Vault-13

X4 PHARMACEUTICALS INC XFOR

COM NEW · Common Stock · CUSIP 98420X202

88 institutional holders +6 vs Q1 2026
102,095,830102.1m shares reported held*
103.0% of all shares outstanding*
$476.8mreported value*
32 new 25 added 13 reduced 26 sold out net bought ≈ $33.1m (+7.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 99.1m as of 2026-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $4.67. Options: 2 managers hold calls ($2.3m notional), 0 hold puts (—).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

050100Q1 25: 2Q2 25: 51Q3 25: 40Q4 25: 76Q1 26: 82Q2 26: 8888Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Numbers
QuarterHolders
Q1 20252
Q2 202551
Q3 202540
Q4 202576
Q1 202682
Q2 202688

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
1000100Q2 25: 49 bought or addedQ2 25: 2 cut or sold outQ2 25Q3 25: 21 bought or addedQ3 25: 30 cut or sold outQ3 25Q4 25: 51 bought or addedQ4 25: 12 cut or sold outQ4 25Q1 26: 39 bought or addedQ1 26: 31 cut or sold outQ1 26Q2 26: 57 bought or addedQ2 26: 39 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q2 2025492
Q3 20252130
Q4 20255112
Q1 20263931
Q2 20265739

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3mQ3 25 calls: $1.1mQ3 25 puts: $72.8kQ3 25P/C 0.07Q4 25 calls: $1.2mQ4 25 puts: $0Q4 25P/C 0.00Q1 26 calls: $0Q1 26 puts: $0Q1 26P/C —Q2 26 calls: $2.3mQ2 26 puts: $0Q2 26P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2025$1.1m$72.8k0.07
Q4 2025$1.2m$00.00
Q1 2026$0$0—
Q2 2026$2.3m$00.00

Biggest buyers

BlackRock, Inc. Added +4,343,112+4.3m
Nantahala Capital Management, LLC Added +2,449,468+2.4m
Venrock Adviser, LLC Added +1,603,728+1.6m
PERCEPTIVE ADVISORS LLC Added +1,195,843+1.2m
GEODE CAPITAL MANAGEMENT, LLC Added +1,158,321+1.2m
STATE STREET CORP Added +892,483+892.5k
VANGUARD PORTFOLIO MANAGEMENT LLC New +542,128+542.1k
Saturn V Capital Management LP Added +516,697+516.7k
NORTHERN TRUST CORP Added +474,614+474.6k
Verdad Advisers, LP New +352,093+352.1k

Biggest sellers

Empery Asset Management, LP Reduced -2,013,527-2.0m
STEMPOINT CAPITAL LP Sold out -1,701,484-1.7m
MILLENNIUM MANAGEMENT LLC Sold out -1,210,514-1.2m
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -842,172-842.2k
Deep Track Capital, LP Reduced -460,778-460.8k
SAMSARA BIOCAPITAL, LLC Reduced -436,979-437.0k
BRAIDWELL LP Reduced -350,200-350.2k
MARSHALL WACE, LLP Sold out -336,834-336.8k
Qube Research & Technologies Ltd Sold out -218,954-219.0k
UBS Group AG Reduced -209,297-209.3k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP New $1.2m250.3k shares
Caption Management, LLC New $1.2m250.0k shares

Biggest puts

None

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
MORGAN STANLEY 13G · institution +0.8 pts · filed 2026-03-06 10.2% +0.8 pts 8.9m≈ $41.5m 2026-03-06
Empery Asset Management, LP 13G · institution no change · filed 2026-01-15 10.0% no change 9.0m≈ $42.2m 2026-01-15
Coastlands Capital LP 13G · institution no change · filed 2025-10-03 10.0% no change 2.5m≈ $11.6m 2025-10-03
Deep Track Capital, LP 13G · passive investor -1.7 pts · filed 2026-08-14 8.3% -1.7 pts 8.0m≈ $37.6m 2026-08-14
PERCEPTIVE ADVISORS LLC 13G · passive investor +0.8 pts · filed 2026-08-14 8.1% +0.8 pts 8.1m≈ $37.8m 2026-08-14
Bain Capital Life Sciences Fund, L.P. 13G · passive investor -2.6 pts · filed 2026-02-17 7.4% -2.6 pts 7.0m≈ $32.9m 2026-02-17
Saturn V Capital Management LP 13G · institution new · filed 2026-02-17 7.4% new 6.4m≈ $30.0m 2026-02-17
Growth Equity Opportunities 18 VGE, LLC 13D · may seek influence -3.8 pts · filed 2025-10-29
Stated purposeGEO acquired the GEO Shares for investment purposes. Information with respect to the Offering set forth in Item 3 above is incorporated herein by reference to the extent responsive to this Item 4. Subject to the foregoing, depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, GEO and other Reporting Persons may dispose of or acquire additional shares of the Issuer. Except as set forth above, none of the Reporting Persons has any present plans which relate to or would result in: (a) The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of i… Full filing
6.2% -3.8 pts 5.1m≈ $23.6m 2025-10-29
BlackRock, Inc. 13G · institution +2.9 pts · filed 2026-07-30 5.9% +2.9 pts 5.5m≈ $25.8m 2026-07-30
Trails Edge Capital Partners, LP 13G · passive investor -4.1 pts · filed 2026-02-17 5.8% -4.1 pts 5.2m≈ $24.4m 2026-02-17
Venrock Healthcare Capital Partners III, L.P. 13G · passive investor new · filed 2026-09-21 5.6% new 5.6m≈ $25.9m 2026-09-21

Fell to 5% or below in the last year: FMR LLC (4.6%, 2026-10-07), BIOTECHNOLOGY VALUE FUND L P (3.9%, 2026-02-17), Nantahala Capital Management, LLC (2.8%, 2026-02-13)

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
505Q4 24: 1 buyingQ4 24: 5 sellingQ1 25: 0 buyingQ1 25: 5 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 1 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 0 buyingQ2 26: 1 sellingQ3 26: 0 buyingQ3 26: 2 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20241$4.6k5$377.0k—
Q1 20250—5$96.4k—
Q2 20250—0——
Q3 20250—0——
Q4 20251$250.0k0——
Q1 20260—0——
Q2 20260—1$109.2k—
Q3 20260—2$319.7k—
DateInsiderTradeSharesPrice ValueTheir holding
2026-08-12 Craig Adam R Executive Chairman, director Sold 47,436 $4.44 $210.6k47.4k shares -13%
2026-08-12 Volpone John President Sold 24,576 $4.44 $109.1k24.6k shares -8%
2026-06-30 KIRSKE DAVID Chief Financial Officer Sold 8,543 $4.26 $36.4k8.5k shares -5%
2026-05-12 KIRSKE DAVID Chief Financial Officer Sold 16,961 $4.29 $72.8k17.0k shares -9%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 9,461,2799.5m $44.2m $44.2m 0.00% Reduced -5.7k -5,713
2 FMR LLC 0.00% of their portfolio BOSTON, MA 8,321,6578.3m $38.9m $38.9m 0.00% Added +218.3k +218,257
3 Bain Capital Life Sciences Investors, LLC 2.21% of their portfolio Boston, MA 7,967,4548.0m $37.2m $37.2m 2.21% Unchanged
4 PERCEPTIVE ADVISORS LLC 0.58% of their portfolio NEW YORK, NY 7,933,4917.9m $37.0m $37.0m 0.58% Added +1.2m +1,195,843
5 Kalehua Capital Management LLC 11.09% of their portfolio DALLAS, TX 7,445,6807.4m $34.8m $34.8m 11.09% Unchanged
6 Saturn V Capital Management LP 4.67% of their portfolio AUSTIN, TX 6,973,3437.0m $32.6m $32.6m 4.67% Added +516.7k +516,697
7 Empery Asset Management, LP 37.43% of their portfolio NEW YORK, NY 6,930,5916.9m $32.4m $32.4m 37.43% Reduced -2.0m -2,013,527
8 Deep Track Capital, LP 0.40% of their portfolio GREENWICH, CT 5,878,7575.9m $27.5m $27.5m 0.40% Reduced -460.8k -460,778
9 BlackRock, Inc. 0.00% of their portfolio New York, NY 5,554,9065.6m $25.9m $25.9m 0.00% Added +4.3m +4,343,112
10 Nantahala Capital Management, LLC 0.69% of their portfolio NEW CANAAN, CT 4,898,9364.9m $22.9m $22.9m 0.69% Added +2.4m +2,449,468
11 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 3,715,8593.7m $17.4m $17.4m 0.00% Added +218.2k +218,247
12 Rosalind Advisors, Inc. 5.64% of their portfolio TORONTO, A6 3,214,7663.2m $15.0m $15.0m 5.64% Unchanged
13 BRAIDWELL LP 0.50% of their portfolio STAMFORD, CT 2,922,7542.9m $13.6m $13.6m 0.50% Reduced -350.2k -350,200
14 Blackstone Inc. 0.04% of their portfolio NEW YORK, NY 2,681,9222.7m $12.5m $12.5m 0.04% Unchanged
15 Trails Edge Capital Partners, LP 1.91% of their portfolio ATLANTA, GA 2,571,4782.6m $12.0m $12.0m 1.91% Unchanged
16 BVF INC/IL 0.27% of their portfolio San Francisco, CA 2,233,7422.2m $10.4m $10.4m 0.27% Unchanged
17 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,098,0472.1m $9.8m $9.8m 0.00% Added +1.2m +1,158,321
18 Venrock Adviser, LLC 0.27% of their portfolio NEW YORK, NY 1,934,2531.9m $9.0m $9.0m 0.27% Added +1.6m +1,603,728
19 SAMSARA BIOCAPITAL, LLC 0.54% of their portfolio PALO ALTO, CA 1,395,5871.4m $6.5m $6.5m 0.54% Reduced -437.0k -436,979
20 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 1,296,0171.3m $6.1m $6.1m 0.00% Added +892.5k +892,483
21 Woodline Partners LP 0.01% of their portfolio San Francisco, CA 1,001,0951.0m $4.7m $4.7m 0.01% Unchanged
22 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 916,536916.5k $4.3m $4.3m 0.00% Added +34.4k +34,402
23 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 652,849652.8k $3.0m $3.0m 0.00% Added +474.6k +474,614
24 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 572,038572.0k $2.7m $2.7m 0.00% Added +91.3k +91,305
25 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 542,128542.1k $2.5m $2.5m 0.00% New
26 Verdad Advisers, LP 1.57% of their portfolio BOSTON, MA 352,093352.1k $1.6m $1.6m 1.57% New
27 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 263,264263.3k $1.2m $1.2m 0.00% Added +196.5k +196,515
28 Stonepine Capital Management, LLC 0.80% of their portfolio Bend, OR 224,989225.0k $1.1m $1.1m 0.80% Reduced -110.3k -110,320
29 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 196,340196.3k $916.9k $916.9k 0.00% New
30 Affinity Asset Advisors, LLC 0.03% of their portfolio NEW YORK, NY 145,000145.0k $677.1k $677.1k 0.03% Unchanged
31 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 107,389107.4k $501.5k $501.5k 0.00% New
32 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 96,77296.8k $451.9k $451.9k 0.00% Added +76.8k +76,804
33 ALPS ADVISORS INC 0.00% of their portfolio Denver, CO 95,72695.7k $447.0k $447.0k 0.00% New
34 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 95,08195.1k $444.0k $444.0k 0.00% New
35 Susquehanna Portfolio Strategies, LLC 0.01% of their portfolio Bala Cynwyd, PA 87,28287.3k $407.6k $407.6k 0.01% Reduced -15.3k -15,317
36 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 78,88578.9k $368.4k $368.4k 0.00% New
37 GSA CAPITAL PARTNERS LLP 0.02% of their portfolio LONDON, X0 76,31476.3k $356.0k $356.0k 0.02% New
38 AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio KANSAS CITY, MO 74,79574.8k $349.3k $349.3k 0.00% New
39 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 70,11270.1k $327.4k $327.4k 0.00% Added +34.3k +34,347
40 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 67,71267.7k $316.2k $316.2k 0.00% New
41 Palumbo Wealth Management LLC 0.07% of their portfolio GREAT NECK, NY 67,11667.1k $313.4k $313.4k 0.07% Reduced -63.9k -63,898
42 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 67,07867.1k $313.3k $313.3k 0.00% New
43 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 66,37966.4k $310.0k $310.0k 0.00% New
44 UBS Group AG 0.00% of their portfolio ZURICH, V8 58,04358.0k $271.1k $271.1k 0.00% Reduced -209.3k -209,297
45 WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio Boston, MA 51,80051.8k $241.9k $241.9k 0.00% New
46 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 47,96948.0k $224.0k $224.0k 0.00% New
47 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 46,86146.9k $218.8k $218.8k 0.00% Reduced -103.8k -103,815
48 Point72 Asset Management, L.P. 0.00% of their portfolio STAMFORD, CT 41,07241.1k $191.8k $191.8k 0.00% New
49 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio CAUSEWAY BAY, K3 37,07337.1k $173.1k $173.1k 0.00% New
50 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 34,25334.3k $160.0k $160.0k 0.00% Added +21.9k +21,936
51 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 33,55233.6k $141.9k $141.9k 0.00% Added +33.5k +33,519
52 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 32,97733.0k $154.0k $154.0k 0.00% Unchanged
53 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 23,84623.8k $111.4k $111.4k 0.00% New
54 AXQ CAPITAL, LP 0.01% of their portfolio JERSEY CITY, NJ 22,88022.9k $106.8k $106.8k 0.01% New
55 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 22,08322.1k $103.1k $103.1k 0.00% New
56 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 19,43919.4k $90.8k $90.8k 0.00% Added +16.6k +16,625
57 TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio NEW YORK, NY 19,42619.4k $90.7k $90.7k 0.00% Added +5.6k +5,558
58 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 18,51918.5k $86.5k $86.5k 0.00% Reduced -3.3k -3,270
59 RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio NEW YORK, NY 18,10018.1k $84.5k $84.5k 0.00% New
60 INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio WEST PALM BEACH, FL 17,29017.3k $80.7k $80.7k 0.00% New
61 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 16,50016.5k $77.1k $77.1k 0.00% New
62 BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio PARIS, I0 16,38416.4k $76.5k $76.5k 0.00% Added +11.6k +11,628
63 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 15,83815.8k $74.0k $74.0k 0.00% New
64 CAXTON CORP 3.92% of their portfolio Princeton, NJ 15,55715.6k $72.7k $72.7k 3.92% Unchanged
65 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 14,58014.6k $60.2k $60.2k 0.00% New
66 WINTON GROUP Ltd 0.00% of their portfolio LONDON, X0 14,40014.4k $67.2k $67.2k 0.00% Added +3.8k +3,800
67 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 14,05014.1k $65.6k $65.6k 0.00% Reduced -842.2k -842,172
68 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 13,87213.9k $64.8k $64.8k 0.00% Added +53 +53
69 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 12,50012.5k $58.4k $58.4k 0.00% New
70 ProShare Advisors LLC 0.00% of their portfolio BETHESDA, MD 10,58810.6k $49.4k $49.4k 0.00% New
71 Pettinga Financial Advisors LLC 0.01% of their portfolio EVANSVILLE, IN 10,00010.0k $46.7k $46.7k 0.01% New
72 Indivisible Partners 0.00% of their portfolio CLEARWATER, FL 10,00010.0k $46.9k $46.9k 0.00% Unchanged
73 Legal & General Group Plc 0.00% of their portfolio London, X0 7,8587.9k $36.7k $36.7k 0.00% New
74 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 7,7457.7k $36.2k $36.2k 0.00% Added +7.6k +7,565
75 Ameritas Investment Partners, Inc. 0.00% of their portfolio LINCOLN, NE 7,3387.3k $34.3k $34.3k 0.00% New
76 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 7,1787.2k $33.5k $33.5k 0.00% Added +6.4k +6,449
77 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 2,5592.6k $12.0k $12.0k 0.00% Added +2.4k +2,444
78 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 1,7591.8k $8.2k $8.2k 0.00% Unchanged
79 Sterling Capital Management LLC 0.00% of their portfolio CHARLOTTE, NC 1,6291.6k $7.6k $7.6k 0.00% New
80 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 1,1131.1k $5.2k $5.2k 0.00% New
81 GROUP ONE TRADING LLC 0.00% of their portfolio CHICAGO, IL 712712 $3.3k $3.3k 0.00% Unchanged
82 Bleichroeder LP 0.00% of their portfolio NEW YORK, NY 595595 $2.8k $2.8k 0.00% Unchanged
83 Blue Trust, Inc. 0.00% of their portfolio BRENTWOOD, TN 284284 $1.3k $1.3k 0.00% Unchanged
84 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 3838 $153 $153 0.00% Unchanged
85 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 3333 $154 $154 0.00% Unchanged
86 Caitong International Asset Management Co., Ltd 0.00% of their portfolio HONG KONG, K3 3030 $140 $140 0.00% New
87 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 99 $42 $42 0.00% Reduced -45 -45
88 HighMark Wealth Management LLC 0.00% of their portfolio ST. PAUL, MN 66 $28 $28 0.00% Unchanged