This page shows X4 Pharmaceuticals Inc (XFOR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
X4 Pharmaceuticals Inc has an operating margin of -247.4%, meaning the company retains $-247 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -1400.0% the prior year.
X4 Pharmaceuticals Inc's revenue surged 1250.5% year-over-year to $35.1M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
X4 Pharmaceuticals Inc carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 10.16, X4 Pharmaceuticals Inc holds $10.16 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While X4 Pharmaceuticals Inc generated -$85.6M in operating cash flow, capex of $0 consumed most of it, leaving -$85.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
X4 Pharmaceuticals Inc generates a -42.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -169.1% the prior year.
X4 Pharmaceuticals Inc passes 4 of 9 financial strength tests. No profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, X4 Pharmaceuticals Inc generates $1.08 in operating cash flow (-$85.6M OCF vs -$79.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
X4 Pharmaceuticals Inc earns $-9.8 in operating income for every $1 of interest expense (-$86.9M vs $8.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
X4 Pharmaceuticals Inc generated $35.1M in revenue in fiscal year 2025. This represents an increase of 1250.5% from the prior year.
X4 Pharmaceuticals Inc's EBITDA was -$85.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 140.4% from the prior year.
X4 Pharmaceuticals Inc reported -$79.2M in net income in fiscal year 2025. This represents a decrease of 111.5% from the prior year.
X4 Pharmaceuticals Inc earned $-1.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 66.5% from the prior year.
Cash & Balance Sheet
X4 Pharmaceuticals Inc generated -$85.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 34.8% from the prior year.
X4 Pharmaceuticals Inc held $217.0M in cash against $75.0M in long-term debt as of fiscal year 2025.
X4 Pharmaceuticals Inc had 91M shares outstanding in fiscal year 2025. This represents an increase of 1495.4% from the prior year.
Margins & Returns
X4 Pharmaceuticals Inc's gross margin was 83.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 14.2 percentage points from the prior year.
X4 Pharmaceuticals Inc's operating margin was -247.4% in fiscal year 2025, reflecting core business profitability. This is up 1152.6 percentage points from the prior year.
X4 Pharmaceuticals Inc's net profit margin was -225.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1214.8 percentage points from the prior year.
X4 Pharmaceuticals Inc's ROE was -42.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 126.6 percentage points from the prior year.
Capital Allocation
X4 Pharmaceuticals Inc invested $72.7M in research and development in fiscal year 2025. This represents a decrease of 10.9% from the prior year.
X4 Pharmaceuticals Inc invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
XFOR Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M+91.3% | $1.6M-10.2% | $1.7M-93.9% | $28.8M | N/A | $560K-0.5% | $563K | $0 |
| Cost of Revenue | $364K+3.7% | $351K+7.7% | $326K-93.1% | $4.7M | N/A | $227K-15.3% | $268K | $0 |
| Gross Profit | $2.6M+116.6% | $1.2M-14.3% | $1.4M-94.1% | $24.1M | N/A | $333K+12.9% | $295K | $0 |
| R&D Expenses | $18.5M+6.8% | $17.3M-5.5% | $18.4M-0.9% | $18.5M | N/A | $19.2M-8.3% | $20.9M+5.3% | $19.9M |
| SG&A Expenses | $7.4M-36.3% | $11.6M+21.6% | $9.5M-36.6% | $15.0M | N/A | $15.7M+17.9% | $13.3M-23.8% | $17.4M |
| Operating Income | -$23.7M+13.9% | -$27.5M-4.9% | -$26.2M-177.8% | -$9.4M | N/A | -$34.5M-148.5% | $71.1M+290.7% | -$37.3M |
| Interest Expense | $2.2M-3.1% | $2.3M+1.1% | $2.2M+1.4% | $2.2M | N/A | $2.4M+10.9% | $2.2M+16.1% | $1.9M |
| Income Tax | $0+100.0% | -$30K-181.1% | $37K+8.8% | $34K | N/A | $15K-16.7% | $18K-5.3% | $19K |
| Net Income | -$23.9M+19.8% | -$29.8M-15.8% | -$25.7M-9228.0% | $282K | N/A | -$36.7M-140.4% | $90.8M+275.5% | -$51.8M |
| EPS (Diluted) | N/A | $-0.69 | $-3.47-8775.0% | $0.04 | N/A | $-5.48-140.4% | $13.57+274.6% | $-7.77 |
XFOR Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $290.5M+77.6% | $163.6M+55.5% | $105.2M-19.1% | $130.0M-11.2% | $146.4M-17.8% | $178.2M-15.4% | $210.6M+87.7% | $112.2M |
| Current Assets | $261.6M+97.0% | $132.8M+82.1% | $72.9M-23.8% | $95.7M-14.7% | $112.2M-21.5% | $143.0M-18.5% | $175.4M+100.9% | $87.3M |
| Cash & Equivalents | $217.0M+211.7% | $69.6M+77.5% | $39.2M-2.6% | $40.3M-27.7% | $55.7M-42.8% | $97.4M-33.8% | $147.2M+143.4% | $60.5M |
| Inventory | $579K+1.2% | $572K-9.6% | $633K-3.9% | $659K-76.6% | $2.8M+1465.0% | $180K-17.8% | $219K | N/A |
| Accounts Receivable | $573K-35.7% | $891K-22.2% | $1.1M+125.0% | $509K-52.4% | $1.1M | $0 | $0 | N/A |
| Goodwill | $17.4M0.0% | $17.4M0.0% | $17.4M0.0% | $17.4M0.0% | $17.4M0.0% | $17.4M0.0% | $17.4M0.0% | $17.4M |
| Total Liabilities | $104.2M+2.2% | $101.9M+0.7% | $101.2M-5.5% | $107.1M-13.9% | $124.3M+4.9% | $118.5M+2.1% | $116.2M+4.5% | $111.1M |
| Current Liabilities | $25.8M+9.6% | $23.5M+2.7% | $22.9M-11.5% | $25.9M-21.3% | $32.9M+12.4% | $29.3M+1.2% | $28.9M+22.8% | $23.5M |
| Long-Term Debt | $75.0M0.0% | $75.0M0.0% | $75.0M0.0% | $75.0M0.0% | $75.0M0.0% | $75.0M0.0% | $75.0M+36.4% | $55.0M |
| Total Equity | $186.3M+202.3% | $61.6M+1451.7% | $4.0M-82.7% | $22.9M+3.6% | $22.1M-62.9% | $59.6M-36.9% | $94.5M+9016.9% | $1.0M |
| Retained Earnings | -$594.6M-4.2% | -$570.6M-5.5% | -$540.8M-5.0% | -$515.1M+0.1% | -$515.4M-8.4% | -$475.5M-8.4% | -$438.8M+17.1% | -$529.7M |
XFOR Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.5M+44.2% | -$27.8M+7.0% | -$29.9M-141.8% | -$12.4M+62.5% | -$33.0M+3.0% | -$34.0M+46.7% | -$63.9M-90.2% | -$33.6M |
| Capital Expenditures | $0 | $0 | $0 | $0-100.0% | $41K-55.4% | $92K-31.3% | $134K+127.1% | $59K |
| Free Cash Flow | -$15.5M+44.2% | -$27.8M+7.0% | -$29.9M-141.8% | -$12.4M+62.6% | -$33.0M+3.2% | -$34.1M+46.7% | -$64.0M-90.3% | -$33.7M |
| Investing Cash Flow | $16.8M+158.8% | -$28.7M-224.0% | $23.1M+836.5% | -$3.1M+63.6% | -$8.6M+45.9% | -$15.9M-116.4% | $96.9M+1920.0% | -$5.3M |
| Financing Cash Flow | $146.1M+68.1% | $86.9M+1443.3% | $5.6M | $0-100.0% | $135K | $0-100.0% | $20.2M | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
XFOR Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.8%+10.3pp | 77.6%-3.7pp | 81.3%-2.3pp | 83.6% | N/A | 59.5%+7.1pp | 52.4% | N/A |
| Operating Margin | -791.0%+965.6pp | -1756.6%-252.5pp | -1504.1%-1471.3pp | -32.8% | N/A | -6160.7%-18790.0pp | 12629.3% | N/A |
| Net Margin | -798.6%+1105.3pp | -1903.9%-427.9pp | -1476.0%-1477.0pp | 1.0% | N/A | -6552.9%-22686.6pp | 16133.8% | N/A |
| Return on Equity | -12.8%+35.6pp | -48.4%+599.8pp | -648.2%-649.4pp | 1.2% | N/A | -61.6%-157.7pp | 96.2%+5092.9pp | -4996.7% |
| Return on Assets | -8.2%+10.0pp | -18.2%+6.3pp | -24.5%-24.7pp | 0.2% | N/A | -20.6%-63.7pp | 43.1%+89.3pp | -46.1% |
| Current Ratio | 10.16+4.5 | 5.65+2.5 | 3.19-0.5 | 3.70+0.3 | 3.41-1.5 | 4.89-1.2 | 6.07+2.4 | 3.71 |
| Debt-to-Equity | 0.40-0.8 | 1.22-17.7 | 18.89+15.6 | 3.27-0.1 | 3.39+2.1 | 1.26+0.5 | 0.79-52.3 | 53.09 |
| FCF Margin | -518.3%+1258.4pp | -1776.6%-62.1pp | -1714.5%-1671.6pp | -42.9% | N/A | -6093.6%+5280.1pp | -11373.7% | N/A |
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Frequently Asked Questions
What is X4 Pharmaceuticals Inc's annual revenue?
X4 Pharmaceuticals Inc (XFOR) reported $35.1M in total revenue for fiscal year 2025. This represents a 1250.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is X4 Pharmaceuticals Inc's revenue growing?
X4 Pharmaceuticals Inc (XFOR) revenue grew by 1250.5% year-over-year, from $2.6M to $35.1M in fiscal year 2025.
Is X4 Pharmaceuticals Inc profitable?
No, X4 Pharmaceuticals Inc (XFOR) reported a net income of -$79.2M in fiscal year 2025, with a net profit margin of -225.6%.
What is X4 Pharmaceuticals Inc's EBITDA?
X4 Pharmaceuticals Inc (XFOR) had EBITDA of -$85.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does X4 Pharmaceuticals Inc have?
As of fiscal year 2025, X4 Pharmaceuticals Inc (XFOR) had $217.0M in cash and equivalents against $75.0M in long-term debt.
What is X4 Pharmaceuticals Inc's gross margin?
X4 Pharmaceuticals Inc (XFOR) had a gross margin of 83.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is X4 Pharmaceuticals Inc's operating margin?
X4 Pharmaceuticals Inc (XFOR) had an operating margin of -247.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is X4 Pharmaceuticals Inc's net profit margin?
X4 Pharmaceuticals Inc (XFOR) had a net profit margin of -225.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is X4 Pharmaceuticals Inc's return on equity (ROE)?
X4 Pharmaceuticals Inc (XFOR) has a return on equity of -42.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is X4 Pharmaceuticals Inc's free cash flow?
X4 Pharmaceuticals Inc (XFOR) generated -$85.6M in free cash flow during fiscal year 2025. This represents a 34.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is X4 Pharmaceuticals Inc's operating cash flow?
X4 Pharmaceuticals Inc (XFOR) generated -$85.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are X4 Pharmaceuticals Inc's total assets?
X4 Pharmaceuticals Inc (XFOR) had $290.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are X4 Pharmaceuticals Inc's capital expenditures?
X4 Pharmaceuticals Inc (XFOR) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does X4 Pharmaceuticals Inc spend on research and development?
X4 Pharmaceuticals Inc (XFOR) invested $72.7M in research and development during fiscal year 2025.
What is X4 Pharmaceuticals Inc's current ratio?
X4 Pharmaceuticals Inc (XFOR) had a current ratio of 10.16 as of fiscal year 2025, which is generally considered healthy.
What is X4 Pharmaceuticals Inc's debt-to-equity ratio?
X4 Pharmaceuticals Inc (XFOR) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is X4 Pharmaceuticals Inc's return on assets (ROA)?
X4 Pharmaceuticals Inc (XFOR) had a return on assets of -27.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is X4 Pharmaceuticals Inc's cash runway?
Based on fiscal year 2025 data, X4 Pharmaceuticals Inc (XFOR) had $217.0M in cash against an annual operating cash burn of $85.6M. This gives an estimated cash runway of approximately 30 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is X4 Pharmaceuticals Inc's Piotroski F-Score?
X4 Pharmaceuticals Inc (XFOR) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are X4 Pharmaceuticals Inc's earnings high quality?
X4 Pharmaceuticals Inc (XFOR) has an earnings quality ratio of 1.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can X4 Pharmaceuticals Inc cover its interest payments?
X4 Pharmaceuticals Inc (XFOR) has an interest coverage ratio of -9.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is X4 Pharmaceuticals Inc?
X4 Pharmaceuticals Inc (XFOR) scores 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.