Right-of-use assets | $1.4M | $4.1M | ||
| Other assets | $692.0K | $2.1M | ||
| Total assets | $290.5M | $146.4M | ||
| Accounts payable | $5.7M | $8.6M | ||
| Accrued expenses | $18.6M | $23.0M | ||
| Deferred revenue | $464.0K | $0 | ||
| Current portion of lease liability | $994.0K | $1.3M | ||
| Total current liabilities | $25.8M | $32.9M | ||
| Long-term debt, including accretion, net of discount | $76.3M | $75.4M | ||
| Lease liabilities | $0 | $1.4M | ||
| Warrant liability | $977.0K | $13.8M | ||
| Deferred revenue | $621.0K | $0 | ||
| Other liabilities | $525.0K | $831.0K | ||
| Total liabilities | $104.2M | $124.3M | ||
| 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 | ||
| 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 | $91.0K | $6.0K | ||
| Additional paid-in capital | $780.9M | $537.6M | ||
| Accumulated other comprehensive loss | -$109.0K | -$122.0K | ||
| Accumulated deficit | -$594.6M | -$515.4M | ||
| Total stockholders equity | $186.3M | $22.1M | $51.1M | $74.1M |
| Total liabilities and stockholders equity | $290.5M | $146.4M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in usd per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized | 500.0M shares | 500.0M shares | ||
| Common stock, shares issued | 90.9M shares | 5.7M shares | ||
| Common stock, shares outstanding | 90.9M shares | 5.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$79.2M | -$37.5M | -$101.2M |
| Stock-based compensation expense | $4.3M | $8.2M | $8.7M |
| Depreciation and amortization expense | $1.3M | $796.0K | $419.0K |
| Gain on sale of non-financial asset | $0 | -$105.0M | $0 |
| Non-cash lease expense | $2.7M | $1.6M | $1.6M |
| Accretion of debt discount | $865.0K | $856.0K | $929.0K |
| Change in fair value of warrant liability | -$12.8M | -$1.9M | -$7.1M |
| Other | -$161.0K | -$639.0K | -$227.0K |
| Accounts receivable | $497.0K | -$1.1M | $0 |
| Inventory | -$1.7M | -$2.8M | $0 |
| Prepaid expenses, other current and non-current assets and research and development incentive receivable | $4.2M | $683.0K | -$1.4M |
| Accounts payable | -$3.0M | -$286.0K | $1.2M |
| Accrued expenses and other long-term liabilities | -$2.0M | $7.2M | $1.6M |
| Deferred revenue | $1.1M | $0 | $0 |
| Lease liabilities | -$1.7M | -$1.0M | -$1.1M |
| Net cash used in operating activities | -$85.6M | -$130.9M | -$96.5M |
| Acquisition of intangible asset | -$3.0M | -$7.0M | $0 |
| Proceeds from sale of non-financial asset | $0 | $105.0M | $0 |
| Purchase of marketable securities | -$63.4M | -$57.1M | -$16.8M |
| Sales and maturities of marketable securities | $74.5M | $26.4M | $2.0M |
| Acquisition of property and equipment | $0 | -$326.0K | -$60.0K |
| Net cash provided by (used in) investing activities | $8.2M | $67.0M | -$14.9M |
| Proceeds from exercise of stock options, warrants, and pre-funded warrants and issuance of shares of common stock under employee stock purchase plan | $98.0K | $294.0K | $8.7M |
| Proceeds from borrowings under loan and security agreement | $0 | $20.0M | $22.5M |
| Repayments of borrowings under loan and security agreement | $0 | $0 | -$2.1M |
| Issuance costs for amendments to loan and security agreement and for the sale of warrants accounted as a liability | $0 | $0 | -$631.0K |
| Proceeds from sale of shares of common stock, warrants and pre-funded warrants, less issuance costs | $238.5M | $0 | $60.0M |
| Net cash provided by financing activities | $238.6M | $20.3M | $88.5M |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $213.0K | -$156.0K | $99.0K |
| Net increase (decrease) in cash, cash equivalents and restricted cash | $161.4M | -$43.8M | -$22.8M |
| Acquisition of intangible assets included in accrued expenses | $500.0K | $3.5M | $0 |
| Cash paid for interest | $8.1M | $7.8M | $4.6M |
No quarter-by-quarter statement was filed.
Leadership
Who has led X4 Pharmaceuticals, Inc, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerPaula Ragan Mar 14, 2019 to now13
- Chief executive officerRene Russo Mar 9, 2018 to Mar 9, 201814
- ChairAdam R. Craig Aug 14, 2025 to now15
- PresidentJohn Volpone Aug 14, 2025 to now16
- PresidentPaula Ragan Mar 14, 2019 to Aug 14, 202513
- PresidentRene Russo Mar 9, 2018 to Mar 9, 201814
- Chief financial officerDavid Kirske Aug 14, 2025 to now17
- Chief financial officerAdam S. Mostafa Jun 19, 2019 to Aug 14, 202518
- Chief operating officerMary Dibiase Sep 10, 2021 to now19
Board members and other officers (31)
- Interim Chief Medical OfficerMurray Stewart Aug 11, 2023 to Aug 11, 202320
- Chief Medical OfficerChristophe Arbet-Engels Aug 16, 2023 to now21
- Chief Commercial OfficerMark Baldry Nov 4, 2022 to now22
- Chief Scientific OfficerRenato Skerlj Jun 11, 2020 to Sep 10, 202023
- Chief Scientific OfficerArthur Taveras Nov 3, 2020 to Oct 8, 202424
- Chief Medical OfficerDiego Cadavid Dec 14, 2020 to Mar 1, 202225
- OfficerAdam S. Mostafa Mar 14, 2019 to Jul 1, 202026
- Chief Medical OfficerLynne E. Kelley Apr 26, 2019 to Apr 26, 201927
- Chief Medical OfficerAnthony Chris Stevens Nov 15, 2017 to Mar 9, 201828
- Chief Development OfficerDavid Mantus Nov 15, 2017 to Mar 9, 201829
- Chief Scientific OfficerEszter Nagy Nov 15, 2017 to Mar 9, 201830
- OfficerRene Russo Nov 15, 2017 to Nov 15, 201731
- Board memberKelly Gold Jul 1, 2026 to now32
- Board memberKeith Woods Oct 18, 2023 to now33
- Board memberCraecker Francoise De Oct 18, 2021 to now34
- Board memberAlison Francis Lawton Oct 6, 2020 to Jun 11, 202435
- Board memberGary Bridger Mar 14, 2019 to now36
- Board memberIsaac Blech Mar 14, 2019 to Apr 2, 201937
- Board memberMichael S. Wyzga Mar 14, 2019 to now38
- Board memberPaula Ragan Mar 14, 2019 to now13
- Board memberMurray Stewart Apr 2, 2019 to now39
- Board memberWilliam Aliski Sep 20, 2019 to Jun 11, 202440
- Board memberAmy W. Schulman Nov 15, 2017 to Jun 7, 201841
- Board memberCarl L. Gordon Nov 15, 2017 to Jun 7, 201842
- Board memberClaudio Nessi Nov 15, 2017 to Jun 7, 201843
- Board memberDavid W. J. McGirr Nov 15, 2017 to now44
- Board memberRene Russo Nov 15, 2017 to Jun 2, 202131
- Board memberTerrance McGuire Nov 15, 2017 to Jun 7, 201845
- Board memberTillman U. Gerngross Nov 15, 2017 to Jun 7, 201846
- General counselNatasha Fay Thoren Jun 3, 2025 to now47
- General counselDerek M. Meisner Nov 6, 2019 to Aug 19, 202248
Former names
- Arsanis, Inc.Sep 24, 2010 to Mar 13, 20193
Timeline
Filings
435 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 85 major events, 154 insider forms, 61 large holders, 3 private raises, 112 other. The latest 20:
- Oct 8, 20268-K EDGAR
- Oct 7, 2026SCHEDULE 13G/A EDGAR
- Oct 5, 20264 EDGAR
- Oct 1, 2026144 EDGAR
- Sep 21, 2026SCHEDULE 13G EDGAR
- Sep 9, 20268-K EDGAR
- Sep 8, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 13, 2026144 EDGAR
- Aug 13, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 13, 2026144 EDGAR
- Aug 6, 202610-Q EDGAR
- Jul 30, 2026SCHEDULE 13G EDGAR
- Jul 1, 20264 EDGAR
- Jul 1, 20264 EDGAR
- Jul 1, 20263 EDGAR
- Jul 1, 20268-K EDGAR
- May 15, 2026SCHEDULE 13G/A EDGAR
The 435 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 61 such filings since October 2021, the latest 10:
- Oct 7, 2026SCHEDULE 13G/A
- Sep 21, 2026SCHEDULE 13G
- Aug 14, 2026SCHEDULE 13G/A
- Aug 14, 2026SCHEDULE 13G/A
- Jul 30, 2026SCHEDULE 13G
- May 15, 2026SCHEDULE 13G/A
- Mar 6, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Money raised
Private offerings the company reported to the SEC on Form D.
- Aug 13, 2025Raised $85 million in a private offering of equity Form D: 18 investors so far Form D
- May 18, 2023Raised $65 million in a private offering of equity Form D: $65 million offered in all Form D
- Jul 6, 2022Raised $55.7 million in a private offering of equity Form D: $111.5 million offered in all Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 88. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Morgan Stanley | 9,461,279 | $44.2M | 0.0% | −5,713 |
| Fmr LLC | 8,321,657 | $38.9M | 0.0% | +218,257 |
| Bain Capital Life Sciences Investors, LLC | 7,967,454 | $37.2M | 2.2% | No change |
| Perceptive Advisors LLC | 7,933,491 | $37.0M | 0.6% | +1,195,843 |
| Kalehua Capital Management LLC | 7,445,680 | $34.8M | 11.1% | No change |
| Saturn V Capital Management LP | 6,973,343 | $32.6M | 4.7% | +516,697 |
| Empery Asset Management, LP | 6,930,591 | $32.4M | 37.4% | −2,013,527 |
| Deep Track Capital, LP | 5,878,757 | $27.5M | 0.4% | −460,778 |
| BlackRock, Inc. | 5,554,906 | $25.9M | 0.0% | +4,343,112 |
| Nantahala Capital Management, LLC | 4,898,936 | $22.9M | 0.7% | +2,449,468 |
| Vanguard Capital Management LLC | 3,715,859 | $17.4M | 0.0% | +218,247 |
| Rosalind Advisors, Inc. | 3,214,766 | $15.0M | 5.6% | No change |
| Braidwell LP | 2,922,754 | $13.6M | 0.5% | −350,200 |
| Blackstone Inc. | 2,681,922 | $12.5M | 0.0% | No change |
| Trails Edge Capital Partners, LP | 2,571,478 | $12.0M | 1.9% | No change |
| Bvf Inc/il | 2,233,742 | $10.4M | 0.3% | No change |
| Geode Capital Management, LLC | 2,098,047 | $9.8M | 0.0% | +1,158,321 |
| Venrock Adviser, LLC | 1,934,253 | $9.0M | 0.3% | +1,603,728 |
| Samsara Biocapital, LLC | 1,395,587 | $6.5M | 0.5% | −436,979 |
| State Street Corp | 1,296,017 | $6.1M | 0.0% | +892,483 |
| Woodline Partners LP | 1,001,095 | $4.7M | 0.0% | No change |
| Goldman Sachs Group Inc | 916,536 | $4.3M | 0.0% | +34,402 |
| Northern Trust Corp | 652,849 | $3.0M | 0.0% | +474,614 |
| Vanguard Fiduciary Trust Co | 572,038 | $2.7M | 0.0% | +91,305 |
| Vanguard Portfolio Management LLC | 542,128 | $2.5M | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2Yahoo FinanceXFOR quote
- 3
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- 13SEC EDGARPaula Ragan, Chief executive officer
- 14SEC EDGARRene Russo, Chief executive officer
- 15SEC EDGARAdam R. Craig, Chair
- 16SEC EDGARJohn Volpone, President
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25SEC EDGARDiego Cadavid, Chief Medical Officer
- 26SEC EDGARAdam S. Mostafa, Officer
- 27
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- 29
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- 31SEC EDGARRene Russo, Officer
- 32SEC EDGARKelly Gold, Board member
- 33SEC EDGARKeith Woods, Board member
- 34SEC EDGARCraecker Francoise De, Board member
- 35SEC EDGARAlison Francis Lawton, Board member
- 36SEC EDGARGary Bridger, Board member
- 37SEC EDGARIsaac Blech, Board member
- 38SEC EDGARMichael S. Wyzga, Board member
- 39SEC EDGARMurray Stewart, Board member
- 40SEC EDGARWilliam Aliski, Board member
- 41SEC EDGARAmy W. Schulman, Board member
- 42SEC EDGARCarl L. Gordon, Board member
- 43SEC EDGARClaudio Nessi, Board member
- 44SEC EDGARDavid W. J. McGirr, Board member
- 45SEC EDGARTerrance McGuire, Board member
- 46SEC EDGARTillman U. Gerngross, Board member
- 47SEC EDGARNatasha Fay Thoren, General counsel
- 48SEC EDGARDerek M. Meisner, General counsel