10-K · March 17, 2026
X4 Pharmaceuticals is a small biopharma focused on mavorixafor (XOLREMDI), its only approved product for WHIM syndrome, and on completing the global Phase 3 4WARD trial in chronic neutropenia (target enrollment 176…
Earnings analysis · 10-Q
XFOR earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
X4 Pharmaceuticals reported a notable revenue decline in Q4 2026, with total revenue decreasing by $26.1 million to $2.7 million compared to the same period last year. The operating loss widened to $20.3 million partly…
Read full summary
X4 Pharmaceuticals reported a notable revenue decline in Q4 2026, with total revenue decreasing by $26.1 million to $2.7 million compared to the same period last year. The operating loss widened to $20.3 million partly due to decreased revenues and adjusted expenses, despite a significant EPS improvement from -0.35 to -0.22 vs consensus. The company remains focused on progressing its clinical trial for mavorixafor while addressing operational challenges.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.22
What stood out
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Revenue Surprises on the Upside
Actual revenue of $2.7M exceeded estimates of $1.7M by 50%.
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Significant EPS Improvement
Reported EPS of -$0.22 improved from est. -$0.35, a surprise of 37.14%.
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Cost Reductions in Operations
Total operating expenses fell by $15.2 million to $23.0 million from $38.2 million year-over-year.
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Increased Product Revenue
Net product sales increased to $2.5 million, up from $0.9 million in the prior year.
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Cash Position Solidified
Cash and equivalents stood at $217.5 million, up from $41.0 million year-over-year.
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Investment Income Growth
Interest income increased to $2.1 million from $1.0 million year-over-year.
What to watch
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Revenue Loss Validation
Total revenue significantly dropped from $28.8 million in Q4 2025 to $2.7 million.
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Operating Loss Increase
The operating loss widened by $10.9 million, reaching $20.3 million compared to $9.4 million previously.
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Continued Cash Burn
Operating cash flow used reached $19.6 million in Q1 2026, worsening from $12.4 million year-over-year.
Management's outlook
Management anticipates continued funding challenges if additional capital is not raised.
Earlier filings 4
10-Q · November 5, 2025
X4 reported Q3 2025 revenue of $1.8 million (vs. $0.6M in Q3 2024), driven by product sales of $1.566 million, while reducing R&D and SG&A. Despite year-over-year improvement in revenue and a narrower net loss, the…
10-Q · August 8, 2025
X4 reported Q2 revenue of $1.973 million, up from $563 thousand in Q2 2024 but sharply down versus Q1 2025 (Q1 revenue implied $28.807 million), resulting in strong gross margins (83.5%) but a large operating loss of…
10-Q · May 1, 2025
X4 reported first-quarter revenue of $28.8M driven by $27.9M of license/other revenue and $0.9M of product sales, producing GAAP net income of $0.3M, or $0.04 per share, versus a loss of $(51.8)M ( $(7.77) per share) in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.