X4 Pharmaceuticals (Nasdaq: XFOR) has entered into a senior secured term loan facility of up to $150 million with K2 HealthVentures LLC, replacing a prior loan agreement, according to a press release from the Boston-based company.

The first tranche of $80 million was funded at closing and used to repay $75 million in principal and related fees under the prior loan agreement. An additional $70 million may be made available to X4 upon request, subject to K2 HealthVentures approval and other conditions.

The new facility includes a longer interest-only period and a 48-month maturity term. X4 said the funding is intended to support corporate activities, including a potential commercial launch of its drug mavorixafor for chronic neutropenia.

"The new structure provides additional flexibility on more favorable terms and is aligned with our strategic priorities," said David Kirske, Chief Financial Officer of X4.

X4 said it expects to complete enrollment in its Phase 3 4WARD clinical trial by year-end 2026, with topline data anticipated in the first half of 2028. The trial is evaluating mavorixafor in chronic neutropenic disorders. The U.S. Food and Drug Administration has granted Fast Track designation to mavorixafor for the treatment of chronic neutropenia.

Mavorixafor is already approved in the U.S. and EU under the brand name XOLREMDI for patients with WHIM syndrome.

Additional details regarding the loan agreement are to be filed with the U.S. Securities and Exchange Commission.