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X4 Pharmaceuticals, Inc. (NASDAQ:XFOR), a Boston-based biotechnology firm, has received an additional 180-day compliance period from The Nasdaq Stock Market LLC to meet the minimum bid price requirement, as disclosed in a recent SEC filing. The company’s shares, currently trading at $0.36 and down 46% year-to-date according to InvestingPro, have been below the $1.00 threshold for over 32 consecutive business days. The company was initially given until February 10, 2025, to regain compliance.
The extension, granting the company until August 11, 2025, to meet the Nasdaq Capital Market’s minimum bid price rule, was based on X4 Pharmaceuticals’ compliance with all other initial listing standards, except for the bid price. While the company maintains a strong liquidity position with a current ratio of 4.89 and more cash than debt on its balance sheet, InvestingPro analysis indicates the company is quickly burning through its cash reserves. The firm has confirmed its commitment to resolve the deficiency and may consider a reverse stock split if necessary.
This notice does not imply immediate delisting, and X4 Pharmaceuticals’ stock continues to trade on the Nasdaq Capital Market. However, there is no guarantee that the company will achieve compliance within the new timeframe or maintain other listing criteria. For deeper insights into X4 Pharmaceuticals’ financial health and growth prospects, investors can access comprehensive analysis and 8 additional ProTips through InvestingPro’s detailed research report. Failure to meet the requirements by the second compliance date could lead to delisting, although the company would have the right to appeal the decision.
X4 Pharmaceuticals specializes in the development of treatments in the biological products sector and was previously known as Arsanis, Inc. before a name change in 2010. With a market capitalization of $67.38 million and currently trading below its Fair Value according to InvestingPro’s valuation models, the company’s business operations and SEC reporting obligations remain unaffected by the Nasdaq notification. The information is based on a press release statement.
In other recent news, X4 Pharmaceuticals has entered into an exclusive licensing agreement with Norgine for the commercialization of mavorixafor in Europe, Australia, and New Zealand. The deal could bring X4 up to €254.5 million, beginning with an upfront payment of €28.5 million, supplemented by potential milestone payments. Mavorixafor, already approved in the U.S. for treating WHIM syndrome, is set for a Marketing Authorization Application to the European Medicines Agency. This partnership aims to broaden mavorixafor’s global presence and support X4’s Phase 3 trial in chronic neutropenia. Norgine will manage market access and commercialization in the specified regions, while X4 retains manufacturing duties. The financial boost from this agreement is expected to strengthen X4’s balance sheet as it continues its clinical trials. Both companies emphasize a patient-first approach in their collaboration.
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