X4制药 2025年季度报告

For the quarterly period endedJune 30, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from __________ to __________Commission File Number:001-38295_____________________________________________________________________________________ X4 PHARMACEUTICALS, INC. (Exact name of registrant as specified in its charter)_____________________________________________________________________________________ 02134(Zip Code) (857)529-8300(Registrant’s telephone number, including area code)____________________________________________________________________________ Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T(§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of theExchange Act. Large accelerated filer☐Non-accelerated filer☒ Accelerated filer☐Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ As of August4, 2025, the registrant had11,408,357shares of common stock, $0.001 par value per share, outstanding. PART I: FINANCIAL INFORMATION Item1.FINANCIAL STATEMENTS7Condensed Consolidated Balance Sheets (unaudited) as ofJune30, 2025andDecember31, 20247Condensed Consolidated Statements of Operations and Comprehensive(Loss)Income(unaudited) for theThree andSix Months Ended June 30, 2025and 20248Condensed Consolidated Statements Stockholders’ Equity (unaudited) for theSixMonths EndedJune30, 2025and 20249Condensed Consolidated Statements of Cash Flows (unaudited) for theSixMonths EndedJune30, 2025 and202411Notes to Condensed Consolidated Financial Statements (unaudited)12Item2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS33Item3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK40Item4.CONTROLS AND PROCEDURES40PART II: OTHER INFORMATIONItem1.LEGAL PROCEEDINGS41Item1A.RISK FACTORS41Item2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS75Item3.DEFAULTS UPON SENIOR SECURITIES75Item4.MINE SAFETY DISCLOSURES75Item5.OTHER INFORMATION75Item6.EXHIBITS76SIGNATURES77 EXPLANATORY NOTE On April 28, 2025, X4 Pharmaceuticals, Inc. (the “Company”), effected a 1-for-30 reverse stock split of its common stock (the“Reverse Stock Split”). Unless otherwise noted, all references to common stock share and per share amounts in this Quarterly Reporton Form 10-Q have been retroactively adjusted to reflect the Reverse Stock Split. See Note 13 of the condensed consolidated financial statements for a description of the Reverse Stock Split. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section27A of the Securities Act of1933, as amended (the “Securities Act”), and Section21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),that relate to future events or to our future operations or financial performance. All statements, other than statements of historical facts,contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financialposition, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. Thesestatements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,”“believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. Ourforward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are notguarantees of future results or perf