X4 Pharmaceuticals, Inc
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $35.1M | $2.6M | $0 | $0 | $0 |
| Cost of revenue | $5.8M | $797,000 | $0 | $0 | — |
| Research and development | $72.7M | $81.6M | $72.0M | $61.1M | $50.6M |
| Operating expenses | — | — | $107.5M | $87.6M | $85.1M |
| Operating income | -$86.9M | -$36.4M | -$107.5M | -$87.6M | -$85.1M |
| Interest expense | $8.9M | $8.8M | $5.8M | $4.0M | $3.6M |
| Pretax income | -$79.2M | -$37.1M | -$101.1M | -$93.8M | -$88.7M |
| Income tax expense | $41,000 | $310,000 | $78,000 | $28,000 | $17,000 |
| Net income | -$79.2M | -$37.5M | -$101.2M | -$93.9M | -$88.7M |
| Balance Sheet | |||||
| Cash and equivalents | $217.0M | $55.7M | $99.2M | $121.7M | $81.8M |
| Current assets | $261.6M | $112.2M | $122.1M | $128.7M | $87.9M |
| Total assets | $290.5M | $146.4M | $147.3M | $155.6M | $117.2M |
| Current liabilities | $25.8M | $32.9M | $22.9M | $22.3M | $14.0M |
| Total liabilities | $104.2M | $124.3M | $96.2M | $81.5M | $52.8M |
| Stockholders' equity | $186.3M | $22.1M | $51.1M | $74.1M | $64.4M |
| Cash Flow Statement | |||||
| Cash from operations | -$85.6M | -$130.9M | -$96.5M | -$77.1M | -$70.9M |
| Depreciation and amortization | $1.3M | $796,000 | $419,000 | $513,000 | $499,000 |
| Stock-based compensation | $4.3M | $8.2M | $8.7M | $5.2M | $6.2M |
| Capital expenditure | $0 | $326,000 | $60,000 | $103,000 | $615,000 |
| Free cash flow | -$85.6M | -$131.2M | -$96.6M | -$77.2M | -$71.5M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Share repurchases | — | — | $0 | $0 | $2.0M |
| Impairments | — | — | $0 | $0 | $9.8M |
Shares outstanding 94.3M · Free float 77.9%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.