X4 Pharmaceuticals, Inc. (XFOR) Income Statement
XFOR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsXFOR revenue and net income
Where XFOR's revenue goes
2025Each bar shows an amount and its share of revenue. XFOR kept −225.6% of revenue as net income.
XFOR profit margins
XFOR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1,273.2% | — | +63.6% | — |
| Gross profit | +1,539.5% | — | +57.3% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
XFOR quarterly EPS vs estimates
X4 Pharmaceuticals beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $-0.19).
XFOR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.1M | $2.6M | $0 | $0 | $0 | $3.0M | $3.0M | $3.5M | $0 | $0 |
| Cost of revenue | $6.3M | $797,000 | $2.0M | $2.0M | $1.9M | $1.2M | $672,000 | $103,000 | $195,000 | $300,000 |
| Gross profit | $28.9M | $1.8M | −$2.0M | −$2.0M | −$1.9M | $3.0M | −$672,000 | −$103,000 | −$195,000 | −$300,000 |
| Research & development | $72.2M | $81.6M | $72.0M | $61.1M | $48.8M | $41.9M | $30.2M | $20.3M | $28.1M | $17.8M |
| Sales, general & admin | $43.5M | $61.5M | $32.1M | $27.0M | $24.7M | $20.9M | $17.6M | $18.4M | $8.0M | $6.5M |
| Total operating expenses | $115.7M | $38.2M | $107.5M | $87.6M | $73.5M | $62.9M | $46.1M | $29.0M | $35.9M | $24.0M |
| Operating income | −$86.9M | −$36.4M | −$107.5M | −$87.6M | −$75.3M | −$59.9M | −$46.8M | −$29.1M | −$36.1M | −$24.3M |
| Interest income | $4.6M | $5.8M | $3.3M | $219,000 | $10,000 | $273,000 | $1.2M | $809,000 | $214,000 | $1.1M |
| Interest expense | $8.9M | $8.8M | $5.8M | $4.0M | $3.6M | $2.7M | $2.1M | $720,000 | $2.1M | $2.5M |
| Income before taxes | −$79.2M | −$37.1M | −$101.1M | −$93.8M | −$88.7M | −$62.0M | −$52.8M | −$33.3M | −$33.9M | −$23.0M |
| Income taxes | $41,000 | $310,000 | $78,000 | $28,000 | $17,000 | $148,000 | $3.8M | $3.9M | $1.9M | $2.6M |
| Net income | −$79.2M | −$37.5M | −$101.2M | −$93.9M | −$88.7M | −$62.1M | −$52.8M | −$33.3M | −$33.9M | −$23.0M |
| EBITDA | −$69.0M | −$27.6M | −$94.9M | −$89.3M | −$83.1M | −$59.5M | −$46.1M | −$29.0M | −$35.9M | −$24.0M |
| EPS (diluted) | −$4.34 | −$7.98 | −$13.36 | −$56.10 | −$84.90 | −$50.37 | −$287.10 | −$18.02 | −$35.47 | −$1740.53 |
| Gross margin | 82.2% | 68.8% | — | — | — | 100.0% | −22.4% | −2.9% | — | — |
| Operating margin | −247.4% | −1,423.6% | — | — | — | −1,995.8% | −1,560.1% | −831.0% | — | — |
| Net margin | −225.6% | −1,464.6% | — | — | — | −2,071.0% | −1,760.2% | −951.0% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.8M | $2.7M | $2.6M | $1.8M | $2.0M | $28.8M | $1.4M | $560,000 | $563,000 | $0 | $3.1M | $0 |
| Cost of revenue | $1.6M | $598,000 | $387,000 | $374,000 | $494,000 | $5.0M | $302,000 | $307,000 | $462,000 | $62,000 | $62,000 | $502,000 |
| Gross profit | $7.2M | $2.1M | $2.2M | $1.4M | $1.5M | $23.8M | $1.1M | $253,000 | $101,000 | −$62,000 | −$62,000 | −$502,000 |
| Research & development | $15.1M | $15.4M | $18.5M | $17.3M | $18.2M | $18.2M | $21.7M | $19.1M | $20.7M | $19.8M | $15.2M | $18.6M |
| Sales, general & admin | $8.5M | $7.0M | $43.5M | $11.6M | $9.5M | $15.0M | $15.1M | $15.7M | $13.3M | $17.4M | $9.9M | $8.1M |
| Total operating expenses | $23.6M | $22.4M | $25.9M | $28.9M | $27.7M | $33.2M | $36.8M | $34.8M | $34.0M | $37.2M | $25.1M | $26.7M |
| Operating income | −$16.4M | −$20.3M | −$23.7M | −$27.5M | −$26.2M | −$9.4M | −$35.7M | −$34.5M | −$33.9M | −$37.3M | −$25.2M | −$27.2M |
| Interest income | $2.0M | $2.1M | $2.0M | $901,000 | $665,000 | $1.0M | $1.3M | $1.9M | $1.6M | $1.1M | $1.4M | $1.4M |
| Interest expense | $2.2M | $2.1M | $2.2M | $2.3M | $2.2M | $2.2M | $2.3M | $2.4M | $2.2M | $1.9M | $1.9M | $1.6M |
| Income before taxes | −$16.2M | −$20.2M | −$23.9M | −$29.8M | −$25.7M | $316,000 | −$39.6M | −$36.7M | $90.9M | −$51.7M | −$19.1M | −$2.3M |
| Income taxes | $2,000 | — | — | −$30,000 | $37,000 | $34,000 | $258,000 | $15,000 | $18,000 | $19,000 | $33,000 | $26,000 |
| Net income | −$16.2M | −$20.2M | −$23.9M | −$29.8M | −$25.7M | $282,000 | −$39.8M | −$36.7M | $90.8M | −$51.8M | −$19.1M | −$2.3M |
| EBITDA | −$13.0M | −$17.9M | −$21.5M | −$27.4M | −$23.1M | $3.0M | −$37.0M | −$34.0M | $93.2M | −$49.8M | −$17.1M | −$143,000 |
| EPS (diluted) | −$0.13 | −$0.16 | −$0.22 | −$0.69 | −$3.47 | $0.04 | −$0.20 | −$5.40 | −$2.12 | −$0.26 | −$3.00 | −$0.30 |
| Gross margin | 81.6% | 77.9% | 84.9% | 78.8% | 75.0% | 82.6% | 78.9% | 45.2% | 17.9% | — | −2.0% | — |
| Operating margin | −186.1% | −749.9% | −922.9% | −1,558.6% | −1,329.5% | −32.8% | −2,490.6% | −6,160.7% | −6,020.8% | — | −823.5% | — |
| Net margin | −183.5% | −747.5% | −931.7% | −1,689.2% | −1,304.7% | 1.0% | −2,776.9% | −6,552.9% | 16,133.7% | — | −625.2% | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in XFOR's financial statements (latest annual report filed March 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
XFOR financial results
In fiscal year 2025 (ended December 31, 2025), X4 Pharmaceuticals reported revenue of $35.1 million, up 1,273.2% from the year before. It had a net loss of $79.2 million, a net profit margin of −225.6%. Diluted earnings per share came to −$4.34. Over five years revenue grew at an average rate of 63.6% a year.
See the XFOR stock overview for the latest quote and news, or the XFOR chart for price history and technical indicators.
XFOR income statement FAQ
What is X4 Pharmaceuticals's annual revenue?
X4 Pharmaceuticals reported total revenue of $35.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 1,273.2% from $2.6 million the previous year.
Is X4 Pharmaceuticals profitable?
No. X4 Pharmaceuticals reported a net loss of $79.2 million in fiscal 2025, a net profit margin of −225.6%; its operating margin was −247.4%.
What is X4 Pharmaceuticals's gross margin?
X4 Pharmaceuticals's gross margin was 82.2% in fiscal 2025: for every $100 of revenue, X4 Pharmaceuticals kept $82 after the direct cost of its products and services.
How much does X4 Pharmaceuticals spend on research and development?
X4 Pharmaceuticals spent $72.2 million on research and development in fiscal 2025, 205.7% of revenue.
How fast is X4 Pharmaceuticals growing?
Revenue grew 63.6% a year on average over the last five fiscal years, from $3.0 million to $35.1 million.
What are X4 Pharmaceuticals's earnings per share?
X4 Pharmaceuticals earned $-4.34 per diluted share in fiscal 2025, compared with $-7.98 a year earlier.
When will X4 Pharmaceuticals report its next earnings?
X4 Pharmaceuticals is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does X4 Pharmaceuticals's fiscal year end?
X4 Pharmaceuticals's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 17, 2026.