X4 Pharmaceuticals, Inc
For the period ended Dec 31, 2025. Filed Mar 17, 2026.
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FY2025 · Filed Mar 17, 2026
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Item
- Strategic Restructurings
In the first quarter of 2025, the Company implemented a strategic restructuring of its business operations, workforce and capital spending to focus efforts on advancing mavorixafor to treat patients with CN. As part of this restructuring, the Company (i) implemented a net reduction of its employee headcount by 43 employees, or approximately 30% of its total workforce as of February 2025, including its U.S. commercial field team, (ii) commenced the closure of its research and development facility in Vienna, Austria, (iii) paused its pre-clinical drug candidate programs and (iv) streamlined other spending to support the ongoing clinical development of mavorixafor for the larger population of patients with CN. In addition, in the third quarter of 2025, the Company implemented additional strategic restructuring designed to sharpen its operational focus and align resources with the Company’s long‑term strategy to successfully complete the 4WARD trial in patients with moderate and severe CN. As part of this initiative, the Company further reduced its workforce by an additional approximately 50%. This workforce reduction was substantially completed in the third quarter of 2025.
The Company incurred charges of $7.0 million for severance and other employee termination-related costs related to these strategic restructuring actions, of which $2.0 million is included in research and development and $5.0 million is included in general and administrative expense on the accompanying consolidated statement of operations for the year ended December 31, 2025. During the year ended December 31, 2024, as a result of operational reorganizations, the Company incurred severance and other benefit charges due to employee terminations in the amount of $0.9 million.
Approximately $1.5 million of accrued severance and other employee termination-related costs are included in accrued expenses on the consolidated balance sheet as of December 31, 2025.
The following table summarizes the Company’s liability recognized in connection with these headcount reductions:
| (in thousands) | |
|---|---|
| Balance as of December 31, 2023 | $94 |
| Severance and other employee-related expenses | 861 |
| Cash payments | (485) |
| Balance as of December 31, 2024 | 470 |
| Severance and other employee-related expenses | 7,007 |
| Cash payments | (5,951) |
| Balance as of December 31, 2025 | $1,526 |
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