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X4 Pharmaceuticals, Inc key statistics and ratios

In fiscal 2025, X4 Pharmaceuticals, Inc had return on equity of -76.0%, an operating margin of -247.4%, debt equal to 40.3% of equity and a current ratio of 10.16. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin——————69.3%83.6%81.0%
Operating margin——<−999%———<−999%−247.4%−569.3%
Net margin——<−999%———<−999%−225.6%−583.8%
Free-cash-flow margin——<−999%———<−999%−243.8%−542.3%
Return on equity——−61.5%−129.3%−135.6%−161.7%−102.3%−76.0%−52.8%
Return on assets−334.7%−61.9%−43.8%−73.9%−68.8%−66.8%−25.5%−36.3%−33.2%
Asset turnover——0.02———0.020.160.06
Current ratio1.1813.686.976.275.765.343.4110.1611.30
Debt to equity—15.5%45.6%52.7%45.4%107.6%338.6%40.3%48.2%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/mn/mn/m
R&D as % of revenue——>999%———>999%207.1%430.0%
Capital spending as % of revenue——45.4%———12.5%0.0%0.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $253m
Short-term assets $219mLonger-term assets $34m
What it owes, and who funded it · $253m
Short-term liabilities $19mLonger-term liabilities $78mShareholders' equity $155m
  • Short-term assets cover short-term liabilities $219m of assets due within a year against $19m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $219m short-term assets against $78m of longer-dated liabilities.
  • More cash than debt $195m of cash against $75m of debt.
  • Debt below 40% of shareholders' equity Debt is 48% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 51% to 48% over five years.
  • A year's operating cash flow covers at least 20% of debt −$84m of operating cash flow against $75m of debt.
  • Operating profit covers interest at least five times over Operating income of −$88m against $9m of interest.

From X4 Pharmaceuticals, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from X4 Pharmaceuticals, Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to X4 Pharmaceuticals, Inc.