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BOSTON—Mostafa Adam S., Chief Financial Officer of X4 Pharmaceuticals, Inc. (NASDAQ:XFOR), recently sold a significant portion of his holdings in the company, according to a filing with the Securities and Exchange Commission. On January 24, Adam sold 74,773 shares of common stock at a weighted average price of $0.454 per share, totaling approximately $33,946 in value. The sale comes as InvestingPro data shows the stock trading near $0.49, down about 35% year-to-date, with analysis indicating the company is currently undervalued.
The transaction was executed under a pre-established Rule 10b5-1 trading plan, which was adopted on June 28, 2024. This plan allows insiders of publicly traded corporations to set up a trading plan for selling stocks they own, enabling them to sell a predetermined number of shares at a predetermined time. According to InvestingPro analysis, X4 Pharmaceuticals maintains a strong current ratio of 4.89, though it's quickly burning through cash.
Before the sale, Adam had acquired 74,773 shares on January 23 through the vesting of performance-based restricted stock units. This acquisition followed the European Medicines Agency's acceptance of X4 Pharmaceuticals' Marketing Authorization Application for mavorixafor, a treatment for WHIM syndrome, which triggered the vesting condition.
Following the sale, Adam no longer holds any shares directly.
In other recent news, X4 Pharmaceuticals has secured a €28.5 million deal with Norgine, a European specialty pharmaceutical company. This licensing agreement is for the commercialization of mavorixafor, a drug already approved in the U.S for WHIM syndrome treatment, in Europe, Australia, and New Zealand. The deal could potentially result in total payments of €254.5 million to X4, bolstering its financial position.
In addition, X4 Pharmaceuticals has reported progress in its treatment of chronic neutropenia. The company's earnings call highlighted the successful launch of XOLREMDI for WHIM syndrome and promising results from a Phase II study for mavorixafor. The study showed a 100% response rate in increasing absolute neutrophil counts, indicating potential to improve patient outcomes.
Furthermore, X4 Pharmaceuticals revealed a solid financial standing with nearly $136 million in cash and equivalents, extending its financial runway into late 2025. The recent developments underscore X4 Pharmaceuticals' commitment to advancing its clinical programs and expanding the reach of its newly launched product, XOLREMDI.
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