X4 Pharmaceuticals, Inc. (XFOR) Balance Sheet
XFOR balance sheet, 2025
December 31, 2025 · U.S. dollars$290.5M assets = $104.2M liabilities + $186.3M equity
Both columns are drawn to the same scale: what XFOR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
XFOR financial health
Descriptive bands, not a rating. Fiscal 2025.
XFOR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.6M2016 | $290.5M2025 | +49.9%/yr | |
| Total liabilities | $24.3M2016 | $104.2M2025 | +17.5%/yr | |
| Shareholders’ equity | −$16.7M2016 | $186.3M2025 | — | |
| Cash & short-term investments | $3.0M2016 | $253.0M2025 | +63.5%/yr | |
| Total debt | $15.3M2016 | $77.3M2025 | +19.8%/yr | |
| Net cash (debt) | −$12.2M2016 | $175.7M2025 | +$187.9M | |
| Working capital | −$6.3M2016 | $235.8M2025 | +$242.2M | |
| Debt / equity | 0.212017 | 0.412025 | +0.21 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XFOR assets
XFOR liabilities and equity
XFOR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
XFOR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $253.0M | $102.1M | $114.2M | $121.7M | $81.8M | $79.0M | $126.2M | $30.8M | $76.8M | $3.0M |
| Cash & equivalents | $217.0M | $55.7M | $99.2M | $121.7M | $81.8M | $79.0M | $126.2M | $30.8M | $76.8M | $3.0M |
| Short-term investments | $35.9M | $46.4M | $15.0M | $0 | — | — | — | — | — | — |
| Receivables | $573,000 | $1.7M | $562,000 | $1.2M | $747,000 | $917,000 | $2.0M | $2.9M | $1.6M | $1.3M |
| Inventory | $4.5M | $2.8M | $0 | $0 | −$747,000 | $0 | $0 | $0 | $355,000 | $1.2M |
| Other current assets | $3.5M | $5.6M | $7.3M | $5.8M | $6.1M | $3.4M | $1.1M | $1.5M | $774,000 | $90,000 |
| Total current assets | $261.6M | $112.2M | $122.1M | $128.7M | $87.9M | $83.3M | $129.3M | $35.1M | $79.5M | $5.7M |
| Property, plant & equipment (net) | $1.6M | $4.8M | $6.4M | $8.3M | $10.2M | $9.2M | $2.4M | $285,000 | $421,000 | $519,000 |
| Goodwill & intangible assets | $26.6M | $27.4M | $17.4M | $17.4M | $17.4M | $27.1M | $27.1M | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $692,000 | $2.1M | $1.4M | $1.2M | $1.7M | $3.3M | $1.9M | $639,000 | $1.3M | $1.4M |
| Total assets | $290.5M | $146.4M | $147.3M | $155.6M | $117.2M | $122.9M | $160.7M | $36.0M | $81.3M | $7.6M |
| Liabilities | ||||||||||
| Accounts payable | $5.7M | $8.6M | $8.9M | $7.8M | $4.3M | $3.1M | $2.1M | $545,000 | $1.9M | $1.6M |
| Short-term debt | $994,000 | $1.3M | $1.1M | $2.5M | $1.9M | $786,000 | $898,000 | $1.7M | $2.3M | $5.1M |
| Deferred revenue | $464,000 | — | — | — | — | — | — | $737,000 | $694,000 | $504,000 |
| Total current liabilities | $25.8M | $32.9M | $22.9M | $22.3M | $14.0M | $11.9M | $9.4M | $5.4M | $10.7M | $12.1M |
| Long-term debt | $76.3M | $75.4M | $54.6M | $32.3M | $33.1M | $33.2M | $20.1M | $7.9M | $9.9M | $10.1M |
| Lease obligations | $994,000 | $2.7M | $3.7M | $4.8M | $5.9M | $5.3M | $2.8M | — | — | — |
| Other long-term liabilities | $2.1M | $16.0M | $18.7M | $26.9M | $5.6M | $4.9M | $1.9M | $1.1M | $1.9M | $2.1M |
| Total liabilities | $104.2M | $124.3M | $96.2M | $81.5M | $52.8M | $50.1M | $31.5M | $14.4M | $22.5M | $24.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $91,000 | $6,000 | $167,000 | $122,000 | $28,000 | $16,000 | $16,000 | $15,000 | $15,000 | $2,000 |
| Retained earnings (deficit) | −$594.6M | −$515.4M | −$477.9M | −$376.7M | −$282.9M | −$194.2M | −$132.0M | −$135.3M | −$92.3M | −$58.4M |
| Accumulated other comprehensive income | −$109,000 | −$122,000 | −$119,000 | −$119,000 | −$119,000 | −$119,000 | −$119,000 | $241,000 | $127,000 | $834,000 |
| Total shareholders' equity | $186.3M | $22.1M | $51.1M | $74.1M | $64.4M | $72.8M | $129.2M | $21.6M | $58.7M | −$16.7M |
| Key figures | ||||||||||
| Total debt | $77.3M | $78.1M | $58.3M | $38.4M | $39.8M | $38.4M | $22.9M | $9.6M | $12.2M | $15.3M |
| Net cash (debt) | $175.7M | $24.0M | $55.9M | $83.3M | $42.0M | $40.5M | $103.3M | $21.2M | $64.6M | −$12.2M |
| Working capital | $235.8M | $79.3M | $99.2M | $106.4M | $73.9M | $71.4M | $119.8M | $29.7M | $68.8M | −$6.3M |
| Tangible book value | $159.7M | −$5.2M | $33.7M | $56.7M | $47.1M | $45.7M | $102.1M | $21.6M | $58.7M | −$16.7M |
| Book value per share | $4.40 | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 42.3M | — | — | — | — | — | — | — | — | — |
| Current ratio | 10.16 | 3.41 | 5.34 | 5.76 | 6.27 | 6.97 | 13.68 | 6.50 | 7.45 | 0.47 |
| Quick ratio | 9.84 | 3.16 | 5.02 | 5.50 | 5.89 | 6.69 | 13.57 | 6.23 | 7.34 | 0.36 |
| Debt / equity | 0.41 | 3.53 | 1.14 | 0.52 | 0.62 | 0.53 | 0.18 | 0.44 | 0.21 | — |
| Equity / assets | 64.1% | 15.1% | 34.7% | 47.6% | 55.0% | 59.2% | 80.4% | 60.0% | 72.3% | −219.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $208.0M | $233.7M | $253.0M | $122.2M | $63.0M | $87.0M | $102.1M | $135.0M | $168.8M | $80.9M | $114.5M | $141.9M |
| Cash & equivalents | $195.1M | $216.9M | $217.0M | $69.6M | $39.2M | $40.3M | $55.7M | $97.4M | $147.2M | $60.5M | $99.5M | $131.8M |
| Short-term investments | $12.9M | $16.8M | $35.9M | $52.6M | $23.7M | $46.7M | $46.4M | $37.6M | $21.5M | $20.4M | $15.0M | $10.1M |
| Receivables | $2.0M | $1.1M | $573,000 | $1.6M | $1.9M | $1.2M | $1.7M | $1.1M | $854,000 | $702,000 | $562,000 | $393,000 |
| Inventory | $5.5M | $4.6M | $4.5M | $4.1M | $3.2M | $3.1M | $2.8M | $2.4M | $831,000 | $0 | $0 | $0 |
| Other current assets | $3.3M | $2.5M | $3.5M | $4.9M | $5.0M | $4.5M | $5.6M | $4.5M | $5.0M | $5.8M | $7.0M | $5.5M |
| Total current assets | $218.9M | $242.0M | $261.6M | $132.8M | $72.9M | $95.7M | $112.2M | $143.0M | $175.4M | $87.3M | $122.1M | $147.9M |
| Property, plant & equipment (net) | $765,000 | $1.2M | $1.6M | $2.0M | $2.9M | $4.1M | $4.8M | $5.3M | $5.7M | $6.0M | $6.4M | $6.8M |
| Goodwill & intangible assets | $30.5M | $26.4M | $26.6M | $26.8M | $27.0M | $27.2M | $27.4M | $27.5M | $27.7M | $17.4M | $17.4M | $17.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.0M | $704,000 | $692,000 | $2.0M | $2.4M | $3.0M | $2.1M | $2.4M | $1.8M | $1.5M | $1.4M | $1.2M |
| Total assets | $253.1M | $270.3M | $290.5M | $163.6M | $105.2M | $130.0M | $146.4M | $178.2M | $210.6M | $112.2M | $147.3M | $173.3M |
| Liabilities | ||||||||||||
| Accounts payable | $3.9M | $5.1M | $5.7M | $5.1M | $7.7M | $11.1M | $8.6M | $8.6M | $8.0M | $8.9M | $8.9M | $8.1M |
| Short-term debt | $465,000 | $733,000 | $994,000 | $1.2M | $1.4M | $1.3M | $1.3M | $1.2M | $1.2M | $1.1M | $1.1M | $1.1M |
| Deferred revenue | $842,000 | $910,000 | $464,000 | $592,000 | $754,000 | $855,000 | — | — | — | — | — | — |
| Total current liabilities | $19.4M | $23.8M | $25.8M | $23.5M | $22.9M | $25.9M | $32.9M | $29.3M | $28.9M | $23.5M | $22.9M | $25.4M |
| Long-term debt | $76.8M | $76.5M | $76.3M | $76.1M | $75.8M | $75.6M | $75.4M | $75.2M | $75.0M | $54.8M | $54.6M | $54.3M |
| Lease obligations | $465,000 | $733,000 | $994,000 | $1.3M | $2.2M | $2.4M | $2.7M | $3.0M | $3.2M | $3.5M | $3.7M | $4.0M |
| Other long-term liabilities | $1.5M | $1.5M | $2.1M | $2.4M | $2.5M | $5.6M | $16.0M | $14.1M | $12.2M | $32.8M | $18.7M | $25.9M |
| Total liabilities | $97.6M | $101.8M | $104.2M | $101.9M | $101.2M | $107.1M | $124.3M | $118.5M | $116.2M | $111.1M | $96.2M | $105.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $96,000 | $94,000 | $91,000 | $25,000 | $8,000 | $6,000 | $6,000 | $168,000 | $168,000 | $168,000 | $167,000 | $165,000 |
| Retained earnings (deficit) | −$631.0M | −$614.8M | −$594.6M | −$570.6M | −$540.8M | −$515.1M | −$515.4M | −$475.5M | −$438.8M | −$529.7M | −$477.9M | −$458.8M |
| Accumulated other comprehensive income | −$123,000 | −$122,000 | −$109,000 | −$118,000 | −$138,000 | −$128,000 | −$122,000 | −$114,000 | −$159,000 | −$155,000 | −$119,000 | −$119,000 |
| Total shareholders' equity | $155.5M | $168.4M | $186.3M | $61.6M | $4.0M | $22.9M | $22.1M | $59.6M | $94.5M | $1.0M | $51.1M | $67.6M |
| Key figures | ||||||||||||
| Total debt | $77.2M | $77.3M | $77.3M | $77.4M | $78.0M | $78.0M | $78.1M | $78.2M | $78.2M | $58.3M | $58.3M | $58.3M |
| Net cash (debt) | $130.7M | $156.5M | $175.7M | $44.8M | −$15.1M | $8.9M | $24.0M | $56.8M | $90.5M | $22.6M | $56.2M | $83.6M |
| Working capital | $199.5M | $218.2M | $235.8M | $109.3M | $50.0M | $69.8M | $79.3M | $113.7M | $146.5M | $63.8M | $99.2M | $122.4M |
| Tangible book value | $125.0M | $142.0M | $159.7M | $34.8M | −$23.0M | −$4.2M | −$5.2M | $32.1M | $66.7M | −$16.3M | $33.7M | $50.2M |
| Book value per share | $1.23 | $1.33 | $1.69 | $1.42 | — | — | — | — | — | — | — | — |
| Shares outstanding | 126.3M | 126.3M | 110.6M | 43.3M | — | — | — | — | — | — | — | — |
| Current ratio | 11.30 | 10.18 | 10.16 | 5.65 | 3.19 | 3.70 | 3.41 | 4.89 | 6.07 | 3.71 | 5.34 | 5.81 |
| Quick ratio | 10.84 | 9.88 | 9.84 | 5.27 | 2.83 | 3.40 | 3.16 | 4.65 | 5.87 | 3.47 | 5.03 | 5.60 |
| Debt / equity | 0.50 | 0.46 | 0.41 | 1.26 | 19.65 | 3.40 | 3.53 | 1.31 | 0.83 | 56.25 | 1.14 | 0.86 |
| Equity / assets | 61.4% | 62.3% | 64.1% | 37.7% | 3.8% | 17.6% | 15.1% | 33.5% | 44.8% | 0.9% | 34.7% | 39.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 17, 2026); data from EODHD.
XFOR financial position
At the end of fiscal 2025 (December 31, 2025), X4 Pharmaceuticals had total assets of $290.5 million (up 98.3% from a year earlier), total liabilities of $104.2 million and shareholders' equity of $186.3 million. It held $253.0 million in cash and short-term investments against $77.3 million of debt, a net cash position of $175.7 million. Its current ratio was 10.16. In the latest quarter (ended June 30, 2026) total assets were $253.1 million and equity $155.5 million.
Related: XFOR income statement, XFOR cash flow statement, XFOR key metrics. See the XFOR stock overview for the latest quote and news.
XFOR balance sheet FAQ
What are X4 Pharmaceuticals's total assets?
X4 Pharmaceuticals reported total assets of $290.5 million at the end of fiscal 2025 (December 31, 2025), compared with $146.4 million a year earlier.
How much debt does X4 Pharmaceuticals have?
X4 Pharmaceuticals had $77.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.41.
How much cash does X4 Pharmaceuticals have?
X4 Pharmaceuticals held $253.0 million in cash and short-term investments at the end of fiscal 2025; with $77.3 million of debt that is net cash of $175.7 million.
What is X4 Pharmaceuticals's book value?
X4 Pharmaceuticals's shareholders' equity (book value) was $186.3 million at the end of fiscal 2025, or $4.40 per share.
What is X4 Pharmaceuticals's current ratio?
X4 Pharmaceuticals had current assets of $261.6 million and current liabilities of $25.8 million, a current ratio of 10.16 (it can cover its short-term obligations).
How much goodwill does X4 Pharmaceuticals have?
X4 Pharmaceuticals carried $26.6 million of goodwill and intangible assets, 9.2% of total assets, at the end of fiscal 2025.