X4 Pharmaceuticals secures $60 million financing, replaces CEO and CFO

X4 Pharmaceuticals (NASDAQ: XFOR) announced a $60 million private placement financing led by Coastlands Capital, with participation from existing investors Bain Capital Life Sciences and New Enterprise Associates. The transaction is expected to close August 13, 2025.

The company simultaneously replaced its senior leadership team. President and CEO Paula Ragan and CFO Adam Mostafa stepped down from their roles effective immediately. The board appointed Adam Craig as Executive Chairman, John Volpone as President, and David Kirske as Chief Financial Officer.

Under the securities purchase agreement, X4 will issue 11,040,776 shares of common stock and pre-funded warrants to purchase up to 31,234,731 shares at $1.42 per share. The pre-funded warrants carry an exercise price of $0.001 per share and do not expire.

The new leadership team previously worked together at CTI BioPharma. Craig served as CEO of CTI BioPharma and led its $1.7 billion acquisition by Sobi. Volpone was Executive Vice President and Chief of Staff at CTI BioPharma, while Kirske served as CFO during the acquisition.

"We are excited to be joining X4 and for the opportunity to establish a world class hematology company by unlocking the full commercial potential of mavorixafor," Craig said in a statement.

X4 plans to use the financing proceeds for continued development of mavorixafor in chronic neutropenia and commercialization efforts for WHIM syndrome treatment. The company currently markets mavorixafor as XOLREMDI in the United States and is conducting a Phase 3 clinical trial called 4WARD for chronic neutropenic disorders.

Stifel served as sole placement agent for the transaction. Other participating investors included BVF Partners, Deep Track Capital, Kalehua Capital, Nantahala Capital, Stonepine Capital Management, and Trails Edge Capital Partners.

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