X4 Pharmaceuticals: enters up to $150,000,000 loan agreement

What happened

• The filing says that on Oct 7, 2026 X4 Pharmaceuticals, Inc. and its wholly owned subsidiary entered into a Loan and Security Agreement with K2 HealthVentures LLC as administrative agent and Ankura Trust Company, LLC as collateral trustee. The Loan Agreement provides for term loans of up to $150,000,000, including an $80,000,000 first tranche funded on the Closing Date and up to $70,000,000 of second tranche term loans available at the Borrowers’ request. The filing says the Borrowers used a portion of the first tranche proceeds to repay in full the Hercules loan and intend to use remaining proceeds for working capital and general corporate purposes.

Key details

• First tranche funded on Oct 7, 2026: $80,000,000; second tranche availability: up to $70,000,000.
• Interest: cash interest at the greater of 8.55% or prime rate plus 1.55% payable monthly, plus paid-in-kind interest at 1.0% per year. Interest-only payments through Oct 1, 2029; Term Loans mature Oct 1, 2030.
• Security and covenants: obligations secured by substantially all assets other than intellectual property; affirmative and negative covenants limit dispositions, indebtedness, dividends, certain transactions and require specified financial covenants beginning Oct 1, 2027 and Apr 1, 2029.
• Conversion and fees: lenders may convert up to $15,000,000 of principal into common stock at $3.2341 per share; prepayment and final payment fees apply.
• Hercules payoff and termination: the filing says the Borrowers repaid in full the Second Amended and Restated Loan and Security Agreement with Hercules on the Closing Date with a total payoff of approximately $78,700,000, which included $75,000,000 of outstanding principal plus accrued interest, end-of-term and prepayment charges and fees; the Hercules loan documents and liens were terminated and released, and warrants issued to Hercules remain outstanding.

Why it may matter

• The filing reports Item 1.01 (entry into a material definitive agreement) describing the new Loan Agreement and Item 1.02 (termination of a material definitive agreement) describing repayment and termination of the Hercules loan. The filing also lists Item 2.03 (creation of a direct financial obligation), Item 3.02 (unregistered sales of equity securities) and furnishes a press release under Item 7.01 dated Oct 8, 2026. A filing does not show why the insider traded or why the company acted.