stockrowX4 Pharmaceuticals, Inc.
XFOR Healthcare Biotechnology
X4 Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $35.1 million, up 1,273.2% from fiscal 2024.
- Revenue
- +63.1%
- EPS
- +76.9%
- Free cash flow
- +27.5%
- Total debt
- +1.24%
Quarter to September 2026, against a year earlier
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X4 Pharmaceuticals, Inc. (XFOR) Beneish M-score
X4 Pharmaceuticals, Inc.'s Beneish M-score for fiscal 2025 is 8.05; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 8.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.02 | — | 0.02 | |
| Gross margin index | 0.82 | — | 0.43 | |
| Asset quality index | 0.43 | — | 0.17 | |
| Sales growth index | 13.73 | — | 12.25 | |
| Depreciation index | 0.58 | — | 0.07 | |
| SG&A index | 0.05 | — | −0.01 | |
| Total accruals to total assets | 0.02 | — | 0.10 | |
| Leverage index | 0.48 | — | −0.16 | |
| Beneish M-score | Flagged by the model | 8.05 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ENTA Enanta Pharmaceuticals, Inc. compare | −4.3× |
| PROK ProKidney Corp. compare | 6.2× |
| XFOR X4 Pharmaceuticals, Inc. | 8.0× |
| BNTC Benitec Biopharma Limited compare | 11.0× |
| AGEN Agenus Inc. compare | 12.6× |
| SCTX Scribe Therapeutics Inc. compare | — |
| ALEC Alector, Inc. compare | — |
| EIKN Eikon Therapeutics, Inc. compare | — |
| GALT Galectin Therapeutics Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI