X4 Pharmaceuticals Announces Closing of Public Offering and Full Exercise of the Underwriters’ Option to Purchase Additional Shares for Gross Proceeds of $155.3 Million

Rhea-AI Summary

X4 Pharmaceuticals (Nasdaq: XFOR) closed an underwritten public offering on October 27, 2025, selling 52,844,000 common shares including the full exercise of a 6,984,000-share underwriter option at $2.90 per share.

The company also issued pre-funded warrants for up to 700,000 shares at a public price of $2.899 each, exercisable immediately at $0.001 per share. Aggregate gross proceeds were approximately $155.3 million before underwriting discounts, commissions and offering expenses. Total shares outstanding after the offering were 79,214,708. Joint bookrunners were Leerink Partners, Stifel and Guggenheim Securities.

Positive

• Gross proceeds of approximately $155.3 million
• Pre-funded warrants 700,000 exercisable immediately
• Full exercise of underwriter option: 6,984,000 shares

Negative

• Total diluted shares outstanding rose to 79,214,708
• Net proceeds will be reduced by underwriting discounts and expenses

Insights

Capital Markets Analyst

X4 closed a $155.3 million equity offering at $2.90 per share, increasing shares outstanding to 79,214,708.

The company sold 52,844,000 common shares (including full exercise of the underwriters’ option) and pre-funded warrants for 700,000 shares at a price of $2.899 each, producing aggregate gross proceeds of $155.3 million before fees. This transaction immediately increases liquidity and reduces near-term financing pressure because all securities were offered by the company and the pre-funded warrants are exercisable immediately.

Key dependencies and risks include dilution from the new shares (total shares outstanding now 79,214,708) and the net proceeds after underwriting discounts and expenses, which were not disclosed. Watch for the company’s disclosure of net proceeds use and any updated cash/runway metrics in upcoming filings and investor communications over the next quarter. Also monitor any material changes in capital structure if the pre-funded warrants are exercised.

BOSTON, Oct. 27, 2025 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (Nasdaq: XFOR) (“X4” or the “Company”), a company driven to improve the lives of people with rare hematology diseases, today announced the closing of its previously announced underwritten public offering of 52,844,000 shares of its common stock, including the full exercise of the underwriters’ option to purchase up to 6,984,000 additional shares, at a public offering price per share of $2.90 and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to 700,000 shares of its common stock at a public offering price of $2.899 per pre-funded warrant. The pre-funded warrants have an exercise price of $0.001 per share and are exercisable immediately. The aggregate gross proceeds to X4 from the offering were approximately $155.3 million before deducting underwriting discounts and commissions and other offering expenses payable by X4. The total shares outstanding after giving effect to the offering was 79,214,708. All of the securities were offered by X4.

Leerink Partners, Stifel and Guggenheim Securities acted as joint bookrunning managers for the offering.

A shelf registration statement relating to these securities was filed with the Securities and Exchange Commission (SEC) on August 14, 2023 and became effective on August 24, 2023. This offering was made only by means of a written prospectus, including a prospectus supplement, forming a part of the effective registration statement. A copy of the final prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC, are available on the SEC’s website at www.sec.gov and may be obtained from: Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109, by telephone at (800) 808-7525 ext. 6105, or by emailing syndicate@leerink.com; Stifel, Nicolaus & Company, Incorporated, Attention: Prospectus Department, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720 or by emailing syndprospectus@stifel.com; or Guggenheim Securities, LLC at 330 Madison Avenue, 8th Floor, New York, NY 10017, Attention: Equity Syndicate Department, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About X4 Pharmaceuticals

X4 is delivering progress for patients by developing and commercializing innovative therapies for those with rare hematology diseases and significant unmet needs. Leveraging expertise in CXCR4, X4 has successfully developed mavorixafor, an orally available CXCR4 antagonist that is currently being marketed in the U.S. as XOLREMDI® in its first indication. The Company is also evaluating additional uses of mavorixafor and is conducting a global, pivotal Phase 3 clinical trial (4WARD) in people with certain chronic neutropenic disorders. X4 is headquartered in Boston, Massachusetts.

X4 Investor Contact:

IR@X4pharma.com

FAQ

How many shares did X4 Pharmaceuticals (XFOR) sell in the October 27, 2025 offering?

52,844,000 common shares were sold, including the full 6,984,000-share underwriter option.

What were the offering prices for XFOR common shares and pre-funded warrants on October 27, 2025?

Common shares priced at $2.90 per share; pre-funded warrants priced at $2.899 each.

How much gross capital did X4 (XFOR) raise from the October 27, 2025 offering?

Approximately $155.3 million in aggregate gross proceeds before fees and expenses.

What is X4's total shares outstanding after the October 27, 2025 offering (XFOR)?

Total shares outstanding after giving effect to the offering are 79,214,708.

Are X4's pre-funded warrants exercisable and what is the exercise price (XFOR)?

Yes; the pre-funded warrants are exercisable immediately at an exercise price of $0.001 per share.