X4 Pharmaceuticals Secures Up to $150 Million Senior Debt Facility with K2 HealthVentures

The replacement financing extends the interest-only period, while additional borrowing remains subject to lender approval and other conditions.

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) entered into a senior secured term loan facility of up to $150 million with K2 HealthVentures.

The first tranche of $80 million funded at closing and repaid all prior loan obligations, including $75 million of principal and related fees, plus associated closing costs. An additional $70 million may be available at X4's request, subject to K2 HealthVentures approval and other conditions. The replacement facility has a larger total size, a longer interest-only period and a 48-month maturity. It supports corporate activities, including a potential mavorixafor launch in chronic neutropenia. X4 expects to complete Phase 3 4WARD enrollment by year-end 2026 and report topline data in the first half of 2028.

5 points · 1 major

MixediHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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1 major · 3 points

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

Positive

• Major pointFinancing of up to $150 million includes an $80 million first tranche funded at closing. 54% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.X4 expects Phase 3 4WARD enrollment completion by year-end 2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.X4 expects Phase 3 4WARD topline results in the first half of 2028.
• Minor pointPrior loan obligations, including $75 million of principal and related fees, were repaid in full.
• Minor pointA longer interest-only period provides additional payment flexibility compared with the prior facility.

Negative

• Major pointThe replacement borrowing is senior secured debt with a 48-month maturity.
• Minor pointThe additional $70 million requires X4's request, K2 HealthVentures approval and other conditions.
• Minor pointRefinancing involved related fees and associated closing costs, paid using the first tranche.

Key Figures

Total facility: Up to $150 million Funded first tranche: $80 million Prior-loan principal repaid: $75 million +4 more

Total facility

Up to $150 million

Senior secured term loan facility

Funded first tranche

$80 million

Funded at closing and used to repay obligations under the prior loan

Prior-loan principal repaid

$75 million

Principal repaid, along with related fees and closing costs

Additional availability

$70 million

May be made available at X4's request, subject to K2HV approval and other conditions

Maturity

48 months

New K2HV facility

Expected enrollment completion

Year-end 2026

Phase 3 4WARD trial

Expected topline data

H1 2028

Phase 3 4WARD trial

Historical Context

1 past event · Latest: Sep 08

1 event

1. Sep 08

   FDA trial meeting

   24h Move

   -13.4%

   FDA accepted the proposed safety database and supported the 4WARD enrollment and topline timetable.

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

Key Terms

senior secured term loan facility, chronic neutropenia, fast track designation, phase 3 clinical trial

4 terms

senior secured term loan facility financial

"entered into a senior secured term loan facility of up to $150 million"

A senior secured term loan facility is a type of borrowed money that a company takes out, which is backed by its valuable assets like property or equipment. Because it is secured by these assets and ranks higher in repayment priority, it is considered safer for lenders and typically offers lower interest rates. For investors, it provides a relatively stable and priority claim on the company's assets if it encounters financial difficulties.

chronic neutropenia medical

"potential future commercial launch of mavorixafor in chronic neutropenia"

A long-lasting medical condition in which the blood has an abnormally low number of neutrophils, a type of white blood cell that acts like the body’s first responders against bacterial and fungal infections. Because it raises the risk of recurrent or severe infections and often requires ongoing monitoring, treatments, or preventive measures, chronic neutropenia is important to investors in healthcare and biotech as it affects clinical trial design, regulatory requirements, market need for therapies, and potential product safety or liability considerations.

fast track designation regulatory

"granted Fast Track designation to mavorixafor for the treatment of chronic neutropenia"

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.

phase 3 clinical trial medical

"currently conducting a global, pivotal Phase 3 clinical trial (4WARD)"

A phase 3 clinical trial is a large-scale study that tests a new medical treatment or drug to determine if it is safe and effective for widespread use. It often involves hundreds or thousands of participants and compares the new treatment to existing options or a placebo. For investors, the results of this phase are crucial, as successful outcomes can lead to regulatory approval and commercial success, while failures may halt development.

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- Repayment of Existing Loan Facility Completed -

- Strengthens Financial Flexibility with Access to Funding for Corporate and Commercial Activities -

- Expect Completion of Enrollment in Phase 3 4WARD trial by Year-End 2026 and Topline Data in H1 2028 -

BOSTON, Oct. 08, 2026 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (Nasdaq: XFOR), a company focused on improving the lives of people with rare hematology diseases, today announced that it has entered into a senior secured term loan facility of up to $150 million with K2 HealthVentures LLC (“K2HV”), an alternative investment firm that provides flexible, long-term financing solutions in the life sciences and healthcare industries. The K2HV facility replaces a prior loan agreement and strengthens X4's financial flexibility.

The first tranche of $80 million funded at closing and was used to repay in full all obligations, including $75 million of principal and related fees, under the Company’s prior loan and security agreement, along with associated closing costs. An additional $70 million may be made available to X4 at the Company’s request, subject to approval by K2HV and other conditions. The new K2HV facility provides a larger total facility size, a longer interest-only period, and a 48-month maturity to support corporate activities, including the potential future commercial launch of mavorixafor in chronic neutropenia.

“Our partnership with K2 HealthVentures strengthens our capital position and gives us a solid financial foundation as we advance mavorixafor toward potential FDA approval and a commercial launch in chronic neutropenia,” said David Kirske, Chief Financial Officer of X4. “The new structure provides additional flexibility on more favorable terms and is aligned with our strategic priorities. We expect to reach several key milestones in the near term, including completing enrollment in our Phase 3 4WARD trial this year and reporting topline results in the first half of 2028. We are executing with focus, discipline, and a clear line of sight to what matters most.”

“We are pleased to partner with X4 Pharmaceuticals as it advances mavorixafor for the potential treatment of people living with rare hematology diseases. This financing reflects our strategy of serving as a long-term financing partner to innovative life sciences companies, and we look forward to supporting X4’s next phase of growth,” said Parag Shah, Founding Managing Director and Chief Executive Officer of K2 HealthVentures.

Additional details regarding the loan agreement will be included in filings with the U.S. Securities and Exchange Commission (SEC). For more information, please visit the Company’s Investor website, which includes SEC filings and other data sources.

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 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 chronic neutropenic disorders. 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 anticipated use of proceeds from the K2HV loan facility, the availability of additional tranches under the facility, the potential extension of the interest-only period, the sufficiency of the Company’s cash resources and its expected cash runway, the potential addressable market for moderate and severe chronic neutropenia, the expected timing for completion of enrollment in, and topline data from, the 4WARD trial, the timing for launch of mavorixafor in chronic neutropenia 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: X4 may not satisfy the conditions required to access additional tranches under the K2HV facility or obtain K2HV’s approval of such draws; X4 may be unable to comply with the covenants under the loan agreement, including minimum cash and minimum revenue covenants; the interest-only period may not be extended if first commercial U.S. sales of mavorixafor in chronic neutropenia are not achieved on the anticipated timeline; changes in the prime rate may increase X4’s interest expense; enrollment in the 4WARD trial may not be completed, and topline data may not be reported, within the expected timeframes, 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 X4’s 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.

FAQ

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How much financing did X4 Pharmaceuticals secure from K2 HealthVentures?

X4 entered into a facility of up to $150 million, with $80 million funded at closing. An additional $70 million may be available at X4's request, subject to K2 HealthVentures approval and other conditions. The initial funding repaid prior loan obligations and associated closing costs.

When does X4 Pharmaceuticals expect Phase 3 4WARD enrollment completion and results?

X4 expects to complete enrollment in its Phase 3 4WARD trial by year-end 2026 and report topline results in the first half of 2028. The trial evaluates mavorixafor in chronic neutropenic disorders.