$XFOR X4 Pharmaceuticals, Inc.

What Do They Do?

Licenses mavorixafor rights to pharmaceutical partners and sells XOLREMDI, an oral medicine for a rare immune disorder, through a specialty pharmacy.

How Do They Make Money?

Pharmaceutical partners pay an upfront license fee and may owe regulatory milestones and sales royalties; research services are paid for over time. The U.S. specialty pharmacy pays for product when it is delivered.

revenue

Segment	Share	Revenue	How money arrives
License and other revenue	81%
Product revenue, net Sold outright	19%		Sold outright

Who Are Their Customers?

In the U.S., a specialty pharmacy buys XOLREMDI and dispenses it to patients. International partners have rights to distribute and sell mavorixafor in their territories.

Do Revenues Turn Into Profits?

No. It lost $79.2M in FY2025.

Operating income, FY2025

−1337% of revenue

▲ +139% (Loss) vs FY2024 (−$36.4M, −1400%)

Net income, FY2025

−1218% of revenue

▲ +111% (Loss) vs FY2024 (−$37.5M, −1440%)

Free cash flow, FY2025

−1317% of revenue

▼ −35% (Loss) vs FY2024 (−$131.2M, −5047%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +41%; vs $1.7M in Q2 FY2025
Net income: ▼ −37% (Loss); vs −$25.7M in Q2 FY2025

License and other revenue share of revenue recognized vs 11.6% in Q2 FY2025

Revenue over time

License and other revenue Product revenue, net

$50M$25M$0

FY2023 FY2024 FY2025