X4 Pharma secures up to $150M K2 HealthVentures loan; repays $78.7M Hercules debt, interest-only to Oct 2029

X4 Pharmaceuticals, Inc

$80M first tranche funded at closing repaid Hercules' ~$78.7M payoff ($75M principal, interest, end-of-term and prepayment charges); up to $70M second tranche needs K2HV approval.
Term loans bear interest at the greater of 8.55% or WSJ prime +1.55%, plus 1.0% paid-in-kind interest; interest-only through Oct 1, 2029, maturing Oct 1, 2030.
Interest-only period extends to maturity if X4 achieves first U.S. commercial sales of mavorixafor in moderate to severe chronic neutropenia; K2HV may convert up to $15M into stock at $3.2341.
Covenants from Oct 1, 2027: if market cap <$800M, unrestricted cash must cover 75% of obligations (40% after conditions); from Apr 1, 2029, trailing 3-month revenue ≥50% of board projections.
X4 expects to complete enrollment in the Phase 3 4WARD trial by year-end 2026 with topline data in H1 2028; loan is secured by substantially all assets excluding intellectual property.

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