Despite maintaining robust gross margins of 77.9% in 2026Q1, the company's revenue growth remains volatile and heavily reliant on non-recurring events rather than consistent organic product sales.
| Sales/Revenue | 9.01M | 35.11M | 2.56M | 0 | 0 | 0 | 3M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -71.26% | 1273.21% | - | - | - | -100% | - | - | - | - | - | - |
| Cost of Goods Sold | 1.85M | 6.26M | 797K | 0 | 0 | 1.89M | 1.23M | 672K | 103K | 195K | 300K | 400K |
| COGS % of Revenue | - | 17.82% | 31.17% | - | - | - | 41% | - | - | - | - | - |
| Gross Profit | 7.16M | 28.86M | 1.76M | 0 | 0 | -1.89M | 1.77M | -672K | -103K | -195K | -300K | -400K |
| Gross Margin % | 79.44% | 82.18% | 68.83% | - | - | - | 59% | - | - | - | - | - |
| Gross Profit Growth % | - | 1539.55% | - | - | 100% | -206.89% | 363.39% | -552.43% | 47.18% | 35% | 25% | - |
| Operating Expenses | 104.91M | 115.74M | 38.16M | 107.52M | 87.57M | 73.46M | 61.64M | 46.13M | 28.98M | 35.94M | 24.05M | 14.43M |
| OpEx % of Revenue | - | 329.62% | 1492.41% | - | - | - | 2054.8% | - | - | - | - | - |
| Selling, General & Admin | 35.46M | 43.52M | 61.52M | 35.51M | 27.02M | 24.7M | 20.94M | 15.97M | 8.64M | 7.81M | 6.21M | 1.72M |
| SG&A % of Revenue | - | 123.93% | 2405.87% | - | - | - | 698.07% | - | - | - | - | - |
| Research & Development | 69.45M | 72.22M | 81.64M | 72.02M | 61.06M | 48.76M | 40.7M | 30.16M | 20.35M | 28.13M | 17.83M | 12.71M |
| R&D % of Revenue | - | 205.69% | 3192.92% | - | - | - | 1356.73% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -105M | 0 | -509K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -97.75M | -86.88M | -36.4M | -107.52M | -87.57M | -75.35M | -59.87M | -46.8M | -29.09M | -36.13M | -24.35M | -14.82M |
| Operating Margin % | -1084.38% | -247.44% | -1423.58% | - | - | - | -1995.8% | - | - | - | - | - |
| Operating Income Growth % | - | -138.68% | 66.15% | -22.79% | -16.22% | -25.85% | -27.93% | -60.92% | 19.51% | -48.41% | -64.22% | - |
| EBITDA | -96.7M | -85.61M | -35.6M | -107.1M | -87.06M | -73.46M | -58.64M | -46.13M | -28.98M | -35.94M | -24.05M | -14.43M |
| EBITDA Margin % | -1072.73% | -243.8% | -1392.45% | - | - | - | -1954.8% | - | - | - | - | - |
| EBITDA Growth % | 13.91% | -140.43% | 66.76% | -23.03% | -18.51% | -25.26% | -27.12% | -59.17% | 19.36% | -49.46% | -66.7% | - |
| D&A (Non-Cash Add-back) | 1.05M | 1.28M | 796K | 419K | 513K | 1.89M | 1.23M | 672K | 103K | 195K | 300K | 400K |
| EBIT | -97.75M | -86.88M | -28.37M | -95.31M | -89.85M | -75.35M | -59.87M | -46.8M | -29.09M | -36.13M | -24.35M | -14.82M |
| Net Interest Income | -3.15M | -4.3M | -3M | -1.2M | -3.77M | -3.63M | -2.42M | -950K | -484K | -1.86M | -2.52M | -472K |
| Interest Income | 5.66M | 4.58M | 5.77M | 4.58M | 219K | 10K | 273K | 1.2M | 236K | 214K | 0 | 0 |
| Interest Expense | 8.81M | 8.88M | 8.77M | 5.78M | 3.99M | 3.64M | 2.69M | 2.15M | 720K | 2.08M | 2.52M | 472K |
| Other Income/Expense | -1.97M | 7.72M | -739K | 6.43M | -6.27M | -13.33M | -2.11M | -6M | -4.2M | 2.26M | 1.37M | 1.61M |
| Pretax Income | -99.72M | -79.16M | -37.14M | -101.09M | -93.84M | -88.68M | -61.98M | -52.81M | -33.28M | -33.88M | -22.98M | -13.22M |
| Pretax Margin % | -1106.22% | -225.44% | -1452.48% | - | - | - | -2066.1% | - | - | - | - | - |
| Income Tax | 7K | 41K | 310K | 78K | 28K | 17K | 148K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.01% | -0.05% | -0.83% | -0.08% | -0.03% | -0.02% | -0.24% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -99.72M | -79.2M | -37.45M | -101.17M | -93.87M | -88.7M | -62.13M | -52.81M | -33.28M | -33.88M | -22.98M | -13.22M |
| Net Margin % | -1106.3% | -225.55% | -1464.61% | - | - | - | -2071.03% | - | - | - | - | - |
| Net Income Growth % | -783.12% | -111.48% | 62.98% | -7.78% | -5.83% | -42.76% | -17.66% | -58.65% | 1.75% | -47.45% | -73.82% | - |
| Net Income (Continuing) | -99.72M | -79.2M | -37.45M | -101.17M | -93.87M | -88.7M | -62.13M | -52.81M | -33.28M | -33.88M | -22.98M | -13.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.79 | -1.87 | -5.59 | -17.07 | -45.60 | -119.58 | -92.84 | -138.94 | -14238.00 | -17767.00 | -1737.74 | -1266.46 |
| EPS Growth % | -313.15% | 66.55% | 67.25% | 62.57% | 61.87% | -28.8% | 33.18% | 99.02% | 19.86% | -922.42% | -37.21% | - |
| EPS (Basic) | - | -1.87 | -5.59 | -17.07 | -45.60 | -119.58 | -92.84 | -138.94 | -14238.00 | -17767.00 | -1737.74 | -1266.46 |
| Diluted Shares Outstanding | 126.29M | 42.29M | 6.7M | 5.93M | 2.12M | 858.3K | 669.23K | 384.33K | 2.55K | 1.91K | 13.23K | 10.45K |
| Basic Shares Outstanding | 126.29M | 42.29M | 6.7M | 5.93M | 2.12M | 858.3K | 669.23K | 384.33K | 2.55K | 1.91K | 13.23K | 10.45K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Commercialization and diagnostic adoption
As indicated by the company's financial statements, the TTM revenue growth exceeding 1,200% is heavily influenced by non-recurring events, such as the $105 million Priority Review Voucher sale, rather than a consistent, organic expansion of product sales following the recent FDA approval of XOLREMDI for WHIM syndrome.
The extreme variance in quarterly revenue figures suggests that the company is currently in a transitional phase where milestone payments and asset monetization dominate the top line. Investors should monitor the underlying prescription growth for XOLREMDI to determine if the commercial launch can eventually sustain the revenue base without reliance on one-time liquidity events.
Based on reported figures, XFOR maintains a robust gross margin of 82.18%, which reflects the inherent pricing power of its orphan drug portfolio, yet this structural strength is currently overshadowed by an operating margin of -247.44% as the firm scales its commercial infrastructure and clinical research.
The high gross margin profile is typical for specialized small-molecule therapies, suggesting that manufacturing costs are not the primary constraint on profitability. However, the deep operating losses indicate that the company has yet to achieve the necessary scale to leverage its fixed costs, making margin sustainability dependent on future patient adoption rates.
According to recent SEC filings, the company's cost structure remains dominated by heavy R&D investment and the build-out of a specialized sales force, which collectively consume capital at a rate that significantly outpaces the current revenue generated from the commercialization of its lead therapeutic candidate.
Management's expense discipline is currently focused on funding the Phase 3 trials for chronic neutropenia, which represents a critical, albeit capital-intensive, growth lever. The high level of SG&A spending suggests a deliberate effort to establish a commercial footprint, though this strategy necessitates continued access to capital until the revenue base matures.
While the company's pivot to chronic neutropenia offers a larger addressable market, the financial data suggests that the primary risk remains the slow patient identification rate, as the success of the commercial model is contingent upon diagnostic education rather than traditional pharmaceutical sales tactics alone.
Short-term investors should be wary that the current valuation may be pricing in a rapid expansion into broader indications that has not yet been validated by clinical or commercial outcomes. If the diagnostic tailwind fails to materialize, the company may face significant pressure to raise additional capital, potentially leading to further shareholder dilution.
Quick answers to the most common questions about buying XFOR stock.
For fiscal year 2025, X4 Pharmaceuticals, Inc. (XFOR) reported total revenue of $35.1M.
X4 Pharmaceuticals, Inc. (XFOR) reported a net loss of $79.2M for the fiscal year ending 2025.
X4 Pharmaceuticals, Inc. (XFOR) reported an operating income of $-86.9M, resulting in an operating profit margin of -247.4%. This margin reflects the operational efficiency of the business before interest and taxes.
X4 Pharmaceuticals, Inc. (XFOR) generated $28.9M in gross profit for the year, representing a gross profit margin of 82.2%. This demonstrates the company's core pricing power and production efficiency.