X4 Pharmaceuticals reported a net loss of $29.8 million for the nine‑month period ended September 30, 2025, translating to earnings of $‑0.69 per share. The loss represents a $0.10 per‑share beat over the consensus estimate of $‑0.79, while revenue of $1.8 million fell $0.1 million short of the $1.9 million analysts had expected. The quarterly loss of $29.8 million is a sharp improvement from the $36.7 million loss recorded in Q3 2024, indicating a narrowing of the earnings gap as the company continues to invest in its flagship program.
The company’s top‑line growth was driven by a 166 % year‑over‑year increase in XOLREMDI product sales, which reached $1.6 million in the quarter and $4.3 million for the nine months. License revenue from the partnership with Norgine contributed $28.3 million over the same period, underscoring the importance of the collaboration to the company’s revenue mix. The combined $29.8 million loss is largely attributable to ongoing investment in the 4WARD Phase 3 trial and restructuring costs, but the company’s operating expenses fell to $27.5 million from $34.5 million a year earlier, reflecting a $13 million annualized cost saving from workforce reductions.
Operating expenses were broken down into $17.3 million for research and development and $11.6 million for selling, general and administrative costs. The reduction in SG&A, driven by the workforce cuts, helped offset the higher R&D spend required to advance the 4WARD trial. Despite the expense reduction, the company’s operating margin contracted slightly, a consequence of the higher proportion of trial‑related costs and the one‑time restructuring charges that were recorded in the quarter.
Cash, cash equivalents and short‑term investments stood at $122.2 million as of September 30, 2025. The company completed a $145.6 million public offering on October 27, 2025, and had previously raised $81.0 million in a private placement in August. Combined, the two financings brought the total capital raised to $240.3 million, extending the company’s runway to the end of 2028 and providing the financial flexibility needed to finish the 4WARD trial and pursue commercialization of mavorixafor for chronic neutropenia.
Management emphasized that the extended runway and disciplined spending position X4 to focus on the 4WARD Phase 3 pivotal trial of mavorixafor in moderate and severe chronic neutropenia, a rare hematology indication with a 15,000‑patient addressable market in the United States. Executive Chairman Adam Craig noted that “with a strengthened financial position through two successful financings totaling $240.3 million, our primary focus is now on the completion of the 4WARD Phase 3 pivotal trial… With a cash runway to the end of 2028, we are now positioned to unlock mavorixafor’s full potential and to establish X4 as a world‑class rare hematology company.”
Analysts have responded positively to the earnings, citing disciplined cost management and the substantial cash runway as key drivers of confidence. The company’s ability to reduce operating expenses while maintaining revenue growth from its partnership and product sales has reinforced expectations that the 4WARD trial can be completed on schedule, potentially accelerating the path to commercialization.
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