---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-000666"
form_type: "8-K"
ticker: "XFOR"
cik: "0001501697"
company_name: "X4 Pharmaceuticals, Inc"
filed_at: "2023-01-06T23:59:59+00:00"
generated_at: "2026-06-20T18:43:52.551803+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# X4 Pharmaceuticals enters $32.5M term loan facility with Hercules Capital

## Summary
- Second Amended and Restated Loan with Hercules Capital provides $32.5M term loan; replaces prior facility.
- No amortization payments required before Oct 2024, extendable to Jan 2026 if conditions met.
- Interest rate of prime + 3.15%, floor 10.15%; prepayment premium up to 3%.
- Minimum liquidity covenant of $20M (or $10M after conditions); collateral excludes IP.
- Hercules gets participation right up to $1M in future equity offerings.

## SEC filing metadata
- accession: 0001628280-23-000666
- form_type: 8-K
- ticker: XFOR
- cik: 0001501697
- company_name: X4 Pharmaceuticals, Inc
- filed_at: 2023-01-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1501697/000162828023000666/0001628280-23-000666-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1501697/000162828023000666/xfor-20230106.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-000666
- JSON: https://secwatch.observer/filing/0001628280-23-000666.json
- Plain text: https://secwatch.observer/filing/0001628280-23-000666.txt

## Key facts
- Debt Financings
  X4 Pharmaceuticals, Inc incurred term loan of $32.5 million with Hercules Capital, Inc. at per annum rate equal to the greater of (i) 3.15% plus the Wall Street Journal pr maturing April 1, 2026.
  - Instrument: term loan
  - Principal: $32.5 million
  - Counterparty: Hercules Capital, Inc.
  - Rate: per annum rate equal to the greater of (i) 3.15% plus the Wall Street Journal pr
  - Maturity: April 1, 2026
  - Event: incurrence
  source text: On January 6, 2023, X4 Pharmaceuticals, Inc. (the “Company”) and its subsidiary, X4 Therapeutics, Inc. (together with the Company, the “Borrowers”), entered into a Second Amended and Restated Loan and Security Agreement (the “Second A&R Loan Agreement”) with Hercules Capital, Inc., as agent and lender, and Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1, as lenders (collectively, “Hercules”), which provides for a term loan of $32.5 million (the “Term Loan”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1501697/000162828023000666/0001628280-23-000666-index.htm
- Material Agreements
  X4 Pharmaceuticals, Inc amended Second Amended and Restated Loan and Security Agreement with Hercules Capital, Inc., Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1 valued at $32.5 million (effective 2023-01-06).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Hercules Capital, Inc., Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1
  - Value: $32.5 million
  - Effective: 2023-01-06
  source text: On January 6, 2023, X4 Pharmaceuticals, Inc. (the “Company”) and its subsidiary, X4 Therapeutics, Inc. (together with the Company, the “Borrowers”), entered into a Second Amended and Restated Loan and Security Agreement (the “Second A&R Loan Agreement”) with Hercules Capital, Inc., as agent and lender, and Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1, as lenders (collectively, “Hercules”), which provides for a term loan of $32.5 million (the “Term Loan”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1501697/000162828023000666/0001628280-23-000666-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.