X4 Pharmaceuticals, Inc
XFORNasdaqHealthcare · Biological Products, (No Diagnostic Substances) · DE · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $35.1M | $2.6M | $0 | $0 | $0 | $3.0M |
| Operating income | −$86.9M | −$36.4M | −$107.5M | −$87.6M | −$85.1M | −$59.9M |
| Net income | −$79.2M | −$37.5M | −$101.2M | −$93.9M | −$88.7M | −$62.1M |
| Total assets | $290.5M | $146.4M | $147.3M | $155.6M | $117.2M | $122.9M |
| Total liabilities | $104.2M | $124.3M | $96.2M | $81.5M | $52.8M | $50.1M |
| Equity | $186.3M | $22.1M | $51.1M | $74.1M | $64.4M | $72.8M |
| EPS (diluted) | $-1.87 | $-0.19 | $-0.57 | $-1.52 | $-3.99 | $-3.09 |
| Shares out. | 173.7M | 167.9M | 122.2M | 30.8M | 17.4M | 16.1M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −247.4%
- Net margin
- −225.6%
- Return on equity
- −42.5%
- Return on assets
- −27.3%
- Return on capital (ROCE)
- −32.8%
- Liabilities / assets
- 35.9%
- Debt / equity
- 0.56×
- Book value / share
- $1.07
- Revenue growth (YoY)
- 1273.2%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -1.48distress
- Accruals / assets
- 2.2%clean
- Beneish M-Score
- 8.08elevated
- Piotroski F-Score
- 4/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast. What these scores mean →
Signs
● 1 severe● 4 warning● 3 good- Altman Z″ in the distress zone
- Operating losses (negative operating margin)
- Reported a net loss
- Negative operating cash flow
- Beneish M-Score elevated — earnings-manipulation screen flag
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Clinical trials
ClinicalTrials.gov · ongoing · next readout first- Phase 3Active Not Recruitingreadout ~2025-12Efficacy and Safety Study of Mavorixafor in Participants With Warts, Hypogammaglobulinemia, Infections, and Myelokathexis (WHIM) Syndrome
- Phase 1Recruitingreadout ~2026-03A Study to Investigate Pharmacokinetics (PK) and Safety of a Single Dose of Mavorixafor in Participants With Hepatic Impairment (HI) Compared to Matched Healthy Volunteers With Normal Hepatic Function
- Phase 3Recruitingreadout ~2027-09A Study of Mavorixafor in Participants With Congenital and Acquired Primary Autoimmune and Idiopathic Chronic Neutropenic Disorders Who Are Experiencing Recurrent and/or Serious Infections
Interventional studies led by this company. “Readout” is the trial's primary-completion date — an estimate the sponsor reports, not a guarantee.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Perceptive Advisors LlcPassive (13G)May 15, 2026
- Morgan StanleyPassive (13G)Mar 6, 2026
- Trails Edge Capital Partners, LpPassive (13G)Feb 17, 2026
- Bain Capital Life Sciences Fund, L.P.Activist (13D)Feb 17, 2026
- Saturn V Capital Management LpPassive (13G)Feb 17, 2026
- Biotechnology Value Fund L PPassive (13G)Feb 17, 2026
- Nantahala Capital Management, LlcPassive (13G)Feb 13, 2026
- Fmr LlcPassive (13G)Feb 5, 2026
- Empery Asset Management, LpPassive (13G)Jan 15, 2026
- Growth Equity Opportunities 18 Vge, LlcActivist (13D)Oct 29, 2025
- Coastlands Capital LpActivist (13D)Oct 3, 2025
- Deep Track Capital, LpPassive (13G)Aug 19, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 2.9M | 8.5 | -6.2% |
| Apr 30, 2026 | 3.1M | 8.3 | -0.9% |
| Apr 15, 2026 | 3.1M | 7.6 | +0.7% |
| Mar 31, 2026 | 3.1M | 7.2 | -10.7% |
| Mar 13, 2026 | 3.5M | 5.7 | +1.2% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Director / officer change · Shareholder voteMay 12, 2026
- Results of operationsNov 5, 2025
- Entered a material agreementOct 27, 2025
- Costs from exit or disposal · Director / officer change · Regulation FD disclosureSep 17, 2025
- Director / officer changeAug 25, 2025
- Entered a material agreement · Unregistered equity sale · Other material eventAug 13, 2025
- Entered a material agreement · Unregistered equity sale · Director / officer change · Other material eventAug 12, 2025
- Entered a material agreementJun 23, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.
Recent SEC filings
All filings ↗- SCHEDULE 13G/AMay 15, 2026
- EFFECTMay 14, 2026
- 8-K/AMay 13, 2026
- 4FORM 4May 13, 2026
- 144May 12, 2026
- 8-KMay 12, 2026
- S-3May 6, 2026
- 10-QMay 6, 2026
- ARSMar 20, 2026
- DEFA14AMar 20, 2026
- DEF 14AMar 20, 2026
- S-8Mar 18, 2026
- 10-KMar 17, 2026
- SCHEDULE 13G/AMar 6, 2026
- SCHEDULE 13G/AFeb 17, 2026
Event-driven situations (1)
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