XFOR
X4 Pharmaceuticals, Inc.
NasdaqCMUSDEQUITY
Healthcare
DELAYED
Last price
4.04
▲ 0.01 (0.25%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
3.90
Prev close
4.03
Day high
4.18
Day low
4.01
Volume
1.22M
Market cap
$400.55M
P/E (TTM)
2.83
52W range
2.80 – 4.83
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
436.25K
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 12, 26 | CRAIG ADAM R Officer and Director |
SELL | 47.44K | $210.83K | Direct |
| Aug 12, 26 | VOLPONE JOHN President |
SELL | 24.58K | $109.23K | Direct |
| Jun 30, 26 | KIRSKE DAVID H. SR Chief Financial Officer |
SELL | 8.54K | $36.43K | Direct |
| May 12, 26 | KIRSKE DAVID H. SR Chief Financial Officer |
SELL | 16.96K | $72.82K | Direct |
| Oct 23, 25 | CRAIG ADAM R Officer and Director |
BUY | 86.21K | $250.00K | Direct |
| Aug 14, 25 | CRAIG ADAM R Officer and Director |
STOCK | 289.88K | $0 | Direct |
| Aug 14, 25 | KIRSKE DAVID H. SR Chief Financial Officer |
STOCK | 193.25K | $0 | Direct |
| Aug 14, 25 | VOLPONE JOHN President |
STOCK | 289.88K | $0 | Direct |
| Jun 9, 25 | WYZGA MICHAEL S Director |
STOCK | 1.50K | $0 | Direct |
| Jun 9, 25 | MCGIRR DAVID W J Director |
STOCK | 1.50K | $0 | Direct |
| Jun 9, 25 | STEWART MURRAY Director |
STOCK | 1.50K | $0 | Direct |
| Jun 9, 25 | BRIDGER GARY J Director |
STOCK | 1.50K | $0 | Direct |
| Jun 9, 25 | DE CRAECKER FRANCOISE Director |
STOCK | 1.50K | $0 | Direct |
| Jun 9, 25 | WOODS KEITH Director |
STOCK | 1.50K | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
ARBET-ENGELS CHRISTOPHE |
Officer | 864.21K | Stock Award(Grant) |
BALDRY MARK |
Officer | 25.34K | Purchase |
CRAIG ADAM R |
Officer and Director | 328.65K | Sale |
DIBIASE MARY |
Chief Operating Officer | 1.14M | Stock Award(Grant) |
KIRSKE DAVID H. SR |
Chief Financial Officer | 167.75K | Sale |
MOSTAFA ADAM S. |
Chief Financial Officer | 850.00K | Stock Award(Grant) |
RAGAN PAULA |
Chief Executive Officer | 3.34M | Stock Award(Grant) |
TAVERAS ARTHUR PHD |
Officer | 388.03K | Sale |
THOREN NATASHA FAY |
Officer | 9.46K | Stock Award(Grant) |
VOLPONE JOHN |
President | 265.31K | Sale |
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
—
—
Put / call open interest
1.00
Positioning, not flow
Max pain
2.50
-38.1% from spot
ATM implied vol
503.9%
Nearest strike to spot
Skew (10% OTM)
-372.7%
Calls bid over puts
Call volume
0
Contracts, this expiry
Put volume
1
Contracts, this expiry
Heaviest call OI
7.50
2 contracts
Heaviest put OI
2.50
2 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
-4.27%
-2.9%
1M
+1.25%
-2.5%
3M
0.00%
-3.1%
6M
+27.85%
+16.8%
YTD
+1.00%
-11.3%
1Y
+44.29%
+24.3%
3Y
-88.19%
-162.4%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$400.55M
Enterprise value$269.81M
Revenue (TTM)$15.85M
Gross profit$12.92M
EBITDA$-79.00M
Net income$-90.14M
EPS (TTM)$1.43
Free cash flow$-53.31M
Total cash$207.97M
Total debt$77.22M
Book value / share$1.62
Shares outstanding99.15M
Float62.80M
Short % of float7.38%
Dividend yield—
Beta (5Y)0.39
Short interest
Shares short
7.30M
Prior 5.51M
Change vs prior
+32.6%
Shorts adding
% of float
7.38%
Normal
% of shares out
7.36%
Against total outstanding
Days to cover
11.4
Crowded exit
Float
62.80M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E2.83
Forward P/E-5.35
PEG ratio—
Price / sales—
Price / book2.50
EV / revenue17.03
EV / EBITDA-3.42
Gross margin81.51%
Operating margin-186.13%
Profit margin0.00%
Return on equity-113.08%
Return on assets-28.15%
Debt / equity49.68
Current ratio11.30
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $35.11M | $2.56M | $0 | $0 | +1,273.2% |
| Operating revenue | $35.11M | $2.56M | $0 | $0 | +1,273.2% |
| Cost of revenue | $5.76M | $797.00K | $0 | $0 | +622.3% |
| Gross profit | $29.36M | $1.76M | $0 | $0 | +1,568.0% |
| Research & development | $72.72M | $81.64M | $72.02M | $61.06M | -10.9% |
| Selling, general & admin | $43.52M | $61.52M | $35.51M | $27.02M | -29.3% |
| Total operating expense | $116.24M | $143.16M | $107.52M | $88.08M | -18.8% |
| Operating income | -$86.88M | -$141.40M | -$107.52M | -$88.08M | +38.6% |
| Net interest income | -$4.30M | -$3.00M | -$1.20M | -$3.77M | -43.4% |
| Pre-tax income | -$79.16M | -$37.14M | -$101.09M | -$93.84M | -113.1% |
| Tax provision | $41.00K | $310.00K | $78.00K | $28.00K | -86.8% |
| Net income | -$79.20M | -$37.45M | -$101.17M | -$93.87M | -111.5% |
| Net income to common | -$79.20M | -$37.45M | -$101.17M | -$96.41M | -111.5% |
| Basic EPS | -1.87 | -5.70 | -17.07 | -45.60 | +67.2% |
| Diluted EPS | -1.87 | -5.70 | -17.07 | -45.60 | +67.2% |
| EBIT | -$70.28M | -$28.37M | -$95.31M | -$89.85M | -147.7% |
| EBITDA | -$69.00M | -$27.58M | -$94.89M | -$89.33M | -150.2% |
| Basic shares | 42.29M | 6.70M | 5.93M | 2.12M | +531.0% |
| Diluted shares | 42.29M | 6.70M | 5.93M | 2.12M | +531.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $217.05M | $55.70M | $99.22M | $121.72M | — | +289.7% |
| Cash & short-term investments | $253.00M | $102.06M | $114.22M | $121.72M | — | +147.9% |
| Accounts receivable | $573.00K | $1.07M | $0 | — | — | -46.4% |
| Inventory | $4.48M | $2.82M | $0 | — | — | +59.0% |
| Total current assets | $261.58M | $112.17M | $122.08M | $128.68M | — | +133.2% |
| Property, plant & equipment | $1.59M | $4.84M | $6.39M | $8.33M | — | -67.1% |
| Goodwill & intangibles | $26.60M | $27.35M | $17.35M | $17.35M | — | -2.7% |
| Total assets | $290.46M | $146.45M | $147.26M | $155.59M | — | +98.3% |
| Total current liabilities | $25.76M | $32.88M | $22.86M | $22.32M | — | -21.7% |
| Current debt | — | — | — | $1.31M | $795.00K | — |
| Long-term debt | $76.29M | $75.42M | $54.57M | $32.30M | — | +1.1% |
| Total debt | $77.28M | $78.09M | $58.28M | $38.42M | — | -1.0% |
| Total liabilities | $104.17M | $124.30M | $96.16M | $81.53M | — | -16.2% |
| Retained earnings | -$594.55M | -$515.36M | -$477.90M | -$376.74M | — | -15.4% |
| Shareholder equity | $186.29M | $22.15M | $51.10M | $74.05M | — | +741.1% |
| Working capital | $235.82M | $79.30M | $99.21M | $106.35M | — | +197.4% |
| Net tangible assets | $159.69M | -$5.20M | $33.75M | $56.70M | — | +3,169.8% |
| Shares issued | 90.91M | 5.70M | 5.58M | 4.06M | — | +1,495.4% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$79.20M | -$37.45M | -$101.17M | -$93.87M | — | -111.5% |
| Depreciation & amortisation | $1.28M | $796.00K | $419.00K | $513.00K | — | +60.4% |
| Stock-based compensation | $4.30M | $8.20M | $8.69M | $5.20M | — | -47.6% |
| Change in working capital | -$2.58M | $2.67M | $344.00K | $5.74M | — | -196.3% |
| Operating cash flow | -$85.62M | -$130.90M | -$96.51M | -$77.10M | — | +34.6% |
| Capital expenditure | -$3.00M | -$7.33M | -$60.00K | -$103.00K | — | +59.0% |
| Investing cash flow | $8.15M | $66.99M | -$14.88M | -$103.00K | — | -87.8% |
| Share buybacks | — | — | $0 | $0 | -$2.00M | — |
| Financing cash flow | $238.63M | $20.29M | $88.52M | $117.23M | — | +1,075.9% |
| Free cash flow | -$88.62M | -$138.23M | -$96.57M | -$77.20M | — | +35.9% |
| End cash position | $217.85M | $56.48M | $100.25M | $123.03M | — | +285.7% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $8.81M | $2.71M | $2.57M | $1.76M | $1.97M | — | +225.2% |
| Operating revenue | $8.81M | $2.71M | $2.57M | $1.76M | $1.97M | — | +225.2% |
| Cost of revenue | $1.62M | $598.00K | $364.00K | $351.00K | $326.00K | — | +170.4% |
| Gross profit | $7.19M | $2.11M | $2.20M | $1.41M | $1.65M | — | +240.7% |
| Research & development | $15.08M | $15.45M | $18.52M | $17.34M | $18.35M | — | -2.4% |
| Selling, general & admin | $8.50M | $6.97M | $7.38M | $11.59M | $9.53M | — | +22.0% |
| Total operating expense | $23.58M | $22.42M | $25.90M | $28.92M | $27.88M | — | +5.2% |
| Operating income | -$16.39M | -$20.31M | -$23.70M | -$27.51M | -$26.23M | — | +19.3% |
| Net interest income | -$185.00K | -$29.00K | -$201.00K | -$1.36M | -$1.57M | — | -537.9% |
| Pre-tax income | -$16.16M | -$20.24M | -$23.93M | -$29.84M | -$25.70M | — | +20.2% |
| Tax provision | $2.00K | $0 | $0 | -$30.00K | $37.00K | — | — |
| Net income | -$16.16M | -$20.24M | -$23.93M | -$29.82M | -$25.74M | — | +20.2% |
| Net income to common | -$16.16M | -$20.24M | -$23.93M | -$29.82M | -$25.74M | — | +20.2% |
| Basic EPS | -0.13 | -0.16 | — | -0.69 | -3.47 | 0.04 | +18.8% |
| Diluted EPS | -0.13 | -0.16 | — | -0.69 | -3.47 | 0.04 | +18.8% |
| EBIT | -$13.99M | -$18.11M | -$21.74M | -$27.59M | -$23.47M | — | +22.7% |
| EBITDA | -$12.99M | -$17.88M | -$21.52M | -$27.36M | -$23.12M | — | +27.3% |
| Basic shares | 126.34M | 126.29M | — | 43.27M | 7.41M | 6.84M | +0.0% |
| Diluted shares | 126.34M | 126.29M | — | 43.27M | 7.41M | 6.87M | +0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $195.09M | $216.91M | $217.05M | $69.63M | $39.22M | -10.1% |
| Cash & short-term investments | $207.97M | $233.72M | $253.00M | $122.19M | $62.95M | -11.0% |
| Accounts receivable | $2.05M | $1.11M | $573.00K | $891.00K | $1.15M | +83.9% |
| Inventory | $5.50M | $4.64M | $4.48M | $4.08M | $3.17M | +18.7% |
| Total current assets | $218.85M | $241.98M | $261.58M | $132.81M | $72.94M | -9.6% |
| Property, plant & equipment | $765.00K | $1.18M | $1.59M | $1.99M | $2.90M | -35.2% |
| Goodwill & intangibles | $30.45M | $26.41M | $26.60M | $26.79M | $26.98M | +15.3% |
| Total assets | $253.06M | $270.28M | $290.46M | $163.56M | $105.17M | -6.4% |
| Total current liabilities | $19.37M | $23.77M | $25.76M | $23.51M | $22.90M | -18.5% |
| Long-term debt | $76.76M | $76.52M | $76.29M | $76.06M | $75.84M | +0.3% |
| Total debt | $77.22M | $77.25M | $77.28M | $77.36M | $78.02M | -0.0% |
| Total liabilities | $97.61M | $101.83M | $104.17M | $101.94M | $101.20M | -4.1% |
| Retained earnings | -$630.95M | -$614.79M | -$594.55M | -$570.63M | -$540.81M | -2.6% |
| Shareholder equity | $155.45M | $168.45M | $186.29M | $61.62M | $3.97M | -7.7% |
| Working capital | $199.49M | $218.21M | $235.82M | $109.30M | $50.05M | -8.6% |
| Net tangible assets | $125.00M | $142.04M | $159.69M | $34.83M | -$23.00M | -12.0% |
| Shares issued | 96.11M | 94.32M | 90.91M | 25.15M | 7.96M | +1.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | -$16.16M | -$20.24M | -$23.93M | -$29.82M | -$25.74M | — | +20.2% |
| Depreciation & amortisation | $997.00K | $223.00K | $223.00K | $223.00K | $355.00K | — | +347.1% |
| Stock-based compensation | $3.09M | $2.41M | $2.27M | $760.00K | $748.00K | — | +27.9% |
| Change in working capital | -$8.75M | -$2.41M | $5.52M | -$606.00K | -$4.21M | — | -262.6% |
| Operating cash flow | -$20.79M | -$19.60M | -$15.53M | -$27.82M | -$29.90M | — | -6.1% |
| Capital expenditure | — | — | — | — | — | -$3.00M | — |
| Investing cash flow | -$1.00M | $19.25M | $16.85M | -$28.67M | $23.11M | — | -105.2% |
| Financing cash flow | $75.00K | $2.00K | $146.09M | $86.91M | $5.63M | — | +3,650.0% |
| Free cash flow | -$25.79M | -$19.60M | -$15.53M | -$27.82M | -$29.90M | — | -31.6% |
| End cash position | $195.77M | $217.49M | $217.85M | $70.44M | $40.02M | — | -10.0% |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.18 | -0.13 | +27.8% |
| Mar 2026 | -0.20 | -0.16 | +20.0% |
| Dec 2025 | -0.35 | -0.22 | +36.7% |
| Sep 2025 | -0.84 | -0.69 | +18.2% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.19 | 5 | $2.30M | +30.3% |
| Next quarter | -0.20 | 5 | $2.28M | -11.2% |
| Current year | -0.67 | 5 | $15.98M | -54.5% |
| Next year | -0.76 | 4 | $11.56M | -27.7% |
Analyst targets & ownership
Mean target$11.60
High target$13.00
Low target$10.00
Implied upside187.13%
Analyst count5
ConsensusNONE
Strong buy / Buy0 / 5
Hold0
Sell / Strong sell0 / 0
Held by insiders0.44%
Held by institutions100.14%
Institutions holding111
Price targets, consensus spread, insider and institutional ownership.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jul 10, 26 | Wells Fargo | INITIATED | — | Overweight |
| Jun 2, 26 | Leerink Partners | INITIATED | — | Outperform |
| Mar 9, 26 | Guggenheim | INITIATED | — | Buy |
| Dec 5, 25 | Stifel | MAINTAINED | Buy | Buy |
| Nov 10, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Aug 29, 25 | Stifel | MAINTAINED | Buy | Buy |
| Aug 13, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| May 2, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Mar 27, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Mar 26, 25 | Cantor Fitzgerald | MAINTAINED | Overweight | Overweight |
| Feb 7, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Jan 14, 25 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
Moving averages & technicals
SMA 10
4.21
-3.97% from price
SMA 20
4.16
-2.95% from price
SMA 50
4.07
-0.83% from price
SMA 100
4.09
-1.17% from price
SMA 200
3.92
+3.07% from price
EMA 12
4.16
-2.95% from price
EMA 26
4.13
-2.20% from price
EMA 50
4.09
-1.28% from price
RSI (14)
46.7
Neutral
MACD (12,26,9)
0.03
Hist -0.03
ATR (14)
0.28
6.82% of price
Realised vol 30D
60.3%
Annualised
Bollinger upper
4.49
20, 2σ
Bollinger lower
3.83
20, 2σ
50 / 200 cross
Golden
4.07 vs 3.92
Trend bias
Above 200
+3.07%
Risk profile
Beta vs SPY
1.92
More volatile than market
Correlation to SPY
0.29
Largely independent
Realised vol 30D
60.3%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-37.6%
Peak to trough
Max drawdown 5Y
-99.2%
Peak to trough
ATR 14
0.28
6.82% of price
Beta (reported)
0.39
5Y monthly, from filing
Dividends & splits
Forward rate—
Forward yield—
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay dateMar 14, 2019
Last split1:30
Split dateApr 28, 2025
SEC filings
Periodic Financial Reports
10-Q · 2026-08-06
Corporate Changes & Voting Matters
8-K · 2026-07-01
Corporate Changes & Voting Matters
8-K/A · 2026-05-13
A correspondence can be sent as a document with another submission type or can be sent as a separate submission
CORRESP · 2026-05-12
Offering Registrations
S-3 · 2026-05-06
Proxy Statements
DEF 14A · 2026-03-20
Offering Registrations
S-8 · 2026-03-18
Periodic Financial Reports
10-K · 2026-03-17
Headlines
X4 Pharmaceuticals (XFOR) Upgraded to Buy: Here's Why
Zacks · 11d ago
X4 Pharmaceuticals (XFOR) Reports Q2 Loss, Beats Revenue Estimates
Zacks · 16d ago
X4 Pharmaceuticals: Q2 Earnings Snapshot
Associated Press · 16d ago
X4 Pharmaceuticals Reports Second Quarter 2026 Financial Results and Provides Corporate Update
GlobeNewswire · 16d ago
Sarepta Therapeutics (SRPT) Q2 Earnings and Revenues Surpass Estimates
Zacks · 17d ago
X4 Pharmaceuticals Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
GlobeNewswire · 19d ago
X4 Pharmaceuticals Appoints Kelly Gold, Experienced Chief Financial Officer, to its Board of Directors
GlobeNewswire · 53d ago
X4 Pharmaceuticals to Present at the 2026 Jefferies Global Healthcare Conference
GlobeNewswire · 88d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.