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    X4 Pharmaceuticals (XFOR)

    Market Price (9/8/2026): $4.02 | Market Cap: $507.9 MilSector: Health Care | Industry: Biotechnology

    X4 Pharmaceuticals (XFOR)

    Market Price (9/8/2026): $4.02
    Market Cap: $507.9 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.

    Weak multi-year price returns
    2Y Excs Rtn is -117%, 3Y Excs Rtn is -161%

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -88 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -555%

    Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -52%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 54%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -528%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -528%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22%

    Key risks
    XFOR key risks include [1] its critical dependence on the clinical and regulatory success of its lead drug, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
    1 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -44%
    2 Megatrend and thematic drivers
    Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
    3 Weak multi-year price returns
    2Y Excs Rtn is -117%, 3Y Excs Rtn is -161%
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -88 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -555%
    5 Weak revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -52%
    6 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 54%
    7 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -528%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -528%
    8 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -22%
    9 Key risks
    XFOR key risks include [1] its critical dependence on the clinical and regulatory success of its lead drug, Show more.

    XFOR in ETFs

    Weight = XFOR's share of each fund

    VTI0.00%
    IWM0.01%
    IWN0.02%
    VTWO0.01%

    Valuation & Metrics

    FYE: 12/31XFOR [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$15.8 Mil—
    FY 2026 Sales$16.0 Mil—
    FY 2027 Sales$11.6 Mil—
    FY 2026 Sales Growth0.8%—
    FY 2027 Sales Growth-27.7%13.2%
    EARNINGS
    LTM Net Income (GAAP) [3]$-90.1 Mil—
    FY 2026 Net Income (Non-GAAP)$-27.4 Mil—
    FY 2027 Net Income (Non-GAAP)$-29.4 Mil—
    FY 2027 Net Income Growth—18.6%
    FY 2026 EPS (Non-GAAP)$-0.65—
    FY 2027 EPS (Non-GAAP)$-0.69—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S31.81.7
    FY 2027 P/S43.9—
    FY 2026 P/E—7.7
    FY 2027 P/E——

    [1] XFOR forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    XFORS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.0
    Rev Chg Q346.3%9.3%
    Rev Chg LTM-51.6%8.4%
    Rev Chg 3Y Avg2,834.8%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.1
    CFO LTM ($ Bil)-0.1
    Net Inc LTM ($ Bil)-0.1
    Op Mgn LTM-554.7%18.6%
    CFO/Rev LTM-528.4%21.9%
    Net Inc Mgn-568.8%13.1%
    VALUATIONVERY HIGH
    P/S32.13.2
    P/CFO-6.115.5
    P/FCF-6.119.8
    P/E-5.623.2
    STABILITYVERY GOOD
    Debt/Equity0.150.20
    Cash/Assets0.820.07

    AI Analysis | Feedback

    MetricValueDateSource
    4WARD Phase 3 Trial Enrollment Target17611052025Link
    Projected Annualized Cost Savings from Restructuring13 million11052025Link
    Workforce Reduction50%11052025Link
    Cash Runway ProjectionEnd of 202811052025Link
    4WARD Phase 3 Trial Enrollment Completion (Expected)Q3 202611052025Link
    4WARD Phase 3 Trial Top-Line Data (Anticipated)2H 20263252025Link
    4WARD Phase 3 Trial Site Activation~90%3252025Link

    Price Chart

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    Upcoming
    11/04/2026Earnings ReleaseRev: $2.0 Mil (E)
    EPS: $-0.20 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/1/2026

    X4 Pharmaceuticals (XFOR) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. Continued Operating Losses and Future Capital Needs.

    Despite narrowing its net loss in fiscal Q2 2026 to $16.2 million compared to $25.7 million in fiscal Q2 2025, X4 Pharmaceuticals reported a six-month net loss of $36.4 million for the period ending June 30, 2026. Management has indicated an expectation of ongoing operating losses and a future need to raise additional capital, even with a cash runway projected into 2029, highlighting persistent financial challenges.

    2. Anticipated Slowdown in Revenue Growth.

    Analysts project a significant deceleration in X4 Pharmaceuticals' revenue growth, forecasting an annualized rate of 1.7% until the end of fiscal 2026. This represents a substantial decrease from the company's historical 76% annual growth over the past five years and is considerably lower than the 23% annual growth forecast for other companies in its industry.

    Show more
    Updated on 9/1/2026

    X4 Pharmaceuticals (XFOR) stock has lost about 5% since 5/31/2026 because of the following key factors:

    1. Continued Operating Losses and Future Capital Needs.

    Despite narrowing its net loss in fiscal Q2 2026 to $16.2 million compared to $25.7 million in fiscal Q2 2025, X4 Pharmaceuticals reported a six-month net loss of $36.4 million for the period ending June 30, 2026. Management has indicated an expectation of ongoing operating losses and a future need to raise additional capital, even with a cash runway projected into 2029, highlighting persistent financial challenges.

    2. Anticipated Slowdown in Revenue Growth.

    Analysts project a significant deceleration in X4 Pharmaceuticals' revenue growth, forecasting an annualized rate of 1.7% until the end of fiscal 2026. This represents a substantial decrease from the company's historical 76% annual growth over the past five years and is considerably lower than the 23% annual growth forecast for other companies in its industry.

    3. Uncertainty Surrounding Key Phase 3 Clinical Trial.

    The pivotal 4WARD Phase 3 trial of mavorixafor for chronic neutropenia remains a source of investor apprehension. While enrollment is targeted for completion by the end of fiscal Q3 2026, concerns persist regarding the potential lack of efficacy in reducing infections, which analysts identify as a major question mark for the drug's eventual success and commercial potential.

    4. Technical Sell Signals and Downgraded Outlook.

    As of August 31, 2026, X4 Pharmaceuticals' stock was rated as a "Sell Candidate" by StockInvest.us, with its technical score downgraded from "Hold" to -1.38 on a -10 to +10 scale. This downgrade was attributed to sell signals from both short-term and long-term Moving Averages, indicating a negative short-term forecast for the stock.

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    Stock Movement Drivers

    Fundamental Drivers

    The -6.3% change in XFOR stock from 5/31/2026 to 9/7/2026 was primarily driven by a -46.7% change in the company's P/S Multiple.
    (LTM values as of)53120269072026Change
    Stock Price ($)4.314.04-6.3%
    Change Contribution By: 
    Total Revenues ($ Mil)91675.8%
    P/S Multiple60.432.2-46.7%
    Shares Outstanding (Mil)1261260.0%
    Cumulative Contribution-6.3%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/7/2026
    ReturnCorrelation
    XFOR-6.3% 
    Market (SPY)1.8%34.4%
    Sector (XLV)14.7%-9.6%

    Fundamental Drivers

    The 17.4% change in XFOR stock from 2/28/2026 to 9/7/2026 was primarily driven by a 635.2% change in the company's P/S Multiple.
    (LTM values as of)22820269072026Change
    Stock Price ($)3.444.0417.4%
    Change Contribution By: 
    Total Revenues ($ Mil)3416-53.4%
    P/S Multiple4.432.2635.2%
    Shares Outstanding (Mil)43126-65.8%
    Cumulative Contribution17.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/7/2026
    ReturnCorrelation
    XFOR17.4% 
    Market (SPY)12.6%32.3%
    Sector (XLV)7.5%3.2%

    Fundamental Drivers

    The 7.6% change in XFOR stock from 8/31/2025 to 9/7/2026 was primarily driven by a 3692.4% change in the company's P/S Multiple.
    (LTM values as of)83120259072026Change
    Stock Price ($)3.754.047.6%
    Change Contribution By: 
    Total Revenues ($ Mil)3316-51.6%
    P/S Multiple0.832.23692.4%
    Shares Outstanding (Mil)7126-94.1%
    Cumulative Contribution7.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/7/2026
    ReturnCorrelation
    XFOR7.6% 
    Market (SPY)20.4%27.0%
    Sector (XLV)26.4%10.6%

    Fundamental Drivers

    The -89.5% change in XFOR stock from 8/31/2023 to 9/7/2026 was primarily driven by a null change in the company's P/S Multiple.
    (LTM values as of)83120239072026Change
    Stock Price ($)38.404.04-89.5%
    Change Contribution By: 
    Total Revenues ($ Mil)0169.2233720368547763E17%
    P/S Multiple∞32.2 
    Shares Outstanding (Mil)6126-95.5%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/7/2026
    ReturnCorrelation
    XFOR-89.5% 
    Market (SPY)77.1%18.4%
    Sector (XLV)34.7%10.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    XFOR Return-64%-57%-16%-13%-82%1%-98%
    Peers Return-51%-20%2%110%-9%-9%-31%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    XFOR Win Rate33%33%33%33%25%44% 
    Peers Win Rate33%47%44%44%56%48% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    XFOR Max Drawdown-82%-73%-76%-81%-94%-26% 
    Peers Max Drawdown-63%-51%-45%-50%-48%-42% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: VRTX, XCUR, KURA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/4/2026 (YTD)

    How Low Can It Go

    EventXFORS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-15.9%-6.7%
      % Gain to Breakeven18.9%7.1%
      Time to Breakeven15 days31 days
    2020 COVID-19 Crash
      % Loss-42.2%-33.7%
      % Gain to Breakeven73.1%50.9%
      Time to Breakeven96 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-31.0%-19.2%
      % Gain to Breakeven44.8%23.8%
      Time to Breakeven1 days105 days

    Compare to VRTX, XCUR, KURA

    In The Past

    X4 Pharmaceuticals's stock fell -1.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 1.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventXFORS&P 500
    2020 COVID-19 Crash
      % Loss-42.2%-33.7%
      % Gain to Breakeven73.1%50.9%
      Time to Breakeven96 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-31.0%-19.2%
      % Gain to Breakeven44.8%23.8%
      Time to Breakeven1 days105 days

    Compare to VRTX, XCUR, KURA

    In The Past

    X4 Pharmaceuticals's stock fell -1.5% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 1.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About X4 Pharmaceuticals (XFOR)

    X4 Pharmaceuticals is a clinical-stage biopharmaceutical company focused on discovering, developing, and commercializing novel treatments for rare diseases. Based in Boston, the company's research efforts primarily revolve around modulating the C-X-C chemokine receptor type 4 (CXCR4), a key biological target, to address various conditions where its dysregulation contributes to disease progression.

    The company's lead product candidate is mavorixafor, a small molecule inhibitor of CXCR4. Mavorixafor is currently in a pivotal Phase III clinical trial for the treatment of WHIM syndrome (Warts, Hypogammaglobulinemia, Infections, and Myelokathexis). Additionally, it is being investigated in earlier-stage Phase Ib trials for chronic neutropenia and Waldenström macroglobulinemia. X4 Pharmaceuticals has also strategically partnered to explore mavorixafor's potential in oncology, where it could be used in combination with other cancer treatments.

    Beyond mavorixafor, X4 Pharmaceuticals is advancing other CXCR4 antagonist candidates in its pipeline. These include X4P-002, which is in development for brain cancers, and X4P-003, targeting a broader spectrum of CXCR4 disorders and primary immunodeficiencies. The company's primary market comprises patients with these rare genetic disorders, chronic hematological conditions, and specific types of cancer, addressing significant unmet medical needs in specialized therapeutic areas.

    AI Analysis | Feedback

    X4 Pharmaceuticals is like a smaller, late-stage clinical version of Alexion Pharmaceuticals, but focused on rare immunodeficiencies and blood disorders.

    Consider X4 Pharmaceuticals a burgeoning Vertex Pharmaceuticals, specializing in rare immune system and blood disorders rather than genetic lung diseases.

    AI Analysis | Feedback

    ```html
    • mavorixafor: A small molecule inhibitor of CXCR4 in late-stage clinical trials for WHIM syndrome, chronic neutropenia, and Waldenström macroglobulinemia.
    • X4P-002: A CXCR4 antagonist under development for the treatment of brain cancers.
    • X4P-003: A CXCR4 antagonist in development for CXCR4 disorders and primary immunodeficiencies.
    ```

    AI Analysis | Feedback

    Major Customers

    As a late-stage clinical biopharmaceutical company, X4 Pharmaceuticals (XFOR) is primarily engaged in research and development, with its lead product candidates still in clinical trials. Consequently, it does not currently have major commercial sales to individual patients or a broad network of traditional distributors and pharmacies.

    However, the company does have a significant business-to-business relationship that can be considered a customer-like arrangement:

    • Abbisko Therapeutics Co., Ltd. (HKEX: 2256) is a licensee of X4 Pharmaceuticals. Under a license agreement, Abbisko Therapeutics has the rights to develop, manufacture, and commercialize mavorixafor in combination with checkpoint inhibitors or other agents in oncology indications in certain regions.

    AI Analysis | Feedback

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    Adam Craig, Ph.D. Executive Chairman of the Board, Principal Executive Officer

    Dr. Craig was appointed Executive Chairman of the Board and Principal Executive Officer of X4 Pharmaceuticals, effective August 12, 2025. He previously served at CTI BioPharma, where he spearheaded a restructuring, oversaw the approval and launch of its initial product, and guided its acquisition by Sobi for $1.7 billion. Dr. Craig brings extensive strategic experience in the life sciences sector and expertise in operational turnarounds.

    David Kirske Chief Financial Officer, Secretary

    Mr. Kirske assumed the role of Chief Financial Officer and Secretary on August 12, 2025. Prior to joining X4 Pharmaceuticals, he was the Chief Financial Officer of Stratus Therapeutics and also served as Executive Vice President and CFO of CTI BioPharma, where he played a pivotal role in its $1.7 billion acquisition by Sobi. His background includes CFO consulting and senior financial positions at Helix BioMedix, F-5 Networks, Redhook Brewery, and Cray Computer, bringing over two decades of strategic financial and operational experience.

    John Volpone President, Chief Operating Officer

    Mr. Volpone was appointed President and Chief Operating Officer, effective August 12, 2025. He also previously served at CTI BioPharma, most recently as Executive Vice President and Chief of Staff, overseeing business development, regulatory affairs, and clinical operations. Mr. Volpone has over two decades of cross-functional drug development leadership experience in oncology and rare diseases, including earlier business development roles at Bristol-Myers Squibb and ZymoGenetics.

    Art Taveras, Ph.D. Chief Scientific Officer

    Dr. Taveras has served as the Chief Scientific Officer of X4 Pharmaceuticals since November 2020. He joined X4 from CoMET Therapeutics, where he held the position of Chief Scientific Officer. Earlier in his career, Dr. Taveras was the Founder and Chief Scientific Officer at Transform Therapeutics and served as President and Chief Scientific Officer at ShangPharma ChemPartner. He also held leadership roles at Biogen Idec and Alantos Pharmaceuticals, which was acquired by Amgen in 2007. Dr. Taveras brings over 30 years of experience in leading small molecule research and development programs.

    AI Analysis | Feedback

    The key risks to X4 Pharmaceuticals (XFOR) are primarily concentrated around the successful development and commercialization of its lead product candidate, mavorixafor (marketed as XOLREMDI for WHIM syndrome).

    1. Clinical Trial and Regulatory Risks for Mavorixafor: The company's future success is heavily dependent on the positive outcomes of ongoing and future clinical trials for mavorixafor, particularly for the chronic neutropenia (CN) indication which is currently in Phase 3. There is inherent uncertainty in biopharmaceutical development, and clinical trials may fail to demonstrate the safety and efficacy required for regulatory approval, or they may face delays or rejections. Furthermore, mavorixafor has known safety concerns, including embryo-fetal toxicity and QTc prolongation, which are communicated in its labeling and require careful patient monitoring. The management and perception of these risks could impact the drug's adoption and market potential even after approval.

    2. Reliance on a Single Product Candidate: X4 Pharmaceuticals is highly reliant on mavorixafor (XOLREMDI) for its current and projected revenue streams. While XOLREMDI has received FDA approval for WHIM syndrome, the company's broader growth and profitability are tied to expanding mavorixafor's indications, notably into the larger chronic neutropenia market. Should mavorixafor encounter significant setbacks in development or commercialization for these additional indications, the company’s business and financial condition would be materially and adversely affected.

    3. Financial Viability and Need for Additional Capital: X4 Pharmaceuticals is currently unprofitable and has experienced shareholder dilution in the past. Although the company has recently secured funding expected to last through key milestones, it faces ongoing financial challenges, including covering operational expenses and funding its extensive clinical development programs. Sustaining operations and executing its long-term strategy will require achieving sufficient revenue from its approved and pipeline products or securing additional capital, which may not always be available on favorable terms or at all.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    X4 Pharmaceuticals (symbol: XFOR) develops novel therapeutics for rare diseases. The addressable markets for its main products are as follows:

    • Mavorixafor for WHIM Syndrome: The global WHIM syndrome treatment market was valued at USD 0.5 billion in 2024 and is projected to reach USD 1.2 billion by 2034. Within the 7 major markets (U.S., EU4, U.K., and Japan), the market reached USD 9.2 million in 2024 and is expected to grow to USD 16.1 million by 2035. The U.S. market alone for WHIM syndrome was approximately USD 4.8 million in 2023.
    • Mavorixafor for Chronic Neutropenia: The addressable market for symptomatic chronic neutropenia patients in the U.S. is estimated at 15,000 patients. The global neutropenia treatment market was valued at USD 14.5 billion in 2023 and is projected to grow to over USD 20.26 billion by 2029. The North America neutropenia treatment market is expected to surpass USD 7.4 billion by 2032.
    • Mavorixafor for Waldenström Macroglobulinemia: The global Waldenström macroglobulinemia market is valued at approximately USD 1.2 billion. The global Waldenstrom's macroglobulinemia (WM) treatment market was valued at approximately $800 million in 2023 and is projected to reach $1.3 billion by 2030. The 7 major markets (7MM) for Waldenstrom macroglobulinemia reached a value of USD 158.2 million in 2024 and are expected to reach USD 246.5 million by 2035.
    • X4P-002 for Brain Cancers: The global brain cancer market is estimated to be valued at USD 4,761.4 million in 2026 and is expected to reach USD 6,586.6 million by 2033. The global brain tumor treatment market size was valued at USD 3.55 billion in 2025 and is projected to reach USD 7.17 billion by 2035. The U.S. brain tumor treatment market was valued at USD 1.12 billion in 2025 and is projected to reach USD 1.85 billion by 2035.
    • X4P-003 for CXCR4 Disorders and Primary Immunodeficiencies: The global primary immunodeficiency disorders market size was valued at USD 7.15 billion in 2023 and is projected to grow. More recently, the global primary immunodeficiency disorders market size was valued at USD 8.85 billion in 2024 and is anticipated to reach around USD 16.93 billion by 2034. North America dominated the global market, accounting for 45.39% of the revenue share in 2023. The U.S. market reached USD 2.9 billion in 2024.

    AI Analysis | Feedback

    X4 Pharmaceuticals (NASDAQ: XFOR) is positioned for potential revenue growth over the next 2-3 years, primarily driven by its lead product candidate, mavorixafor. Key drivers include the ongoing commercialization of its approved therapy for WHIM syndrome and the progression of mavorixafor in additional indications and new geographies.

    The expected drivers of future revenue growth for X4 Pharmaceuticals are:

    1. Continued Commercialization of XOLREMDI (mavorixafor) for WHIM Syndrome in the U.S.: X4 Pharmaceuticals received FDA approval for XOLREMDI (mavorixafor) capsules for the treatment of WHIM syndrome in patients 12 years of age and older in April 2024, with the product launched in May 2024. While the company announced a deprioritization of its direct commercialization focus for WHIM syndrome in November 2025 to shift focus to chronic neutropenia, maintaining patient access means any continued uptake and market penetration in the U.S. will contribute to revenue growth.
    2. European Union Approval and Commercialization of Mavorixafor for WHIM Syndrome through Norgine Partnership: The European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) adopted a positive opinion recommending marketing authorization for mavorixafor for WHIM syndrome in the EU in February 2026, with a final approval decision anticipated in the second quarter of 2026. X4 has an exclusive licensing and supply agreement with Norgine to commercialize mavorixafor in Europe, Australia, and New Zealand following regulatory approvals, which is expected to generate revenue through milestones and royalties once approved and launched.
    3. Advancement of Mavorixafor in Phase 3 Clinical Trials for Chronic Neutropenia: X4 Pharmaceuticals has strategically shifted its primary focus to the successful completion of the 4WARD Phase 3 pivotal trial of mavorixafor in patients with moderate and severe chronic neutropenia. Full enrollment in this trial is expected in the third quarter of 2026, with topline data anticipated in the second half of 2026. Positive clinical trial results and progress toward regulatory submission could trigger development-related milestones or enhance the product's value, paving the way for a potential launch by the end of 2028, which would be a significant revenue driver.

    AI Analysis | Feedback

    Capital Allocation Decisions for X4 Pharmaceuticals (XFOR) (Last 3-5 Years)

    Share Repurchases

    No significant share repurchases were identified within the last 3-5 years.

    Share Issuance

    • In October 2025, X4 Pharmaceuticals completed an underwritten public offering, generating approximately $155.3 million in gross proceeds, and also secured an $85 million private placement in Fall 2025.
    • In December 2022, the company completed a public offering, raising approximately $65.0 million in gross proceeds.
    • On April 28, 2025, X4 Pharmaceuticals enacted a one-for-thirty reverse stock split to meet Nasdaq listing requirements, substantially reducing the number of outstanding shares.

    Inbound Investments

    • In Fall 2025, X4 Pharmaceuticals raised $85 million through a private placement as part of its financing rounds.
    • Through the first three quarters of 2025, the company generated $28.3 million in licensing revenue, largely from an exclusive deal with Norgine for mavorixafor in Europe, Australia, and New Zealand.

    Outbound Investments

    No significant outbound investments were identified within the last 3-5 years.

    Capital Expenditures

    • In the 12 months leading up to February 2026, X4 Pharmaceuticals reported capital expenditures of approximately $41,000.

    Peer Outperformance in Biotechnology

    XFOR has trailed 78% of its 361 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that XFOR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    53%
    of 455 industry peers · 15.4% return
    3Y
    20%
    of 402 industry peers · -89.0% return
    5Y
    22%
    of 361 industry peers · -97.2% return
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    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is XFOR's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 7 14.0%91.0%127.8% CAH 415% · MCK 351% · COR 181%
    Managed Health Care 8 32.5%-1.2%5.5% OSCR 95% · HQY 52% · ELV 18%
    Health Care Services 20 19.7%52.7%-0.3% HIMS 225% · RDNT 145% · DGX 65%
    Health Care Facilities 24 -1.0%3.9%-16.3% THC 253% · NHC 251% · ENSG 113%
    Health Care Equipment 50 -4.5%-2.6%-24.5% POCI 10775% · UFPT 344% · GKOS 209%
    Pharmaceuticals 63 -1.5%3.3%-33.4% LQDA 2415% · INDV 1137% · ETON 1074%
    Health Care Supplies 12 27.9%-10.8%-36.2% LNTH 286% · HAE 63% · MMSI 24%
    Life Sciences Tools & Services 109 1.6%-27.6%-71.6% SNWV 1688% · MEDP 208% · NTRA 176%
    Health Care Technology 19 -24.6%-51.7%-78.5% SPOK 71% · HSTM -1% · VEEV -10%
    Biotechnology ← 362 4.7%-23.7%-78.8% BRTX 73900% · DNTH 1602% · CELZ 1486%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    Title
    0ARTICLES

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    ALMSAlumis1.4-60.1%13.7%
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    More From Trefis

    Research & Analysis

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    Peer Comparisons

    Peers to compare with:

    Financials

    XFORVRTXXCURKURAMedian
    NameX4 Pharm.Vertex P.Exicure Kura Onc. 
    Mkt Price4.04546.121.2513.258.64
    Mkt Cap0.5138.60.01.20.8
    Rev LTM1612,58707747
    Op Inc LTM-884,777-7-318-48
    FCF LTM-843,796-7-117-45
    FCF 3Y Avg-1051,957-5-50-28
    CFO LTM-844,293-7-112-45
    CFO 3Y Avg-1022,398-5-47-26

    Growth & Margins

    XFORVRTXXCURKURAMedian
    NameX4 Pharm.Vertex P.Exicure Kura Onc. 
    Rev Chg LTM-51.6%10.2%--7.3%-7.3%
    Rev Chg 3Y Avg-9.8%--9.8%
    Rev Chg Q346.3%12.5%-36.5%36.5%
    QoQ Delta Rev Chg LTM75.8%3.0%-7.8%7.8%
    Op Inc Chg LTM17.0%2,497.9%12.5%-44.8%14.7%
    Op Inc Chg 3Y Avg2.9%792.2%-103.5%-29.8%-13.5%
    Op Mgn LTM-554.7%37.9%--411.9%-411.9%
    Op Mgn 3Y Avg-7,610.5%23.9%---3,793.3%
    QoQ Delta Op Mgn LTM529.7%-0.2%-31.6%31.6%
    CFO/Rev LTM-528.4%34.1%--144.7%-144.7%
    CFO/Rev 3Y Avg-6,945.0%19.6%---3,462.7%
    FCF/Rev LTM-528.4%30.2%--152.1%-152.1%
    FCF/Rev 3Y Avg-7,376.6%15.7%---3,680.5%

    Valuation

    XFORVRTXXCURKURAMedian
    NameX4 Pharm.Vertex P.Exicure Kura Onc. 
    Mkt Cap0.5138.60.01.20.8
    P/S32.211.0-15.215.2
    P/Op Inc-5.829.0-1.1-3.7-2.4
    P/EBIT-6.327.5-0.9-4.0-2.5
    P/E-5.731.5-1.0-4.0-2.5
    P/CFO-6.132.3-1.2-10.5-3.6
    Total Yield-17.7%3.2%-104.0%-25.2%-21.4%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-305.1%1.6%-67.0%1.2%-32.9%
    D/E0.20.00.00.00.0
    Net D/E-0.3-0.0-0.2-0.4-0.2

    Returns

    XFORVRTXXCURKURAMedian
    NameX4 Pharm.Vertex P.Exicure Kura Onc. 
    1M Rtn-12.9%10.1%-7.1%38.5%1.5%
    3M Rtn8.9%23.3%-58.2%54.8%16.1%
    6M Rtn-2.7%18.5%-69.4%41.1%7.9%
    12M Rtn15.4%37.9%-73.7%61.2%26.6%
    3Y Rtn-89.0%59.2%-69.1%30.5%-19.3%
    1M Excs Rtn-3.2%12.7%-7.5%42.7%4.7%
    3M Excs Rtn0.9%17.7%-61.7%47.1%9.3%
    6M Excs Rtn-7.1%5.1%-84.4%33.4%-1.0%
    12M Excs Rtn-7.7%18.9%-93.7%44.3%5.6%
    3Y Excs Rtn-160.8%-15.3%-144.1%-39.6%-91.9%

    Comparison Analyses

    null

    FDA Approved Drugs Data

    Expand for More
    Post-Approval Fwd Returns
    FDA
    App #    		Brand
    Name    		Generic
    Name    		Dosage
    Form    		FDA
    Approval    		3M
    Rtn    		6M
    Rtn    		1Y
    Rtn    		2Y
    Rtn    		Total
    Rtn
    NDA218709  XOLREMDImavorixaforcapsule4262024-26.0%-58.3%-83.7%-88.2%-88.4%
     Collapse to Preview
    Post-Approval Fwd Returns
    FDA
    App #    		Brand
    Name    		Generic
    Name    		Dosage
    Form    		FDA
    Approval    		3M
    Rtn    		6M
    Rtn    		1Y
    Rtn    		2Y
    Rtn    		Total
    Rtn
    NDA218709  XOLREMDImavorixaforcapsule4262024-26.0%-58.3%-83.7%-88.2%-88.4%

    Clinical Pipeline

    Drug CandidateIndicationPhase 3 TrialsEst. Primary Completion
    MavorixaforChronic neutropenia1Sep 2027
    Active Phase 3 studies led by the company. Source: ClinicalTrials.gov · Updated 8/28/2026

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/6/20263/17/202611/5/20258/8/20255/1/20253/26/202511/13/20248/8/20245/7/20243/21/202411/9/2023
    Key Financials Quarterly            
    Total Revenue9332229111000
    Ebitda-13-18-22-27-233-37-3493-50-17-1
    Operating Income-16-20-24-28-26-9-36-34-34-37-25-27
    Net Income-16-20-24-30-260-40-3791-52-19-2
    EPS-0.13-0.16-0.26-0.69-3.470.04-6.00-5.4813.59-7.77-2.67-0.30
    Key Financials TTM            
    Total Revenue TTM16935343331311000
    Ebitda TTM-80-90-69-84-9125-28-826-122-95-106
    Operating Income TTM-88-98-87-99-106-114-141-131-124-116-108-108
    Net Income TTM-90-100-79-95-10215-37-1718-129-101-111
    Growth Rates Quarterly            
    Total Revenue Growth346.3%-90.6%79.1%215.2%250.4%-------
    EBITDA Growth43.8%-697.5%41.8%19.5%-124.8%106.0%-115.7%-6184.7%271.3%-118.7%38.4%97.4%
    Operating Income Growth37.5%-115.0%33.6%20.3%22.6%74.7%-41.7%-26.8%-31.4%-27.2%1.5%-35.0%
    Net Income Growth37.2%-7277.7%39.9%18.8%-128.3%100.5%-108.2%-1492.0%263.0%-115.5%34.3%89.3%
    Margins Quarterly            
    EBITDA Margin-147.6%-660.4%-837.9%-1550.4%-1171.7%10.4%-2579.2%-6071.4%16557.9%---
    Operating Income Margin-186.1%-749.9%-922.9%-1558.6%-1329.5%-32.8%-2490.6%-6160.7%-6020.8%---
    Net Income Margin-183.5%-747.5%-931.7%-1689.2%-1304.7%1.0%-2776.9%-6552.9%16133.7%---
    Cash & Debt            
    Total Cash208234253122638710213516981114142
    Total Debt777777777878787878585858
    Net Debt / (Cash)-131-156-176-4515-9-24-57-91-23-56-83
    Cash Flows Quarterly            
    FCF from Operations-21-20-16-28-30-12-33-34-30-34-28-21
    Cash Flows TTM            
    FCF from Operations TTM-84-93-86-103-109-110-131-126-112-104-97-88
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-10.0%-13.0%-15.7%-18.7%-18.7%-6.4%-27.8%-28.8%-30.6%-29.4%-21.3%-24.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-13.4%-15.6%-14.4%-16.8%-18.9%-21.0%-27.5%-27.4%-27.8%-22.7%-22.7%-24.4%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320202018
    Single segment353034
    Total353034


    Net Income by Segment
    $ Mil202520242023
    Single segment-79-37-101
    Total-79-37-101


    Assets by Segment
    $ Mil20232022202120202019
    Single segment147156117123161
    Total147156117123161


    Price Behavior

    Price Behavior
    Market Price$4.04 
    Market Cap ($ Bil)0.5 
    First Trading Date11/16/2017 
    Distance from 52W High-13.5% 
       50 Days200 Days
    DMA Price$4.05$3.96
    DMA Trendupup
    Distance from DMA-0.2%2.0%
     3M1YR
    Volatility64.3%75.5%
    Downside Capture232.86214.29
    Upside Capture229.82186.61
    Correlation (SPY)31.4%27.3%
    XFOR Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta3.091.121.661.731.701.48
    Up Beta2.421.212.421.961.511.51
    Down Beta-2.89-3.21-0.360.070.671.53
    Up Capture371%204%219%278%311%47%
    Bmk +ve Days10213268138427
    Stock +ve Days12203162116345
    Down Capture503%238%213%185%162%111%
    Bmk -ve Days11213259113324
    Stock -ve Days7182960123386

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with XFOR
    XFOR11.0%75.4%0.45-
    Sector ETF (XLV)26.5%16.0%1.2810.1%
    Equity (SPY)19.7%12.8%1.1327.2%
    Gold (GLD)24.6%29.2%0.758.2%
    Commodities (DBC)43.8%20.3%1.67-11.9%
    Real Estate (VNQ)9.1%13.6%0.395.7%
    Bitcoin (BTCUSD)-28.1%43.8%-0.637.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with XFOR
    XFOR-49.8%115.9%-0.06-
    Sector ETF (XLV)6.6%15.1%0.2511.6%
    Equity (SPY)12.8%17.2%0.5719.1%
    Gold (GLD)19.1%18.8%0.821.4%
    Commodities (DBC)10.7%19.5%0.432.1%
    Real Estate (VNQ)1.7%18.9%-0.0112.5%
    Bitcoin (BTCUSD)10.2%52.6%0.3811.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with XFOR
    XFOR-37.0%135.2%0.09-
    Sector ETF (XLV)10.8%16.7%0.5312.1%
    Equity (SPY)15.3%17.9%0.7215.0%
    Gold (GLD)12.4%16.3%0.62-0.2%
    Commodities (DBC)7.9%18.1%0.354.9%
    Real Estate (VNQ)4.8%20.7%0.1912.7%
    Bitcoin (BTCUSD)63.7%66.2%1.035.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8142026
    Short Interest: Shares Quantity7.2 Mil
    Short Interest: % Change Since 7312026-1.9%
    Average Daily Volume0.8 Mil
    Days-to-Cover Short Interest8.9 days
    Basic Shares Quantity126.3 Mil
    Short % of Basic Shares5.7%

    Returns Analyses

    Earnings Returns History

    Updated 7/1/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/5/2025-10.6%-11.1%0.3%
    5/1/2025-13.0%-24.8%-21.1%
    11/13/2024-53.2%-37.8%1.4%
    8/8/20243.2%-2.8%3.2%
    5/7/2024-9.2%-18.6%-10.0%
    5/4/20234.1%8.8%48.6%
    5/12/2022-1.0%7.6%17.1%
    3/17/2022-10.6%2.5%-28.3%
    ...
    SUMMARY STATS   
    # Positive256
    # Negative854
    Median Positive3.6%7.6%5.3%
    Median Negative-9.9%-18.6%-18.3%
    Max Positive4.1%9.0%48.6%
    Max Negative-53.2%-37.8%-28.3%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/5/2025-10.6%-11.1%0.3%
    5/1/2025-13.0%-24.8%-21.1%
    11/13/2024-53.2%-37.8%1.4%
    8/8/20243.2%-2.8%3.2%
    5/7/2024-9.2%-18.6%-10.0%
    5/4/20234.1%8.8%48.6%
    5/12/2022-1.0%7.6%17.1%
    3/17/2022-10.6%2.5%-28.3%
    1/25/2022-5.9%9.0%-15.4%
    11/5/2020-6.7%1.7%7.5%
    SUMMARY STATS   
    # Positive256
    # Negative854
    Median Positive3.6%7.6%5.3%
    Median Negative-9.9%-18.6%-18.3%
    Max Positive4.1%9.0%48.6%
    Max Negative-53.2%-37.8%-28.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/17/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/01/202510-Q
    12/31/202403/26/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/07/202410-Q
    12/31/202303/21/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/04/202310-Q
    12/31/202203/21/202310-K
    09/30/202211/03/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/17/202610-K
    09/30/202511/05/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/01/202510-Q
    12/31/202403/26/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/07/202410-Q
    12/31/202303/21/202410-K
    09/30/202311/09/202310-Q
    06/30/202308/10/202310-Q
    03/31/202305/04/202310-Q
    12/31/202203/21/202310-K
    09/30/202211/03/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/12/202210-Q
    12/31/202103/17/202210-K
    09/30/202111/04/202110-Q
    06/30/202108/03/202110-Q
    03/31/202105/06/202110-Q
    12/31/202003/19/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/04/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/12/202010-K
    09/30/201911/07/201910-Q

    Insider Activity

    Updated 8/13/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Volpone, JohnPresidentDirectSell81320264.4424,576109,2281,179,148Form
    2Craig, Adam RExecutive ChairmanDirectSell81320264.4447,436210,8291,460,689Form
    3Kirske, DavidChief Financial OfficerDirectSell70120264.268,54336,428715,303Form
    4Kirske, DavidChief Financial OfficerDirectSell51320264.2916,96172,820756,896Form
    5Craig, Adam RExecutive ChairmanDirectBuy102720252.9086,206249,9971,090,652Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Volpone, JohnPresidentDirectSell81320264.4424,576109,2281,179,148Form
    2Craig, Adam RExecutive ChairmanDirectSell81320264.4447,436210,8291,460,689Form
    3Kirske, DavidChief Financial OfficerDirectSell70120264.268,54336,428715,303Form
    4Kirske, DavidChief Financial OfficerDirectSell51320264.2916,96172,820756,896Form
    5Craig, Adam RExecutive ChairmanDirectBuy102720252.9086,206249,9971,090,652Form

    Investor Activity (13F)

    Updated Sep 8, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Saturn V Capital Management LP$26.7 Mil4.8%21ADD +11.3%13F
    Trails Edge Capital Partners, LP$10.6 Mil2.5%26Hold13F
    NEA Management Company, LLC$13.4 Mil0.8%26Hold13F
    Samsara Biocapital, LLC$7.6 Mil0.7%22TRIM -6.5%13F
    BVF Inc/Il$9.2 Mil0.3%41Hold13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Saturn V Capital Management LP$26.7 Mil4.8%21ADD +11.3%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Samsara Biocapital, LLC$7.6 Mil0.7%22TRIM -6.5%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Saturn V Capital Management LP$26.7 Mil4.8%21ADD +11.3%13F
    NEA Management Company, LLC$13.4 Mil0.8%26Hold13F
    Trails Edge Capital Partners, LP$10.6 Mil2.5%26Hold13F
    BVF Inc/Il$9.2 Mil0.3%41Hold13F
    Samsara Biocapital, LLC$7.6 Mil0.7%22TRIM -6.5%13F

    Industry Resources

    External Quote Links


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