X4 Pharmaceuticals, Inc. (XFOR)

Nasdaq: XFOR · Biological Products, (No Diagnostic Substances) · Boston, MA · filing with the SEC since 2010

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Grade4.2

◀ Past 1.8● Present 3.4▶ Future 6.3

2 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of X4 Pharmaceuticals, Inc.

Nine metrics read from its own filings, by tense

Headline grade

4.2/10

◀ Past1.825% of the headline

● Present3.435% of the headline

▶ Future6.340% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.8/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

1.2/10

Has it survived what it has been through?

3 warning events since 2017; the latest 2024-08-16.

weight 22% of this tense · 12th percentile among 159 sector filers · read for itself

From the record

X4 Pharmaceuticals, Inc.'s filings since 2017 show 3 warning events of 2 kinds: a debt default or acceleration notice (8-K item 2.04, the latest 2019-02-08); a notice about its exchange listing (8-K item 3.01, 2 times, the latest 2024-08-16) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

2.8/10

What has it actually done, year after year?

8 filed years; profitable in 0 of 8.

weight 45% of this tense · 28th percentile among 102 sector filers · read for its customers

From the record

X4 Pharmaceuticals, Inc.'s 8 filed years say what it did: it rose in 1 of 2 years; the deepest fall was 100% from fiscal 2020 to fiscal 2021; net income was positive in 0 of 8 of those years (its annual reports).

What it rests on

the share of years revenue rosebottom 42% of its family
the share of filed years with a profitbottom 31% of its family
the deepest fall from a revenue peak100.0%bottom 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

0.8/10

How has it treated the people who own it?

SI estimate 0.8/10, confidence 35 of 100 (one part).

weight 33% of this tense · 8th percentile among 146 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 8% of 146 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 146 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: X4 Pharmaceuticals, Inc.'s shareholder treatment is put at 0.8 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 8% of 146 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.4/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

3.8/10

Is it financially healthy right now?

ROE -43%: lost 43¢ per shareholder dollar. Leverage 36%: owes 36¢ per asset dollar.

weight 45% of this tense · 38th percentile among 147 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, X4 Pharmaceuticals, Inc. lost about 43 cents for every dollar of shareholders' money, and gross profitability: its products earned about 10 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 36 cents per dollar of assets, and net share issuance: its share count grew 531.0% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 50% of its family
return on equitytop 40% of its family
gross profit against assetsbottom 37% of its family
the share count against the year beforebottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

5.2/10

How strong is its position in its industry?

top 48% of 102 in its family; net margin -225.6%.

weight 22% of this tense · 52nd percentile among 102 sector filers · read for its customers

From the record

X4 Pharmaceuticals, Inc.'s standing among 102 graded names in its industry family: revenue of $35 million in fiscal 2025 ranks in the top 49% by size; a net margin of -225.6% ranks in the top 47% (its annual reports).

What it rests on

revenue against the family$35.1Mtop 49% of its family
net margin-225.6%top 47% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

1.6/10

What are the people in charge doing?

bottom 16% of 110 in its family for leadership.

weight 33% of this tense · 16th percentile among 110 sector filers · read for its shareholders

From the record

X4 Pharmaceuticals, Inc.'s leadership, from its insiders' filings and its current reports: no one files under a chief executive's title, so that part is not read; the 8 officers and directors filing in the last fifteen months have been on the record a median of 3.2 years (bottom 14%); 7 officer or director changes were reported on Form 8-K since 2023-11-13, against the 8 people in charge now (bottom 18%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge7 in three years among 8 peoplebottom 18% of its family
the median years the people in charge have filed3.2 yearsbottom 14% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.3/1040% of the headline grade · 2 of 3 filed, 1 estimated

Room to expand

as filed

6.0/10

How much room does it have to grow?

top 40% of 92 in its family for room to expand.

weight 33% of this tense · 60th percentile among 92 sector filers · read for itself

From the record

X4 Pharmaceuticals, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $218 million against debt of $75 million leaves 49.2% of its assets as net cash, top 33% of its family; cash from operations less capital spending is -243.8% of revenue (bottom 49%); a gross margin of 83.6% (top 33%); research spending of 207.1% of revenue (top 45%) (its annual report).

What it rests on

cash less debt against assets49.2%top 33% of its family
cash from operations less capital spending against revenue-243.8%bottom 49% of its family
gross margin83.6%top 33% of its family
research spending against revenue207.1%top 45% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

7.8/10

What could actually drive growth from here?

top 22% of 100 in its family for growth drivers.

weight 45% of this tense · 78th percentile among 100 sector filers · read for its customers

From the record

X4 Pharmaceuticals, Inc.'s growth drivers, from the filed years to fiscal 2025: the newest year grew 1275.7% (top 3%); research spending grew 6% a year (top 41%) (its annual reports). X4 Pharmaceuticals, Inc. reported 2 product lines in fiscal 2025: License and Other Revenue at $29 million (81%), Product at $7 million (19%); 1 of 1 grew against the year before (its annual report).

What it rests on

the newest year's revenue growth1275.7%top 3% of its family
three-year growth of research spending6.0%top 41% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

SI estimate

3.9/10

Did its newest year beat what its own record pointed to?

SI estimate 3.9/10, confidence 35 of 100 (one part).

weight 22% of this tense · 39th percentile among 90 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, net income against the prior three years' average, which ranks in the bottom 39% of 90 in its family; the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
What the record cannot read: The record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change.
How it was reasoned: one part: net income against the prior three years' average, the one part on file, ranked among 90 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: X4 Pharmaceuticals, Inc.'s expectations vs reality is put at 3.9 of 10 with a confidence of 35 of 100, because read from one part only, net income against the prior three years' average, which ranks in the bottom 39% of 90 in its family; the record does not carry four filed years of revenue and two of the three parts: revenue against the prior pace, earnings against the prior average, the margin change. A filing that carries the missing parts replaces this estimate with the filed reading.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton XFOR · research, not advice