Morgan Stanley reports 10.2% stake in X4 Pharmaceuticals

X4 Pharmaceuticals, Inc. ownership update: Morgan Stanley, Morgan Stanley Investment Management Inc., and Inception Trust report substantial beneficial ownership of Common Stock.

Accepted by SEC EDGAR 03/06/2026 - 04:24 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

X4 Pharmaceuticals, Inc. ownership update: Morgan Stanley, Morgan Stanley Investment Management Inc., and Inception Trust report substantial beneficial ownership of Common Stock.

The filing shows Morgan Stanley reporting units hold 8,884,338 shares with shared voting and dispositive power (reported 10.2% of the class). Morgan Stanley Investment Management Inc. is reported with 8,884,304 shares (10.2%) and Inception Trust with 4,518,236 shares (5.2%). Signatories include authorized representatives for the three filers, dated 03/06/2026.

FAQ

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

What ownership stake did Morgan Stanley report in XFOR?

Morgan Stanley reporting units reported beneficial ownership of 8,884,338 shares, representing 10.2% of the class. The filing lists shared voting and shared dispositive power for that share count and is signed by an authorized Morgan Stanley signatory.

How much of X4 Pharmaceuticals does Morgan Stanley Investment Management hold?

Morgan Stanley Investment Management Inc. reported beneficial ownership of 8,884,304 shares, equal to 10.2% of the class. The cover responses list shared voting and shared dispositive power for that amount and include an authorized signature dated 03/06/2026.

What stake does Inception Trust report in XFOR common stock?

Inception Trust reported beneficial ownership of 4,518,236 shares, representing 5.2% of the class. The filing lists shared voting and shared dispositive power for that amount and is signed by an authorized signatory on 03/06/2026.

Who signed the Schedule 13G/A for X4 Pharmaceuticals (XFOR)?

Authorized signatories listed are Claire Gordon for Morgan Stanley and Deidre A. Downes for Morgan Stanley Investment Management Inc. and Inception Trust. Each signature line in the filing is dated 03/06/2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

X4 Pharmaceuticals, Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

02/28/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

Morgan Stanley

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,884,338.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,884,338.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,884,338.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.2 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

Morgan Stanley Investment Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,884,304.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,884,304.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,884,304.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

10.2 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

CUSIP Number(s):

1

Names of Reporting Persons

Inception Trust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,518,236.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,518,236.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,518,236.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

IA, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: X4 Pharmaceuticals, Inc
(b)	Address of issuer's principal executive offices: 61 NORTH BEACON STREET, 4TH FLOOR, BOSTON, MA, 02134
Item 2.
(a)	Name of person filing: 1: Morgan Stanley 2: Morgan Stanley Investment Management Inc. 3: Inception Trust
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway New York, NY 10036 ;3: 1585 Broadway New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware 3: Massachusetts
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 98420X202
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 10.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	03/06/2026

Morgan Stanley Investment Management Inc.

Signature:	Deidre A. Downes
Name/Title:	Authorized Signatory, Morgan Stanley Investment Management Inc.
Date:	03/06/2026

Inception Trust

Signature:	Deidre A. Downes
Name/Title:	Authorized Signatory, Inception Trust
Date:	03/06/2026

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).