Trails Edge Reports 2.32M Shares, 9.9% of X4 Pharmaceuticals via Shares and Warrants

Rhea-AI Filing Summary

Trails Edge reports a 9.9% passive stake in X4 Pharmaceuticals. The filing shows Trails Edge Biotechnology Master Fund, LP directly holds 1,571,478 common shares and 745,675 shares underlying prefunded warrants, totaling 2,317,153 shares, which represent 9.9% of the outstanding common stock as of the Event Date. Trails Edge Capital Partners, LP (investment manager) and Ortav Yehudai (CIO) each may be deemed to beneficially own the same amount because of managerial and voting discretion. The filing discloses an issuance limitation that excludes 1,910,069 warrant shares from beneficial ownership calculations to avoid exceeding 9.99%.

Positive

• Material stake disclosed: Trails Edge beneficially owns 2,317,153 shares (9.9%) of X4 Pharmaceuticals.
• Transparency on composition: Position broken down into 1,571,478 direct shares and 745,675 prefunded-warrant shares.
• Exercise limitation disclosed: Issuance limitation excludes 1,910,069 warrant shares to avoid exceeding 9.99%, clarifying potential dilution impact.

Negative

• Concentration: A single reporting group holds 9.9%, which is a sizeable minority stake for a single investor.
• Potential dilution complexity: Excluded 1,910,069 warrant shares indicate additional outstanding instrument complexity that could affect future ownership if limitations change.

Insights

Financial Analyst

TL;DR: Trails Edge holds a material, but sub-control, 9.9% position in X4 Pharmaceuticals via shares and prefunded warrants.

The Schedule 13G indicates a significant minority stake totaling 2,317,153 shares, composed of 1,571,478 directly held shares and 745,675 underlying prefunded warrants. The reported 9.9% figure is calculated net of an exercise limitation that excludes 1,910,069 warrant shares to prevent exceeding 9.99%. As filed under Schedule 13G and certified in Item 10, the position is represented as not acquired to influence control, consistent with a passive investor profile. For investors, the position size is large enough to merit attention but is below common control thresholds.

Corporate Governance Expert

TL;DR: Ownership disclosure is clear; governance influence appears limited by the filer’s passive representation and exercise limitations.

The filing clarifies voting and dispositive power: sole voting and dispositive power over 2,317,153 shares for each reporting person with no shared power disclosed. The certification in Item 10 states the securities were not acquired to change or influence control. The presence of a contractual issuance limitation on additional warrants (1,910,069 shares) is material to governance because it prevents exercise-based ownership creep above 9.99%. This combination suggests intent to remain a passive large shareholder rather than an activist or control-seeking investor.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

X4 Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

98420X202

(CUSIP Number)

08/11/2025

(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 No. 98420X202

1

Names of Reporting Persons

Trails Edge Capital Partners, LP

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 2,317,153.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,317,153.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,317,153.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: See Item 4 for additional information.

SCHEDULE 13G

CUSIP No. 98420X202

1

Names of Reporting Persons

Trails Edge Biotechnology Master Fund, LP

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

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,317,153.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,317,153.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,317,153.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: See Item 4 for additional information.

SCHEDULE 13G

CUSIP No. 98420X202

1

Names of Reporting Persons

Ortav Yehudai

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,317,153.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,317,153.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,317,153.00

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)

9.9 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: See Item 4 for additional information.

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, Massachusetts 02134
Item 2.
(a)	Name of person filing: This report on Schedule 13G is being filed by Trails Edge Capital Partners, LP, a Delaware limited partnership ("Trails Edge Capital"). Trails Edge Capital is the investment manager to Trails Edge Biotechnology Master Fund, LP, a Cayman Islands limited partnership ("Trails Edge Biotechnology") and Ortav Yehudai ("Mr. Yehudai"), the Chief Investment Officer of Trails Edge Capital. Each of Trails Edge Capital, Trails Edge Biotechnology and Mr. Yehudai are referred to individually as a "Filer" and collectively as the "Filers".
(b)	Address or principal business office or, if none, residence: The address for each Filer is 3455 Peachtree Road NE, 5th Floor, Atlanta, GA 30326.
(c)	Citizenship: See Item 4 of the cover page of each Filer.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(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: As of August 11, 2025, each Filer may be deemed to beneficially own an aggregate of 2,317,153 shares of common stock (the "Common Stock"), par value $0.001 (the "Shares"), of X4 Pharmaceuticals, Inc. (the "Issuer"). The 2,317,153 Shares reported as beneficially owned on this Schedule 13G by each Filer consists of the following: (i) 1,571,478 Shares held directly by Trails Edge Biotechnology, and (ii) 745,675 Shares underlying prefunded warrants (the "Warrants") held directly by Trails Edge Biotechnology. The securities beneficially owned by each Filer excludes 1,910,069 Shares underlying Warrants which contain an issuance limitation that prohibits the holder from exercising the Warrants to the extent that after giving effect to such issuance after the exercise, the holder (together with the holder's affiliates and any other persons acting as a group together with the holder or any of the holder's affiliates, including the other Filers) would beneficially own in excess of 9.99% of the Shares outstanding immediately after giving effect to the issuance of the Shares issuable upon exercise of the Warrants. As a result, Trails Edge Biotechnology beneficially owns 9.9% of the outstanding Shares of the Issuer as of August 11, 2025 (the "Event Date"). Trails Edge Capital, as the investment manager to Trails Edge Biotechnology, may be deemed to beneficially own these securities. Mr. Yehudai, as the Chief Investment Officer of Trails Edge Capital, exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own 9.9% of the outstanding Shares of the Issuer as of the Event Date. Ownership percentages are based on (i) 11,408,357 shares of Common Stock issued and outstanding as of August 4, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the Securities and Exchange Commission on August 8, 2025, and (ii) 11,040,776 shares of Common Stock issued subsequent to August 4, 2025 as disclosed by the Issuer.
(b)	Percent of class: 9.9%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,317,153
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,317,153
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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.
	Not Applicable
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 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.

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.

Trails Edge Capital Partners, LP

Signature:	By: Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai
Name/Title:	Ortav Yehudai / Chief Investment Officer of Trails Edge Capital Partners, LLC
Date:	08/18/2025

Trails Edge Biotechnology Master Fund, LP

Signature:	By: Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai
Name/Title:	Ortav Yehudai / Chief Investment Officer of Trails Edge GP, LLC
Date:	08/18/2025

Ortav Yehudai

Signature:	/s/ Ortav Yehudai
Name/Title:	Ortav Yehudai / Individual
Date:	08/18/2025

Exhibit Information

Exhibit 1 - Joint Filing Agreement

FAQ

How many XFOR shares does Trails Edge beneficially own?

Trails Edge beneficially owns 2,317,153 shares of X4 Pharmaceuticals (common stock and warrants combined).

What percent of X4 Pharmaceuticals does the 2,317,153 shares represent?

The filing states this represents 9.9% of the outstanding common stock as of the Event Date.

How is the 2,317,153-share position composed?

It comprises 1,571,478 directly held shares and 745,675 shares underlying prefunded warrants held by Trails Edge Biotechnology.

Are there additional warrants or shares excluded from the ownership percentage?

Yes. The filing excludes 1,910,069 shares underlying warrants due to an issuance limitation that prevents exercising to exceed 9.99% ownership.

Does the filer claim an intent to influence control of X4 Pharmaceuticals?

No. Item 10 certifies the securities were not acquired and are not held to change or influence control; the Schedule is filed as a passive holding.