X4 Pharmaceuticals Reports Third Quarter 2026 Financial Results and Provides Corporate Update

X4 expects its balance sheet to provide cash runway into Q1 2029.

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) reported third-quarter 2026 revenue of $2.9 million as its quarterly net loss narrowed year over year. Net loss was $20.2 million, or $0.16 per share, versus $29.8 million, or $0.69 per share. Nine-month revenue fell to $14.4 million from $32.5 million, while net loss increased to $56.6 million from $55.3 million.

The company expects its Phase 3 4WARD trial to complete enrollment of 126 participants in Q4 2026. The planned Phase 2b 4STEPS trial will evaluate G-CSF dose reduction after starting mavorixafor in approximately 25 patients, with first enrollment expected in Q1 2027. Results from both trials are expected in Q1 2028, with potential FDA approval for primary chronic neutropenia in late 2028 or early 2029. Cash, cash equivalents and marketable securities totaled $187.7 million at September 30; a new senior term loan facility provides up to $150 million.

13 points · 1 major

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1 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointUp to $150 million senior term loan facility secured with K2 HealthVentures, replacing a prior loan agreement. 48% of market cap
• Moderate pointQuarterly revenue rose to $2.879 million from $1.765 million in Q3 2025.
• Moderate pointQuarterly net loss narrowed to $20.198 million, or $0.16 per share, versus $29.815 million, or $0.69.
• Moderate pointNine-month operating loss narrowed to $56.688 million from $63.184 million in 2025.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash runway into Q1 2029 is expected by the company.
• Moderate point. Forward-looking: it has not happened yet and may not happen.4WARD enrollment of 126 participants is expected to complete in Q4 2026, with results expected in Q1 2028.
• Moderate point. Forward-looking: it has not happened yet and may not happen.4STEPS topline results are expected in Q1 2028, evaluating G-CSF dose reduction while maintaining stable neutrophil counts.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Potential FDA approval for mavorixafor in primary chronic neutropenia is anticipated in late 2028 or early 2029.

5 minor points

• Minor pointNet product revenue increased to $2.773 million quarterly and $7.615 million year-to-date, versus $1.566 million and $4.252 million.
• Minor pointR&D expenses decreased to $13.343 million quarterly and $43.872 million year-to-date, versus $17.337 million and $54.202 million.
• Minor pointG&A expenses decreased to $9.014 million quarterly and $24.481 million year-to-date, versus $11.586 million and $36.134 million.
• Minor pointNine-month cost of revenue fell to $2.728 million from $5.393 million in 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Planned 4STEPS Phase 2b trial targets approximately 25 patients; first enrollment is expected in Q1 2027.

Negative

• Major pointSenior term loan facility adds borrowing obligations, with capacity of up to $150 million. 48% of market cap
• Moderate pointNine-month revenue declined to $14.393 million from $32.545 million in 2025.
• Moderate pointCash and cash equivalents fell to $185.801 million at September 30, 2026, from $217.049 million at December 31, 2025.
• Moderate pointWorking capital declined to $183.150 million at September 30, 2026, from $235.820 million at December 31, 2025.
• Moderate pointStockholders’ equity declined to $138.883 million at September 30, 2026, from $186.290 million at December 31, 2025.

5 minor points

• Minor pointLicense and other revenue fell to $0.106 million quarterly and $6.778 million year-to-date, versus $0.199 million and $28.293 million.
• Minor pointNine-month net loss widened to $56.596 million from $55.274 million; per-share loss narrowed to $0.45 from $2.87.
• Minor pointQuarterly cost of revenue increased to $0.513 million from $0.351 million in Q3 2025.
• Minor pointMarketable securities fell to $1.900 million at September 30, 2026, from $35.949 million at December 31, 2025.
• Minor pointTotal assets declined to $231.816 million at September 30, 2026, from $290.461 million at December 31, 2025.

News Explained

X4 says its September 30, 2026 balance-sheet resources provide cash runway into Q1 2029, giving the reported cash balance a company-stated funding horizon.

Key Figures

Cash, equivalents and marketable securities: $187.7 million Revenue: $2.9 million Revenue: $14.4 million +5 more

Cash, equivalents and marketable securities

$187.7 million

As of September 30, 2026

Revenue

$2.9 million

Three months ended September 30, 2026; compared with $1.8 million in 2025

Revenue

$14.4 million

Nine months ended September 30, 2026; compared with $32.5 million in 2025

Net loss

$20.2 million

Three months ended September 30, 2026; compared with $29.8 million in 2025

Net loss

$56.6 million

Nine months ended September 30, 2026; compared with $55.3 million in 2025

Senior term loan facility

Up to $150 million

With K2 HealthVentures; replaced a prior loan agreement

4WARD target enrollment

126 participants

Enrollment expected to complete in Q4 2026

4STEPS planned enrollment

Approximately 25 patients

Phase 2b trial

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Earnings report

   24h Move

   +11.3%

   Q2 reported $8.8M revenue and $16.2M quarterly net loss; cash runway extended into 2029.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

absolute neutrophil count, co-primary endpoints, intent-to-treat, fast track designation

4 terms

absolute neutrophil count medical

"co-primary endpoints of absolute neutrophil count (93%)"

Absolute neutrophil count (ANC) is a lab measure of the number of neutrophils — the white blood cells that act like the body’s rapid-response security guards against infection. Investors watch ANC because low counts indicate higher infection risk, can trigger drug dose cuts or trial pauses, and influence regulatory decisions and market value when therapies affect blood cell levels.

co-primary endpoints medical

"trial’s co-primary endpoints of absolute neutrophil count (93%)"

Co-primary endpoints are two or more key outcomes that a clinical study must meet simultaneously to be considered successful, like needing both improved symptoms and a marker of disease reduction. For investors, they matter because meeting multiple agreed goals strengthens the evidence that a treatment works and can influence regulatory approval, market access and commercial potential—similar to a product needing to pass both safety and performance checks before launch.

intent-to-treat technical

"for the intent-to-treat population"

A method for analyzing clinical trial results that counts every participant in the group they were originally assigned to, regardless of whether they completed the treatment or followed instructions. Like grading a class by the seats students were assigned rather than who finished the exam, it preserves the trial’s original comparisons and gives a realistic, often more conservative, estimate of how a drug or device performs in real-world use — information investors use to judge reliability and regulatory risk.

fast track designation regulatory

"The U.S. FDA has granted Fast Track designation to mavorixafor"

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

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- 4WARD Phase 3 Chronic Neutropenia Trial Expected to Achieve Target Enrollment in Q4 2026 -

- Initiating 4STEPS Phase 2b Trial Evaluating G-CSF Dose Reduction with Mavorixafor;
Enrollment of First Participant Expected in Q1 2027 -

- Investor Day Highlights Significant Market Opportunity for Mavorixafor in Primary Chronic Neutropenia -

- Balance Sheet Provides Cash Runway into Q1 2029 -

BOSTON, Nov. 04, 2026 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (Nasdaq: XFOR), a company focused on improving the lives of people with rare hematology diseases, today reported financial results for the third quarter ended September 30, 2026 and provided a corporate update.

"With topline data from both our global 4WARD trial and our new 4STEPS trial expected in the first quarter of 2028, we believe mavorixafor is uniquely positioned to transform the treatment landscape for patients with primary chronic neutropenia," said Adam Craig, M.D., Ph.D., Executive Chairman of X4 Pharmaceuticals. "We have made significant progress enrolling our 4WARD trial and remain on track to complete our target enrollment of 126 participants by the end of this year. At our recent, well-received Investor Day, we outlined the design of our Phase 2b 4STEPS trial designed to evaluate how to safely reduce G-CSF dosage after starting mavorixafor while maintaining stable neutrophil counts. We also shared new market research supporting the significant commercial opportunity in this disease targeting 15,000 to 30,000 patients in the United States, subject to FDA labeling."

Recent Accomplishments and Updates

• Positive outcome from a Type C meeting with the U.S. Food and Drug Administration (FDA), which led to the optimized 4WARD trial size while maintaining adequate overall power for the trial’s co-primary endpoints of absolute neutrophil count (93%) and annualized infection rate (89%) for the intent-to-treat population.
• Advancement of enrollment in the global 4WARD trial of mavorixafor in primary chronic neutropenia, with enrollment of 126 participants expected to complete in the fourth quarter of 2026 and topline data expected in the first quarter of 2028, supporting a potential FDA approval in late 2028 or early 2029.
• Introduced 4STEPS, a planned Phase 2b trial in approximately 25 patients designed to evaluate whether G-CSF dosage can be safely reduced after starting mavorixafor while maintaining stable neutrophil counts, with the first participant expected to be enrolled in the first quarter of 2027 and topline data expected in the first quarter of 2028.
• Hosted virtual Investor Day presenting market research that identified approximately 15,000 U.S. patients mirroring the 4WARD trial population, with potential upside to approximately 30,000 patients, subject to FDA labeling.
• Secured a senior term loan facility of up to $150 million with K2 HealthVentures LLC, replacing a prior loan agreement and strengthening the Company's financial flexibility.
  

Third Quarter and Recent Financial Results

• Cash Position: As of September 30, 2026, the Company’s cash, cash equivalents and marketable securities were $187.7 million.
• Revenue: Revenue was $2.9 million and $14.4 million for the three and nine months ended September 30, 2026, respectively. Revenue included net product sales of $2.8 million and $7.6 million for the three and nine months ended September 30, 2026, respectively, attributable to XOLREMDI® product sales in the United States. License and other revenue for the three and nine months ended September 30, 2026 included $0.1 million and $6.8 million, respectively, attributable to our Norgine license and supply agreement. Revenue was $1.8 million and $32.5 million for the three and nine months ended September 30, 2025, respectively.
• Research and Development (R&D) expenses: R&D expenses were $13.3 million and $43.9 million for the three and nine months ended September 30, 2026 as compared to $17.3 million and $54.2 million for the same periods in the prior year. The decrease in both periods is primarily attributable to decreased headcount from the 2025 strategic restructuring. For the nine-month period, the decrease was partially offset by higher costs for the 4WARD trial.
• General and Administrative (G&A) expenses: G&A expenses were $9.0 million and $24.5 million for the three and nine months ended September 30, 2026 as compared to $11.6 million and $36.1 million for the same periods in the prior year. The decrease in both periods is primarily attributable to reductions in outside legal expenses, compensation costs due to lower headcount in general and administrative functions. The decrease for the nine-month period was also due to a reduction in sales and marketing expenses related to XOLREMDI.
• Net Loss: Net loss for the three months ended September 30, 2026 was $20.2 million, or $(0.16) per share, as compared to net loss for the three months ended September 30, 2025 of $29.8 million, or $(0.69) per share. Net loss for the nine months ended September 30, 2026 was $56.6 million, or $(0.45) per share, as compared to net loss of $55.3 million, or $(2.87) per share, for the same period in 2025.
  

About X4 Pharmaceuticals

X4 Pharmaceuticals is a company focused on improving the lives of people with rare hematology diseases by developing and commercializing innovative therapies in areas with significant unmet medical needs. Leveraging expertise in diseases of the immune system and CXCR4 biology, X4 has successfully developed mavorixafor, an orally available CXCR4 antagonist that is approved in the U.S. and EU as XOLREMDI® for patients with WHIM syndrome. The Company is currently conducting a global, pivotal Phase 3 clinical trial (4WARD) evaluating mavorixafor in primary chronic neutropenia. The U.S. FDA has granted Fast Track designation to mavorixafor for the treatment of chronic neutropenia. X4 is headquartered in Boston, Massachusetts. For more information, please visit www.x4pharma.com.

X4 Forward Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995, as amended. These statements may be identified by the words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target,” or other similar terms or expressions that concern X4’s expectations, strategy, plans, or intentions. Forward-looking statements include, without limitation, implied or express statements regarding the Company’s ability to obtain and maintain regulatory approval for its product candidates, plans for the commercialization of XOLREMDI in the European Union by Norgine, the potential achievement of milestones and receipt of royalties under the Company’s licensing and supply agreement with Norgine, the expected design and enrollment of the Company’s clinical trials, including expected timing for full enrollment in 4WARD, the expected timing of topline data from the 4WARD and 4STEPS trials, the design and expected timing of initiation and enrollment of the 4STEPS trial, the Company’s plans to submit additional information to the FDA regarding the power of the 4WARD trial for its key secondary endpoints, the potential timing of an sNDA submission for and FDA approval of mavorixafor in PCN, the estimated size of the U.S. patient population and market opportunity for mavorixafor in PCN, the availability of additional term loans under the Company’s loan agreement with K2 HealthVentures LLC, the sufficiency of the Company’s cash resources and its expected cash runway, and future plans for the Company. Any forward-looking statements in this press release are based on management’s current expectations and beliefs. These forward-looking statements are neither promises nor guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond X4’s control, which could cause actual results to differ materially from those contemplated in these forward-looking statements, including the risks that even if approved, mavorixafor may not ultimately be commercially successful; the Company is unable to initiate and complete its clinical trials, including the 4WARD and 4STEPS trials, on the expected timelines or at all; the FDA may not agree that the reduced sample size of the 4WARD trial provides adequate power for its key secondary endpoints, or that the safety database is adequate to support an sNDA; topline data from the 4WARD trial may not be positive or sufficient to support approval; the Company’s market research may not accurately reflect the size of the addressable patient population or the scope of any approved label; the Company may not be able to comply with the covenants under its loan agreement with K2 HealthVentures LLC, and additional term loans under that agreement are subject to the lenders’ discretionary approval; the Company will need to raise additional capital to fund its operations, which may not be available on acceptable terms or at all; and other risks and uncertainties, including those described in the section entitled “Risk Factors” in X4’s most recent Annual Report on Form 10-K, as well as in other filings X4 makes with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q, from time to time. X4 undertakes no obligation to update the information contained in this press release to reflect new events or circumstances, except as required by law.

X4 Investor Contact:
Remy Bernarda
Jenny Kobin
IR Advisory Solutions
IR@X4pharma.com 

Source: X4 Pharmaceuticals, Inc.

(Tables Follow)

X4 PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) (unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
License and other revenue	$	106			$	199			$	6,778			$	28,293
Product revenue, net		2,773				1,566				7,615				4,252
Total revenue		2,879				1,765				14,393				32,545
Costs and operating expenses:
Cost of revenue		513				351				2,728				5,393
Research and development		13,343				17,337				43,872				54,202
General and administrative		9,014				11,586				24,481				36,134
Total operating expenses		22,870				29,274				71,081				95,729
Loss from operations		(19,991	)			(27,509	)			(56,688	)			(63,184	)
Other (expense) income, net		(204	)			(2,336	)			97				7,951
Loss before provision for income taxes		(20,195	)			(29,845	)			(56,591	)			(55,233	)
Provision for income taxes		3				(30	)			5				41
Net loss	$	(20,198	)		$	(29,815	)		$	(56,596	)		$	(55,274	)
Net loss per share: basic and diluted	$	(0.16	)		$	(0.69	)		$	(0.45	)		$	(2.87	)
Weighted average shares outstanding: basic and diluted		126,524				43,273				126,326				19,243

Balance Sheet Data (unaudited)

	(amounts in thousands)
	September 30, 2026			December 31, 2025
Cash and cash equivalents	$	185,801		$	217,049
Accounts receivable		1,470			573
Marketable securities		1,900			35,949
Working capital		183,150			235,820
Total assets		231,816			290,461
Current portion of long-term debt		—			—
Total stockholders’ equity		138,883			186,290

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were X4 Pharmaceuticals’ third-quarter 2026 financial results?

X4 reported $2.9 million in revenue and a $20.2 million net loss, or $0.16 per share, for the quarter ended September 30, 2026. The comparable 2025 quarter had revenue of $1.8 million and a net loss of $29.8 million, or $0.69 per share.

When does X4 expect results from the 4WARD and 4STEPS trials?

X4 expects topline results from both trials in Q1 2028. Target enrollment of 126 participants in 4WARD is expected to finish in Q4 2026. The planned 4STEPS trial is expected to enroll its first participant in Q1 2027.

What changed in X4 Pharmaceuticals’ 4WARD trial after its FDA meeting?

A Type C FDA meeting led to an optimized trial size, retaining statistical power of 93% for absolute neutrophil count and 89% for annualized infection rate in the intent-to-treat population. Statistical power describes a trial’s ability to detect a treatment effect; these figures are not clinical results.

Why did X4 Pharmaceuticals’ research and administrative expenses decline in 2026?

Lower headcount following the 2025 restructuring primarily drove lower research and development expenses, partly offset over nine months by higher 4WARD costs. General and administrative expenses decreased mainly because of lower outside legal expenses and compensation costs; lower XOLREMDI sales and marketing expenses also contributed over nine months.