X4 Pharmaceuticals published its annual report on Form 10-K for FY 2025, reporting revenue of USD 35.1 million. FY 2025 net loss was USD 79.2 million, while loss from operations was USD 86.9 million. FY 2025 research and development expense fell 10.9% to USD 72.7 million, primarily due to lower spending following 2025 strategic restructurings, partially offset by higher clinical costs for the Phase 3 4WARD trial. FY 2025 general and administrative expense decreased 29.4% to USD 43.5 million, driven by lower headcount and reduced sales and marketing spending versus the prior year’s XOLREMDI launch costs. Management said cash, cash equivalents and restricted cash totaled USD 217.9 million at year-end, and expects cash, cash equivalents and marketable securities to fund operations for at least the next 12 months, while noting full enrollment in the 4WARD trial is expected in Q3 2026.
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