XFOR

MKT CAP:$47M

X4 Pharmaceuticals, Inc.

Market Cap

$47M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$4.28+$0.39 (+10.03%)

Apr 23, 2026

Company Details

X4 Pharmaceuticals, Inc., a biopharmaceutical company, focuses on the research, development, and commercialization of novel therapeutics for the treatment of rare diseases of the immune system. It offers XOLREMDI, an orally small-molecule s...

CEO

Adam R. Craig

IPO Date

Nov 16, 2017

Website

www.x4pharma.com

Key Metrics TTM

Revenue

$35M

+1273.2% YoY

Net Income

-$79M

EPS (Diluted)

-$4.34

Free Cash Flow

-$86M

Revenue / Share

$0.32

Gross Margin

82.2%

Operating Margin

-247.4%

Net Margin

-225.6%

FCF Margin

-243.8%

P/S

1.3x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Mar 17, 2026

$35M+1273.2%EPS -$1.87

Q4 2025

Mar 17, 2026

$3M+79.1%EPS -$0.22

Q3 2025

Nov 5, 2025

$2M+215.2%EPS -$0.69

Q2 2025

Aug 8, 2025

$2M+250.4%EPS -$3.47

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$499.0K	-$22M
Q2 22	$0	-$500.0K	-$21M
Q3 22	$0	-$494.0K	-$20M
Q4 22	$0	-$501.0K	-$26M
Q1 23	$0	-$512.0K	-$29M
Q2 23	$0	-$516.0K	-$26M
Q3 23	$0	-$502.0K	-$27M
Q4 23	$0	-$62.0K	-$25M
Q1 24	$0	-$62.0K	-$37M
Q2 24	$563.0K	$101.0K	-$34M
Q3 24	$560.0K	$253.0K	-$35M
Q4 24	$1M	$1M	-$36M
Q1 25	$29M	$24M	-$9M
Q2 25	$2M	$2M	-$26M
Q3 25	$2M	$1M	-$28M
Q4 25	$3M	$2M	-$24M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	210.3x	6.7x
Q3 24	119.8x	—
Q4 24	63.5x	—
Q1 25	1.7x	3.6x
Q2 25	0.4x	—
Q3 25	0.7x	—
Q4 25	0.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$20M	-$20M
Q2 22	-$18M	-$19M
Q3 22	-$19M	-$19M
Q4 22	-$19M	-$19M
Q1 23	-$27M	-$27M
Q2 23	-$21M	-$21M
Q3 23	-$21M	-$21M
Q4 23	-$28M	-$28M
Q1 24	-$34M	-$34M
Q2 24	-$30M	-$30M
Q3 24	-$34M	-$34M
Q4 24	-$33M	-$33M
Q1 25	-$12M	-$12M
Q2 25	-$30M	-$30M
Q3 25	-$28M	-$28M
Q4 25	-$16M	-$16M

Capital Expenditures

Quarter	CapEx
Q1 22	$22.0K
Q2 22	$38.0K
Q3 22	$9.0K
Q4 22	$34.0K
Q1 23	$9.0K
Q2 23	$8.0K
Q3 23	$8.0K
Q4 23	$35.0K
Q1 24	$59.0K
Q2 24	$134.0K
Q3 24	$92.0K
Q4 24	$41.0K
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+21.4%
Q2 22	—	+8.3%
Q3 22	—	+5.4%
Q4 22	—	+32.5%
Q1 23	—	+34.6%
Q2 23	—	+25.4%
Q3 23	—	+35.0%
Q4 23	—	-1.5%
Q1 24	—	+27.2%
Q2 24	—	+33.5%
Q3 24	—	+28.8%
Q4 24	—	+47.4%
Q1 25	—	+2.6%
Q2 25	+250.4%	-18.2%
Q3 25	+215.2%	-16.5%
Q4 25	+79.1%	-29.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$0	—
Q2 23	$0	—
Q3 23	$0	—
Q4 23	$0	—
Q1 24	$0	—
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$2M	154.6%
Q1 25	$519.0K	1.8%
Q2 25	$748.0K	37.9%
Q3 25	$760.0K	43.1%
Q4 25	$2M	88.4%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$14M	$8M
Q2 22	$13M	$7M
Q3 22	$14M	$6M
Q4 22	$19M	$7M
Q1 23	$22M	$7M
Q2 23	$15M	$10M
Q3 23	$19M	$8M
Q4 23	$15M	$10M
Q1 24	$20M	$17M
Q2 24	$21M	$13M
Q3 24	$19M	$16M
Q4 24	$22M	$15M
Q1 25	$19M	$15M
Q2 25	$18M	$10M
Q3 25	$17M	$12M
Q4 25	$19M	$7M

Revenue Segments

Quarter	License and Other Revenue	Product
Q1 25	$28M	$942.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$66M	$0	$66M
Q2 22	$47M	$0	$47M
Q3 22	$80M	$0	$80M
Q4 22	$122M	$0	$122M
Q1 23	$94M	$0	$94M
Q2 23	$137M	$5M	$142M
Q3 23	$132M	$10M	$142M
Q4 23	$99M	$15M	$114M
Q1 24	$60M	$20M	$81M
Q2 24	$147M	$22M	$169M
Q3 24	$97M	$38M	$135M
Q4 24	$56M	$46M	$102M
Q1 25	$40M	$47M	$87M
Q2 25	$39M	$24M	$63M
Q3 25	$70M	$53M	$122M
Q4 25	$217M	$36M	$253M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	1M	+16.3%	+62.6%
Q2 22	1M	+5.0%	+33.6%
Q3 22	3M	+134.8%	+212.7%
Q4 22	3M	+21.1%	+247.3%
Q1 23	5M	+44.9%	+332.7%
Q2 23	6M	+15.6%	+376.2%
Q3 23	7M	+16.7%	+136.7%
Q4 23	7M	+0.9%	+97.3%
Q1 24	7M	+0.6%	+37.0%
Q2 24	7M	+0.4%	+19.0%
Q3 24	7M	+0.0%	+2.0%
Q4 24	7M	+1.0%	+2.1%
Q1 25	7M	+1.5%	+3.0%
Q2 25	7M	+7.9%	+10.8%
Q3 25	43M	+483.7%	+546.3%
Q4 25	111M	+155.5%	+1534.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	83
Q2 22	$0	83
Q3 22	$0	83
Q4 22	$0	70
Q1 23	$0	70
Q2 23	$0	70
Q3 23	$0	70
Q4 23	$0	93
Q1 24	$0	93
Q2 24	$6.1K	93
Q3 24	$6.0K	93
Q4 24	$10.0K	143
Q1 25	$201.4K	143
Q2 25	$13.8K	143
Q3 25	$12.3K	143
Q4 25	$13	200K

Revenue / Employee