Filing Flows › X4 Pharmaceuticals (XFOR) › Q4 2025
X4 Pharmaceuticals (XFOR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 17, 2026
X4 Pharmaceuticals (XFOR) reported revenue of $30.9M for the fourth quarter 2025 (Q4 2025), up 21-fold from a year earlier and up 20-fold from the quarter before. Operating margin was -76.6%, net loss $23.9M (77.3% of revenue).
X4 Pharmaceuticals, Q4 2025: revenue $30.9M (21× year over year), operating margin -76.6%, net loss $23.9M, operating cash flow −$15.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $30.9M | 20× | 21× |
| Operating profit | −$23.7M | — | — |
| Net earnings | −$23.9M | — | — |
| Operating cash flow | −$15.5M | — | — |
What changed
Revenue was $30.9M in Q4 2025, up 1963% year over year and up 1876% from the previous quarter.
Operating costs exceeded revenue by $23.7M, an operating margin of -76.6%. Total costs grew 47% against revenue growth of 1963%. The fastest-growing cost line was Cost of revenue (+21%). The quarter ended with a net loss of $23.9M, narrower than the previous quarter's $29.8M loss.
Operating cash flow was −$15.5M. Non-cash charges added back $223K of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $5.9M.
Questions
What was X4 Pharmaceuticals' revenue in the fourth quarter 2025?
X4 Pharmaceuticals (XFOR) reported revenue of $30.9M for the fourth quarter 2025 (Q4 2025), up 21-fold from a year earlier and up 20-fold from the quarter before.
Was X4 Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $23.7M (-76.6% of revenue) and net loss $23.9M.
Source: X4 Pharmaceuticals 10-K on SEC EDGAR.