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X4 Pharmaceuticals (XFOR) Financials

X4 Pharmaceuticals logo
$2.50 -0.10 (-4.00%)
As of 11:32 AM Eastern
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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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20 -16
Consolidated Net Income / (Loss)		 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20 -16
Net Income / (Loss) Continuing Operations		 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20 -16
Total Pre-Tax Income 		-19 -52 91 -37 -40 0.32 -26 -30 -24 -20 -16
Total Operating Income		 -25 -37 71 -35 -36 -9.44 -26 -28 -24 -20 -16
Total Gross Profit		 - 0.00 0.30 0.33 1.13 24 1.65 1.61 1.78 2.11 7.19
Total Revenue		 - 0.00 0.56 0.56 1.43 29 1.97 1.96 2.14 2.71 8.81
Operating Revenue		 - 0.00 0.56 0.56 - 29 1.97 1.96 2.14 2.71 8.81
Total Cost of Revenue		 - 0.00 0.27 0.23 0.30 4.72 0.33 0.35 0.36 0.60 1.62
Operating Cost of Revenue		 - 0.00 0.27 0.23 - 4.72 0.33 0.35 0.36 0.60 1.62
Total Operating Expenses		 25 37 -71 35 37 34 28 29 26 22 24
Selling, General & Admin Expense		 9.93 17 13 16 15 15 9.53 12 7.38 6.97 8.50
Research & Development Expense		 15 20 21 19 22 19 18 17 19 15 15
Total Other Income / (Expense), net		 6.10 -14 20 -2.18 -3.85 9.76 0.53 -2.34 -0.23 0.07 0.24
Interest Expense		 1.89 1.87 2.18 2.41 2.30 2.20 2.23 2.26 2.19 2.13 2.16
Interest & Investment Income		 1.45 1.07 1.57 1.87 1.27 1.03 0.67 0.90 1.99 2.11 1.98
Other Income / (Expense), net		 6.54 -14 20 -1.64 -2.81 11 2.10 -0.98 -0.03 0.09 0.42
Income Tax Expense		 0.03 0.02 0.02 0.02 0.26 0.03 0.04 -0.03 - 0.00 0.00
Basic Earnings per Share		 ($3.23) ($7.77) $13.59 ($5.48) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16) ($0.13)
Weighted Average Basic Shares Outstanding		 5.93M 6.67M 6.68M 6.70M 201.06M 6.84M 7.41M 43.27M 42.29M 126.29M 126.34M
Diluted Earnings per Share		 ($3.23) ($7.77) $13.57 ($5.48) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16) ($0.13)
Weighted Average Diluted Shares Outstanding		 5.93M 6.67M 6.69M 6.70M 201.06M 6.87M 7.41M 43.27M 42.29M 126.29M 126.34M
Weighted Average Basic & Diluted Shares Outstanding		 167.94M 167.94M 168.50M 170.55M 173.66M 5.79M 11.41M 87.44M 90.92M 94.32M 99.15M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -32 -39 87 -50 -42 -15 -1.02 30 147 -0.37 -22
Net Cash From Operating Activities		 -28 -34 -30 -34 -33 -12 -30 -28 -16 -20 -21
Net Cash From Continuing Operating Activities		 -28 -34 -30 -34 -33 -12 -30 -28 -16 -20 -21
Net Income / (Loss) Continuing Operations		 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20 -16
Consolidated Net Income / (Loss)		 -19 -52 91 -37 -40 0.28 -26 -30 -24 -20 -16
Depreciation Expense		 0.06 0.06 0.19 0.27 0.27 0.48 0.36 0.22 0.22 0.22 1.00
Non-Cash Adjustments To Reconcile Net Income		 3.75 2.26 -102 2.19 7.29 0.98 2.34 1.70 2.64 2.91 3.65
Changes in Operating Assets and Liabilities, net		 -12 16 -19 0.21 -0.73 -14 -6.85 0.07 5.54 -2.49 -9.28
Net Cash From Investing Activities		 -4.83 -5.32 97 -16 -8.62 -3.14 23 -29 17 19 -1.00
Net Cash From Continuing Investing Activities		 -4.83 -5.32 97 -16 -8.62 -3.14 23 -29 17 19 -1.00
Acquisitions		 - 0.00 -7.00 - - -3.00 - - - 0.00 -5.00
Sale and/or Maturity of Investments		 1.00 5.00 2.00 5.25 14 12 28 16 19 19 4.00
Net Cash From Financing Activities		 0.10 0.00 20 - 0.14 0.00 5.63 87 146 0.00 0.08
Net Cash From Continuing Financing Activities		 0.10 0.00 20 - 0.14 0.00 5.63 87 146 0.00 0.08
Issuance of Common Equity		 0.10 - - - 0.14 0.00 - 87 146 0.00 0.08
Effect of Exchange Rate Changes		 0.13 -0.06 -0.02 0.17 -0.24 0.07 0.14 -0.00 0.00 -0.02 -0.01

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 Q2 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 6/30/2026
Total Assets		 173 112 211 178 130 105 164 270 253
Total Current Assets		 148 87 175 143 96 73 133 242 219
Cash & Equivalents		 132 60 147 97 40 39 70 217 195
Short-Term Investments		 10 20 22 38 47 24 53 17 13
Accounts Receivable		 - - - - 0.51 1.15 0.89 1.11 2.05
Inventories, net		 - - 0.83 2.45 3.09 3.17 4.08 4.64 5.50
Prepaid Expenses		 5.80 5.76 4.98 4.48 4.48 4.96 4.93 2.51 3.34
Plant, Property, & Equipment, net		 0.77 0.74 0.81 0.82 0.49 0.25 0.22 0.15 0.11
Total Noncurrent Assets		 25 24 34 34 34 32 31 28 34
Goodwill		 17 17 17 17 17 17 17 17 17
Intangible Assets		 - - 10 10 9.81 9.63 9.44 9.06 13
Other Noncurrent Operating Assets		 7.30 6.76 6.66 6.83 6.67 5.00 3.74 1.74 3.65
Total Liabilities & Shareholders' Equity		 173 112 211 178 130 105 164 270 253
Total Liabilities		 106 111 116 119 107 101 102 102 98
Total Current Liabilities		 25 24 29 29 26 23 24 24 19
Accounts Payable		 8.13 8.94 7.99 8.58 11 7.71 5.05 5.07 3.93
Accrued Expenses		 16 13 20 19 13 13 17 17 14
Current Deferred Revenue		 - - - - 0.86 0.75 0.59 0.91 0.84
Other Current Liabilities		 1.12 1.13 1.17 1.22 1.30 1.37 1.20 0.73 0.47
Total Noncurrent Liabilities		 80 88 87 89 81 78 78 78 78
Long-Term Debt		 54 55 75 75 76 76 76 77 77
Noncurrent Deferred Revenue		 - - - - 0.96 0.83 0.79 0.12 0.59
Other Noncurrent Operating Liabilities		 26 33 12 14 4.60 1.63 1.58 1.42 0.89
Commitments & Contingencies		 0.00 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 62 168 155
Total Preferred & Common Equity		 68 1.04 94 60 23 3.97 62 168 155
Preferred Stock		 - - - - 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 68 1.04 94 60 23 3.97 62 168 155
Common Stock		 526 531 533 535 538 545 632 783 787
Retained Earnings		 -459 -530 -439 -476 -515 -541 -571 -615 -631
Accumulated Other Comprehensive Income / (Loss)		 -0.12 -0.16 -0.16 -0.11 -0.13 -0.14 -0.12 -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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 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 94,319,696.00
DEI Adjusted Shares Outstanding		 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 94,319,696.00
DEI Earnings Per Adjusted Shares Outstanding		 -3.43 -9.25 16.23 -6.53 - 0.05 -4.45 -2.61 -0.27 -0.22 -0.17
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 291.12% 250.71% 49.23% -90.60% 346.33%
EBITDA Growth		 0.00% -115.44% 265.63% -1,759.56% -105.73% 103.87% -125.95% 21.20% 38.56% -1,115.70% 37.04%
EBIT Growth		 0.00% -114.55% 264.91% -1,677.57% -106.51% 102.93% -126.39% 21.17% 38.42% -1,454.69% 33.84%
NOPAT Growth		 0.00% -27.25% 493.55% -26.77% -41.73% 67.72% -125.83% 20.26% 33.64% -68.67% 37.52%
Net Income Growth		 0.00% -115.51% 263.04% -1,492.02% -108.16% 100.54% -128.34% 18.75% 39.92% -7,277.66% 37.23%
EPS Growth		 0.00% -115.51% 263.04% -1,492.02% -185.71% 100.54% -125.57% 87.41% 90.40% -500.00% 96.25%
Operating Cash Flow Growth		 -45.33% -26.72% -41.32% -63.40% -18.91% 63.19% 1.24% 18.25% 52.94% -58.47% 30.48%
Free Cash Flow Firm Growth		 0.00% 72.68% 0.00% -407.25% 0.00% -4,021.28% -149.03% 20.35% -5.49% 69.28% 45.34%
Invested Capital Growth		 0.00% 0.00% 0.00% 99.33% 47.51% 146.47% 2,219.26% 11,832.58% 313.62% -3.20% 43.79%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% -0.53% 156.07% 1,908.86% -92.36% -10.81% 8.96% 26.54% 225.18%
EBITDA Q/Q Growth		 -863.92% -173.62% 280.15% -139.14% -6.64% 105.14% -1,308.44% -18.85% 16.86% 14.94% 25.09%
EBIT Q/Q Growth		 -817.66% -173.04% 279.55% -139.51% -6.61% 103.87% -1,717.76% -18.03% 16.73% 14.80% 20.99%
NOPAT Q/Q Growth		 7.40% -47.98% 372.35% -133.97% -3.52% 66.29% -117.90% -4.87% 13.85% 14.32% 19.28%
Net Income Q/Q Growth		 -729.93% -170.60% 275.47% -140.40% -8.52% 100.71% -9,228.01% -15.83% 19.76% 15.40% 20.18%
EPS Q/Q Growth		 -729.93% -170.60% 275.47% -140.40% -11.11% 100.71% -8,775.00% 80.12% 17.39% 71.93% 18.75%
Operating Cash Flow Q/Q Growth		 -33.22% -21.08% 9.88% -12.40% 3.05% 62.52% -141.76% 6.95% 44.19% -26.23% -6.07%
Free Cash Flow Firm Q/Q Growth		 100.00% 0.00% 6,535.74% -162.23% 33.63% -55.04% 23.44% -1.10% 12.09% 54.85% -36.23%
Invested Capital Q/Q Growth		 56.76% -192.61% 102.91% -118.16% -3,298.48% 359.07% 45.08% -8.15% -38.12% 17.40% 115.50%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 52.40% 59.46% 78.94% 83.63% 85.20% 82.13% 82.99% 77.92% 81.64%
EBITDA Margin		 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% -170.03%
Operating Margin		 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% -186.13%
EBIT Margin		 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% -181.35%
Profit (Net Income) Margin		 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% -183.48%
Tax Burden Percent		 100.17% 100.04% 99.98% 100.04% 100.65% 89.24% 100.14% 99.90% 100.00% 100.00% 100.01%
Interest Burden Percent		 102.36% 101.59% 99.33% 101.50% 102.69% 21.18% 106.49% 104.76% 100.85% 100.14% 101.16%
Effective Tax Rate		 0.00% 0.00% 0.02% 0.00% 0.00% 10.76% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 19,556.78% 0.00% 0.00% 0.00% -3,129.53% -4,393.98% -10,680.65% -413.73% -100.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 19,514.65% 0.00% 0.00% 0.00% -3,111.27% -4,374.04% -10,673.43% -406.58% -92.55%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -19,364.45% 0.00% 0.00% 0.00% 2,555.29% 3,820.07% 10,412.43% 357.99% 68.69%
Return on Equity (ROE)		 -161.67% -12,443.34% 192.34% -26.35% -102.26% 121.75% -574.24% -573.91% -268.21% -55.74% -31.78%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% -387.19% -1,026.35% -547.87% -781.46% -595.05% -335.32%
Operating Return on Assets (OROA)		 0.00% 0.00% 43.43% -41.24% -46.78% 1.34% -229.12% -292.11% -178.19% -33.61% -16.05%
Return on Assets (ROA)		 0.00% 0.00% 43.13% -41.88% -48.35% 0.25% -244.35% -305.70% -179.70% -33.66% -16.23%
Return on Common Equity (ROCE)		 -161.67% -12,443.34% 192.34% -26.35% -102.26% 121.75% -574.24% -573.91% -268.21% -55.74% -31.78%
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)		 -18 -26 71 -24 -25 -8.43 -18 -19 -17 -14 -11
NOPAT Margin		 0.00% 0.00% 12,626.81% -4,312.50% -1,743.41% -29.25% -833.90% -980.46% -775.20% -524.90% -130.29%
Net Nonoperating Expense Percent (NNEP)		 -2.50% -197.07% 42.13% -17.06% -34.35% 46.61% -18.26% -19.94% -7.22% -7.15% -7.92%
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% -4.94%
Cost of Revenue to Revenue		 0.00% 0.00% 47.60% 40.54% 21.06% 16.37% 14.80% 17.87% 17.01% 22.08% 18.36%
SG&A Expenses to Revenue		 0.00% 0.00% 2,358.44% 2,796.43% 1,056.14% 52.14% 432.65% 589.92% 344.95% 257.24% 96.54%
R&D to Revenue		 0.00% 0.00% 3,714.74% 3,423.75% 1,513.39% 64.27% 833.42% 882.74% 865.47% 570.53% 171.24%
Operating Expenses to Revenue		 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% 267.77%
Earnings before Interest and Taxes (EBIT)		 -19 -51 91 -36 -39 1.49 -24 -28 -24 -20 -16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -19 -51 92 -36 -38 1.97 -24 -28 -24 -20 -15
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.75 225.32 1.03 1.89 5.65 1.79 2.77 0.63 1.88 2.23 2.83
Price to Tangible Book Value (P/TBV)		 4.16 0.00 1.46 3.52 0.00 0.00 0.00 1.12 2.19 2.64 3.52
Price to Revenue (P/Rev)		 0.00 0.00 173.01 100.42 48.93 1.31 0.33 1.13 9.96 41.66 27.80
Price to Earnings (P/E)		 0.00 0.00 5.54 0.00 0.00 2.81 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% 0.00%
Earnings Yield		 0.00% 0.00% 18.06% 0.00% 0.00% 35.65% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 5.06 0.00 0.00 2.56 1.42 0.00 18.06 19.40 12.76
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 6.54 47.22 38.51 0.95 0.72 0.00 4.93 24.22 19.52
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.18 0.00 0.00 1.52 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.19 0.00 0.00 1.63 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 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		 1.07 52.92 0.79 1.26 3.41 3.30 19.10 1.23 0.41 0.45 0.49
Long-Term Debt to Equity		 1.07 52.92 0.79 1.26 3.41 3.30 19.10 1.23 0.41 0.45 0.49
Financial Leverage		 -1.17 -25.14 -0.99 -1.16 -1.18 -1.56 -0.82 -0.87 -0.98 -0.88 -0.74
Leverage Ratio		 2.42 108.28 2.23 2.76 4.01 10.10 3.21 2.82 2.10 2.09 2.25
Compound Leverage Factor		 2.48 110.00 2.21 2.80 4.12 2.14 3.42 2.95 2.11 2.09 2.27
Debt to Total Capital		 51.64% 98.15% 44.27% 55.79% 77.30% 76.72% 95.02% 55.25% 29.05% 31.24% 33.06%
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		 51.64% 98.15% 44.27% 55.79% 77.30% 76.72% 95.02% 55.25% 29.05% 31.24% 33.06%
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		 48.36% 1.85% 55.73% 44.21% 22.70% 23.28% 4.98% 44.75% 70.95% 68.76% 66.94%
Debt to EBITDA		 -0.55 -0.43 3.70 -5.50 -2.26 3.88 -0.79 -0.86 -1.04 -0.80 -0.89
Net Debt to EBITDA		 0.60 0.21 -4.63 4.37 0.80 -0.58 -0.13 0.52 2.40 1.65 1.51
Long-Term Debt to EBITDA		 -0.55 -0.43 3.70 -5.50 -2.26 3.88 -0.79 -0.86 -1.04 -0.80 -0.89
Debt to NOPAT		 -0.73 -0.68 -4.06 -4.15 -2.96 -9.04 -1.02 -1.10 -1.25 -1.12 -1.25
Net Debt to NOPAT		 0.79 0.32 5.07 3.30 1.05 1.35 -0.17 0.67 2.91 2.30 2.13
Long-Term Debt to NOPAT		 -0.73 -0.68 -4.06 -4.15 -2.96 -9.04 -1.02 -1.10 -1.25 -1.12 -1.25
Altman Z-Score		 -3.28 -6.17 -0.14 -3.06 -4.52 -4.39 -7.01 -4.22 -0.03 -0.22 0.02
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		 5.34 3.71 6.07 4.89 3.41 3.70 3.19 5.65 10.16 10.18 11.30
Quick Ratio		 5.00 3.44 5.84 4.61 3.14 3.38 2.80 5.24 9.84 9.88 10.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1.09 70 -44 -29 -45 -34 -35 -31 -14 -19
Operating Cash Flow to CapEx		 -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% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -0.58 32.34 -18.14 -12.61 -20.47 -15.46 -15.45 -14.02 -6.49 -8.71
Operating Cash Flow to Interest Expense		 -14.71 -17.93 -13.91 -14.10 -14.32 -5.62 -13.40 -12.33 -7.10 -9.18 -9.61
Operating Cash Flow Less CapEx to Interest Expense		 -14.73 -17.96 -13.98 -14.14 -14.34 -5.62 -13.40 -12.33 -7.10 -9.18 -9.61
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.01 0.02 0.26 0.21 0.20 0.16 0.05 0.09
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42.74 11.11 9.93
Inventory Turnover		 0.00 0.00 0.32 0.00 0.00 0.00 2.78 1.75 1.58 0.42 0.68
Fixed Asset Turnover		 0.00 0.00 0.70 1.41 3.36 51.04 62.15 66.29 73.30 28.48 86.83
Accounts Payable Turnover		 0.00 0.00 0.03 0.06 0.09 0.55 0.71 0.84 0.80 0.20 0.50
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.54 32.84 36.76
Days Inventory Outstanding (DIO)		 0.00 0.00 1,131.77 0.00 0.00 0.00 131.07 209.10 231.29 860.28 540.15
Days Payable Outstanding (DPO)		 0.00 0.00 10,876.46 6,160.39 4,022.79 663.73 514.15 436.78 453.86 1,802.51 725.20
Cash Conversion Cycle (CCC)		 0.00 0.00 -9,744.68 -6,160.39 -4,022.79 -663.73 -383.08 -227.68 -214.03 -909.39 -148.29
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -8.55 -25 0.73 -0.13 -4.49 12 17 15 9.58 11 24
Invested Capital Turnover		 0.00 0.00 1.55 -0.11 -0.39 -4.69 3.75 4.48 13.78 0.79 0.77
Increase / (Decrease) in Invested Capital		 0.00 -25 0.73 20 4.06 37 16 16 14 -0.37 7.38
Enterprise Value (EV)		 81 207 3.68 53 98 30 24 -7.12 173 218 309
Market Capitalization		 140 233 97 113 125 41 11 39 350 375 440
Book Value per Share		 $0.31 $0.01 $0.56 $0.35 $0.13 $0.13 $0.69 $5.40 $2.13 $1.85 $1.65
Tangible Book Value per Share		 $0.20 ($0.10) $0.40 $0.19 ($0.03) ($0.02) ($3.97) $3.05 $1.83 $1.56 $1.33
Total Capital		 106 56 169 135 98 99 80 138 263 245 232
Total Debt		 55 55 75 75 75 76 76 76 76 77 77
Total Long-Term Debt		 55 55 75 75 75 76 76 76 76 77 77
Net Debt		 -60 -26 -94 -60 -27 -11 13 -46 -177 -157 -131
Capital Expenditures (CapEx)		 0.04 0.06 0.13 0.09 0.04 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -15 -17 -22 -21 -23 -17 -13 -13 -17 -16 -8.48
Debt-free Net Working Capital (DFNWC)		 99 64 147 114 79 70 50 109 236 218 199
Net Working Capital (NWC)		 99 64 147 114 79 70 50 109 236 218 199
Net Nonoperating Expense (NNE)		 1.49 26 -20 13 15 -8.71 7.38 11 7.34 6.03 4.68
Net Nonoperating Obligations (NNO)		 -60 -26 -94 -60 -27 -11 13 -46 -177 -157 -131
Total Depreciation and Amortization (D&A)		 0.06 0.06 0.19 0.27 0.27 0.48 0.36 0.22 0.22 0.22 1.00
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% -3,950.27% -1,893.41% -890.18% -54.64% -39.10% -37.48% -48.92% -172.05% -53.51%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 26,023.80% 10,125.91% 3,101.21% 222.59% 151.64% 317.67% 671.60% 2,420.80% 1,258.84%
Net Working Capital to Revenue		 0.00% 0.00% 26,023.80% 10,125.91% 3,101.21% 222.59% 151.64% 317.67% 671.60% 2,420.80% 1,258.84%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($96.90) ($7.80) $13.50 ($5.40) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16) ($0.13)
Adjusted Weighted Average Basic Shares Outstanding		 197.57K 6.67M 6.68M 6.70M 201.06M 6.84M 7.41M 43.27M 42.29M 126.29M 126.34M
Adjusted Diluted Earnings per Share		 ($96.90) ($7.80) $13.50 ($5.40) ($0.20) $0.04 ($3.47) ($0.69) ($0.57) ($0.16) ($0.13)
Adjusted Weighted Average Diluted Shares Outstanding		 197.57K 6.67M 6.69M 6.70M 201.06M 6.87M 7.41M 43.27M 42.29M 126.29M 126.34M
Adjusted Basic & Diluted Earnings per Share		 ($96.90) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($0.57) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 5.60M 5.60M 5.62M 5.68M 173.66M 5.79M 11.41M 87.44M 90.92M 94.32M 99.15M
Normalized Net Operating Profit after Tax (NOPAT)		 -18 -26 -34 -24 -25 -8.43 -18 -19 -17 -14 -11
Normalized NOPAT Margin		 0.00% 0.00% -6,019.59% -4,312.50% -1,743.41% -29.25% -833.90% -980.46% -775.20% -524.90% -130.29%
Pre Tax Income Margin		 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% -183.45%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -9.89 -27.18 42.03 -14.97 -16.72 0.68 -10.81 -12.62 -10.85 -9.47 -7.38
NOPAT to Interest Expense		 -9.35 -13.93 32.67 -10.00 -10.85 -3.83 -8.23 -8.53 -7.59 -6.66 -5.30
EBIT Less CapEx to Interest Expense		 -9.91 -27.21 41.97 -15.01 -16.74 0.68 -10.81 -12.62 -10.85 -9.47 -7.38
NOPAT Less CapEx to Interest Expense		 -9.37 -13.96 32.61 -10.04 -10.87 -3.83 -8.23 -8.53 -7.59 -6.66 -5.30
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 (NASDAQ:XFOR) showed improving commercial momentum in the second quarter of 2026, but it remains deeply unprofitable and dependent on its cash balance to fund operations. Revenue increased to $8.8 million from $2.7 million in the first quarter and $2.0 million in the year-ago quarter. Gross profit rose to $7.2 million, representing an approximately 82% gross margin.

The company’s net loss narrowed to $16.2 million in Q2 2026 from $20.2 million in Q1 and $23.9 million in Q4 2025. However, operating expenses remained substantial at $23.6 million, including $15.1 million of research and development spending.

  • Revenue growth accelerated: Q2 2026 revenue of $8.8 million was more than three times Q1 revenue and approximately 4.5 times Q2 2025 revenue.
  • Gross profitability improved: Gross profit increased to $7.2 million, with the gross margin expanding to roughly 82% from approximately 78% in Q1 2026.
  • Quarterly losses are narrowing: The net loss improved to $16.2 million in Q2 2026 from $20.2 million in Q1, $23.9 million in Q4 2025 and $29.8 million in Q3 2025.
  • Liquidity remains substantial: X4 held $195.1 million in cash and $12.9 million in short-term investments at June 30, 2026, providing an important financial cushion for continued commercialization and development.
  • Balance-sheet liquidity is strong: Current assets of $218.9 million were more than 11 times current liabilities of $19.4 million, indicating limited near-term liquidity pressure.
  • Cash burn remains material but appears financeable in the near term: Operating cash outflow was $20.8 million in Q2 2026. At that quarterly rate, cash and short-term investments would cover roughly 10 quarters, although future spending and revenue growth could materially change the runway.
  • Revenue trends require context: Q2 revenue has improved sharply from 2025 levels, but it remains well below the $28.8 million reported in Q1 2025, which was later restated and appears atypical compared with surrounding quarters.
  • X4 remains dependent on external funding: The company has posted recurring operating losses and negative operating cash flow across the recent quarters, with no evidence yet of sustainable cash-flow break-even.
  • Operating expenses continue to exceed gross profit: Q2 gross profit of $7.2 million was far below total operating expenses of $23.6 million, resulting in a $16.4 million operating loss.
  • Shareholder dilution is a major risk: Weighted-average basic shares increased from approximately 6.7 million in early 2024 to 126.3 million in Q2 2026. The company also raised $146.1 million through equity issuance in Q4 2025, which helped liquidity but diluted existing shareholders.

Overall, X4’s financial statements show a potentially encouraging improvement in revenue and quarterly losses, supported by a sizable cash position. Nevertheless, the company’s high research and development costs, recurring cash burn, long-term debt of approximately $76.8 million and significant historical dilution remain important risks for investors.

10/14/26 08:48 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 a downward trend, with a most recent value of -$79.20 million in 2025, falling from -$22.98 million in 2016. The previous period was -$37.45 million in 2024. Find out what analysts predict for X4 Pharmaceuticals in the coming months.

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%.

In the past 11 quarters, X4 Pharmaceuticals' cash and equivalents has ranged from $39.22 million in Q2 2025 to $216.91 million in Q1 2026, and is currently $195.10 million as of their latest financial filing in Q2 2026.

X4 Pharmaceuticals had total debt of $76.29 million at the end of 2025, a 1.1% increase from 2024, and none in 2016.

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 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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