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X4 Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$20.2M in Q3 2026 · −$76.1M over twelve months

Operating cash flow−$20.2M
Free cash flow−$20.2M

Analysis

In Q3 2026, X4 Pharmaceuticals generated −$20.2M of operating cash flow. That is $7.6M more than in Q3 2025 (−$27.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$76.1M; the largest uses were operating cash flow ($76.1M), other financing ($112K); besides operations, cash came from shares issued ($146M), other investing ($46.1M); the cash balance rose by $116M.

Operating cash flow was −$20.2M against net income of −$20.2M. The largest differences: accrued liabilities −$5.4M, stock-based pay +$3.5M, payables +$949K.

Free cash flow

X4 Pharmaceuticals: free cash flow by quarterX4 Pharmaceuticals: free cash flow by quarter−$33.0MQ4 2024−$12.4MQ1 2025−$29.9MQ2 2025−$27.8MQ3 2025−$15.5MQ4 2025−$19.6MQ1 2026−$20.8MQ2 2026−$20.2MQ3 2026
Operating cash flow less capital spending.
X4 Pharmaceuticals: operating cash flow against capital spendingX4 Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$33.0M$41KQ4 2024−$12.4M$0Q1 2025−$29.9M$0Q2 2025−$27.8M$0Q3 2025−$15.5M$0Q4 2025−$19.6M$0Q1 2026−$20.8M$0Q2 2026−$20.2M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$20.2M, Capital spending $0.

Capital allocation, year by year

X4 Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearX4 Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$70.9MFY2021: Capital spending −$615KFY2021: Buybacks −$2.0MFY2021FY2022: Operating cash flow −$77.1MFY2022: Net borrowing −$795KFY2022: Capital spending −$103KFY2022FY2023: Operating cash flow −$96.5MFY2023: Net borrowing −$2.1MFY2023: Shares issued $68.7MFY2023: Capital spending −$60K$68.7MFY2023FY2024: Operating cash flow −$131MFY2024: Shares issued $294KFY2024: Capital spending −$326K$294KFY2024FY2025: Operating cash flow −$85.6MFY2025: Shares issued $239M$239MFY2025
Over these 5 years operating cash flow totalled −$461M; the largest uses were operating cash flow ($461M) and net borrowing ($2.9M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$186M
Debt$75.0M
Net cash$111M
Cash runway2.4 years

X4 Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$76.1M a year at the current rate against $186M of cash and investments: a runway of about 2.4 years before any new financing.

Where the cash came from and went

X4 Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026X4 Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$20.2MOther investing$11.0MCash drawn (+) / kept (−)$9.3MOther financing−$112KExchange rates$5K
X4 Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026X4 Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Shares issued$146MCash drawn (+) / kept (−)−$116MOperating cash flow−$76.1MOther investing$46.1MOther financing−$112KExchange rates−$17K

From profit to cash

X4 Pharmaceuticals: net income to operating cash flow, Q3 2026X4 Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$20.2MDepreciation & amortization$331KStock-based pay$3.5MOther non-cash$96KReceivables$578KInventory−$5KPayables$949KAccrued liabilities−$5.4MDeferred revenue−$106KPrepaid and other assets$3KOperating cash flow−$20.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$20.2M——$9.3M−$20.2M
Q2 2026−$20.8M—$74K$21.7M−$20.8M
Q1 2026−$19.6M—$2K$365K−$19.6M
Q4 2025−$15.5M—$146M−$147M−$15.5M
Q3 2025−$27.8M—$86.9M−$30.4M−$27.8M
Q2 2025−$29.9M—$46K$1.0M−$29.9M
Q1 2025−$12.4M——$15.4M−$12.4M
Q4 2024−$33.0M−$41K$135K$41.7M−$33.0M

X4 Pharmaceuticals: income statement and cash flow

X4 Pharmaceuticals, Q3 2026: revenue $2.8M (+75% year over year), operating margin -714.0%. The chart follows the revenue to costs, profit and cash.

X4 Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.