X4 Pharmaceuticals (XFOR) Q4 2025 earnings summary

Executive summary

• Enrollment in the global 4WARD Phase 3 chronic neutropenia trial is on track for completion in Q3 2026, with expanded clinical sites and enhanced physician engagement initiatives.

• Received a positive opinion from the European Medicines Agency recommending marketing authorization of mavorixafor for WHIM syndrome, with final EU approval expected in Q2 2026.

• Cash runway is projected through 2028, supported by recent equity financings and operating expense reductions.

Financial highlights

• Net product sales were $2.3 million for Q4 2025 and $6.5 million for the full year, driven by XOLREMDI sales in the U.S.

• License and other revenue reached $0.3 million in Q4 and $28.6 million for the year, attributable to the Norgine out-licensing agreement.

• Operating loss was $23.7 million for Q4 and $86.9 million for the year ended December 31, 2025.

• Net loss for Q4 was $23.9 million ($0.22 per share) and $79.2 million ($1.87 per share) for the year.

• Cash, cash equivalents, and short-term investments totaled $253.0 million as of December 31, 2025.

Outlook and guidance

• Full enrollment of the 4WARD Phase 3 trial is expected by Q3 2026.

• Anticipated European Commission decision on mavorixafor approval for WHIM syndrome in Q2 2026.

• Management expects current cash resources to fund operations through 2028.