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X4 Pharmaceuticals (XFOR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · X4 Pharmaceuticals (XFOR) Q3 2026 earnings results →

Q3 2026 Revenue up 75% year over year to $2.8M · 721¢ of every $1 of revenue lost · operating margin -714.0%

X4 Pharmaceuticals made $2.8M in Q3 2026 (+75% Y/Y). Operating margin -714.0%, net loss $20.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$2.8M
Year over year+75%
Operating margin-714.0%
Net earnings−$20.2M
Operating cash flow−$20.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $2.8M in Q3 2026, up 75% year over year and up 17% from the previous quarter. Product revenue, net was the largest line at 99% of revenue. Product revenue, net added $1.2M year over year (up 77%), 101% of the total change. License and other revenue declined 47%.

Operating costs exceeded revenue by $20.0M, an operating margin of -714.0%. Total costs fell 22% while revenue rose 75%. The quarter ended with a net loss of $20.2M, wider than the previous quarter's $16.2M loss.

Operating cash flow was −$20.2M. Non-cash charges added back $331K of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $3.8M.

Quarterly history

X4 Pharmaceuticals revenue by quarterX4 Pharmaceuticals revenue by quarter$900KQ1 2025$1.7MQ2 2025$1.6MQ3 2025$30.9MQ4 2025$2.5MQ1 2026$2.4MQ2 2026$2.8MQ3 2026
X4 Pharmaceuticals net earnings by quarterX4 Pharmaceuticals net earnings by quarter$282KQ1 2025−$25.7MQ2 2025−$29.8MQ3 2025−$23.9MQ4 2025−$20.2MQ1 2026−$16.2MQ2 2026−$20.2MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$2.8M+75%-714.0%−$20.2M−$20.2M
Q2 202610-QAug 6, 2026$2.4M+41%-683.0%−$16.2M−$20.8M
Q1 202610-QMay 6, 2026$2.5M+178%-812.2%−$20.2M−$19.6M
Q4 202510-KMar 17, 2026$30.9M21×-76.6%−$23.9M−$15.5M
Q3 202510-QNov 5, 2025$1.6M+180%n/m−$29.8M−$27.8M
Q2 202510-QAug 8, 2025$1.7M+202%n/m−$25.7M−$29.9M
Q1 202510-QMay 1, 2025$900K—n/m$282K−$12.4M

Charts

X4 Pharmaceuticals: revenue growth, year over year and quarter over quarterX4 Pharmaceuticals: revenue growth, year over year and quarter over quarterY/YQ/Q+202%+89%Q2 2025+180%-8%Q3 2025+400%+400%Q4 2025+178%-92%Q1 2026+41%-4%Q2 2026+75%+17%Q3 2026
Latest (Q3 2026): Y/Y +75%, Q/Q +17%.
X4 Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026X4 Pharmaceuticals: where the cash came from (+) and went (−), TTM to Q3 2026Shares issued$146MCash drawn (+) / kept (−)−$116MOperating cash flow−$76.1MOther investing$46.1MOther financing−$112KExchange rates−$17K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
X4 Pharmaceuticals: profit against cash, quarter by quarterX4 Pharmaceuticals: profit against cash, quarter by quarterNet incomeOperating cash flow−$39.8M−$33.0MQ4 2024$282K−$12.4MQ1 2025−$25.7M−$29.9MQ2 2025−$29.8M−$27.8MQ3 2025−$23.9M−$15.5MQ4 2025−$20.2M−$19.6MQ1 2026−$16.2M−$20.8MQ2 2026−$20.2M−$20.2MQ3 2026
Latest (Q3 2026): Net income −$20.2M, Operating cash flow −$20.2M.
X4 Pharmaceuticals: diluted shares by fiscal yearX4 Pharmaceuticals: diluted shares by fiscal year20MFY202026MFY202164MFY20226MFY20237MFY202442MFY2025
+110.7% since FY2020: more shares outstanding (issuance, stock pay).
X4 Pharmaceuticals in its industry: growth against margin (76 companies, SIC 2836)X4 Pharmaceuticals in its industry: growth against margin (76 companies, SIC 2836)revenue growth, year over year →↑ operating marginmedian +9%median -100%AMGNGILDBIIBMRNANBIXEXELHALOMGTXTECHVIRRGENTARSBCRXALECADMAKRYSIOVATWSTIPSCIMCRVISKVCELADPTNVAXKYMRGLUEIBRXAUTLAGENDNAPLXRXRXFENCCSBRCHRSIVVDCRSPEDITDTILVXRTSTRORGNXCCCCBSEMSCLXACOGTSHASRZNVYGRFDMTLENZALGSELUTFATEOCGNSCTXCRBUCGONDBVTINBXMGXLCTXTCRXDYAIPRMEATRAVitro Biopharma, Inc.HUMARLAYPLURBEAMPROKCRDFAIMVIVSXFOR (+75%, -100%)
Biological Products, (No Diagnostic Substances); dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About X4 Pharmaceuticals

We are a biopharmaceutical company developing and commercializing novel therapeutics for the treatment of rare hematology diseases. Our goal is to build a profitable company by generating income from products we develop and commercialize, either alone or with partners. Our primary asset is mavorixafor, a small molecule delivered in a capsule for oral dosing as a selective antagonist of the chemokine receptor, CXCR4. We have one commercially approved product, XOLREMDI® (mavorixafor), which has received accelerated approval in the United States from the FDA for use as an oral, once-daily therapy in patients 12 years of age and older with WHIM (warts, hypogammaglobulinemia, infections, and myelokathexis) syndrome, to increase the number of circulating mature neutrophils and lymphocytes. WHIM syndrome is a rare combined primary immunodeficiency and chronic neutropenic disorder.

In its own words, from its 10-K, filed Mar 17, 2026.

X4 Pharmaceuticals against its Biological Products, (No Diagnostic Substances) peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +75% against the peers' median +29%. Operating margin: -714.0% against the peers' median 35.8%.

CompanyQuarterRevenueY/YOp. margin
XFOR X4 PharmaceuticalsQ3 2026$2.8M+75%-714.0%
AMGN AmgenQ3 2026$10.4B+8%35.8%
GILD Gilead SciencesQ3 2026$8.3B+7%41.7%
BIIB BiogenQ3 2026$2.8B+11%-0.3%
MRNA ModernaQ3 2026$1.3B+29%9.9%
NBIX Neurocrine BiosciencesQ3 2026$1.1B+41%29.5%
EXEL ExelixisQ3 2026$659M+10%40.8%
HALO Halozyme TherapeuticsQ3 2026$493M+39%59.8%
MGTX MeiraGTx HoldingsQ2 2026$321M87×76.0%

Source: X4 Pharmaceuticals 10-Q on SEC EDGAR · CIK 1501697 · Biological Products, (No Diagnostic Substances)

Guidance and outlook

X4 Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-11-04)X4 Pharmaceuticals: what its forward-looking statements are about (10-Q filed 2026-11-04)Other2Financing1Margins1Legal & regulation1
5 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.
X4 Pharmaceuticals: outlook statements against the filing beforeX4 Pharmaceuticals: outlook statements against the filing beforeConfident1Cautious1

13F: who owns XFOR and who is buying

Largest holders of XFOR (13F)Largest holders of XFOR (13F)Morgan Stanley$44.2MFMR LLC$38.9MBain Capital Life Sciences Invest…$37.2MPerceptive Advisors LLC$37.0MKalehua Capital Management LLC$34.8MSaturn V Capital Management LP$32.6MEmpery Asset Management, LP$32.4MDeep Track Capital, LP$27.5MBlackRock$25.9MNantahala Capital Management, LLC$22.9M
Funds' net buying of XFOR by quarter (13F)Funds' net buying of XFOR by quarter (13F)$10K2025-03$3.9M2025-06$39.4M2025-09$227M2025-12$35.6M2026-03$34.0M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on XFOR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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