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X4 Pharmaceuticals

XFOR Lead: Approved ★ Read the deep dive → 2 Biotech Distilled articles ↓ 19 filings & releases ↓ Cash $186M (Sep 30, 2026) ↓ 2 verdicts ↓ 3 timing quotes ↓
Small Molecule

Market cap $325M 102.1M shares (10-Q, Nov 2, 2026) × $3.18 close Nov 6, 2026

Most recent annual filing: 2026-03-17

Catalyst timeline

8 trackedQuarter catalyst calendar →
  1. 4WARD CN enrollment done4Q 20264WARD CN enrollment done, 4Q 2026, routine
  2. K2 loan agreement corporate update4Q 2026K2 loan agreement corporate update, 4Q 2026, routine
  3. X4 Pharmaceuticals corporate updateNov 2026X4 Pharmaceuticals corporate update, Nov 2026, routine
  4. mavorixafor XOLREMDI corporate updateNov 2026mavorixafor XOLREMDI corporate update, Nov 2026, routine
  5. X4 Pharmaceuticals corporate updateNov 30, 2026X4 Pharmaceuticals corporate update, Nov 30, 2026, routine
  6. mavorixafor XOLREMDI) commercial launch2027mavorixafor XOLREMDI) commercial launch, 2027, routine
  7. 4WARD CN topline1Q 20284WARD CN topline, 1Q 2028, thesis-defining
  8. mavorixafor XOLREMDI filingApr 26, 2028mavorixafor XOLREMDI filing, Apr 26, 2028, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (2 active programs)

Capital (as filed)

Cash
$186M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$20.2M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$188M cash, runway Q1 2029 per the update of Nov 4, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (2)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (2 calls)

Every verdict Biotech Distilled has published on X4 Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-10-09 Watch X4 Pharmaceuticals (XFOR) - Scientific Deep Dive for Mavorixafor (XOLREMDI) and Pipeline Products Mavorixafor is a real approved drug with a validated mechanism and credible specialist investors, but the CN infection thesis has no randomized evidence, the trial has been resized twice with a shifting power claim, and cash reaches the readout but not the launch.
  2. 2026-11-05 Watch UPDATE: X4 Pharmaceuticals (XFOR) - The Covenant Lands K2 covenant terms failed the 'benign' gate, locking up ~$60M from October 2027 and making a pre-topline equity raise likely, while valuation has drifted higher without any improvement in the probability of success; enrollment close remains the key remaining gate.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (3 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (19)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Oct 8, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

12 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)