X4 Pharmaceuticals Inc Financials

XFOR

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows X4 Pharmaceuticals Inc (XFOR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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

Financial Profile 25/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

X4 Pharmaceuticals Inc has an operating margin of -1423.6%, meaning the company retains $-1424 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.

Leverage

X4 Pharmaceuticals Inc has elevated debt relative to equity (D/E of 3.39), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

100

With a current ratio of 3.41, X4 Pharmaceuticals Inc holds $3.41 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While X4 Pharmaceuticals Inc generated -$130.9M in operating cash flow, capex of $326K consumed most of it, leaving -$131.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

X4 Pharmaceuticals Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

3.50x

For every $1 of reported earnings, X4 Pharmaceuticals Inc generates $3.50 in operating cash flow (-$130.9M OCF vs -$37.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.2x

X4 Pharmaceuticals Inc earns $-4.2 in operating income for every $1 of interest expense (-$36.4M vs $8.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$2.6M

X4 Pharmaceuticals Inc generated $2.6M in revenue in fiscal year 2024.

EBITDA

-$35.6M

YoY+66.8%

X4 Pharmaceuticals Inc's EBITDA was -$35.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 66.8% from the prior year.

Free Cash Flow

-$131.2M

YoY-35.9%

X4 Pharmaceuticals Inc generated -$131.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 35.9% from the prior year.

Net Income

-$37.5M

YoY+63.0%

X4 Pharmaceuticals Inc reported -$37.5M in net income in fiscal year 2024. This represents an increase of 63.0% from the prior year.

EPS (Diluted)

$-0.19

X4 Pharmaceuticals Inc earned $-0.19 per diluted share (EPS) in fiscal year 2024. This represents an increase of 66.7% from the prior year.

Cash & Debt

$55.7M

YoY-43.9%

5Y CAGR-15.1%

X4 Pharmaceuticals Inc held $55.7M in cash against $75.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

X4 Pharmaceuticals Inc had 6M shares outstanding in fiscal year 2024. This represents a decrease of 96.6% from the prior year.

Gross Margin

68.8%

X4 Pharmaceuticals Inc's gross margin was 68.8% in fiscal year 2024, indicating the percentage of revenue retained after direct costs.

Operating Margin

-1423.6%

X4 Pharmaceuticals Inc's operating margin was -1423.6% in fiscal year 2024, reflecting core business profitability.

Net Margin

-1464.6%

X4 Pharmaceuticals Inc's net profit margin was -1464.6% in fiscal year 2024, showing the share of revenue converted to profit.

Return on Equity

N/A

R&D Spending

$81.6M

YoY+13.4%

5Y CAGR+22.0%

X4 Pharmaceuticals Inc invested $81.6M in research and development in fiscal year 2024. This represents an increase of 13.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$326K

YoY+443.3%

5Y CAGR+13.4%

X4 Pharmaceuticals Inc invested $326K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 443.3% from the prior year.

XFOR Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.6M	$0	$0	$0-100.0%	$3.0M	$0
Cost of Revenue	$797K	$0	$0	N/A	N/A	N/A
Gross Profit	$1.8M	$0	$0	N/A	N/A	N/A
R&D Expenses	$81.6M+13.4%	$72.0M+17.9%	$61.1M+20.6%	$50.6M+20.8%	$41.9M+39.0%	$30.2M
SG&A Expenses	$61.5M+73.3%	$35.5M+31.4%	$27.0M+9.4%	$24.7M+18.0%	$20.9M+18.7%	$17.6M
Operating Income	-$36.4M+66.1%	-$107.5M-22.8%	-$87.6M-2.9%	-$85.1M-42.1%	-$59.9M-15.8%	-$51.7M
Interest Expense	$8.8M+51.8%	$5.8M+44.7%	$4.0M+9.6%	$3.6M+35.5%	$2.7M+25.2%	$2.1M
Income Tax	$310K+297.4%	$78K+178.6%	$28K+64.7%	$17K-88.5%	$148K	$0
Net Income	-$37.5M+63.0%	-$101.2M-7.8%	-$93.9M-5.8%	-$88.7M-42.8%	-$62.1M-17.7%	-$52.8M
EPS (Diluted)	$-0.19	$-0.57+62.5%	$-1.52	$-3.99-29.1%	$-3.09	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.6M-10.2%	$1.7M-93.9%	$28.8M+1908.9%	$1.4M+154.7%	$563K	$0	N/A	$0
Cost of Revenue	$351K+7.7%	$326K-93.1%	$4.7M+1461.6%	$302K+12.7%	$268K	$0	N/A	$0
Gross Profit	$1.2M-14.3%	$1.4M-94.1%	$24.1M+2028.2%	$1.1M+283.7%	$295K	$0	N/A	$0
R&D Expenses	$17.3M-5.5%	$18.4M-0.9%	$18.5M-14.7%	$21.7M+3.8%	$20.9M+5.3%	$19.9M	N/A	$19.1M
SG&A Expenses	$11.6M+21.6%	$9.5M-36.6%	$15.0M-0.8%	$15.1M+14.1%	$13.3M-23.8%	$17.4M	N/A	$8.1M
Operating Income	-$27.5M-4.9%	-$26.2M-177.8%	-$9.4M+73.6%	-$35.7M-150.2%	$71.1M+290.7%	-$37.3M	N/A	-$27.2M
Interest Expense	$2.3M+1.1%	$2.2M+1.4%	$2.2M-4.5%	$2.3M+5.9%	$2.2M+16.1%	$1.9M	N/A	$1.6M
Income Tax	-$30K-181.1%	$37K+8.8%	$34K-86.8%	$258K+1333.3%	$18K-5.3%	$19K	N/A	$26K
Net Income	-$29.8M-15.8%	-$25.7M-9228.0%	$282K+100.7%	-$39.8M-143.8%	$90.8M+275.5%	-$51.8M	N/A	-$2.3M
EPS (Diluted)	$-0.69	$-3.47-8775.0%	$0.04+107.8%	$-0.51	$13.57+274.6%	$-7.77	N/A	$-0.01

XFOR Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$146.4M-0.6%	$147.3M-5.4%	$155.6M+32.8%	$117.2M-4.6%	$122.9M-23.5%	$160.7M
Current Assets	$112.2M-8.1%	$122.1M-5.1%	$128.7M+46.4%	$87.9M+5.5%	$83.3M-35.6%	$129.3M
Cash & Equivalents	$55.7M-43.9%	$99.2M-18.5%	$121.7M+48.8%	$81.8M+3.9%	$78.7M-37.6%	$126.2M
Inventory	$2.8M	$0	N/A	N/A	N/A	N/A
Accounts Receivable	$1.1M	$0	N/A	N/A	N/A	$0
Goodwill	$17.4M0.0%	$17.4M0.0%	$17.4M0.0%	$17.4M-36.0%	$27.1M0.0%	$27.1M
Total Liabilities	$124.3M+29.3%	$96.2M+17.9%	$81.5M+54.5%	$52.8M+5.4%	$50.1M+59.1%	$31.5M
Current Liabilities	$32.9M+43.8%	$22.9M+2.4%	$22.3M+59.2%	$14.0M+17.4%	$11.9M+26.5%	$9.4M
Long-Term Debt	$75.0M+37.4%	$54.6M+68.9%	$32.3M-2.5%	$33.1M-0.1%	$33.2M+65.9%	$20.0M
Total Equity	$22.1M-56.7%	$51.1M-31.0%	$74.1M+15.0%	$64.4M-11.5%	$72.8M-43.7%	$129.2M
Retained Earnings	-$515.4M-7.8%	-$477.9M-26.9%	-$376.7M-33.2%	-$282.9M-45.7%	-$194.2M-47.1%	-$132.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$163.6M+55.5%	$105.2M-19.1%	$130.0M-11.2%	$146.4M-30.5%	$210.6M+87.7%	$112.2M-23.8%	$147.3M-15.0%	$173.3M
Current Assets	$132.8M+82.1%	$72.9M-23.8%	$95.7M-14.7%	$112.2M-36.1%	$175.4M+100.9%	$87.3M-28.5%	$122.1M-17.4%	$147.9M
Cash & Equivalents	$69.6M+77.5%	$39.2M-2.6%	$40.3M-27.7%	$55.7M-62.2%	$147.2M+143.4%	$60.5M-39.0%	$99.2M-24.6%	$131.6M
Inventory	$572K-9.6%	$633K-3.9%	$659K-76.6%	$2.8M+1186.3%	$219K	N/A	$0	N/A
Accounts Receivable	$891K-22.2%	$1.1M+125.0%	$509K-52.4%	$1.1M	$0	N/A	$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	$101.9M+0.7%	$101.2M-5.5%	$107.1M-13.9%	$124.3M+7.0%	$116.2M+4.5%	$111.1M+15.6%	$96.2M-9.0%	$105.7M
Current Liabilities	$23.5M+2.7%	$22.9M-11.5%	$25.9M-21.3%	$32.9M+13.8%	$28.9M+22.8%	$23.5M+3.0%	$22.9M-10.1%	$25.4M
Long-Term Debt	$75.0M0.0%	$75.0M0.0%	$75.0M0.0%	$75.0M0.0%	$75.0M+36.4%	$55.0M+0.8%	$54.6M-0.8%	$55.0M
Total Equity	$61.6M+1451.7%	$4.0M-82.7%	$22.9M+3.6%	$22.1M-76.5%	$94.5M+9016.9%	$1.0M-98.0%	$51.1M-24.4%	$67.6M
Retained Earnings	-$570.6M-5.5%	-$540.8M-5.0%	-$515.1M+0.1%	-$515.4M-17.4%	-$438.8M+17.1%	-$529.7M-10.8%	-$477.9M-4.2%	-$458.8M

XFOR Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$130.9M-35.6%	-$96.5M-25.2%	-$77.1M-8.7%	-$70.9M-20.5%	-$58.8M-22.4%	-$48.1M
Capital Expenditures	$326K+443.3%	$60K-41.7%	$103K-83.3%	$615K-54.8%	$1.4M+682.8%	$174K
Free Cash Flow	-$131.2M-35.9%	-$96.6M-25.1%	-$77.2M-7.9%	-$71.5M-18.8%	-$60.2M-24.8%	-$48.2M
Investing Cash Flow	$67.0M+550.1%	-$14.9M-14349.5%	-$103K+83.3%	-$615K+54.8%	-$1.4M-105.0%	$27.2M
Financing Cash Flow	$20.3M-77.1%	$88.5M-24.5%	$117.2M+57.9%	$74.2M+499.0%	$12.4M-91.2%	$140.7M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0	$0-100.0%	$2.0M	$0	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$27.8M+7.0%	-$29.9M-141.8%	-$12.4M+62.5%	-$33.0M+48.4%	-$63.9M-90.2%	-$33.6M-21.1%	-$27.7M+59.7%	-$68.8M
Capital Expenditures	$0	$0	$0-100.0%	$41K-69.4%	$134K+127.1%	$59K+68.6%	$35K+337.5%	$8K
Free Cash Flow	-$27.8M+7.0%	-$29.9M-141.8%	-$12.4M+62.6%	-$33.0M+48.4%	-$64.0M-90.3%	-$33.7M-21.1%	-$27.8M+59.6%	-$68.8M
Investing Cash Flow	-$28.7M-224.0%	$23.1M+836.5%	-$3.1M+63.6%	-$8.6M-108.9%	$96.9M+1920.0%	-$5.3M-10.1%	-$4.8M+6.3%	-$5.2M
Financing Cash Flow	$86.9M+1443.3%	$5.6M	$0-100.0%	$135K-99.3%	$20.2M	$0-100.0%	$97K-99.5%	$21.2M
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	$443K

XFOR Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	68.8%	N/A	N/A	N/A	N/A	N/A
Operating Margin	-1423.6%	N/A	N/A	N/A	-1995.8%	N/A
Net Margin	-1464.6%	N/A	N/A	N/A	-2071.0%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-25.6%+43.1pp	-68.7%-8.4pp	-60.3%+15.4pp	-75.7%-25.1pp	-50.6%-17.7pp	-32.9%
Current Ratio	3.41-1.9	5.34-0.4	5.76-0.5	6.27-0.7	6.97-6.7	13.68
Debt-to-Equity	3.39+2.3	1.07+0.6	0.44-0.1	0.51+0.1	0.46+0.3	0.15
FCF Margin	-5132.1%	N/A	N/A	N/A	-2006.0%	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	77.6%-3.7pp	81.3%-2.3pp	83.6%+4.7pp	78.9%+26.5pp	52.4%	N/A	N/A	N/A
Operating Margin	-1756.6%-252.5pp	-1504.1%-1471.3pp	-32.8%+2457.8pp	-2490.6%-15119.9pp	12629.3%	N/A	N/A	N/A
Net Margin	-1903.9%-427.9pp	-1476.0%-1477.0pp	1.0%+2777.9pp	-2776.9%-18910.7pp	16133.8%	N/A	N/A	N/A
Return on Equity	N/A	N/A	1.2%	N/A	96.2%	N/A	N/A	N/A
Return on Assets	-18.2%+6.3pp	-24.5%-24.7pp	0.2%+27.4pp	-27.2%-70.3pp	43.1%+89.3pp	-46.1%	N/A	-1.3%
Current Ratio	5.65+2.5	3.19-0.5	3.70+0.3	3.41-2.7	6.07+2.4	3.71-1.6	5.34-0.5	5.81
Debt-to-Equity	1.22-17.7	18.89+15.6	3.27-0.1	3.39+2.6	0.79-52.3	53.09+52.0	1.07+0.3	0.81
FCF Margin	-1776.6%-62.1pp	-1714.5%-1671.6pp	-42.9%+2260.8pp	-2303.8%+9069.9pp	-11373.7%	N/A	N/A	N/A

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Frequently Asked Questions

What is X4 Pharmaceuticals Inc's annual revenue?

X4 Pharmaceuticals Inc (XFOR) reported $2.6M in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Is X4 Pharmaceuticals Inc profitable?

No, X4 Pharmaceuticals Inc (XFOR) reported a net income of -$37.5M in fiscal year 2024, with a net profit margin of -1464.6%.

What is X4 Pharmaceuticals Inc's earnings per share (EPS)?

X4 Pharmaceuticals Inc (XFOR) reported diluted earnings per share of $-0.19 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is X4 Pharmaceuticals Inc's EBITDA?

X4 Pharmaceuticals Inc (XFOR) had EBITDA of -$35.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does X4 Pharmaceuticals Inc have?

As of fiscal year 2024, X4 Pharmaceuticals Inc (XFOR) had $55.7M 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 68.8% in fiscal year 2024, 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 -1423.6% in fiscal year 2024, 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 -1464.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is X4 Pharmaceuticals Inc's free cash flow?

X4 Pharmaceuticals Inc (XFOR) generated -$131.2M in free cash flow during fiscal year 2024. This represents a -35.9% 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 -$130.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are X4 Pharmaceuticals Inc's total assets?

X4 Pharmaceuticals Inc (XFOR) had $146.4M in total assets as of fiscal year 2024, including both current and long-term assets.

What are X4 Pharmaceuticals Inc's capital expenditures?

X4 Pharmaceuticals Inc (XFOR) invested $326K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does X4 Pharmaceuticals Inc spend on research and development?

X4 Pharmaceuticals Inc (XFOR) invested $81.6M in research and development during fiscal year 2024.

How many shares does X4 Pharmaceuticals Inc have outstanding?

X4 Pharmaceuticals Inc (XFOR) had 6M shares outstanding as of fiscal year 2024.

What is X4 Pharmaceuticals Inc's current ratio?

X4 Pharmaceuticals Inc (XFOR) had a current ratio of 3.41 as of fiscal year 2024, 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 3.39 as of fiscal year 2024, 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 -25.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is X4 Pharmaceuticals Inc's cash runway?

Based on fiscal year 2024 data, X4 Pharmaceuticals Inc (XFOR) had $55.7M in cash against an annual operating cash burn of $130.9M. This gives an estimated cash runway of approximately 5 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 3 out of 9, indicating weak 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 3.50x, 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 -4.2x, 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 25 out of 100 on our Financial Profile, indicating weak 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.