Cambridge biotech tracker · Boston
X4 Pharmaceuticals
Listed on Nasdaq as XFOR, filed under SEC industry code 2836 (biological products). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q3 '26.
- Cash & investments
- $188M
- Q3 '26 · Sep 30, 2026
- Burn per quarter
- $19.0M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.5 yrs
- 24 to 36 months
- Net loss
- $20.2M
- Q3 '26
- R&D expense
- $13.3M
- Q3 '26
- Raised, last 4 qtrs
- +$146M
- net financing cash flow
- Next readout
- Sep 2027
- Phase 3 · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.5 years
Cash at Q3 '26 divided by the average burn of the last four quarters, $6.3M a month.
Management’s own date
12+ months
The latest filing states only the going concern minimum, that cash covers at least twelve months from issuance. No sharper date was filed.
Cash against the calendar
What the runway has to reach.
Sep 2027estimated
A Study of Mavorixafor in Participants With Congenital and Acquired Primary Autoimmune and Idiopathic Chronic Neutropenic Disorders Who Are Experiencing Recurrent and/or Serious Infections
Neutropenia
NCT06056297 on ClinicalTrials.govDoes the cash reach it?
Cash past the catalyst
- Runway
- 2.5 years
- Time to the date
- 10 months
It is about 10 months out. At the current burn there is roughly 20 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Sep 2027Phase 3A Study of Mavorixafor in Participants With Congenital and Acquired Primary Autoimmune and Idiopathic Chronic Neutropenic Disorders Who Are Experiencing Recurrent and/or Serious Infections
- Jan 2029Phase 2A Study to Investigate the Safety and Tolerability of Granulocyte-colony Stimulating Factor (G-CSF) Dosage Reduction in Mavorixafor-treated Participants With Acquired Primary Autoimmune and Idiopathic Chronic Neutropenia Disorders
Pipeline
2 active trials, through phase 3.
Phase 2 · 1Phase 3 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a phase 3 readout in Sep 2027, about 10 months out. That leaves roughly 20 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 2.5 years of runway
Cash and investments of $188M at Q3 '26 against an average operating cash burn of $19.0M per quarter over the last four reported quarters runs out around March 2029. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $85.6M since Q4 '24
Net financing inflows of $146M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Revenue of $2.8M in Q3 '26
The balance sheet carries $1.3M of deferred revenue, which is typically upfront collaboration or license payments being recognized over time. Collaboration and license revenue under ASC 606 and ASC 808 is the single most judgment-heavy area in biotech accounting: performance obligations, variable consideration on milestones, and the split between revenue and cost-sharing.
$75.0M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $651M
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q4 '24 · Dec 31, 24 | $102M | −$33.0M | −$39.8M | $21.7M | $15.1M | $1.5M | $2.2M | $135K |
| Q1 '25 · Mar 31, 25 | $87.0M | −$12.4M | $282K | $18.5M | $15.0M | $900K | $519K | $0 |
| Q2 '25 · Jun 30, 25 | $63.0M | −$29.9M | −$25.7M | $18.4M | $9.5M | $1.7M | $748K | $5.6M |
| Q3 '25 · Sep 30, 25 | $122M | −$27.8M | −$29.8M | $17.3M | $11.6M | $1.6M | $760K | $86.9M |
| Q4 '25 · Dec 31, 25 | $253M | −$15.5M | −$23.9M | $18.5M | $7.4M | $2.2M | $2.3M | $146M |
| Q1 '26 · Mar 31, 26 | $234M | −$19.6M | −$20.2M | $15.4M | $7.0M | $2.5M | $2.4M | $2K |
| Q2 '26 · Jun 30, 26 | $208M | −$20.8M | −$16.2M | $15.1M | $8.5M | $2.4M | $3.1M | $75K |
| Q3 '26 · Sep 30, 26 | $188M | −$20.2M | −$20.2M | $13.3M | $9.0M | $2.8M | $3.5M | −$112K |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.