X4 Pharmaceuticals, Inc.
XFORHealthcare|Biotechnology|US
$3.18
+0.11 (+3.58%)
DCF Value
$20.28
Tangible Book / Share
$0.86
Cash / Share
$1.48
Financials
Financial Snapshot
Market Cap
$315.3M
Enterprise Value
$206.7M
Revenue (TTM)
$17.0M
Net Income (TTM)
-$80.5M
Cash & Investments
$187.7M
Net Cash
$110.5M
Free Cash Flow (TTM)
-$76.1M
Operating CF (TTM)
-$76.1M
Debt/Equity
0.56
Cash Runway & Burn Rate
Cash on Hand
$187.7M
Quarterly Burn
$19.0M
Monthly Burn
$6.3M
Est. Runway
~9.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.0M | $76.8M | $8.1M | $126.2M | $79.0M | $81.8M | $121.7M | $114.2M | $102.1M | $253.0M | $187.7M | |
| Operating Cash Flow | -$21.6M | -$27.9M | -$25.4M | -$48.1M | -$58.8M | -$70.9M | -$77.1M | -$96.5M | -$130.9M | -$85.6M | -$76.1M | |
| Free Cash Flow | -$21.7M | -$27.9M | -$25.4M | -$48.2M | -$60.2M | -$71.5M | -$77.2M | -$96.6M | -$138.2M | -$88.6M | -$76.1M | |
| Capital Expenditure | -$73.0K | -$42.0K | $0.00 | -$174.0K | -$1.4M | -$615.0K | -$103.0K | -$60.0K | -$7.3M | -$3.0M | $0.00 | |
| Financing Cash Flow | $18.1M | $101.3M | $6.9M | $140.7M | $12.4M | $74.2M | $117.2M | $88.5M | $20.3M | $238.6M | $146.1M |
R&D Spending
R&D (TTM)
$62.4M
R&D Intensity
367.7%
R&D Growth vs Prior
-13.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $3.0M | $0.00 | $0.00 | $0.00 | $2.6M | $35.1M | $17.0M | |
| R&D Expense | $17.8M | $28.1M | $20.3M | $30.2M | $40.7M | $48.8M | $61.1M | $72.0M | $81.6M | $72.2M | $62.4M | |
| R&D % of Revenue | — | — | — | — | 1356.7% | — | — | — | 3192.9% | 205.7% | 367.7% | |
| SG&A | $6.2M | $7.8M | $8.6M | $16.0M | $20.9M | $24.7M | $27.0M | $35.5M | $61.5M | $43.5M | $31.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $3.0M | $0.00 | $0.00 | $0.00 | $2.6M | $35.1M | $17.0M | |
| Cost of Revenue | $300.0K | $195.0K | $103.0K | $672.0K | $1.2M | $1.9M | $0.00 | $0.00 | $797.0K | $6.3M | $3.1M | |
| Gross Profit | -$300.0K | -$195.0K | -$103.0K | -$672.0K | $1.8M | -$1.9M | $0.00 | $0.00 | $1.8M | $28.9M | $13.8M | |
| R&D | $17.8M | $28.1M | $20.3M | $30.2M | $40.7M | $48.8M | $61.1M | $72.0M | $81.6M | $72.2M | $62.4M | |
| SG&A | $6.2M | $7.8M | $8.6M | $16.0M | $20.9M | $24.7M | $27.0M | $35.5M | $61.5M | $43.5M | $31.9M | |
| Operating Income | -$24.3M | -$36.1M | -$29.1M | -$46.8M | -$59.9M | -$75.3M | -$87.6M | -$107.5M | -$36.4M | -$86.9M | -$80.4M | |
| Interest Expense | $2.5M | $2.1M | $720.0K | $2.1M | $2.7M | $3.6M | $4.0M | $5.8M | $8.8M | $8.9M | $8.7M | |
| Pretax Income | -$23.0M | -$33.9M | -$33.3M | -$52.8M | -$62.0M | -$88.7M | -$93.8M | -$101.1M | -$37.1M | -$79.2M | -$80.5M | |
| Net Income | -$23.0M | -$33.9M | -$33.3M | -$52.8M | -$62.1M | -$88.7M | -$93.9M | -$101.2M | -$37.5M | -$79.2M | -$80.5M | |
| EPS (Diluted) | -1737.74 | -17767.00 | -14238.00 | -138.94 | -92.84 | -119.58 | -45.60 | -17.07 | -5.59 | -1.87 | -0.67 | |
| EBITDA | -$24.0M | -$35.9M | -$29.0M | -$46.1M | -$58.6M | -$83.1M | -$89.3M | -$94.9M | -$27.6M | -$69.0M | -$70.1M | |
| Shares Out. (M) | 0.01 | 0.00 | 0.00 | 0.38 | 0.67 | 0.86 | 2.12 | 5.93 | 6.70 | 42.29 | 126.52 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.0M | $76.8M | $8.1M | $126.2M | $79.0M | $81.8M | $121.7M | $99.2M | $55.7M | $217.0M | $185.8M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $15.0M | $46.4M | $35.9M | $1.9M | |
| Total Current Assets | $5.7M | $79.5M | $9.3M | $129.3M | $83.3M | $87.9M | $128.7M | $122.1M | $112.2M | $261.6M | $198.1M | |
| Total Assets | $7.6M | $81.3M | $9.9M | $160.7M | $122.9M | $117.2M | $155.6M | $147.3M | $146.4M | $290.5M | $231.8M | |
| Total Current Liabilities | $12.1M | $10.7M | $7.9M | $9.4M | $11.9M | $14.0M | $22.3M | $22.9M | $32.9M | $25.8M | $15.0M | |
| Long-Term Debt | $10.1M | $9.9M | $8.1M | $20.1M | $33.2M | $33.1M | $32.3M | $54.6M | $75.4M | $76.3M | $77.0M | |
| Total Liabilities | $24.3M | $22.5M | $21.6M | $31.5M | $50.1M | $52.8M | $81.5M | $96.2M | $124.3M | $104.2M | $92.9M | |
| Stockholders' Equity | -$16.7M | $58.7M | -$11.7M | $129.2M | $72.8M | $64.4M | $74.1M | $51.1M | $22.1M | $186.3M | $138.9M | |
| Retained Earnings | -$58.4M | -$92.3M | -$79.2M | -$132.0M | -$194.2M | -$282.9M | -$376.7M | -$477.9M | -$515.4M | -$594.6M | -$651.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$21.6M | -$27.9M | -$25.4M | -$48.1M | -$58.8M | -$70.9M | -$77.1M | -$96.5M | -$130.9M | -$85.6M | -$76.1M | |
| Capital Expenditure | -$73.0K | -$42.0K | $0.00 | -$174.0K | -$1.4M | -$615.0K | -$103.0K | -$60.0K | -$7.3M | -$3.0M | $0.00 | |
| Free Cash Flow | -$21.7M | -$27.9M | -$25.4M | -$48.2M | -$60.2M | -$71.5M | -$77.2M | -$96.6M | -$138.2M | -$88.6M | -$76.1M | |
| Investing Cash Flow | -$138.0K | -$42.0K | $0.00 | $27.2M | -$1.4M | -$615.0K | -$103.0K | -$14.9M | $67.0M | $8.2M | $46.1M | |
| Financing Cash Flow | $18.1M | $101.3M | $6.9M | $140.7M | $12.4M | $74.2M | $117.2M | $88.5M | $20.3M | $238.6M | $146.1M | |
| Issuance of Stock | $5.5M | $106.1M | $4.5M | $140.2M | $284.0K | $76.2M | $122.6M | $60.0M | $294.0K | $238.5M | $146.0M | |
| Repurchase of Stock | -$87.0K | -$197.0K | -$1.1M | $0.00 | $0.00 | -$2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $12.7M | $3.3M | -$1.1M | $481.0K | $12.4M | $0.00 | -$795.0K | $20.4M | $20.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.2M | $8.7M | $8.2M | $4.3M | $11.3M | |
| Net Change in Cash | -$3.7M | $73.8M | -$68.7M | $118.0M | -$47.2M | $2.8M | $39.9M | -$22.8M | -$43.8M | $161.4M | $116.0M |
Dilution Tracker
Shares outstanding grew 6219.6% over 5 years — significant dilution
Shares Outstanding
99M
5-Year Share Growth
+6219.6%
Stock Issuance (TTM)
$146.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.01 | 0.00 | 0.00 | 0.38 | 0.67 | 0.86 | 2.12 | 5.93 | 6.70 | 42.29 | 126.52 | |
| Change vs Prior % | — | -85.6% | 33.5% | 14977.8% | 74.1% | 28.3% | 146.7% | 179.9% | 13.1% | 531.0% | 199.2% | |
| Stock Issuance | $5.5M | $106.1M | $4.5M | $140.2M | $284.0K | $76.2M | $122.6M | $60.0M | $294.0K | $238.5M | $146.0M | |
| Stock Repurchase | -$87.0K | -$197.0K | -$1.1M | $0.00 | $0.00 | -$2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.2M | $8.7M | $8.2M | $4.3M | $11.3M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 59.0% | — | — | — | 68.8% | 82.2% | 81.6% | |
| Operating Margin % | — | — | — | — | -1995.8% | — | — | — | -1423.6% | -247.4% | -474.0% | |
| Net Margin % | — | — | — | — | -2071.0% | — | — | — | -1464.6% | -225.6% | -474.7% | |
| EBITDA Margin % | — | — | — | — | -1954.8% | — | — | — | -1078.5% | -196.5% | -413.1% | |
| FCF Margin % | — | — | — | — | -2006.0% | — | — | — | -5405.8% | -252.4% | -448.7% | |
| ROE % | 137.4% | -57.7% | 285.0% | -40.9% | -85.3% | -137.7% | -126.8% | -198.0% | -169.1% | -42.5% | -49.6% | |
| ROA % | -302.1% | -41.7% | -334.7% | -32.9% | -50.6% | -75.7% | -60.3% | -68.7% | -25.6% | -27.3% | -34.7% | |
| ROIC % | -3585.6% | -49.6% | -781.0% | -30.8% | -53.6% | -71.7% | -64.5% | -85.7% | -31.7% | -32.7% | -37.0% | |
| R&D / Revenue % | — | — | — | — | 1356.7% | — | — | — | 3192.9% | 205.7% | 367.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 0.0% | 0.0% | 1273.2% | |
| Gross Profit | 25.0% | 35.0% | 47.2% | -552.4% | 363.4% | -206.9% | 100.0% | 0.0% | 0.0% | 1539.5% | |
| Operating Income | -64.2% | -48.4% | 19.5% | -60.9% | -27.9% | -25.8% | -16.2% | -22.8% | 66.1% | -138.7% | |
| Net Income | -73.8% | -47.5% | 1.7% | -58.7% | -17.7% | -42.8% | -5.8% | -7.8% | 63.0% | -111.5% | |
| EPS (Diluted) | -37.2% | -922.4% | 19.9% | 99.0% | 33.2% | -28.8% | 61.9% | 62.6% | 67.3% | 66.5% | |
| Operating Cash Flow | -100.1% | -28.8% | 8.8% | -89.0% | -22.4% | -20.5% | -8.7% | -25.2% | -35.6% | 34.6% | |
| Free Cash Flow | -97.6% | -28.6% | 8.9% | -89.7% | -24.8% | -18.8% | -7.9% | -25.1% | -43.1% | 35.9% | |
| R&D Expense | 40.3% | 57.7% | -27.7% | 48.3% | 34.9% | 19.8% | 25.2% | 17.9% | 13.4% | -11.5% | |
| SG&A Expense | 261.5% | 25.7% | 10.6% | 84.9% | 31.1% | 18.0% | 9.4% | 31.4% | 73.3% | -29.3% | |
| Total Assets | -20.0% | 968.6% | -87.8% | 1516.0% | -23.5% | -4.6% | 32.8% | -5.4% | -0.6% | 98.3% | |
| Book Value / Share | -201.9% | 2533.7% | -114.9% | 107.3% | -67.6% | -31.0% | -53.4% | -75.3% | -61.7% | 33.3% | |
| Debt | 112.2% | -19.8% | -19.6% | 133.0% | 67.8% | 3.5% | -3.4% | 51.7% | 34.0% | -1.0% | |
| Diluted Shares | 26.6% | -85.6% | 33.5% | 14977.8% | 74.1% | 28.3% | 146.7% | 179.9% | 13.1% | 531.0% |
Valuation
P/E (TTM)At Loss
P/S18.59
10Y Low / Med / High4.82 / 43.03 / 57.69
P/B2.90
10Y Low / Med / High0.07 / 0.95 / 6.66
EV/EBITDAAt Loss
EV/Revenue12.19
10Y Low / Med / High0.84 / 29.52 / 66.44
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$20.28
Tangible Book / Share
$0.86
Net Current Assets / Share
$1.06
Graham Net-Net
$0.78
Cash / Share
$1.48
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1.45 | -0.13 | -0.03 | -2.31 | -2.08 | -0.57 | -0.65 | -1.47 | -3.94 | -2.14 | -4.75 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 43.03 | 0.00 | 0.00 | 0.00 | 57.69 | 4.82 | 18.59 | |
| P/B Ratio | -2.00 | 0.07 | -0.09 | 0.95 | 1.77 | 0.92 | 0.85 | 2.92 | 6.66 | 0.91 | 2.90 | |
| EV/EBITDA | -1.90 | 1.67 | -0.10 | -0.44 | -1.51 | -0.20 | 0.23 | -1.14 | -6.16 | -0.43 | -2.95 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 29.52 | 0.00 | 0.00 | 0.00 | 66.44 | 0.84 | 12.19 |
Analyst Estimates & Quality
Altman Z-Score
-1.90
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $17.1M | $12.3M | $36.4M |
| Net Income | -$26.9M | -$31.8M | -$36.1M |
| EPS | $-0.64 | $-0.76 | $-0.83 |
| # Analysts (EPS) | 4 | 3 | 4 |
Revenue Segments
By Product
| Segment | 2024 | 2025 |
|---|---|---|
| Product Returns | $11.0K | — |
| License and Other Revenue | — | $28.6M |
| Product | — | $6.5M |