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X4 Pharmaceuticals (XFOR) Financials

X4 Pharmaceuticals logo
$4.13 0.00 (0.00%)
Closing price 07/2/2026 04:00 PM Eastern
Extended Trading
$4.13 0.00 (0.00%)
As of 07/2/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for X4 Pharmaceuticals

Annual Income Statements for X4 Pharmaceuticals

This table shows X4 Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -23 -34 -36 -53 -62 -103 -96 -101 -37 -79
Consolidated Net Income / (Loss)		 -23 -34 -33 -53 -62 -89 -94 -101 -37 -79
Net Income / (Loss) Continuing Operations		 -24 -35 -33 -53 -62 -89 -94 -101 -37 -79
Total Pre-Tax Income 		-24 -35 -33 -53 -62 -89 -94 -101 -37 -79
Total Operating Income		 -24 -36 -29 -52 -60 -85 -88 -108 -36 -87
Total Gross Profit		 0.00 0.00 -0.09 0.18 2.56 -0.37 0.00 0.00 1.76 29
Total Revenue		 0.00 0.00 -0.09 0.18 2.56 -0.37 0.00 0.00 2.56 35
Operating Revenue		 0.00 0.00 0.00 0.00 3.00 - 0.00 0.00 2.56 35
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.80 5.76
Operating Cost of Revenue		 - - - - - - 0.00 0.00 0.80 5.76
Total Operating Expenses		 24 36 29 52 63 85 88 108 38 116
Selling, General & Admin Expense		 6.52 8.01 8.74 18 21 25 27 36 62 44
Research & Development Expense		 18 28 20 30 42 51 61 72 82 73
Other Special Charges / (Income)		 - - 0.00 3.90 0.00 0.00 0.00 0.00 -105 0.00
Total Other Income / (Expense), net		 -0.02 1.49 -4.11 -1.29 -1.67 -3.21 -6.27 6.43 -0.74 7.73
Interest Expense		 2.55 2.54 0.95 2.71 2.85 3.64 3.99 5.78 8.77 8.88
Interest & Investment Income		 0.00 0.21 0.24 1.20 0.27 0.01 0.22 4.58 5.77 4.58
Other Income / (Expense), net		 2.53 3.82 -3.40 0.23 0.91 0.43 -2.50 7.63 2.26 12
Income Tax Expense		 - - 0.00 0.00 0.15 0.02 0.03 0.08 0.31 0.04
Basic Earnings per Share		 ($44.79) ($16.45) ($79.15) ($4.63) ($3.09) ($3.99) ($1.52) ($17.07) ($5.59) ($1.87)
Weighted Average Basic Shares Outstanding		 513.53K 2.06M 459K 11.53M 20.08M 25.75M 63.53M 5.93M 6.70M 42.29M
Diluted Earnings per Share		 ($44.79) ($16.45) ($79.15) ($4.63) ($3.09) ($3.99) ($1.52) ($17.07) ($5.59) ($1.87)
Weighted Average Diluted Shares Outstanding		 513.53K 2.06M 459K 11.53M 20.08M 25.75M 63.53M 5.93M 6.70M 42.29M
Weighted Average Basic & Diluted Shares Outstanding		 513.53K 2.06M 459K 11.53M 20.08M 25.75M 122.21M 167.94M 173.66M 90.92M

Quarterly Income Statements for X4 Pharmaceuticals

This table shows X4 Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -2.31 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20
Consolidated Net Income / (Loss)		 -2.31 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20
Net Income / (Loss) Continuing Operations		 -2.31 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20
Total Pre-Tax Income 		-2.28 -19 -52 91 -37 -40 0.32 -26 -30 -24 -20
Total Operating Income		 -27 -25 -37 71 -35 -36 -9.44 -26 -28 -24 -20
Total Gross Profit		 0.00 - 0.00 0.30 0.33 1.13 24 1.88 1.61 1.78 2.11
Total Revenue		 0.00 - 0.00 0.56 0.56 1.43 29 2.20 1.96 2.14 2.71
Operating Revenue		 0.00 - 0.00 0.56 0.56 - 29 2.20 1.96 2.14 2.71
Total Cost of Revenue		 0.00 - 0.00 0.27 0.23 0.30 4.72 0.33 0.35 0.36 0.60
Operating Cost of Revenue		 0.00 - 0.00 0.27 0.23 - 4.72 0.33 0.35 0.36 0.60
Total Operating Expenses		 27 25 37 -71 35 37 34 28 29 26 22
Selling, General & Admin Expense		 8.13 9.93 17 13 16 15 15 9.53 12 7.38 6.97
Research & Development Expense		 19 15 20 21 19 22 19 18 17 19 15
Total Other Income / (Expense), net		 25 6.10 -14 20 -2.18 -3.85 9.76 0.53 -2.34 -0.23 0.07
Interest Expense		 1.63 1.89 1.87 2.18 2.41 2.30 2.20 2.23 2.26 2.19 2.13
Interest & Investment Income		 1.39 1.45 1.07 1.57 1.87 1.27 1.03 0.67 0.90 1.99 2.11
Other Income / (Expense), net		 25 6.54 -14 20 -1.64 -2.81 11 2.10 -0.98 -0.03 0.09
Income Tax Expense		 0.03 0.03 0.02 0.02 0.02 0.26 0.03 0.04 -0.03 - 0.00
Basic Earnings per Share		 ($0.01) ($3.23) ($7.77) $13.59 ($5.48) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16)
Weighted Average Basic Shares Outstanding		 196.99M 5.93M 6.67M 6.68M 6.70M 201.06M 6.84M 7.41M 43.27M 42.29M 126.29M
Diluted Earnings per Share		 ($0.01) ($3.23) ($7.77) $13.57 ($5.48) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16)
Weighted Average Diluted Shares Outstanding		 196.99M 5.93M 6.67M 6.69M 6.70M 201.06M 6.87M 7.41M 43.27M 42.29M 126.29M
Weighted Average Basic & Diluted Shares Outstanding		 167.29M 167.94M 167.94M 168.50M 170.55M 173.66M 5.79M 11.41M 87.44M 90.92M 94.32M

Annual Cash Flow Statements for X4 Pharmaceuticals

This table details how cash moves in and out of X4 Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -3.57 81 -19 120 -47 2.41 40 -23 -44 161
Net Cash From Operating Activities		 -22 -28 -25 -48 -59 -71 -77 -97 -131 -86
Net Cash From Continuing Operating Activities		 -22 -28 -25 -48 -59 -71 -77 -97 -131 -86
Net Income / (Loss) Continuing Operations		 -23 -34 -33 -53 -62 -89 -94 -101 -37 -79
Consolidated Net Income / (Loss)		 -23 -34 -33 -53 -62 -89 -94 -101 -37 -79
Depreciation Expense		 0.29 0.20 0.10 0.10 0.35 0.50 0.51 0.42 0.80 1.28
Non-Cash Adjustments To Reconcile Net Income		 1.49 2.06 1.14 7.78 2.70 18 7.64 11 -95 7.66
Changes in Operating Assets and Liabilities, net		 -0.43 3.76 6.62 -3.13 0.26 -1.07 8.62 -6.73 0.75 -15
Net Cash From Investing Activities		 -0.07 -0.04 0.00 27 -1.36 -0.62 -0.10 -15 67 8.15
Net Cash From Continuing Investing Activities		 -0.07 -0.04 0.00 27 -1.36 -0.62 -0.10 -15 67 8.15
Purchase of Property, Plant & Equipment		 -0.07 -0.04 0.00 -0.17 -1.36 -0.62 -0.10 -0.06 -0.33 0.00
Acquisitions		 - - 0.00 26 - - 0.00 0.00 -7.00 -3.00
Purchase of Investments		 - - - - - 0.00 0.00 -17 -57 -63
Sale of Property, Plant & Equipment		 - - - - - - - 0.00 105 0.00
Sale and/or Maturity of Investments		 - - - - - 0.00 0.00 2.00 26 75
Net Cash From Financing Activities		 18 109 6.87 141 12 74 117 89 20 239
Net Cash From Continuing Financing Activities		 18 109 6.87 141 12 74 117 89 20 239
Repayment of Debt		 -0.28 -2.35 -6.38 -9.37 0.00 0.00 -0.80 -2.06 0.00 0.00
Issuance of Debt		 13 5.63 14 9.85 12 0.00 0.00 23 20 0.00
Issuance of Common Equity		 0.00 66 0.00 140 0.28 76 123 69 0.29 239
Other Financing Activities, net		 0.00 0.00 0.01 0.00 -0.28 0.26 -4.61 -0.63 0.00 0.00
Effect of Exchange Rate Changes		 - - 0.00 -0.25 0.40 -0.32 -0.11 0.10 -0.16 0.21
Cash Interest Paid		 - - 0.54 1.28 2.10 2.91 3.01 4.60 7.77 8.05

Quarterly Cash Flow Statements for X4 Pharmaceuticals

This table details how cash moves in and out of X4 Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -4.85 -32 -39 87 -50 -42 -15 -1.02 30 147 -0.37
Net Cash From Operating Activities		 -21 -28 -34 -30 -34 -33 -12 -30 -28 -16 -20
Net Cash From Continuing Operating Activities		 -21 -28 -34 -30 -34 -33 -12 -30 -28 -16 -20
Net Income / (Loss) Continuing Operations		 -2.31 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20
Consolidated Net Income / (Loss)		 -2.31 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20
Depreciation Expense		 0.10 0.06 0.06 0.19 0.27 0.27 0.48 0.36 0.22 0.22 0.22
Non-Cash Adjustments To Reconcile Net Income		 -22 3.75 2.26 -102 2.19 7.29 0.98 2.34 1.70 2.64 2.91
Changes in Operating Assets and Liabilities, net		 3.54 -12 16 -19 0.21 -0.73 -14 -6.85 0.07 5.54 -2.49
Net Cash From Investing Activities		 -5.16 -4.83 -5.32 97 -16 -8.62 -3.14 23 -29 17 19
Net Cash From Continuing Investing Activities		 -5.16 -4.83 -5.32 97 -16 -8.62 -3.14 23 -29 17 19
Acquisitions		 - - 0.00 -7.00 - - -3.00 - - - 0.00
Purchase of Investments		 -6.15 -5.80 -10 -3.00 -21 -23 -12 -5.07 -45 -1.90 0.00
Sale and/or Maturity of Investments		 1.00 1.00 5.00 2.00 5.25 14 12 28 16 19 19
Net Cash From Financing Activities		 21 0.10 0.00 20 - 0.14 0.00 5.63 87 146 0.00
Net Cash From Continuing Financing Activities		 21 0.10 0.00 20 - 0.14 0.00 5.63 87 146 0.00
Issuance of Common Equity		 -0.28 0.10 - - - 0.14 0.00 - 87 146 0.00
Effect of Exchange Rate Changes		 -0.07 0.13 -0.06 -0.02 0.17 -0.24 0.07 0.14 -0.00 0.00 -0.02

Annual Balance Sheets for X4 Pharmaceuticals

This table presents X4 Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 81 161 123 117 156 147 146 290
Total Current Assets		 80 129 83 88 129 122 112 262
Cash & Equivalents		 77 126 79 82 122 99 56 217
Short-Term Investments		 - - - - 0.00 15 46 36
Accounts Receivable		 - - - - - 0.00 1.07 0.57
Inventories, net		 - - - - - 0.00 2.82 4.48
Prepaid Expenses		 1.13 1.10 3.68 5.34 5.81 7.30 5.59 3.53
Plant, Property, & Equipment, net		 0.42 0.40 1.24 1.51 1.10 0.75 0.78 0.18
Total Noncurrent Assets		 1.30 31 38 28 26 24 33 29
Goodwill		 - 27 27 17 17 17 17 17
Intangible Assets		 - - - - - 0.00 10 9.25
Other Noncurrent Operating Assets		 1.30 3.91 11 10 8.45 7.09 6.15 2.10
Total Liabilities & Shareholders' Equity		 81 161 123 117 156 147 146 290
Total Liabilities		 23 31 50 53 82 96 124 104
Total Current Liabilities		 11 9.45 12 14 22 23 33 26
Accounts Payable		 1.89 2.09 3.14 4.28 7.78 8.95 8.62 5.70
Accrued Expenses		 5.78 6.46 8.02 7.87 12 13 23 19
Current Deferred Revenue		 - - - - - - 0.00 0.46
Other Current Liabilities		 0.69 0.90 0.79 1.08 1.20 1.10 1.25 0.99
Total Noncurrent Liabilities		 12 22 38 39 59 73 91 78
Long-Term Debt		 9.92 20 33 33 32 55 75 76
Noncurrent Deferred Revenue		 - - - - - - 0.00 0.62
Other Noncurrent Operating Liabilities		 1.95 1.93 4.95 5.60 27 19 16 1.50
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 59 129 73 64 74 51 22 186
Total Preferred & Common Equity		 59 129 73 64 74 51 22 186
Preferred Stock		 - - - - - 0.00 0.00 0.00
Total Common Equity		 59 129 73 64 74 51 22 186
Common Stock		 151 261 267 347 451 529 538 781
Retained Earnings		 -92 -132 -194 -283 -377 -478 -515 -595
Accumulated Other Comprehensive Income / (Loss)		 0.13 -0.12 -0.12 -0.12 -0.12 -0.12 -0.12 -0.11

Quarterly Balance Sheets for X4 Pharmaceuticals

This table presents X4 Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 173 112 211 178 130 105 164 270
Total Current Assets		 148 87 175 143 96 73 133 242
Cash & Equivalents		 132 60 147 97 40 39 70 217
Short-Term Investments		 10 20 22 38 47 24 53 17
Accounts Receivable		 - - - - 0.51 1.15 0.89 1.11
Inventories, net		 - - 0.83 2.45 3.09 3.17 4.08 4.64
Prepaid Expenses		 5.80 5.76 4.98 4.48 4.48 4.96 4.93 2.51
Plant, Property, & Equipment, net		 0.77 0.74 0.81 0.82 0.49 0.25 0.22 0.15
Total Noncurrent Assets		 25 24 34 34 34 32 31 28
Goodwill		 17 17 17 17 17 17 17 17
Intangible Assets		 - - 10 10 9.81 9.63 9.44 9.06
Other Noncurrent Operating Assets		 7.30 6.76 6.66 6.83 6.67 5.00 3.74 1.74
Total Liabilities & Shareholders' Equity		 173 112 211 178 130 105 164 270
Total Liabilities		 106 111 116 119 107 101 102 102
Total Current Liabilities		 25 24 29 29 26 23 24 24
Accounts Payable		 8.13 8.94 7.99 8.58 11 7.71 5.05 5.07
Accrued Expenses		 16 13 20 19 13 13 17 17
Current Deferred Revenue		 - - - - 0.86 0.75 0.59 0.91
Other Current Liabilities		 1.12 1.13 1.17 1.22 1.30 1.37 1.20 0.73
Total Noncurrent Liabilities		 80 88 87 89 81 78 78 78
Long-Term Debt		 54 55 75 75 76 76 76 77
Noncurrent Deferred Revenue		 - - - - 0.96 0.83 0.79 0.12
Other Noncurrent Operating Liabilities		 26 33 12 14 4.60 1.63 1.58 1.42
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 68 1.04 94 60 23 3.97 62 168
Total Preferred & Common Equity		 68 1.04 94 60 23 3.97 62 168
Preferred Stock		 - - - - 0.00 0.00 0.00 0.00
Total Common Equity		 68 1.04 94 60 23 3.97 62 168
Common Stock		 526 531 533 535 538 545 632 783
Retained Earnings		 -459 -530 -439 -476 -515 -541 -571 -615
Accumulated Other Comprehensive Income / (Loss)		 -0.12 -0.16 -0.16 -0.11 -0.13 -0.14 -0.12 -0.12

Annual Metrics And Ratios for X4 Pharmaceuticals

This table displays calculated financial ratios and metrics derived from X4 Pharmaceuticals' official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 14,315,410.00 12,456,418.00 16,286,645.00 24,708,073.00 69,235,074.00 167,291,209.00 - 87,436,688.00
DEI Adjusted Shares Outstanding		 0.00 0.00 79,530.00 415,214.00 542,888.00 823,602.00 2,307,836.00 5,576,374.00 - 87,436,688.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -456.52 -128.61 -114.45 -124.62 -41.78 -18.14 - -0.91
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 305.62% 1,300.55% -114.28% 100.00% 0.00% 0.00% 1,273.21%
EBITDA Growth		 0.00% -49.19% -0.82% -58.65% -14.11% -43.61% -6.38% -11.08% 66.48% -120.67%
EBIT Growth		 0.00% -48.13% -0.53% -58.46% -14.56% -43.60% -6.36% -10.91% 65.82% -119.26%
NOPAT Growth		 0.00% -48.41% 19.51% -77.77% -15.80% -42.14% -2.89% -22.79% 66.15% -138.68%
Net Income Growth		 0.00% -47.45% 1.75% -58.65% -17.66% -42.76% -5.83% -7.78% 62.98% -111.48%
EPS Growth		 0.00% 63.27% 1.75% 94.15% 33.26% -29.13% 61.90% -7.78% 66.67% 66.55%
Operating Cash Flow Growth		 0.00% -28.80% 8.79% -89.04% -22.40% -20.55% -8.74% -25.17% -35.63% 34.59%
Free Cash Flow Firm Growth		 0.00% 0.00% -34.80% -126.35% 22.38% -6.12% 37.19% -163.16% 63.42% -153.50%
Invested Capital Growth		 0.00% 0.00% 100.00% 0.00% 17.88% -39.28% -184.84% 39.16% 47.51% 313.62%
Revenue Q/Q Growth		 0.00% 0.00% -1,680.00% 0.00% 0.00% 30.94% 0.00% 0.00% 127.69% 2.05%
EBITDA Q/Q Growth		 0.00% 0.00% -0.53% -53,059.79% -21,035.00% -16.25% 0.00% 0.00% -143.64% 16.70%
EBIT Q/Q Growth		 0.00% 0.00% -0.46% 0.00% 0.00% -16.18% 0.00% 0.00% -139.23% 16.51%
NOPAT Q/Q Growth		 0.00% 0.00% 10.88% 0.00% 0.00% -15.47% 0.00% 0.00% -40.63% 12.15%
Net Income Q/Q Growth		 0.00% 0.00% -0.29% 0.00% 0.00% -15.36% 0.00% 0.00% -123.46% 16.72%
EPS Q/Q Growth		 0.00% 0.00% -0.29% 0.00% 0.00% -24.69% 0.00% 0.00% -216.67% 15.00%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 19.54% -5.50% -16.34% -2.23% -0.05% -9.85% -4.18% 16.95%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -137.17% -1,182.31% 4.53% 0.00% 0.00% 0.00% 11.74%
Invested Capital Q/Q Growth		 0.00% 0.00% 100.00% 1.27% 3.16% -36.37% 0.00% 0.00% -3,298.48% -38.12%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 100.00% 100.00% 0.00% 0.00% 0.00% 68.83% 83.60%
EBITDA Margin		 0.00% 0.00% 0.00% -28,071.58% -2,287.09% 0.00% 0.00% 0.00% -1,304.07% -209.55%
Operating Margin		 0.00% 0.00% 0.00% -28,253.01% -2,336.09% 0.00% 0.00% 0.00% -1,423.58% -247.44%
EBIT Margin		 0.00% 0.00% 0.00% -28,127.87% -2,300.78% 0.00% 0.00% 0.00% -1,335.20% -213.19%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% -28,856.28% -2,424.15% 0.00% 0.00% 0.00% -1,464.61% -225.55%
Tax Burden Percent		 94.30% 97.80% 100.00% 100.00% 100.24% 100.02% 100.03% 100.08% 100.83% 100.05%
Interest Burden Percent		 111.69% 107.20% 102.47% 102.59% 105.11% 104.72% 104.19% 101.20% 108.78% 105.74%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -312.90% -166.31% 0.00% 0.00% 0.00% 0.00% -2,386.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% -281.58% -139.64% 0.00% 0.00% 0.00% 0.00% -2,368.35%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 231.17% 104.80% 0.00% 0.00% 0.00% 0.00% 2,310.43%
Return on Equity (ROE)		 0.00% -57.71% -113.39% -81.73% -61.51% -129.28% -135.58% -161.67% -102.26% -75.99%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% -512.90% -182.72% -222.98% 0.00% 0.00% 0.00% -781.46%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% -64.06% -41.59% 0.00% 0.00% 0.00% -23.25% -34.27%
Return on Assets (ROA)		 0.00% 0.00% 0.00% -65.72% -43.82% 0.00% 0.00% 0.00% -25.50% -36.25%
Return on Common Equity (ROCE)		 0.00% -57.71% -113.39% -81.73% -61.51% -129.28% -135.58% -161.67% -102.26% -75.99%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -57.71% 0.00% -40.87% -85.35% -137.70% -126.76% 0.00% -169.08% 0.00%
Net Operating Profit after Tax (NOPAT)		 -17 -25 -20 -36 -42 -60 -61 -75 -25 -61
NOPAT Margin		 0.00% 0.00% 0.00% -19,777.10% -1,635.26% 0.00% 0.00% 0.00% -996.51% -173.21%
Net Nonoperating Expense Percent (NNEP)		 0.00% -26.59% -40.04% -31.32% -26.67% -62.37% -47.91% -35.06% -27.74% -18.08%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - -56.93% -71.23% -26.11% -23.16%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 31.17% 16.40%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 9,639.34% 817.09% 0.00% 0.00% 0.00% 2,405.87% 123.93%
R&D to Revenue		 0.00% 0.00% 0.00% 16,482.51% 1,636.05% 0.00% 0.00% 0.00% 3,192.92% 207.11%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 28,253.01% 2,453.14% 0.00% 0.00% 0.00% 1,492.41% 331.04%
Earnings before Interest and Taxes (EBIT)		 -22 -32 -32 -51 -59 -85 -90 -100 -34 -75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -22 -32 -32 -51 -59 -84 -90 -99 -33 -74
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.03 1.44 0.88 0.93 2.75 5.65 1.88
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 1.31 2.29 1.20 1.21 4.16 0.00 2.19
Price to Revenue (P/Rev)		 0.00 0.00 0.00 728.33 40.86 0.00 0.00 0.00 48.93 9.96
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.18 2.17 0.53 0.00 0.00 0.00 18.06
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 148.62 23.10 0.00 0.00 0.00 38.51 4.93
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.21 0.00 0.16 0.46 0.53 0.45 1.07 3.41 0.41
Long-Term Debt to Equity		 0.00 0.17 0.00 0.16 0.46 0.51 0.44 1.07 3.41 0.41
Financial Leverage		 0.00 -1.10 -1.10 -0.82 -0.75 -0.68 -0.98 -1.18 -1.18 -0.98
Leverage Ratio		 0.00 1.38 1.38 1.24 1.40 1.75 1.97 2.42 4.01 2.10
Compound Leverage Factor		 0.00 1.48 1.42 1.28 1.48 1.83 2.05 2.45 4.36 2.22
Debt to Total Capital		 0.00% 17.25% 0.00% 13.46% 31.31% 34.50% 31.22% 51.64% 77.30% 29.05%
Short-Term Debt to Total Capital		 0.00% 3.26% 0.00% 0.00% 0.00% 0.81% 1.22% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 13.99% 0.00% 13.46% 31.31% 33.70% 30.00% 51.64% 77.30% 29.05%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 0.00% 82.75% 0.00% 86.54% 68.69% 65.50% 68.78% 48.36% 22.70% 70.95%
Debt to EBITDA		 0.00 -0.38 0.00 -0.39 -0.57 -0.40 -0.38 -0.55 -2.26 -1.04
Net Debt to EBITDA		 0.00 2.01 0.00 2.07 0.78 0.57 0.98 0.60 0.80 2.40
Long-Term Debt to EBITDA		 0.00 -0.31 0.00 -0.39 -0.57 -0.39 -0.36 -0.55 -2.26 -1.04
Debt to NOPAT		 0.00 -0.48 0.00 -0.56 -0.79 -0.57 -0.55 -0.73 -2.96 -1.25
Net Debt to NOPAT		 0.00 2.55 0.00 2.93 1.09 0.80 1.44 0.79 1.05 2.91
Long-Term Debt to NOPAT		 0.00 -0.39 0.00 -0.56 -0.79 -0.56 -0.53 -0.73 -2.96 -1.25
Altman Z-Score		 0.00 0.00 0.00 1.23 -1.82 -4.37 -3.97 -5.10 -4.42 -0.61
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.00 7.45 0.00 13.68 6.97 6.27 5.76 5.34 3.41 10.16
Quick Ratio		 0.00 7.19 0.00 13.36 6.59 5.83 5.45 5.00 3.14 9.84
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -19 -26 -59 -46 -49 -31 -81 -30 -75
Operating Cash Flow to CapEx		 -29,642.47% -66,359.52% 0.00% -27,617.82% -4,318.50% -11,529.27% -74,856.31% -160,853.33% -40,153.68% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -7.65 -27.62 -21.87 -16.16 -13.42 -7.69 -13.98 -3.37 -8.44
Operating Cash Flow to Interest Expense		 -8.49 -10.97 -26.79 -17.71 -20.64 -19.47 -19.31 -16.71 -14.93 -9.65
Operating Cash Flow Less CapEx to Interest Expense		 -8.51 -10.99 -26.79 -17.78 -21.12 -19.64 -19.34 -16.72 -14.97 -9.65
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.02 0.16
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42.74
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.58
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 3.13 0.00 0.00 0.00 3.36 73.30
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.80
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.54
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 231.29
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,022.79 453.86
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -4,022.79 -214.03
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 -5.85 0.00 23 27 17 -14 -8.55 -4.49 9.58
Invested Capital Turnover		 0.00 0.00 0.00 0.02 0.10 0.00 0.00 0.00 -0.39 13.78
Increase / (Decrease) in Invested Capital		 0.00 -5.85 5.85 23 4.14 -11 -31 5.50 4.06 14
Enterprise Value (EV)		 0.00 0.00 33 27 59 8.73 -19 81 98 173
Market Capitalization		 0.00 0.00 33 133 105 57 69 140 125 350
Book Value per Share		 $0.00 $28.47 $0.00 $10.37 $4.47 $2.61 $1.07 $0.31 $0.13 $2.13
Tangible Book Value per Share		 $0.00 $28.47 $0.00 $8.20 $2.81 $1.90 $0.82 $0.20 ($0.03) $1.83
Total Capital		 0.00 71 0.00 149 106 98 108 106 98 263
Total Debt		 0.00 12 0.00 20 33 34 34 55 75 76
Total Long-Term Debt		 0.00 9.92 0.00 20 33 33 32 55 75 76
Net Debt		 0.00 -65 0.00 -106 -46 -48 -88 -60 -27 -177
Capital Expenditures (CapEx)		 0.07 0.04 0.00 0.17 1.36 0.62 0.10 0.06 0.33 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 -5.63 0.00 -6.35 -7.35 -7.14 -14 -15 -23 -17
Debt-free Net Working Capital (DFNWC)		 0.00 71 0.00 120 71 75 108 99 79 236
Net Working Capital (NWC)		 0.00 69 0.00 120 71 74 106 99 79 236
Net Nonoperating Expense (NNE)		 5.93 8.58 13 17 20 29 33 26 12 18
Net Nonoperating Obligations (NNO)		 0.00 -65 0.00 -106 -46 -48 -88 -60 -27 -177
Total Depreciation and Amortization (D&A)		 0.29 0.20 0.10 0.10 0.35 0.50 0.51 0.42 0.80 1.28
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% -3,471.58% -286.73% 0.00% 0.00% 0.00% -890.18% -48.92%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 65,481.42% 2,784.20% 0.00% 0.00% 0.00% 3,101.21% 671.60%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 65,481.42% 2,784.20% 0.00% 0.00% 0.00% 3,101.21% 671.60%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($268.74) ($98.70) ($18.06) $0.00 ($3.09) ($3.99) ($1.52) ($17.10) ($0.19) ($1.87)
Adjusted Weighted Average Basic Shares Outstanding		 85.59K 343.64K 2.44M 0.00 17.38M 30.81M 63.53M 5.93M 201.06M 42.29M
Adjusted Diluted Earnings per Share		 ($268.74) ($98.70) ($18.06) $0.00 ($3.09) ($3.99) ($1.52) ($17.10) ($0.19) ($1.87)
Adjusted Weighted Average Diluted Shares Outstanding		 85.59K 343.64K 2.44M 0.00 17.38M 30.81M 63.53M 5.93M 201.06M 42.29M
Adjusted Basic & Diluted Earnings per Share		 ($268.74) ($98.70) ($18.06) $0.00 ($3.09) ($3.99) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 85.59K 343.64K 2.38M 0.00 20.08M 25.75M 122.21M 5.60M 173.66M 90.92M
Normalized Net Operating Profit after Tax (NOPAT)		 -17 -25 -20 -33 -42 -53 -61 -75 -99 -61
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -18,285.30% -1,635.26% 0.00% 0.00% 0.00% -3,870.97% -173.21%
Pre Tax Income Margin		 0.00% 0.00% 0.00% -28,856.28% -2,418.38% 0.00% 0.00% 0.00% -1,452.48% -225.44%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 -8.55 -12.72 -34.23 -18.97 -20.69 -23.25 -22.56 -17.29 -3.89 -8.43
NOPAT to Interest Expense		 -6.68 -9.95 -21.45 -13.34 -14.71 -16.36 -15.35 -13.03 -2.91 -6.85
EBIT Less CapEx to Interest Expense		 -8.58 -12.73 -34.23 -19.04 -21.17 -23.42 -22.58 -17.30 -3.93 -8.43
NOPAT Less CapEx to Interest Expense		 -6.71 -9.97 -21.45 -13.40 -15.18 -16.53 -15.38 -13.04 -2.94 -6.85
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% -2.25% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for X4 Pharmaceuticals

This table displays calculated financial ratios and metrics derived from X4 Pharmaceuticals' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 164,424,897.00 167,291,209.00 167,937,781.00 167,937,781.00 168,499,514.00 - 173,662,376.00 5,788,686.00 11,408,357.00 87,436,688.00 90,919,696.00
DEI Adjusted Shares Outstanding		 5,480,830.00 5,576,374.00 5,597,926.00 5,597,926.00 5,616,650.00 - 5,788,746.00 5,788,686.00 11,408,357.00 87,436,688.00 90,919,696.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.42 -3.43 -9.25 16.23 -6.53 - 0.05 -4.45 -2.61 -0.27 -0.22
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 291.12% 250.71% 49.23% -90.60%
EBITDA Growth		 90.63% 0.00% -115.44% 265.63% -1,759.56% -105.73% 103.87% -125.95% 21.20% 38.56% -1,115.70%
EBIT Growth		 90.13% 0.00% -114.55% 264.91% -1,677.57% -106.51% 102.93% -126.39% 21.17% 38.42% -1,454.69%
NOPAT Growth		 -35.03% 0.00% -27.25% 493.55% -26.77% -41.73% 67.72% -125.83% 20.26% 33.64% -68.67%
Net Income Growth		 89.32% 0.00% -115.51% 263.04% -1,492.02% -108.16% 100.54% -128.34% 18.75% 39.92% -7,277.66%
EPS Growth		 96.15% 0.00% -115.51% 263.04% -1,492.02% -185.71% 100.54% -125.57% 87.41% 90.40% -500.00%
Operating Cash Flow Growth		 0.00% -45.33% -26.72% -41.32% -63.40% -18.91% 63.19% 1.24% 18.25% 52.94% -58.47%
Free Cash Flow Firm Growth		 -140.60% 0.00% 72.68% 0.00% -407.25% 0.00% -4,021.28% -149.03% 20.35% -5.49% 69.28%
Invested Capital Growth		 -111.43% 0.00% 0.00% 0.00% 99.33% 47.51% 146.47% 2,219.26% 11,832.58% 313.62% -3.20%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% -0.53% 156.07% 1,908.86% -92.36% -10.81% 8.96% 26.54%
EBITDA Q/Q Growth		 96.51% -863.92% -173.62% 280.15% -139.14% -6.64% 105.14% -1,308.44% -18.85% 16.86% 14.94%
EBIT Q/Q Growth		 96.33% -817.66% -173.04% 279.55% -139.51% -6.61% 103.87% -1,717.76% -18.03% 16.73% 14.80%
NOPAT Q/Q Growth		 -5.46% 7.40% -47.98% 372.35% -133.97% -3.52% 66.29% -117.90% -4.87% 13.85% 14.32%
Net Income Q/Q Growth		 95.86% -729.93% -170.60% 275.47% -140.40% -8.52% 100.71% -9,228.01% -15.83% 19.76% 15.40%
EPS Q/Q Growth		 96.97% -729.93% -170.60% 275.47% -140.40% -11.11% 100.71% -8,775.00% 80.12% 17.39% 71.93%
Operating Cash Flow Q/Q Growth		 2.79% -33.22% -21.08% 9.88% -12.40% 3.05% 62.52% -141.76% 6.95% 44.19% -26.23%
Free Cash Flow Firm Q/Q Growth		 0.00% 100.00% 0.00% 6,535.74% -162.23% 33.63% -55.04% 23.44% -1.10% 12.09% 54.85%
Invested Capital Q/Q Growth		 0.00% 56.76% -192.61% 102.91% -118.16% -3,298.48% 359.07% 45.08% -8.15% -38.12% 17.40%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 52.40% 59.46% 78.94% 83.63% 85.20% 82.13% 82.99% 77.92%
EBITDA Margin		 0.00% 0.00% 0.00% 16,279.93% -6,405.54% -2,667.57% 6.83% -1,080.02% -1,439.21% -1,098.18% -738.15%
Operating Margin		 0.00% 0.00% 0.00% 12,629.31% -6,160.71% -2,490.59% -32.78% -1,191.28% -1,400.66% -1,107.43% -749.85%
EBIT Margin		 0.00% 0.00% 0.00% 16,245.47% -6,453.21% -2,686.61% 5.18% -1,096.14% -1,450.56% -1,108.60% -746.38%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 16,133.75% -6,552.86% -2,776.92% 0.98% -1,168.98% -1,518.08% -1,117.99% -747.45%
Tax Burden Percent		 101.14% 100.17% 100.04% 99.98% 100.04% 100.65% 89.24% 100.14% 99.90% 100.00% 100.00%
Interest Burden Percent		 112.10% 102.36% 101.59% 99.33% 101.50% 102.69% 21.18% 106.49% 104.76% 100.85% 100.14%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 10.76% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 19,556.78% 0.00% 0.00% 0.00% -3,129.53% -4,393.98% -10,680.65% -413.73%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 19,514.65% 0.00% 0.00% 0.00% -3,111.27% -4,374.04% -10,673.43% -406.58%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% -19,364.45% 0.00% 0.00% 0.00% 2,555.29% 3,820.07% 10,412.43% 357.99%
Return on Equity (ROE)		 0.00% -161.67% -12,443.34% 192.34% -26.35% -102.26% 121.75% -574.24% -573.91% -268.21% -55.74%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -387.19% -1,026.35% -547.87% -781.46% -595.05%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 43.43% -41.24% -46.78% 1.34% -229.12% -292.11% -178.19% -33.61%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 43.13% -41.88% -48.35% 0.25% -244.35% -305.70% -179.70% -33.66%
Return on Common Equity (ROCE)		 0.00% -161.67% -12,443.34% 192.34% -26.35% -102.26% 121.75% -574.24% -573.91% -268.21% -55.74%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -19 -18 -26 71 -24 -25 -8.43 -18 -19 -17 -14
NOPAT Margin		 0.00% 0.00% 0.00% 12,626.81% -4,312.50% -1,743.41% -29.25% -833.90% -980.46% -775.20% -524.90%
Net Nonoperating Expense Percent (NNEP)		 22.57% -2.50% -197.07% 42.13% -17.06% -34.35% 46.61% -18.26% -19.94% -7.22% -7.15%
Return On Investment Capital (ROIC_SIMPLE)		 - -16.69% -46.73% 41.95% -17.91% -25.62% -8.55% -23.01% -13.99% -6.32% -5.80%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 47.60% 40.54% 21.06% 16.37% 14.80% 17.87% 17.01% 22.08%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 2,358.44% 2,796.43% 1,056.14% 52.14% 432.65% 589.92% 344.95% 257.24%
R&D to Revenue		 0.00% 0.00% 0.00% 3,714.74% 3,423.75% 1,513.39% 64.27% 833.42% 882.74% 865.47% 570.53%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% -12,576.91% 6,220.18% 2,569.53% 116.41% 1,266.08% 1,472.66% 1,210.42% 827.77%
Earnings before Interest and Taxes (EBIT)		 -2.03 -19 -51 91 -36 -39 1.49 -24 -28 -24 -20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.93 -19 -51 92 -36 -38 1.97 -24 -28 -24 -20
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.65 2.75 225.32 1.03 1.89 5.65 1.79 2.77 0.63 1.88 2.23
Price to Tangible Book Value (P/TBV)		 3.57 4.16 0.00 1.46 3.52 0.00 0.00 0.00 1.12 2.19 2.64
Price to Revenue (P/Rev)		 0.00 0.00 0.00 173.01 100.42 48.93 1.31 0.33 1.13 9.96 41.66
Price to Earnings (P/E)		 0.00 0.00 0.00 5.54 0.00 0.00 2.81 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 18.06% 0.00% 0.00% 35.65% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 5.06 0.00 0.00 2.56 1.42 0.00 18.06 19.40
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 6.54 47.22 38.51 0.95 0.72 0.00 4.93 24.22
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.18 0.00 0.00 1.52 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.19 0.00 0.00 1.63 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.80 1.07 52.92 0.79 1.26 3.41 3.30 19.10 1.23 0.41 0.45
Long-Term Debt to Equity		 0.80 1.07 52.92 0.79 1.26 3.41 3.30 19.10 1.23 0.41 0.45
Financial Leverage		 -1.24 -1.17 -25.14 -0.99 -1.16 -1.18 -1.56 -0.82 -0.87 -0.98 -0.88
Leverage Ratio		 2.50 2.42 108.28 2.23 2.76 4.01 10.10 3.21 2.82 2.10 2.09
Compound Leverage Factor		 2.80 2.48 110.00 2.21 2.80 4.12 2.14 3.42 2.95 2.11 2.09
Debt to Total Capital		 44.56% 51.64% 98.15% 44.27% 55.79% 77.30% 76.72% 95.02% 55.25% 29.05% 31.24%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 44.56% 51.64% 98.15% 44.27% 55.79% 77.30% 76.72% 95.02% 55.25% 29.05% 31.24%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 55.44% 48.36% 1.85% 55.73% 44.21% 22.70% 23.28% 4.98% 44.75% 70.95% 68.76%
Debt to EBITDA		 0.00 -0.55 -0.43 3.70 -5.50 -2.26 3.88 -0.79 -0.86 -1.04 -0.80
Net Debt to EBITDA		 0.00 0.60 0.21 -4.63 4.37 0.80 -0.58 -0.13 0.52 2.40 1.65
Long-Term Debt to EBITDA		 0.00 -0.55 -0.43 3.70 -5.50 -2.26 3.88 -0.79 -0.86 -1.04 -0.80
Debt to NOPAT		 0.00 -0.73 -0.68 -4.06 -4.15 -2.96 -9.04 -1.02 -1.10 -1.25 -1.12
Net Debt to NOPAT		 0.00 0.79 0.32 5.07 3.30 1.05 1.35 -0.17 0.67 2.91 2.30
Long-Term Debt to NOPAT		 0.00 -0.73 -0.68 -4.06 -4.15 -2.96 -9.04 -1.02 -1.10 -1.25 -1.12
Altman Z-Score		 0.00 -3.28 -6.17 -0.14 -3.06 -4.52 -4.39 -7.01 -4.22 -0.03 -0.22
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 5.81 5.34 3.71 6.07 4.89 3.41 3.70 3.19 5.65 10.16 10.18
Quick Ratio		 5.57 5.00 3.44 5.84 4.61 3.14 3.38 2.80 5.24 9.84 9.88
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -8.63 0.00 -1.09 70 -44 -29 -45 -34 -35 -31 -14
Operating Cash Flow to CapEx		 -260,350.00% -79,277.14% -56,944.07% -22,594.78% -36,991.30% -80,475.61% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 -5.28 0.00 -0.58 32.34 -18.14 -12.61 -20.47 -15.46 -15.45 -14.02 -6.49
Operating Cash Flow to Interest Expense		 -12.75 -14.71 -17.93 -13.91 -14.10 -14.32 -5.62 -13.40 -12.33 -7.10 -9.18
Operating Cash Flow Less CapEx to Interest Expense		 -12.75 -14.73 -17.96 -13.98 -14.14 -14.34 -5.62 -13.40 -12.33 -7.10 -9.18
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.01 0.02 0.26 0.21 0.20 0.16 0.05
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42.74 11.11
Inventory Turnover		 0.00 0.00 0.00 0.32 0.00 0.00 0.00 2.78 1.75 1.58 0.42
Fixed Asset Turnover		 0.00 0.00 0.00 0.70 1.41 3.36 51.04 62.15 66.29 73.30 28.48
Accounts Payable Turnover		 0.00 0.00 0.00 0.03 0.06 0.09 0.55 0.71 0.84 0.80 0.20
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.54 32.84
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 1,131.77 0.00 0.00 0.00 131.07 209.10 231.29 860.28
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 10,876.46 6,160.39 4,022.79 663.73 514.15 436.78 453.86 1,802.51
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 -9,744.68 -6,160.39 -4,022.79 -663.73 -383.08 -227.68 -214.03 -909.39
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -20 -8.55 -25 0.73 -0.13 -4.49 12 17 15 9.58 11
Invested Capital Turnover		 0.00 0.00 0.00 1.55 -0.11 -0.39 -4.69 3.75 4.48 13.78 0.79
Increase / (Decrease) in Invested Capital		 -10 0.00 -25 0.73 20 4.06 37 16 16 14 -0.37
Enterprise Value (EV)		 92 81 207 3.68 53 98 30 24 -7.12 173 218
Market Capitalization		 179 140 233 97 113 125 41 11 39 350 375
Book Value per Share		 $0.41 $0.31 $0.01 $0.56 $0.35 $0.13 $0.13 $0.69 $5.40 $2.13 $1.85
Tangible Book Value per Share		 $0.31 $0.20 ($0.10) $0.40 $0.19 ($0.03) ($0.02) ($3.97) $3.05 $1.83 $1.56
Total Capital		 122 106 56 169 135 98 99 80 138 263 245
Total Debt		 54 55 55 75 75 75 76 76 76 76 77
Total Long-Term Debt		 54 55 55 75 75 75 76 76 76 76 77
Net Debt		 -87 -60 -26 -94 -60 -27 -11 13 -46 -177 -157
Capital Expenditures (CapEx)		 0.01 0.04 0.06 0.13 0.09 0.04 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -19 -15 -17 -22 -21 -23 -17 -13 -13 -17 -16
Debt-free Net Working Capital (DFNWC)		 122 99 64 147 114 79 70 50 109 236 218
Net Working Capital (NWC)		 122 99 64 147 114 79 70 50 109 236 218
Net Nonoperating Expense (NNE)		 -17 1.49 26 -20 13 15 -8.71 7.38 11 7.34 6.03
Net Nonoperating Obligations (NNO)		 -87 -60 -26 -94 -60 -27 -11 13 -46 -177 -157
Total Depreciation and Amortization (D&A)		 0.10 0.06 0.06 0.19 0.27 0.27 0.48 0.36 0.22 0.22 0.22
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% -3,950.27% -1,893.41% -890.18% -54.64% -39.10% -37.48% -48.92% -172.05%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 26,023.80% 10,125.91% 3,101.21% 222.59% 151.64% 317.67% 671.60% 2,420.80%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 26,023.80% 10,125.91% 3,101.21% 222.59% 151.64% 317.67% 671.60% 2,420.80%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($96.90) ($7.80) $13.50 ($5.40) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 197.57K 6.67M 6.68M 6.70M 201.06M 6.84M 7.41M 43.27M 42.29M 126.29M
Adjusted Diluted Earnings per Share		 $0.00 ($96.90) ($7.80) $13.50 ($5.40) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 197.57K 6.67M 6.69M 6.70M 201.06M 6.87M 7.41M 43.27M 42.29M 126.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($96.90) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.57) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 5.60M 5.60M 5.62M 5.68M 173.66M 5.79M 11.41M 87.44M 90.92M 94.32M
Normalized Net Operating Profit after Tax (NOPAT)		 -19 -18 -26 -34 -24 -25 -8.43 -18 -19 -17 -14
Normalized NOPAT Margin		 0.00% 0.00% 0.00% -6,019.59% -4,312.50% -1,743.41% -29.25% -833.90% -980.46% -775.20% -524.90%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 16,136.94% -6,550.18% -2,758.93% 1.10% -1,167.30% -1,519.60% -1,117.99% -747.45%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1.24 -9.89 -27.18 42.03 -14.97 -16.72 0.68 -10.81 -12.62 -10.85 -9.47
NOPAT to Interest Expense		 -11.66 -9.35 -13.93 32.67 -10.00 -10.85 -3.83 -8.23 -8.53 -7.59 -6.66
EBIT Less CapEx to Interest Expense		 -1.25 -9.91 -27.21 41.97 -15.01 -16.74 0.68 -10.81 -12.62 -10.85 -9.47
NOPAT Less CapEx to Interest Expense		 -11.66 -9.37 -13.96 32.61 -10.04 -10.87 -3.83 -8.23 -8.53 -7.59 -6.66
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

X4 Pharmaceuticals’ recent financials show a company with a very strong cash position, but also a business still burning a lot of cash and carrying meaningful debt. Over the last year, revenue has been volatile quarter to quarter, operating losses remain large, and the balance sheet has been reshaped by a major equity raise. For retail investors, the key question is not near-term profitability, but how long the current cash runway can support development spending.

  • Cash and short-term investments are substantial. As of Q1 2026, X4 reported about $216.9 million in cash and equivalents and $16.8 million in short-term investments, giving it liquidity that is far stronger than a year ago.
  • Equity financing dramatically improved the balance sheet. Common equity rose sharply from $61.6 million in Q3 2025 to $168.5 million in Q1 2026, reflecting capital raising that strengthened near-term funding capacity.
  • Operating cash burn improved versus late 2025. Net cash used in operations was $19.6 million in Q1 2026, better than the $15.5 million outflow in Q4 2025? Actually the more relevant comparison is vs. Q3 2025’s $27.8 million and Q4 2024’s $33.0 million, showing some moderation in burn.
  • Revenue was positive and grew sequentially. Q1 2026 revenue was $2.7 million, up from $2.1 million in Q4 2025 and $2.0 million in Q3 2025, suggesting some business traction.
  • Gross profit remained positive. Q1 2026 gross profit was $2.1 million, indicating revenue continues to exceed direct cost of revenue.
  • Interest and investment income helped offset losses at times. In several prior quarters, non-operating income provided meaningful support to pre-tax results, reflecting benefits from the company’s cash and investment holdings.
  • Revenue levels are still very small relative to expenses. Even with growth, quarterly revenue remains in the low single-digit millions, which is not close to covering operating costs.
  • Share count has been highly variable. Weighted average shares outstanding shifted dramatically across periods, which can complicate per-share comparisons and likely reflects prior financing activity.
  • Balance sheet includes acquisition-related intangibles and goodwill. Goodwill and intangible assets remain on the books, but there is no evidence in this dataset of impairment charges or gains/losses tied to them.
  • Operating losses are still large. X4 reported an operating loss of $20.3 million in Q1 2026, following a $23.7 million loss in Q4 2025 and $27.5 million in Q3 2025.
  • Research and development spending remains heavy. Q1 2026 R&D expense was $15.5 million, continuing to pressure profitability.
  • SG&A is also significant. Q1 2026 SG&A was $7.0 million, adding to the company’s fixed cost base.
  • Debt remains material. Long-term debt was $76.5 million in Q1 2026, which is meaningful relative to the company’s equity base and ongoing losses.
  • Retained earnings are deeply negative. Retained earnings were $(614.8) million in Q1 2026, highlighting the long history of accumulated losses.
  • Cash declined from the prior quarter after the financing spike. Cash and equivalents fell from $69.6 million in Q3 2025 to $216.9 million in Q1 2026 after the big equity raise, but operations still consumed cash in the latest quarter.

Bottom line: X4 Pharmaceuticals looks financially better funded than it did a year ago, which reduces immediate balance-sheet risk. However, the business is still not self-funding, and sustained losses mean investors should watch cash burn, future financing needs, and whether revenue can scale meaningfully beyond the current level.

07/05/26 06:04 AM ETAI Generated. May Contain Errors.

X4 Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, X4 Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

X4 Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$79.20 million in 2025, rising from -$22.98 million in 2016. The previous period was -$37.45 million in 2024. See where experts think X4 Pharmaceuticals is headed by visiting X4 Pharmaceuticals' forecast page.

X4 Pharmaceuticals' total operating income in 2025 was -$86.88 million, based on the following breakdown:
  • Total Gross Profit: $29.36 million
  • Total Operating Expenses: $116.24 million

Over the last 9 years, X4 Pharmaceuticals' total revenue changed from $0.00 in 2016 to $35.11 million in 2025, a change of 3,511,300,000.0%.

X4 Pharmaceuticals' total liabilities were at $104.17 million at the end of 2025, a 16.2% decrease from 2024, and a 362.0% increase since 2017.

In the past 7 years, X4 Pharmaceuticals' cash and equivalents has ranged from $55.70 million in 2024 to $217.05 million in 2025, and is currently $217.05 million as of their latest financial filing in 2025.

Over the last 9 years, X4 Pharmaceuticals' book value per share changed from 0.00 in 2016 to 2.13 in 2025, a change of 213.1%.


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Financial statements for NASDAQ:XFOR last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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