[SCHEDULE 13D] X4 Pharmaceuticals, Inc. SEC Filing
Bain Capital Life Sciences entities disclosed a purchase that results in collective beneficial ownership of 9.99% of X4 Pharmaceuticals (XFOR). The group participated in an August 2025 financing that issued 11,040,776 shares and 31,234,731 pre-funded warrants; BCLS II Investco purchased a pre-funded warrant exercisable for 7,047,216 shares for $9,999,999.50. The financing price was $1.42 per share and pre-funded warrants priced at $1.419 each. Concurrent with the financing, X4's board approved the termination of its CEO and CFO and appointed an Executive Chairman, a new CFO and a new President. Reporting Persons hold various shares, warrants and pre-funded warrants subject to exercise blockers that prevent exercises that would cause collective ownership to exceed 9.99% (and 4.99% for Class C Warrants). The filing references registration rights and provides warrant exercise prices and expiration dates.
Le entità Bain Capital Life Sciences hanno comunicato un acquisto che porta la proprietà effettiva collettiva al 9,99% di X4 Pharmaceuticals (XFOR). Il gruppo ha partecipato a un finanziamento di agosto 2025 che ha emesso 11.040.776 azioni e 31.234.731 warrant prefinanziati; BCLS II Investco ha acquistato un warrant prefinanziato esercitabile per 7.047.216 azioni per 9.999.999,50 USD. Il prezzo del finanziamento era di 1,42 USD per azione e i warrant prefinanziati sono stati valutati 1,419 USD ciascuno. Contestualmente al finanziamento, il consiglio di amministrazione di X4 ha approvato il licenziamento del CEO e del CFO e ha nominato un Executive Chairman, un nuovo CFO e un nuovo President. I Reporting Persons detengono varie azioni, warrant e warrant prefinanziati soggetti a exercise blockers che impediscono esercizi che porterebbero la proprietà collettiva oltre il 9,99% (e 4,99% per i Class C Warrants). La comunicazione cita diritti di registrazione e fornisce prezzi di esercizio e date di scadenza dei warrant.
Las entidades de Bain Capital Life Sciences divulgaron una compra que resulta en una participación beneficiaria colectiva del 9,99% de X4 Pharmaceuticals (XFOR). El grupo participó en una financiación de agosto de 2025 que emitió 11.040.776 acciones y 31.234.731 warrants prefinanciados; BCLS II Investco adquirió un warrant prefinanciado ejercitable por 7.047.216 acciones por 9.999.999,50 USD. El precio de la financiación fue de 1,42 USD por acción y los warrants prefinanciados se valoraron en 1,419 USD cada uno. De forma simultánea, la junta directiva de X4 aprobó el cese del consejero delegado y del director financiero y nombró a un Executive Chairman, un nuevo CFO y un nuevo President. Los Reporting Persons poseen diversas acciones, warrants y warrants prefinanciados sujetos a exercise blockers que impiden ejercicios que harÃan superar la participación colectiva del 9,99% (y 4,99% para los Class C Warrants). El informe hace referencia a derechos de registro y facilita precios de ejercicio y fechas de vencimiento de los warrants.
Bain Capital Life Sciences 계열사가 X4 Pharmaceuticals (XFOR)ì� ì´� 실질 ë³´ìœ ì§€ë¶„ì„ 9.99%ë¡� 만드ëŠ� 매입ì� 공시했습니다. ì� ê·¸ë£¹ì€ 2025ë…� 8ì›� ì§„í–‰ë� ìžê¸ˆì¡°ë‹¬ì—� 참여했으ë©�, ì� ìžê¸ˆì¡°ë‹¬ë¡� 11,040,776주와 31,234,731ê°œì˜ ì„ ì§€ê¸� 워런트가 발행ë˜ì—ˆìŠµë‹ˆë‹�; BCLS II InvestcoëŠ� 7,047,216주로 행사 가능한 ì„ ì§€ê¸� 워런트를 9,999,999.50달러ì—� ì¸ìˆ˜í–ˆìŠµë‹ˆë‹¤. ìžê¸ˆì¡°ë‹¬ ê°€ê²©ì€ ì£¼ë‹¹ 1.42달러였ê³� ì„ ì§€ê¸� ì›ŒëŸ°íŠ¸ì˜ ê°€ê²©ì€ ê°� 1.419달러였습니ë‹�. ìžê¸ˆì¡°ë‹¬ê³� ë™ì‹œì—� X4 ì´ì‚¬íšŒëŠ” CEO와 CFOì� í•´ìž„ì� 승ì¸í•˜ê³ Executive Chairman, ì‹ ê·œ CFO ë°� ì‹ ê·œ Presidentë¥� 임명했습니다. ë³´ê³ ì¸ë“¤ì€ 다양í•� 주ì‹ê³� 워런íŠ�, ì„ ì§€ê¸� 워런트를 ë³´ìœ í•˜ê³ ìžˆìœ¼ë©�, 집단 ë³´ìœ ì§€ë¶„ì´ 9.99%ë¥� 초과(ë°� Class C Warrantsì� 경우 4.99%)하지 않ë„ë¡� 행사 ì œí•œìž¥ì¹˜(exercise blockers)ê°€ ì ìš©ë˜ì–´ 있습니다. ì œì¶œ 서류ì—는 ë“±ë¡ ê¶Œë¦¬ì™€ ì›ŒëŸ°íŠ¸ì˜ í–‰ì‚¬ ê°€ê²� ë°� 만기ì¼ì´ 기재ë˜ì–´ 있습니다.
Des entités de Bain Capital Life Sciences ont déclaré un achat qui porte la participation bénéficiaire collective à 9,99% de X4 Pharmaceuticals (XFOR). Le groupe a participé à un financement en août 2025 ayant émis 11 040 776 actions et 31 234 731 warrants préfinancés ; BCLS II Investco a acheté un warrant préfinancé exerçable pour 7 047 216 actions pour 9 999 999,50 USD. Le prix du financement était de 1,42 USD par action et les warrants préfinancés ont été prix à 1,419 USD chacun. Parallèlement au financement, le conseil d'administration de X4 a approuvé le départ du CEO et du CFO et a nommé un Executive Chairman, un nouveau CFO et un nouveau President. Les Reporting Persons détiennent diverses actions, warrants et warrants préfinancés soumis à des exercise blockers qui empêchent des exercices entraînant une participation collective supérieure à 9,99% (et 4,99% pour les Class C Warrants). Le dépôt fait référence à des droits d'enregistrement et fournit les prix d'exercice et les dates d'expiration des warrants.
Bain Capital Life Sciences-Einheiten meldeten einen Kauf, der zu einer kumulativen wirtschaftlichen Beteiligung von 9,99% an X4 Pharmaceuticals (XFOR) führt. Die Gruppe nahm an einer Finanzierung im August 2025 teil, die 11.040.776 Aktien und 31.234.731 vorab bezahlte Warrants ausgab; BCLS II Investco erwarb einen vorab bezahlten Warrant, ausübbar für 7.047.216 Aktien, für 9.999.999,50 USD. Der Finanzierungspreis betrug 1,42 USD pro Aktie und die vorab bezahlten Warrants hatten einen Preis von 1,419 USD je Stück. Zeitgleich mit der Finanzierung beschloss der Vorstand von X4 die Abberufung des CEO und des CFO und ernannte einen Executive Chairman, einen neuen CFO und einen neuen President. Die meldenden Personen halten verschiedene Aktien, Warrants und vorab bezahlte Warrants, die exercise blockers unterliegen und Ausübungen verhindern, die die kollektive Beteiligung über 9,99% (und 4,99% für Class C Warrants) hinaus erhöhen würden. Die Einreichung verweist auf Registrierungsrechte und enthält Angaben zu Ausübungspreisen und Ablaufdaten der Warrants.
- Reporting Persons acquired a sizable economic position via the August 2025 Financing resulting in collective beneficial ownership of 9.99% (2,436,526 shares).
- Financing terms documented: 11,040,776 shares issued at $1.42 per share and significant pre-funded warrants, including a 7,047,216-share pre-funded warrant purchased for $9,999,999.50.
- Exercise blockers limit conversion: pre-funded warrants and warrants cannot be exercised to the extent they would cause collective ownership to exceed 9.99% (and 4.99% for Class C Warrants).
- Warrants do not convey voting rights until exercised, so economic exposure does not immediately translate into full stockholder voting power.
Insights
TL;DR: Bain Capital entities now hold a 9.99% stake after a structured financing; warrants and blockers limit immediate dilution.
The Schedule 13D shows a material ownership position equal to 9.99% of outstanding shares, derived from an August 2025 financing that issued 11,040,776 shares and a large pool of pre-funded warrants. Key economic terms: $1.42 per share issuance price; pre-funded warrants purchased at $1.419; BCLS II Investco paid $9,999,999.50 for a 7,047,216-share pre-funded warrant. Exercise blockers cap conversion to avoid exceeding 9.99% (and 4.99% for Class C Warrants), which constrains immediate share count growth. The filing includes registration rights provisions, which preserve resale options for the holders. Overall, the disclosure is material but does not present operating results.
TL;DR: The financing closed alongside board-level leadership changes, a clearly material corporate governance event disclosed in the filing.
The document reports Board actions concurrent with the financing: termination of the CEO and CFO and appointment of an Executive Chairman, a new CFO and a new President. Those governance changes are explicitly tied to the financing transaction in Item 4. The Reporting Persons are organized through multiple Bain Capital Life Sciences entities with shared voting and dispositive arrangements and a joint filing agreement. The filing also documents limitations on warrant exercises and registration rights, which affect governance influence and liquidity of the stake. This is a material disclosure about ownership and leadership change, without operational metrics.
Le entità Bain Capital Life Sciences hanno comunicato un acquisto che porta la proprietà effettiva collettiva al 9,99% di X4 Pharmaceuticals (XFOR). Il gruppo ha partecipato a un finanziamento di agosto 2025 che ha emesso 11.040.776 azioni e 31.234.731 warrant prefinanziati; BCLS II Investco ha acquistato un warrant prefinanziato esercitabile per 7.047.216 azioni per 9.999.999,50 USD. Il prezzo del finanziamento era di 1,42 USD per azione e i warrant prefinanziati sono stati valutati 1,419 USD ciascuno. Contestualmente al finanziamento, il consiglio di amministrazione di X4 ha approvato il licenziamento del CEO e del CFO e ha nominato un Executive Chairman, un nuovo CFO e un nuovo President. I Reporting Persons detengono varie azioni, warrant e warrant prefinanziati soggetti a exercise blockers che impediscono esercizi che porterebbero la proprietà collettiva oltre il 9,99% (e 4,99% per i Class C Warrants). La comunicazione cita diritti di registrazione e fornisce prezzi di esercizio e date di scadenza dei warrant.
Las entidades de Bain Capital Life Sciences divulgaron una compra que resulta en una participación beneficiaria colectiva del 9,99% de X4 Pharmaceuticals (XFOR). El grupo participó en una financiación de agosto de 2025 que emitió 11.040.776 acciones y 31.234.731 warrants prefinanciados; BCLS II Investco adquirió un warrant prefinanciado ejercitable por 7.047.216 acciones por 9.999.999,50 USD. El precio de la financiación fue de 1,42 USD por acción y los warrants prefinanciados se valoraron en 1,419 USD cada uno. De forma simultánea, la junta directiva de X4 aprobó el cese del consejero delegado y del director financiero y nombró a un Executive Chairman, un nuevo CFO y un nuevo President. Los Reporting Persons poseen diversas acciones, warrants y warrants prefinanciados sujetos a exercise blockers que impiden ejercicios que harÃan superar la participación colectiva del 9,99% (y 4,99% para los Class C Warrants). El informe hace referencia a derechos de registro y facilita precios de ejercicio y fechas de vencimiento de los warrants.
Bain Capital Life Sciences 계열사가 X4 Pharmaceuticals (XFOR)ì� ì´� 실질 ë³´ìœ ì§€ë¶„ì„ 9.99%ë¡� 만드ëŠ� 매입ì� 공시했습니다. ì� ê·¸ë£¹ì€ 2025ë…� 8ì›� ì§„í–‰ë� ìžê¸ˆì¡°ë‹¬ì—� 참여했으ë©�, ì� ìžê¸ˆì¡°ë‹¬ë¡� 11,040,776주와 31,234,731ê°œì˜ ì„ ì§€ê¸� 워런트가 발행ë˜ì—ˆìŠµë‹ˆë‹�; BCLS II InvestcoëŠ� 7,047,216주로 행사 가능한 ì„ ì§€ê¸� 워런트를 9,999,999.50달러ì—� ì¸ìˆ˜í–ˆìŠµë‹ˆë‹¤. ìžê¸ˆì¡°ë‹¬ ê°€ê²©ì€ ì£¼ë‹¹ 1.42달러였ê³� ì„ ì§€ê¸� ì›ŒëŸ°íŠ¸ì˜ ê°€ê²©ì€ ê°� 1.419달러였습니ë‹�. ìžê¸ˆì¡°ë‹¬ê³� ë™ì‹œì—� X4 ì´ì‚¬íšŒëŠ” CEO와 CFOì� í•´ìž„ì� 승ì¸í•˜ê³ Executive Chairman, ì‹ ê·œ CFO ë°� ì‹ ê·œ Presidentë¥� 임명했습니다. ë³´ê³ ì¸ë“¤ì€ 다양í•� 주ì‹ê³� 워런íŠ�, ì„ ì§€ê¸� 워런트를 ë³´ìœ í•˜ê³ ìžˆìœ¼ë©�, 집단 ë³´ìœ ì§€ë¶„ì´ 9.99%ë¥� 초과(ë°� Class C Warrantsì� 경우 4.99%)하지 않ë„ë¡� 행사 ì œí•œìž¥ì¹˜(exercise blockers)ê°€ ì ìš©ë˜ì–´ 있습니다. ì œì¶œ 서류ì—는 ë“±ë¡ ê¶Œë¦¬ì™€ ì›ŒëŸ°íŠ¸ì˜ í–‰ì‚¬ ê°€ê²� ë°� 만기ì¼ì´ 기재ë˜ì–´ 있습니다.
Des entités de Bain Capital Life Sciences ont déclaré un achat qui porte la participation bénéficiaire collective à 9,99% de X4 Pharmaceuticals (XFOR). Le groupe a participé à un financement en août 2025 ayant émis 11 040 776 actions et 31 234 731 warrants préfinancés ; BCLS II Investco a acheté un warrant préfinancé exerçable pour 7 047 216 actions pour 9 999 999,50 USD. Le prix du financement était de 1,42 USD par action et les warrants préfinancés ont été prix à 1,419 USD chacun. Parallèlement au financement, le conseil d'administration de X4 a approuvé le départ du CEO et du CFO et a nommé un Executive Chairman, un nouveau CFO et un nouveau President. Les Reporting Persons détiennent diverses actions, warrants et warrants préfinancés soumis à des exercise blockers qui empêchent des exercices entraînant une participation collective supérieure à 9,99% (et 4,99% pour les Class C Warrants). Le dépôt fait référence à des droits d'enregistrement et fournit les prix d'exercice et les dates d'expiration des warrants.
Bain Capital Life Sciences-Einheiten meldeten einen Kauf, der zu einer kumulativen wirtschaftlichen Beteiligung von 9,99% an X4 Pharmaceuticals (XFOR) führt. Die Gruppe nahm an einer Finanzierung im August 2025 teil, die 11.040.776 Aktien und 31.234.731 vorab bezahlte Warrants ausgab; BCLS II Investco erwarb einen vorab bezahlten Warrant, ausübbar für 7.047.216 Aktien, für 9.999.999,50 USD. Der Finanzierungspreis betrug 1,42 USD pro Aktie und die vorab bezahlten Warrants hatten einen Preis von 1,419 USD je Stück. Zeitgleich mit der Finanzierung beschloss der Vorstand von X4 die Abberufung des CEO und des CFO und ernannte einen Executive Chairman, einen neuen CFO und einen neuen President. Die meldenden Personen halten verschiedene Aktien, Warrants und vorab bezahlte Warrants, die exercise blockers unterliegen und Ausübungen verhindern, die die kollektive Beteiligung über 9,99% (und 4,99% für Class C Warrants) hinaus erhöhen würden. Die Einreichung verweist auf Registrierungsrechte und enthält Angaben zu Ausübungspreisen und Ablaufdaten der Warrants.