X4 Pharmaceuticals, Inc

For the period ended Dec 31, 2025. Filed Mar 17, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 17, 2026

XFOR$3.33+4.7%Stored close · as of Nov 9, 2026

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Contents

Item 1.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

	Year Ended December 31,
	2025	2024	2023
License and other revenue	$28,590	$—	$—
Product revenue, net	6,523	2,557	—
Total revenue	35,113	2,557	—
Costs and operating expenses:
Cost of revenue	5,757	797	—
Research and development	72,723	81,643	72,017
General and administrative	43,516	61,518	35,505
Gain on sale of non-financial asset	—	(105,000)	—
Total operating expense	121,996	38,958	107,522
Loss from operations	(86,883)	(36,401)	(107,522)
Other income (expense), net:
Interest income	4,576	5,769	4,582
Interest expense	(8,876)	(8,768)	(5,777)
Change in fair value of warrant liability	12,778	1,928	7,074
Other (expense) income, net	(753)	332	554
Total other income (expense), net	7,725	(739)	6,433
Loss before provision for income taxes	(79,158)	(37,140)	(101,089)
Provision for income taxes	41	310	78
Net loss	$(79,199)	$(37,450)	$(101,167)
Net loss per share: basic and diluted	$(1.87)	$(5.59)	$(17.07)
Weighted average shares outstanding: basic and diluted	42,292,818	6,702,073	5,927,082
Other comprehensive loss, net of tax:
Net loss	$(79,199)	$(37,450)	$(101,167)
Change in net unrealized gains on marketable debt securities	13	(3)	—
Comprehensive loss	$(79,186)	$(37,453)	$(101,167)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.