Companies · Biotechnology

X4 Pharmaceuticals, Inc

BOSTON · Biotechnology

Diligence memoA one-page analyst read on X4 Pharmaceuticals, Inc — recommendation, valuation, rhythm, risks.
$320.3M
Total raised · real
10
Rounds
1.3×
Latest step-up
Top 2%
Sector rank · raised
Series C
Latest stage · inferred · Wed Aug 13 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

X4 Pharmaceuticals, Inc looks over-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 2.57× the median modeled value of Series C Biotechnology companies in 2025–2027 (58 peers) — value vs value, same stage and era.
Active
  • Last raise 11 mo ago; this sector typically re-raises about every 14 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Biotechnology

X4 Pharmaceuticals, Inc is one of 4293 Biotechnology companies tracked from BOSTON. By capital raised it ranks among the largest (ahead of 99% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
18
Investors (latest)
2025-08-13
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BPre-Seed · 2010-09-15 Raised $400K (real) Modeled valuation $22M (est)Pre-Seed2010Series A · 2011-01-31 Raised $9.6M (real) Modeled valuation $347M (est)Series A2011Series B · 2013-07-30 Raised $20M (real) Modeled valuation $794M (est)Series B2013Series A · 2013-07-30 Raised $13M (real) Modeled valuation $470M (est)Series A2013Series A · 2013-07-30 Raised $13M (real) Modeled valuation $470M (est)Series A2013Series B · 2015-12-16 Raised $4.0M (real) Modeled valuation $159M (est)Series B2015Series B · 2016-04-12 Raised $15M (real) Modeled valuation $596M (est)Series B2016Series C · 2017-04-24 Raised $46M (real) Modeled valuation $1.9B (est)Series C2017Series C · 2017-11-20 Raised $20M (real) Modeled valuation $819M (est)Series C2017Series C · 2022-07-06 Raised $56M (real) Modeled valuation $1.1B (est)Series C2022Series C · 2023-05-18 Raised $65M (real) Modeled valuation $890M (est)Series C2023Series C · 2025-08-13 Raised $85M (real) Modeled valuation $495M (est)Series C2025Cumulative $346M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Pre-Seed$400K · 2010
Series A$9.6M · 2011no Seed on file
Series B$20.0M · 2013
Bridge · Series B-stage$13.0M · 2013smaller follow-on
Bridge · Series B-stage$13.0M · 2013smaller follow-on
Series B extension$4.0M · 2015
Series B extension$15.0M · 2016
Series C$45.5M · 2017
Series C extension$20.0M · 2017
Series C extension$55.7M · 2022
Series C extension$65.0M · 2023
Series C extension$85.0M · 2025

Stages are modeled from round size (public records carry no series label). No record for: Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 80%.

Modeled valuation trajectory
$495.3M
Base estimate est.
$262.9M
Conservative case
$645.5M
Upside case
$566.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $22.1M · 2010-09-152010Series A · modeled $347.0M · 2011-01-31Series B · modeled $793.8M · 2013-07-30Series A · modeled $470.0M · 2013-07-30Series A · modeled $470.0M · 2013-07-30Series B · modeled $158.8M · 2015-12-16Series B · modeled $595.6M · 2016-04-12Series C · modeled $1.9B · 2017-04-24Series C · modeled $819.2M · 2017-11-20Series C · modeled $1.1B · 2022-07-06Series C · modeled $889.7M · 2023-05-18Series C · modeled $495.3M · 2025-08-132025
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
62%
Survival probability
46% low · 72% high
1.46×/yr
Annual markup
1.68×/yr upside case
0.9 yr
Elapsed time used
0.9 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
16 mo
Avg between rounds
$21.5M/yr
Capital velocity
15.8 yr
On record since
2010
First round
12
Rounds on file
How it compares to the market

Benchmarked against 4293 companies in Biotechnology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 44× above median
This company$320.3M
Sector median$7.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.8× above median
This company$85.0M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 7.7× above median
This company$495.3M
Sector median$64.2M

Raised more than 99% of sector peers (real $). Modeled value above 83% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #5 of 58.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Newleos Therapeutics, Inc. · Series C Raised $93.4M · modeled $659.9M (est)Biolinq Inc · Series C Raised $247.4M · modeled $619.1M (est)Atsena Therapeutics, Inc. · Series C Raised $146.0M · modeled $606.4M (est)Galvanize Therapeutics, Inc. · Series C Raised $150.7M · modeled $582.3M (est)Endless Corp · Series C Raised $79.0M · modeled $494.3M (est)Ikena Oncology, Inc. · Series C Raised $117.6M · modeled $449.1M (est)Imbria Pharmaceuticals, Inc. · Series C Raised $140.2M · modeled $406.0M (est)Bambusa Therapeutics, Inc. · Series C Raised $67.4M · modeled $375.4M (est)Plexium, Inc. · Series C Raised $60.1M · modeled $361.5M (est)Latigo Biotherapeutics, Inc. · Series C Raised $50.0M · modeled $357.9M (est)Neuros Medical, Inc. · Series C Raised $160.0M · modeled $338.5M (est)X4 Pharmaceuticals, Inc (this company) Raised $320.3M · modeled $495.3M (est)X4 Pharmaceuticals, Inc
CompanyStageRaised · realValue · estvs peer med.
Newleos Therapeutics, Inc.Series C$93.4M$659.9M3.43×
Biolinq IncSeries C$247.4M$619.1M3.22×
Atsena Therapeutics, Inc.Series C$146.0M$606.4M3.15×
Galvanize Therapeutics, Inc.Series C$150.7M$582.3M3.03×
X4 Pharmaceuticals, Inc this companySeries C$320.3M$495.3M2.57×
Endless CorpSeries C$79.0M$494.3M2.57×
Ikena Oncology, Inc.Series C$117.6M$449.1M2.33×
Imbria Pharmaceuticals, Inc.Series C$140.2M$406.0M2.11×
Bambusa Therapeutics, Inc.Series C$67.4M$375.4M1.95×
Plexium, Inc.Series C$60.1M$361.5M1.88×
Latigo Biotherapeutics, Inc.Series C$50.0M$357.9M1.86×
Neuros Medical, Inc.Series C$160.0M$338.5M1.76×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Pre-Seed$400K2010-09-15$2.2M$22.1M85%
Series A$9.6M2011-01-31$43.6M$347.0M85%
Series B$20.0M2013-07-30$111.1M$793.8M85%
Series A$13.0M2013-07-30$59.1M$470.0M85%
Series A$13.0M2013-07-30$59.1M$470.0M85%
Series B$4.0M2015-12-16$22.2M$158.8M85%
Series B$15.0M2016-04-12$83.4M$595.6M85%
Series C$45.5M2017-04-24$303.6M$1.9B90%
Series C$20.0M2017-11-20$133.3M$819.2M90%
Series C$55.7M2022-07-06$371.7M$1.1B90%
Series C$65.0M2023-05-18$433.4M$889.7M90%
Series C$85.0M2025-08-13$566.7M$495.3M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Pre-Seed$400K2010-09-15
    • First recorded raise — entered as Pre-Seed.
    • 7 investors on this round.
  2. Series A$9.6M2011-01-31
    • Came back fast: 5 mo vs the ~14 mo sector norm.
    • Round 24.0× larger than the prior — scaling up.
    • 7 investors on this round.
  3. Series B$20.0M2013-07-30
    • Raised again after 30 mo — slower than the ~14 mo sector norm.
    • Round 2.1× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 06).
    • 8 investors on this round.
  4. Series A$13.0M2013-07-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 1.5× smaller than the prior — bridge or down round.
    • Switched to Rule 06 (was Rule 506(b)).
    • 8 investors on this round.
  5. Series A$13.0M2013-07-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • Switched to Rule 506(b) (was Rule 06).
    • 8 investors on this round.
  6. Series B$4.0M2015-12-16
    • Raised again after 29 mo — slower than the ~14 mo sector norm.
    • Round 3.2× smaller than the prior — bridge or down round.
    • 8 investors on this round.
  7. Series B$15.0M2016-04-12
    • Came back fast: 4 mo vs the ~14 mo sector norm.
    • Round 3.8× larger than the prior — scaling up.
    • 10 investors on this round.
  8. Series C$45.5M2017-04-24
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 3.0× larger than the prior — scaling up.
    • 18 investors on this round.
  9. Series C$20.0M2017-11-20
    • Came back fast: 7 mo vs the ~14 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
    • Switched to Rule 506(c) (was Rule 506(b)).
    • 1 investor on this round.
  10. Series C$55.7M2022-07-06
    • Raised again after 55 mo — slower than the ~14 mo sector norm.
    • Round 2.8× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 23 investors on this round.
  11. Series C$65.0M2023-05-18
    • Raised 10 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 22 investors on this round.
  12. Series C$85.0M2025-08-13
    • Raised again after 27 mo — slower than the ~14 mo sector norm.
    • Round 1.3× larger than the prior — scaling up.
    • 18 investors on this round.
Intelligence
2026 ~Q4
Modeled next raise · ~16mo cadence
$111.1M
Modeled next size est.range $85.0M$177.8M
1.3×
Last step-up
$21.5M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Carl Gordon23 other2016-04
Michael Ross17 other2016-04
Amy Schulman10 other2016-04
Terrance McGuire8 other2016-04
CARL L. GORDON6 other2010-09
Michael Gray5 other2016-04
Claudio Nessi4 other2016-04
Errik B. Anderson4 other2010-09
Michael Wyzga4 other2023-05
Tillman Gerngross4 other2016-04
Tillman U. Gerngross4 other2010-09
Daniel Burgess3 other2016-04
Robert L. Birnbaum3 other2010-09
William Aliski3 other2023-05
Adam Mostafa2 other2023-05
Alison Lawton2 other2023-05
Michael L. Ross2 other2010-09
Paula Ragan2 other2022-07
Terrance L. McGuire2 other2010-09
Adam Craig1 other2025-08
Adam S. Mostafa1 other2022-07
Carl B Gordon1 other2013-07
David Kirske1 other2025-08
Gary J. Bridger1 other2022-07
Registry & provenance

X4 Pharmaceuticals, Inc is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1501697
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Adimab, Inc.BiotechnologySeries A$12.2M$144.6Mnetwork5 shared operators · same sector
Garuda Therapeutics, Inc.BiotechnologySeries C$158.0M$380.2Mnetwork3 shared operators · same sector · same stage
Adimab, LLCBiotechnologySeries A$13.8M$499.5Mnetwork4 shared operators · same sector
Adagio Therapeutics, Inc.BiotechnologySeries D+$489.1M$446.7Mnetwork3 shared operators · same sector
Xilio Therapeutics, Inc.BiotechnologySeries C$145.2M$3.0Bnetwork2 shared operators · same sector · same stage
Amagma, Inc.BiotechnologySeries B$28.6M$138.9Mnetwork3 shared operators · same sector
Therini Bio, Inc.BiotechnologySeries C$84.2M$1.1Bnetwork2 shared operators · same sector · same stage
X4 Pharmaceuticals, Inc.PharmaceuticalsSeries B$73.2M$1.2Bnetwork4 shared operators
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
X4 Pharmaceuticals, Inc.PharmaceuticalsSeries B$1.2B93%
X-Biomedical Inc.BiotechnologyPre-Seed$23.5M91%
XenoTherapeutics CorpBiotechnologySeed$39.0M88%
Xeno Biosciences Inc.BiotechnologySeries A$16.4M88%
S4 Medical Corp.BiotechnologySeries A$49.6M87%
Plasmology4, Inc.BiotechnologySeries A$9.0M87%
Xenetic Biosciences, Inc.BiotechnologySeries A$5.9M87%
Xcell Biosciences, Inc.BiotechnologySeries B$8.3M87%
Frequently asked
How much funding has X4 Pharmaceuticals, Inc raised?
X4 Pharmaceuticals, Inc has raised approximately $320.3M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is X4 Pharmaceuticals, Inc's estimated valuation?
Provath's modeled valuation for X4 Pharmaceuticals, Inc is approximately $495.3M (modeled range $262.9M–$645.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is X4 Pharmaceuticals, Inc at?
X4 Pharmaceuticals, Inc's latest modeled financing stage is Series C. Its most recent recorded round closed around Wed Aug 13.
What does X4 Pharmaceuticals, Inc do and where is it based?
X4 Pharmaceuticals, Inc operates in the Biotechnology sector, based in BOSTON.
Explore related

See where X4 Pharmaceuticals, Inc sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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