X4 Pharmaceuticals Inc

For the period ended Jun 30, 2024. Filed Aug 8, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 8, 2024

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

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Contents

Item 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(unaudited)

	June 30, 2024	December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$147,218	$99,216
Marketable securities	21,536	15,000
Research and development incentive receivable	854	562
Inventory	831	—
Prepaid expenses and other current assets	4,977	7,298
Total current assets	175,416	122,076
Property and equipment, net	808	745
Goodwill	17,351	17,351
Intangible asset, net	10,375	—
Right-of-use assets	4,872	5,650
Other assets	1,789	1,436
Total assets	$210,611	$147,258
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$7,986	$8,947
Accrued expenses (Note 9)	19,744	12,816
Current portion of lease liability	1,172	1,099
Total current liabilities	28,902	22,862
Long-term debt, including accretion, net of discount	75,030	54,570
Lease liabilities	2,026	2,612
Warrant liability (Note 5)	9,223	15,683
Other liabilities	979	432
Total liabilities	116,160	96,159
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.001 par value, 500,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 168,196,180 and 167,434,595 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	168	167
Additional paid-in capital	533,280	528,956
Accumulated other comprehensive loss	(159)	(119)
Accumulated deficit	(438,838)	(477,905)
Total stockholders’ equity	94,451	51,099
Total liabilities and stockholders’ equity	$210,611	$147,258

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except share and per share amounts)

(unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Product revenue, net	$563	$—	$563	$—
Costs and operating expenses:
Cost of revenue	268	—	268	—
Research and development	20,914	15,601	40,768	37,664
Selling, general and administrative	13,278	10,204	30,713	17,445
Gain on sale of non-financial asset (Note 17)	(105,000)	—	(105,000)	—
Total operating (income) expense	(70,540)	25,805	(33,251)	55,109
Income (loss) from operations	71,103	(25,805)	33,814	(55,109)
Other income (expense), net:
Interest income	1,565	914	2,631	1,749
Interest expense	(2,176)	(1,148)	(4,050)	(2,257)
Change in fair value of warrant liability	20,215	(29,860)	6,460	(24,421)
Other income, net	144	202	249	325
Total other income (expense), net	19,748	(29,892)	5,290	(24,604)
Income (loss) before provision for income taxes	90,851	(55,697)	39,104	(79,713)
Provision for income taxes	18	15	37	19
Net income (loss)	$90,833	$(55,712)	$39,067	$(79,732)
Net income (loss) per share: basic	$0.45	$(0.33)	$0.20	$(0.51)
Weighted average shares of common stock outstanding: basic	200,440,473	168,737,764	200,216,035	157,415,524
Net income (loss) per share: diluted	$0.45	$(0.33)	$0.19	$(0.51)
Weighted average shares of common stock outstanding: diluted	200,801,311	168,737,764	200,455,883	157,415,524
Other comprehensive income (loss), net of tax:
Net income (loss)	$90,833	$(55,712)	$39,067	$(79,732)
Change in unrealized loss on marketable debt securities	(6)	—	(42)	—
Comprehensive income (loss)	$90,827	$(55,712)	$39,025	$(79,732)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

Common Stock · AdditionalPaid-InCapital · Accumulated Other ComprehensiveLoss · AccumulatedDeficit · TotalStockholders’Equity
Shares · Amount
Balance at December 31, 2023	167,434,595		$167			$528,956		$(119)		$(477,905)	$51,099
Vesting of restricted stock units	503,186	1			(1)				—
Stock-based compensation expense			1,739				1,739
Unrealized loss on marketable securities					(36)		(36)
Net loss						(51,766)	(51,766)
Balance at March 31, 2024	167,937,781		$168			$530,694		$(155)		$(529,671)	$1,036
Issuance of shares of common stock under employee stock purchase plan	235,068			158				158
Vesting of restricted stock units	23,331						—
Stock-based compensation expense			2,428				2,428
Unrealized loss on marketable securities					(4)		(4)
Net income (loss)						90,833	90,833
Balance at June 30, 2024	168,196,180		$168			$533,280		$(159)		$(438,838)	$94,451

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

Common Stock · AdditionalPaid-InCapital · Accumulated Other ComprehensiveLoss · AccumulatedDeficit · TotalStockholders’ Equity
Shares · Amount
Balance at December 31, 2022	121,667,250		$122			$450,786		$(119)		$(376,738)	$74,051
Vesting of restricted stock units	540,238						—
Stock-based compensation			1,645				1,645
Net loss						(24,020)	(24,020)
Balance at March 31, 2023	122,207,488		$122			$452,431		$(119)		$(400,758)	$51,676
Issuance of common stock and prefunded warrants in private placementequity transaction, net of issuance costs	34,521,046	35			60,408				60,443
Issuance of common stock under employee stock purchase plan	114,577			175				175
Exercise of stock and warrants	7,476,345	7			8,804				8,811
Vesting of restricted stock units	98,555	—			—				—
Stock-based compensation			2,142				2,142
Net loss						(55,712)	(55,712)
Balance at June 30, 2023	164,418,011		$164			$523,960		$(119)		$(456,470)	$67,535

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.