# X4 PHARMACEUTICALS, INC (XFOR) · Edgar & Edgarette company card

> X4 Pharmaceuticals (XFOR) grew revenue 1251% in FY2025 to $35 million, operating margin -247% against a -15.8% median for biological products, (no diagnostic substances), equity 64.1% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1501697 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/XFOR) · [JSON](https://www.pops4.com/boards/company/XFOR.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $35M |
| Revenue growth, 1 year | 1250.5% |
| Revenue growth per year | — |
| Operating margin | -247.4% (prior year -1400.0%) |
| Net margin | -225.6% |
| Operating cash flow | −$86M |
| Capital spending | $0 |
| Free cash flow | −$86M |
| Cash | $217M |
| Long-term debt | $75M |
| Total assets | $290M |
| Total equity | $186M |
| Equity ÷ assets | 64.1% |
| Return on equity | -42.5% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -1.48 (distress zone)
- Piotroski F: 4 of 9 (middling)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -247.4% in FY2025; revenue is hard to predict: its 80% range is ±28%

## Edgarette's reading

Exposure: revenue $35.1M (FY2025), total debt $75.0M. Experience: revenue up 1250.5% on the year; operating margin -247.4%, up from -1400.0%. Soundness: equity 64.1% of assets, return on equity -42.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $348.0M and $624.9M next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A statistical range, not company guidance. Against peers (31 filers, $50M+ revenue, biological products, (no diagnostic substances)): operating margin -247.4% against a -15.8% median; growth 1250.5% against 21.4%.

Range logged 2026-09-20, receipt ccf25170d7e0161d, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-07-01 ([filing](https://www.sec.gov/Archives/edgar/data/1501697/000150169726000060/0001501697-26-000060-index.htm))

## Recent filings

- 10-Q · filed 2026-11-04 · [filing](https://www.sec.gov/Archives/edgar/data/1501697/000150169726000089/0001501697-26-000089-index.htm)
- 8-K · filed 2026-10-29 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1501697/000150169726000084/0001501697-26-000084-index.htm)
- 8-K · filed 2026-10-08 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1501697/000150169726000081/0001501697-26-000081-index.htm)
- 8-K · filed 2026-09-09 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1501697/000150169726000076/0001501697-26-000076-index.htm)
- 8-K · filed 2026-09-08 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1501697/000150169726000072/0001501697-26-000072-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1501697/000150169726000068/0001501697-26-000068-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001501697.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1501697

## Cite

POPS4, Edgar & Edgarette: X4 PHARMACEUTICALS, INC (XFOR) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/XFOR. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.