X4 Pharmaceuticals, Inc
For the period ended Dec 31, 2025. Filed Mar 17, 2026.
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FY2025 · Filed Mar 17, 2026
XFOR$3.33+4.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 1B.
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(79,199) | $(37,450) | $(101,167) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation expense | 4,298 | 8,204 | 8,687 |
| Depreciation and amortization expense | 1,277 | 796 | 419 |
| Gain on sale of non-financial asset | — | (105,000) | — |
| Non-cash lease expense | 2,656 | 1,585 | 1,577 |
| Accretion of debt discount | 865 | 856 | 929 |
| Change in fair value of warrant liability | (12,778) | (1,928) | (7,074) |
| Other | (161) | (639) | (227) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 497 | (1,070) | — |
| Inventory | (1,662) | (2,817) | — |
| Prepaid expenses, other current and non-current assets and research and development incentive receivable | 4,248 | 683 | (1,370) |
| Accounts payable | (2,979) | (286) | 1,234 |
| Accrued expenses and other long-term liabilities | (2,025) | 7,169 | 1,608 |
| Deferred revenue | 1,085 | — | — |
| Lease liabilities | (1,740) | (1,004) | (1,128) |
| Net cash used in operating activities | (85,618) | (130,901) | (96,512) |
| Cash flows from investing activities: | |||
| Acquisition of intangible asset | (3,000) | (7,000) | — |
| Proceeds from sale of non-financial asset | — | 105,000 | — |
| Purchase of marketable securities | (63,388) | (57,134) | (16,823) |
| Sales and maturities of marketable securities | 74,542 | 26,450 | 2,000 |
| Acquisition of property and equipment | — | (326) | (60) |
| Net cash provided by (used in) investing activities | 8,154 | 66,990 | (14,883) |
| Cash flows from financing activities: | |||
| Proceeds from exercise of stock options, warrants, and pre-funded warrants and issuance of shares of common stock under employee stock purchase plan | 98 | 294 | 8,712 |
| Proceeds from borrowings under loan and security agreement | — | 20,000 | 22,500 |
| Repayments of borrowings under loan and security agreement | — | — | (2,064) |
| Issuance costs for amendments to loan and security agreement and for the sale of warrants accounted as a liability | — | — | (631) |
| Proceeds from sale of shares of common stock, warrants and pre-funded warrants, less issuance costs | 238,530 | — | 59,999 |
| Net cash provided by financing activities | 238,628 | 20,294 | 88,516 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 213 | (156) | 99 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 161,377 | (43,773) | (22,780) |
| Cash, cash equivalents and restricted cash at beginning of period | 56,475 | 100,248 | 123,028 |
| Cash, cash equivalents and restricted cash at end of period | $217,852 | $56,475 | $100,248 |
| Acquisition of intangible assets included in accrued expenses | $500 | $3,500 | $— |
| Cash paid for interest | $8,053 | $7,766 | $4,604 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.