xfor-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-38295

_____________________________________________________________________________________

X4 PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

_____________________________________________________________________________________


Delaware (State or other jurisdiction of incorporation or organization)			27-3181608 (I.R.S. Employer Identification No.)

61 North Beacon Street, 4th Floor Boston, Massachusetts (Address of principal executive offices)			02134 (Zip Code)

(857) 529-8300

(Registrant’s telephone number, including area code)

____________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

XFOR

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 31, 2026, the registrant had 99,146,743 shares of common stock, $0.001 par value per share, outstanding.


X4 PHARMACEUTICALS INC. TABLE OF CONTENTS

PART I: FINANCIAL INFORMATION		Page
	Item 1: FINANCIAL STATEMENTS	5
	Condensed Consolidated Balance Sheets (unaudited)	5
	Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)	6
	Condensed Consolidated Statements of Stockholders’ Equity (unaudited)	7
	Condensed Consolidated Statements of Cash Flows (unaudited)	9
	Notes to Condensed Consolidated Financial Statements	10
	Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3: Quantitative and Qualitative Disclosures About Market Risk	29
	Item 4: Controls and Procedures	29
PART II: OTHER INFORMATION
	Item 1: Legal Proceedings	30
	Item 1A: Risk Factors	30
	Item 2: Unregistered Sales of Equity Securities and Use of Proceeds	30
	Item 3: Defaults upon Senior Securities	30
	Item 4: Mine Safety Disclosures	30
	Item 5: Other Information	30
	Item 6: Exhibits	30
Signatures		32

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In this Quarterly Report on Form 10-Q, unless context otherwise requires or where otherwise indicated, the terms “X4,” “we,”

“us,” “our,” and the “Company,” refer to X4 Pharmaceuticals, Inc. and its subsidiaries. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our plans, objectives, goals, strategies, future events, future operations, future financial position, future revenues or performance, projected costs, prospects, expectations, plans or intentions relating to clinical development, product candidates, the regulatory approval process, products and markets, and business trends and other information referred to in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are forward-looking statements. In some cases, these statements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements and actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. These forward-looking statements are subject to a number of known and unknown risks, uncertainties and assumptions, including risks described in the section titled “Risk Factors” and elsewhere in this report, regarding, among other things:

•our ability to raise additional capital or achieve sufficient revenue to properly fund our business and operating plan as well as our ability to continue as a going concern;

•our expectations and goals for commercialization of XOLREMDI® (mavorixafor), which has been approved for use as an oral, once-daily therapy to increase the number of circulating mature neutrophils and lymphocytes in patients 12 years of age and older with WHIM (warts, hypogammaglobulinemia, infections, and myelokathexis) syndrome in the U.S., and that XOLREMDI, our one product approved for commercial sale, upon which we depend almost entirely to produce revenue, faces an unknown market size and growth potential, and we have not generated significant revenue from product sales to date, and we may never achieve profitability;

•the initiation, timing, progress and results of our current and future preclinical studies and clinical trials and related preparatory work and the period during which the results of the trials will become available, as well as our research and development programs;

•the potential benefits, including clinical utility, that may be derived from XOLREMDI or any of our product candidates;

•the timing of and our ability to obtain and maintain regulatory approval of our existing product XOLREMDI or any product candidates that we may develop in the future, and any related restrictions, limitations, or warnings in the label of any approved product candidates;

•our plans to research, develop, manufacture and commercialize XOLREMDI or our product candidates;

•the timing of our regulatory filings for our product candidates, along with regulatory developments in the United States and other foreign countries;

•the size and growth potential of the markets for XOLREMDI and our product candidates, if approved, and the rate and degree of market acceptance of XOLREMDI and our product candidates, including reimbursement that may be received from payors;

•the benefits of U.S. Food and Drug Administration (“FDA”) and European Commission designations, including, without limitation, Fast Track, Orphan Drug and Breakthrough Therapy;

•our commercialization, marketing and manufacturing capabilities and strategy;

•our ability to attract and retain qualified employees and key personnel;

•our competitive position and the development of and projections relating to our competitors or our industry;

•our expectations regarding our ability to obtain and maintain intellectual property protection;

•the success of competing therapies that are or may become available;

•our estimates and expectations regarding future operations, financial position, revenues, costs, expenses, uses of cash, capital requirements or our need for additional financing;

•our plans to in-license, acquire, develop and commercialize additional product candidates;

•the impact of laws and regulations;

•our plans to identify additional product candidates with significant commercial potential that are consistent with our commercial objectives;

•our strategies, prospects, plans, expectations or objectives; and

•other risks and uncertainties, including those listed under the section titled “Risk Factors” in this Quarterly Report.

You should refer to the section titled “Risk Factors” in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Quarterly Report will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Quarterly Report.

PART I FINANCIAL INFORMATION

Item 1. Financial Statements.

X4 PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

(unaudited)


	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	195,095	$	217,049
Accounts receivable	2,047		573
Marketable securities	12,874		35,949
Inventory	5,502		4,479
Prepaid expenses and other current assets	3,337		3,527
Total current assets	218,855		261,577
Property and equipment, net	111		182
Goodwill	17,351		17,351
Intangible asset, net	13,101		9,250
Right-of-use assets	654		1,409
Other assets	2,991		692
Total assets	$	253,063	$	290,461
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,934	$	5,696
Accrued expenses	14,125		18,603
Deferred revenue	842		464
Current portion of lease liability	465		994

Total current liabilities	19,366		25,757
Long-term debt, including accretion, net of discount	76,759		76,291

Warrant liability	369		977
Deferred revenue	592		621
Other liabilities	523		525
Total liabilities	97,609		104,171
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value. 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	—		—
Common stock, $0.001 par value, 500,000,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 96,114,534 and 90,906,920 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	96		91
Additional paid-in capital	786,433		780,862
Accumulated other comprehensive loss	(123)		(109)
Accumulated deficit	(630,952)		(594,554)
Total stockholders’ equity	155,454		186,290
Total liabilities and stockholders’ equity	$	253,063	$	290,461

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

X4 PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
License and other revenue	$	6,433	$	229	$	6,672	$	28,094
Product revenue, net	2,373		1,744		4,842		2,686
Total revenue	8,806		1,973		11,514		30,780
Costs and operating expenses:
Cost of revenue	1,617		326		2,215		5,042
Research and development	15,079		18,352		30,529		36,865
General and administrative	8,501		9,527		15,467		24,548
Total operating expense	25,197		28,205		48,211		66,455
Loss from operations	(16,391)		(26,232)		(36,697)		(35,675)
Other income, net:
Interest income	1,979		665		4,084		1,690
Interest expense	(2,164)		(2,232)		(4,298)		(4,433)
Change in fair value of warrant liability	528		2,642		608		13,472
Other income, net	(107)		(547)		(93)		(442)
Total other income, net	236		528		301		10,287
Loss before provision for income taxes	(16,155)		(25,704)		(36,396)		(25,388)
Provision for income taxes	2		37		2		71
Net loss	$	(16,157)	$	(25,741)	$	(36,398)	$	(25,459)
Net loss per share: basic and diluted	$	(0.13)	$	(3.47)	$	(0.29)	$	(3.59)
Weighted average shares outstanding: basic and diluted	126,344,020		7,412,990		126,316,523		7,095,846



Other comprehensive loss, net of tax:
Net loss	$	(16,157)	$	(25,741)	$	(36,398)	$	(25,459)
Change in net unrealized gains on marketable debt securities	(1)		(10)		(14)		(16)
Comprehensive loss	$	(16,158)	$	(25,751)	$	(36,412)	$	(25,475)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

X4 PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

(Unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2024	5,698,231	$	6	$	537,620	$	(122)	$	(515,355)	$	22,149
Vesting of restricted stock units	90,514	—		—						—
Stock-based compensation expense				519						519
Unrealized loss on marketable securities						(6)				(6)
Net income								282		282
Balance at March 31, 2025	5,788,745	$	6	$	538,139	$	(128)	$	(515,073)	$	22,944
Proceeds from the sale of common stock, less discounts	2,140,729	2		5,982						5,984
Issuance of common stock under employee stock purchase plan	18,473	—		46						46
Vesting of restricted stock units	12,000	—		—						—
Stock-based compensation expense				748						748
Unrealized loss on marketable securities						(10)				(10)
Net loss								(25,741)		(25,741)
Balance at June 30, 2025	7,959,947	$	8	$	544,915	$	(138)	$	(540,814)	$	3,971

X4 PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except share amounts)

(Unaudited)


	Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2025	90,906,920	$	91	$	780,862	$	(109)	$	(594,554)	$	186,290
Vesting of restricted stock units	12,776	—		—						—
Exercise of prefunded warrants	3,400,000	3		(2)						1
Stock-based compensation expense				2,413						2,413
Unrealized loss on marketable securities						(13)				(13)
Net loss								(20,241)		(20,241)
Balance at March 31, 2026	94,319,696	$	94	$	783,273	$	(122)	$	(614,795)	$	168,450
Issuance of common stock under employee stock purchase plan	24,420	—		76						76
Exercise of prefunded warrants	1,700,000	2		(2)						—
Vesting of restricted stock units	70,418	—		—						—
Stock-based compensation				3,086						3,086
Unrealized loss on marketable securities						(1)				(1)
Net loss								(16,157)		(16,157)
Balance at June 30, 2026	96,114,534	$	96	$	786,433	$	(123)	$	(630,952)	$	155,454

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

X4 PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Six Months Ended June 30,
	2026		2025
Cash flows from operating activities:
Net loss	$	(36,398)	$	(25,459)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	5,499		1,267
Depreciation and amortization expense	1,220		831
Non-cash lease expense	755		1,419
Accretion of debt discount	469		437
Change in fair value of warrant liability	(608)		(13,472)
Other	(165)		196
Changes in operating assets and liabilities:
Accounts receivable	(1,475)		(75)
Inventory	(1,023)		(353)
Prepaid expenses, other current and non-current assets	(2,239)		441
Accounts payable	(1,764)		(967)
Accrued expenses and other long-term liabilities	(4,480)		(7,555)
Deferred revenue	349		1,581
Lease liabilities	(527)		(560)
Net cash used in operating activities	(40,387)		(42,269)
Cash flows from investing activities:
Acquisition of intangible asset	(5,000)		(3,000)
Purchase of marketable securities	—		(16,953)
Sales and maturities of marketable securities	23,252		39,927

Net cash provided by investing activities	18,252		19,974
Cash flows from financing activities:
Proceeds from issuance of shares of common stock under employee stock purchase plan	76		46
Proceeds from sales of shares of common stock, less issuance costs, and exercise of pre-funded warrants	1		5,585
Net cash provided by financing activities	77		5,631
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(25)