---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-027303"
form_type: "8-K"
ticker: "XFOR"
cik: "0001501697"
company_name: "X4 Pharmaceuticals, Inc"
filed_at: "2023-08-03T23:59:59+00:00"
generated_at: "2026-06-12T07:57:52.917422+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# X4 Pharmaceuticals closes $115M loan facility with Hercules Capital; draws $22.5M initially

## Summary
- New $115M term loan facility with Hercules Capital; $32.5M refinanced, $22.5M drawn at closing.
- Additional tranches: up to $20M post-US approval of mavorixafor, $7.5M on clinical milestone, $32.5M subject to lender approval.
- Interest-only payments through March 2025 at variable rate (greater of 10.15% or 3.15%+prime); maturity Oct 2026, extendable to July 2027.
- Cash covenant: maintain qualified cash at least $20M pre-Jan 2025, then 20% of loans outstanding.
- Proceeds extend cash runway into 2025; support commercial launch prep for mavorixafor in WHIM syndrome and chronic neutropenic disorders.

## SEC filing metadata
- accession: 0001628280-23-027303
- form_type: 8-K
- ticker: XFOR
- cik: 0001501697
- company_name: X4 Pharmaceuticals, Inc
- filed_at: 2023-08-03T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1501697/000162828023027303/0001628280-23-027303-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1501697/000162828023027303/xfor-20230802.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-027303
- JSON: https://secwatch.observer/filing/0001628280-23-027303.json
- Plain text: https://secwatch.observer/filing/0001628280-23-027303.txt

## Key facts
- Debt Financings
  X4 Pharmaceuticals, Inc amended credit facility of aggregate maximum borrowings of up to $115.0 million with Hercules Capital, Inc., as agent and lender, and Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1, as lenders at greater of (i) 10.15% or (ii) 3.15% plus the Wall Street Journal prime rate maturing October 1, 2026; provided, however , such maturity date will be extended to July 1, 2027 if the Amortization Date is extended.
  - Instrument: credit facility
  - Principal: aggregate maximum borrowings of up to $115.0 million
  - Counterparty: Hercules Capital, Inc., as agent and lender, and Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1, as lenders
  - Rate: greater of (i) 10.15% or (ii) 3.15% plus the Wall Street Journal prime rate
  - Maturity: October 1, 2026; provided, however , such maturity date will be extended to July 1, 2027 if the Amortization Date is extended
  - Event: amendment
  source text: the Amendment upsizes the Company’s existing facilities and provides for a term loan facility of up to $115.0 million, including: (i) the $32.5 million Conversion Balance, which was deemed borrowed upon entering into the Amendment, (ii) a $22.5 million tranche, which the Company drew on the Closing Date of the Amendment
  evidence_url: https://www.sec.gov/Archives/edgar/data/1501697/000162828023027303/0001628280-23-027303-index.htm
- Material Agreements
  X4 Pharmaceuticals, Inc amended Amendment to Second Amended and Restated Loan and Security Agreement with Hercules Capital, Inc., as agent and lender, and Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1, as lenders valued at aggregate maximum borrowings of up to $115.0 million (effective 2023-08-02).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Hercules Capital, Inc., as agent and lender, and Hercules Capital Funding IV LLC and Hercules Capital Funding Trust 2022-1, as lenders
  - Value: aggregate maximum borrowings of up to $115.0 million
  - Effective: 2023-08-02
  source text: On August 2, 2023 (the “Closing Date”), X4 Pharmaceuticals, Inc. (the “Company”) and its subsidiary X4 Therapeutics, Inc. (together with the Company, the “Borrowers”) entered into an amendment (the “Amendment”) to the Existing Loan Agreement (as defined below) 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 aggregate maximum borrowings of up to $115.0 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1501697/000162828023027303/0001628280-23-027303-index.htm

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