X4 Pharmaceuticals, Inc
XFOR · Biological Products, (No Diagnostic Substances) · 94.3M shares · -33%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$7M (gross $2M, SBC $9M)
Reference price $4.29 · est. market cap ~$405M — last insider sale, 2026-05-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — rare-disease (Xolremdi) commercial+pipeline, heavy burn, funded.
Strengths
- Liquidity — current ratio 10.2 (83rd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Going concernOur history of recurring losses and anticipated future expenditures could raise substantial doubts about our ability to continue as a going concern
- Net lossNet loss (net margin -225.6%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, CITADEL ADVISORS LLC
- Strong balance sheetStrong balance sheet — $253M cash & investments
- Buying back stockNet buyback — share count -33%/yr over 3y
- Notable holderHeld by 3 notable fund(s): FMR LLC, GOLDMAN SACHS GROUP INC, STATE STREET CORP (as of 2026-03-31)
- China exposure• We are subject to anti-corruption laws, as well as export control laws, customs laws, sanctions laws and other laws governing our operations
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
83.6%
Operating margin
-247.4%
Net margin
-225.6%
Return on equity
-42.5%
Return on assets
-27.3%
ROIC
-26.3%
Revenue growth (QoQ)
5.5%
Debt / equity
0.4×
Current ratio
10.2×
EBITDA
-$86M
Tangible book value
$160M
Cash & investments
$253M
Stock comp / revenue
12.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-12 | KIRSKE DAVID | Sell | 17K | $4.29 |
| 2025-10-23 | Craig Adam R | Buy | 86K | $2.90 |
| 2025-08-14 | Volpone John | Grant | 290K | — |
| 2025-08-14 | Craig Adam R | Grant | 290K | — |
| 2025-08-14 | KIRSKE DAVID | Grant | 193K | — |
| 2025-06-09 | de Craecker Francoise | Grant | 1.5K | — |
| 2025-06-09 | Stewart Murray | Grant | 1.5K | — |
| 2025-06-09 | Woods Keith | Grant | 1.5K | — |
| 2025-06-09 | MCGIRR DAVID W J | Grant | 1.5K | — |
| 2025-06-09 | WYZGA MICHAEL S | Grant | 1.5K | — |
| 2025-06-09 | Bridger Gary | Grant | 1.5K | — |
| 2025-05-20 | Thoren Natasha Fay | Grant | 3.3K | — |
| 2025-05-16 | Baldry Mark | Grant | 1.0K | $2.48 |
| 2025-05-16 | Baldry Mark | Buy | 1.0K | $2.48 |
| 2025-02-12 | Arbet-Engels Christophe | Grant | 850K | — |
| 2025-02-12 | Mostafa Adam S. | Grant | 850K | — |
| 2025-02-12 | Ragan Paula | Grant | 2.2M | — |
| 2025-02-12 | Baldry Mark | Grant | 600K | — |
| 2025-02-12 | DiBiase Mary | Grant | 650K | — |
| 2025-01-24 | Arbet-Engels Christophe | Sell | 12K | $0.45 |
| 2025-01-24 | Ragan Paula | Sell | 76K | $0.45 |
| 2025-01-24 | Mostafa Adam S. | Sell | 75K | $0.45 |
| 2025-01-24 | Baldry Mark | Sell | 29K | $0.45 |
| 2025-01-24 | DiBiase Mary | Sell | 22K | $0.45 |
| 2025-01-23 | Arbet-Engels Christophe | Grant | 26K | — |
| 2025-01-23 | DiBiase Mary | Grant | 61K | — |
| 2025-01-23 | Mostafa Adam S. | Grant | 75K | — |
| 2025-01-23 | Ragan Paula | Grant | 170K | — |
| 2025-01-23 | Baldry Mark | Grant | 75K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-13 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-12 | Exec/director changeShareholder vote | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-10-27 | Material agreementExhibits | filing ↗ |
| 2025-09-17 | 2.05Exec/director changeReg FDExhibits | filing ↗ |
| 2025-08-25 | Exec/director change | filing ↗ |
| 2025-08-13 | Material agreement3.02OtherExhibits | filing ↗ |
| 2025-08-12 | Material agreement3.02Exec/director changeOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K/A | 2026-05-13 | 2026-05-11 | 0001501697-26-000051 ↗ |
| 8-K | 2026-05-12 | 2026-05-11 | 0001501697-26-000047 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001501697-26-000040 ↗ |
| 10-K | 2026-03-17 | 2025-12-31 | 0001501697-26-000018 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001501697-25-000043 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001501697-25-000041 ↗ |
| 8-K | 2025-10-27 | 2025-10-23 | 0001501697-25-000032 ↗ |
| 8-K | 2025-09-17 | 2025-09-15 | 0001501697-25-000021 ↗ |
| 8-K | 2025-08-25 | 2025-08-22 | 0001501697-25-000008 ↗ |
| 8-K | 2025-08-13 | 2025-08-12 | 0001501697-25-000006 ↗ |
| 8-K | 2025-08-12 | 2025-08-11 | 0001628280-25-039770 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0001628280-25-039327 ↗ |