Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data X4 Pharmaceuticals, Inc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0
3
0
0
0
2.6
35.1
Cost of revenue
0
0
0.8
5.76
Gross profit
0
0
1.8
29.4
Research and development
17.8
17.1
20.3
30.2
41.9
50.6
61.1
72
81.6
72.7
General and administrative
6.52
5.18
8.74
17.6
20.9
24.7
27
35.5
61.5
43.5
Operating expenses
24.3
22.2
29.1
51.7
62.9
85.1
87.6
108
Operating income
-24.3
-22.2
-29.1
-51.7
-59.9
-85.1
-87.6
-108
-36.4
-86.9
Interest expense
2.52
0.49
0.72
2.15
2.69
3.64
3.99
5.78
8.77
8.88
Interest income
0.06
0.24
1.2
0.27
0.01
0.22
4.58
5.77
4.58
Other non-operating income
1.37
0.25
-4.2
-1.1
-2.11
-3.57
-6.27
6.43
-0.74
7.73
Pre-tax income
-23
-22
-33.3
-52.8
-62
-88.7
-93.8
-101
-37.1
-79.2
Income tax
0
0
0.15
0.02
0.03
0.08
0.31
0.04
Net income
-23
-22
-33.3
-52.8
-62.1
-88.7
-93.9
-101
-37.5
-79.2
EBITDA
-24.1
-22.2
-29
-51.6
-59.5
-84.6
-87.1
-107
-35.6
-85.6
EPS, basic
-4,450.00
-1,635.00
-2,370.00
-138.66
-92.54
-119.49
-45.52
-17.07
-5.59
-1.87
EPS, diluted
-4,450.00
-1,635.00
-2,370.00
-138.66
-92.54
-119.49
-45.52
-17.07
-5.59
-1.87
Shares, basic (weighted)
0.01
0.02
0.02
0.39
0.67
0.86
2.12
5.93
6.7
42.3
Shares, diluted (weighted)
0.01
0.02
0.02
0.39
0.67
0.86
2.12
5.93
6.7
42.3
Balance sheet
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
15.2
26.7
8.13
126
78.7
81.8
122
99.2
55.7
217
Receivables
0
0
1.07
0.57
Inventory
0
2.82
Other current assets
0.35
1.21
1.1
3.68
5.34
5.81
7.3
5.59
3.53
Total current assets
79.5
9.34
129
83.3
87.9
129
122
112
262
Property, plant and equipment
0.42
0.24
0.4
1.24
1.51
1.1
0.75
0.78
0.18
Lease right-of-use assets
1.96
7.96
8.71
7.23
5.65
4.07
1.41
Goodwill
0
27.1
27.1
17.4
17.4
17.4
17.4
17.4
Intangible assets
0
10
9.25
Other non-current assets
0.95
0.36
1.95
3.26
1.72
1.23
1.44
2.08
0.69
Total assets
81.3
9.94
161
123
117
156
147
146
290
Accounts payable
1.89
2.97
2.09
3.14
4.28
7.78
8.95
8.62
5.7
Accrued liabilities
5.78
3.25
6.46
8.02
7.87
12
12.8
23
18.6
Deferred revenue
0
0.46
Short-term debt
1.69
0
0
0.8
1.32
0
Total current liabilities
10.7
7.91
9.45
11.9
14
22.3
22.9
32.9
25.8
Long-term debt
8.31
20
33.2
33.1
32.3
54.6
Lease liabilities
1.92
4.48
4.78
3.6
2.61
1.41
0
Other non-current liabilities
0.01
0.21
0.02
0.46
0.83
0.17
0.43
0.83
0.53
Total liabilities
22.5
21.6
31.5
50.1
52.8
81.5
96.2
124
104
Total debt
10
20
32.5
32.5
32.5
55
75
75
Paid-in capital
151
2.15
261
267
347
451
529
538
781
Retained earnings
-92.3
-79.2
-132
-194
-283
-377
-478
-515
-595
Other comprehensive income
0.13
0
-0.12
-0.12
-0.12
-0.12
-0.12
-0.12
-0.11
Shareholders' equity
-23.1
-44.5
-77.1
129
72.8
64.4
74.1
51.1
22.1
186
Total equity
-23.1
-44.5
-77.1
129
72.8
64.4
74.1
51.1
22.1
186
Total liabilities and equity
81.3
9.94
161
123
117
156
147
146
290
Shares outstanding
0.48
0.01
0.54
0.54
0.94
4.06
167
5.7
90.9
Cash flow statement
FY2016
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-23
-22
-33.3
-52.8
-62.1
-88.7
-93.9
-101
-37.5
-79.2
Depreciation and amortization
0.29
0.07
0.1
0.1
0.35
0.5
0.51
0.42
0.8
1.28
Stock-based compensation
0.64
0.49
0.76
2.05
5.43
6.18
5.2
8.69
8.2
4.3
Change in receivables
0
0
-1.07
0.5
Change in inventory
0
0
-2.82
-1.66
Change in payables
1.26
-1.17
1.31
-2.75
1.03
1.17
3.43
1.23
-0.29
-2.98
Cash from operations
-21.6
-21.3
-25.4
-48.1
-58.8
-70.9
-77.1
-96.5
-131
-85.6
Capital expenditures
-0.07
-0.38
0
-0.17
-1.36
-0.62
-0.1
-0.06
-0.33
0
Purchases of investments
0
0
-16.8
-57.1
-63.4
Sales and maturities of investments
0
0
2
26.5
74.5
Cash from investing
-0.07
-0.38
0
27.2
-1.36
-0.62
-0.1
-14.9
67
8.15
Debt issued
0.51
0.69
Debt repaid
-0.25
0
-6.38
-9.37
0
0
-0.8
-2.06
0
0
Stock issued
0.18
60
0
239
Share buybacks
0
0
-2
0
0
Cash from financing
18.1
33.4
6.87
141
12.4
74.2
117
88.5
20.3
239
Exchange rate effect
-0.1
0
0
-0.25
0.4
-0.32
-0.11
0.1
-0.16
0.21
Net change in cash
-3.67
11.7
-18.6
120
-47.4
2.41
39.9
-22.8
-43.8
161
Free cash flow
-21.7
-21.7
-25.4
-48.2
-60.2
-71.5
-77.2
-96.6
-131
-85.6
Interest paid
0.28
0.54
1.28
2.1
2.91
3.01
4.6
7.77
8.05
Income taxes paid
0.34
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.01 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
81.5%
Gross profit / revenue.
Operating margin
-554.7%
Operating income / revenue.
EBITDA margin
-544.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-569.0%
Pre-tax income / revenue.
Net margin
-568.8%
Net income / revenue.
Operating cash flow margin
-528.4%
Cash from operations / revenue.
Return on equity (ROE)
-58.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-35.6%
Net income / average total assets.
Return on invested capital (ROIC)
-196.4%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
418.9%
Research and development expense / revenue.
Stock-based pay / revenue
53.8%
Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue
10.5%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
1,251.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 5y
63.6%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
1,528.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
741.1%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
36.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
20.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
98.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
23.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
18.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
531.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
171.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
129.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
11.3x
Current assets / current liabilities.
Quick ratio
10.2x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
10.1x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.48x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
29.6%
Total debt / total assets.
Liabilities / assets
38.6%
Total liabilities / total assets.
Net debt
-$120.1M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.13
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.66
Cash from operations / diluted weighted shares.
Book value per share
$1.62
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
18.8x
Market cap / revenue.
P/B
1.92x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.39x
Market cap / tangible book value, when positive.
EV/Sales
11.3x
Enterprise value / revenue.
Earnings yield
-30.2%
Net income / market cap (the inverse of P/E).
What was X4 Pharmaceuticals, Inc's revenue in fiscal 2025?
X4 Pharmaceuticals, Inc reported revenue of $35.1M for fiscal 2025, 1,250.5% higher than the year before.
Was X4 Pharmaceuticals, Inc profitable in fiscal 2025?
No. It reported a net loss of $79.2M.
How much free cash flow did X4 Pharmaceuticals, Inc generate in fiscal 2025?
Cash from operations of $85.6M minus capital expenditures of $0.0 left free cash flow of -$85.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.