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X4 Pharmaceuticals Balance Sheet 2025-2011 | XFOR
Brief overview of X4 Pharmaceuticals's balance sheet strength
The balance sheet is assessed across five available annual reports spanning 2021 to 2025.
Assets advanced +147.9% to $290.5 million from $117.2 million; annual growth near 25.5% reflects a fast increase in scale.
Assets outpaced liabilities, +147.9% versus +97.4%. Dependence on external funding declined.
Internal capital represents 64.1% of the balance sheet, previously 55%. This is a strong capital position.
Negative net debt of -$141.1 million means cash holdings are larger than debt obligations.
The cash reserve occupies 74.7% of the balance sheet, previously 69.8%. It is one marker of short-term resilience.
The balance sheet includes a negative accumulated result of -$594.6 million. It should be assessed alongside historical profits and capital distributions.
Balance sheet takeaway
X4 Pharmaceuticals's balance sheet looks resilient: assets are supported by substantial equity, while debt does not overwhelm financial flexibility.
Annual Balance Sheet X4 Pharmaceuticals
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-141 M | 20.6 M | -43.5 M | -88.2 M | -47.6 M | -44.7 M | -103 M | -22.9 M | -64.6 M | 12.3 M | 435 K | - | - | - | - |
Long Term Debt |
75 M | 75 M | 54.6 M | 32.3 M | 33.1 M | 33.2 M | 20.1 M | 7.89 M | 9.92 M | 10.1 M | 4.7 M | - | - | - | - |
Long Term Debt Current |
994 K | 1.25 M | 1.1 M | 1.2 M | 1.08 M | 786 K | 898 K | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 22 M | 9.01 M | 11.9 M | 52.1 M | 37.2 M | - | - | - | - |
Total Current Liabilities |
25.8 M | 32.9 M | 22.9 M | 22.3 M | 14 M | 11.9 M | 9.45 M | 5.4 M | - | - | - | - | - | - | - |
Total Liabilities |
104 M | 124 M | 96.2 M | 81.5 M | 52.8 M | 50.1 M | 31.5 M | 14.4 M | 22.5 M | 64.2 M | 43.8 M | - | - | - | - |
Deferred Revenue |
464 K | - | - | - | - | - | - | 737 K | 694 K | 504 K | 430 K | - | - | - | - |
Retained Earnings |
-595 M | -515 M | -478 M | -377 M | -283 M | - | -132 M | -135 M | -92.3 M | -58.4 M | -35.4 M | - | - | - | - |
Total Assets |
290 M | 146 M | 147 M | 156 M | 117 M | 123 M | 161 M | 36 M | 81.3 M | 7.6 M | 9.51 M | - | - | - | - |
Cash and Cash Equivalents |
217 M | 55.7 M | 99.2 M | 122 M | 81.8 M | 78.7 M | 126 M | 8.13 M | 26.7 M | 3.43 M | - | - | - | - | - |
Book Value |
186 M | 22.1 M | 51.1 M | 74.1 M | 64.4 M | 72.8 M | 129 M | 21.6 M | 58.7 M | -56.6 M | -34.3 M | - | - | - | - |
Total Shareholders Equity |
186 M | 22.1 M | 51.1 M | 74.1 M | 64.4 M | 72.8 M | 129 M | -77.1 M | -44.5 M | -56.6 M | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet X4 Pharmaceuticals
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
75 M | 75 M | 75 M | 75 M | 75 M | 75 M | 75 M | 75 M | 55 M | 55 M | 55 M | 32.5 M | 32.5 M | 32.5 M | 32.5 M | - | 32.5 M | 32.5 M | 32.5 M | 32.5 M | 32.5 M | 33.2 M | 32.5 M | 32.5 M | 32.5 M | 20 M | 20 M | 22.2 M | 14.2 M | 8.31 M | 8.31 M | 8.31 M | 8.31 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
97.6 M | 102 M | 102 M | 101 M | 107 M | 124 M | 119 M | 116 M | 111 M | 96.2 M | 106 M | 106 M | 72.7 M | 81.5 M | 51.6 M | - | 49.9 M | 52.8 M | 51.8 M | 52.4 M | 54.1 M | 50.1 M | 50.1 M | 50.1 M | 50.1 M | 31.5 M | 31.5 M | 31.5 M | 31.5 M | 21.6 M | 21.6 M | 21.6 M | 21.6 M | 22.5 M | 22.5 M | 22.5 M | 22.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
842 K | 910 K | 592 K | 754 K | 855 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-631 M | -615 M | -571 M | -541 M | -515 M | -515 M | -476 M | -439 M | -530 M | -478 M | -459 M | -456 M | -401 M | -377 M | -348 M | - | -305 M | -283 M | -253 M | -232 M | -213 M | -194 M | -194 M | -194 M | -194 M | -132 M | -132 M | -132 M | -132 M | -79.2 M | -79.2 M | -79.2 M | -79.2 M | -92.3 M | -92.3 M | -92.3 M | -92.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
253 M | 270 M | 164 M | 105 M | 130 M | 146 M | 178 M | 211 M | 112 M | 147 M | 173 M | 173 M | 124 M | 156 M | 113 M | - | 99.6 M | 117 M | 121 M | 142 M | 161 M | 123 M | 123 M | 123 M | 123 M | 161 M | 161 M | 161 M | 161 M | 9.94 M | 9.94 M | 9.94 M | 9.94 M | 81.3 M | 81.3 M | 81.3 M | 81.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
195 M | 217 M | 69.6 M | 39.2 M | 40.3 M | 55.7 M | 98.2 M | 148 M | 61.3 M | 99.2 M | 133 M | 137 M | 94.4 M | 122 M | 81.1 M | 48.7 M | 67.7 M | 81.8 M | 77.7 M | 95.2 M | 115 M | 78.7 M | 78.7 M | 78.7 M | 78.7 M | 126 M | 126 M | 126 M | 126 M | 8.13 M | 8.13 M | 8.13 M | 8.13 M | 26.7 M | 76.8 M | 76.8 M | 76.8 M | 15.2 M | - | - | - | 7.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
155 M | 168 M | 61.6 M | 3.97 M | 22.9 M | 22.1 M | 59.6 M | 94.5 M | 1.04 M | 51.1 M | 67.6 M | 67.5 M | 51.7 M | 74.1 M | 61.8 M | - | 49.7 M | 64.4 M | 68.7 M | 89.2 M | 107 M | 72.8 M | 72.8 M | 72.8 M | 72.8 M | 129 M | 129 M | 129 M | 129 M | -11.7 M | -11.7 M | -11.7 M | -11.7 M | 58.7 M | 58.7 M | 58.7 M | 58.7 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
155 M | 168 M | 61.6 M | 3.97 M | 22.9 M | 22.1 M | 59.6 M | 94.5 M | 1.04 M | 51.1 M | 67.6 M | 67.5 M | 51.7 M | 74.1 M | 61.8 M | 30.1 M | 49.7 M | 64.4 M | 68.7 M | 87.3 M | 105 M | 72.8 M | 72.8 M | 72.8 M | 72.8 M | 129 M | 129 M | 129 M | 129 M | -77.1 M | -77.1 M | -77.1 M | -77.1 M | -44.5 M | 58.7 M | 58.7 M | 58.7 M | -23.1 M | - | - | - | -34.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of X4 Pharmaceuticals, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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