X4 Pharmaceuticals (XFOR) Balance Sheet: Assets & Liabilities

X4 Pharmaceuticals (XFOR) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), X4 Pharmaceuticals reported total assets of $290.46M and total liabilities of $104.17M. Shareholders' equity was $186.29M, up 741.1% from $22.15M a year earlier. Total debt stood at $77.28M against $253.00M in cash and short-term investments, a net cash position of $175.71M. That puts debt-to-equity at 0.41, compared with 3.46 a year earlier.

X4 Pharmaceuticals Balance Sheet Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for X4 Pharmaceuticals, Inc. (XFOR) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	217.05	55.70	99.22	121.72	81.79	78.97	126.18	8.13	76.79
Short-Term Investments	35.95	46.36	15.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	253.00	102.06	114.22	121.72	81.79	78.97	126.18	8.13	76.79
Accounts Receivable	0.57	1.07	0.56	1.15	0.75	0.92	2.00	0.00	1.61
Inventory	4.48	2.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	3.53	5.59	7.30	5.81	5.34	3.42	1.10	1.20	1.13
Total Current Assets	261.58	112.18	122.08	128.68	87.88	83.31	129.28	9.34	79.53
Non-Current Assets
Property, Plant & Equipment (Net)	1.59	4.84	6.40	8.33	10.22	9.20	2.36	0.24	0.42
Long-Term Investments	0.00	0.00	0.00	0.00	1.32	1.73	1.90	0.36	0.36
Goodwill	17.35	17.35	17.35	17.35	17.35	27.11	27.11	0.00	0.00
Intangible Assets	9.25	10.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	0.69	2.08	1.44	1.23	1.72	1.53	0.05	0.00	0.95
Total Non-Current Assets	28.88	34.27	25.18	26.91	29.30	39.56	31.42	0.61	1.72
Total Assets	290.46	146.45	147.26	155.59	117.18	122.87	160.70	9.94	81.25
Current Liabilities
Accounts Payable	5.70	8.62	8.95	7.78	4.28	3.14	2.09	2.97	1.89
Short-Term Debt	0.99	1.25	1.10	2.51	0.80	0.79	0.90	1.69	2.31
Current Portion of Long-Term Debt	-	-	-	1.32	0.80	-	-	-	-
Accrued Liabilities	18.60	9.95	4.62	5.44	2.45	8.02	-	-	-
Deferred Revenue	0.46	0.00	0.00	0.00	0.00	0.00	0.00	0.74	0.69
Other Current Liabilities	18.60	23.01	12.82	12.03	0.03	8.02	6.46	2.51	5.78
Total Current Liabilities	25.76	32.88	22.86	22.32	14.02	11.95	9.45	7.91	10.68
Non-Current Liabilities
Long-Term Debt	76.29	75.43	54.57	35.91	33.14	37.66	22.02	8.15	9.92
Other Non-Current Liabilities	1.50	0.83	0.43	23.30	0.83	0.46	0.02	5.15	0.01
Total Non-Current Liabilities	78.41	91.42	73.30	59.21	38.74	38.12	22.03	13.71	11.87
Total Liabilities	104.17	124.30	96.16	81.54	52.76	50.07	31.48	21.62	22.55
Stockholders' Equity
Common Stock	0.09	0.01	0.17	0.12	0.03	0.02	0.02	0.00	0.02
Retained Earnings	-594.55	-515.36	-477.91	-376.74	-282.87	-194.18	-132.04	-79.24	-92.27
Accumulated Other Comprehensive Income	-0.11	-0.12	-0.12	-0.12	-0.12	-0.12	-0.12	0.24	0.13
Additional Paid-in Capital	780.86	537.62	528.96	450.79	347.37	267.08	261.37	156.63	150.83
Shares Outstanding	90.91	5.70	5.58	4.06	0.94	-	-	-	-
Total Stockholders' Equity	186.29	22.15	51.10	74.05	64.41	72.80	129.22	-11.68	58.71
Total Liabilities & Equity	290.46	146.45	147.26	155.59	117.18	122.87	160.70	36.00	81.25

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About X4 Pharmaceuticals Balance Sheet

How much debt does X4 Pharmaceuticals have?

X4 Pharmaceuticals had total debt of $77.28M as of Dec 31, 2025, against $253.00M in cash and short-term investments. Its debt-to-equity ratio was 0.41. Total debt was $76.68M a year earlier.

What are X4 Pharmaceuticals's total assets?

X4 Pharmaceuticals reported total assets of $290.46M as of Dec 31, 2025, up 98.3% from $146.45M a year earlier. Total liabilities were $104.17M.

What is X4 Pharmaceuticals's shareholders' equity?

X4 Pharmaceuticals's shareholders' equity was $186.29M as of Dec 31, 2025, or about $2.05 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition