SCHEDULE: Empery Asset Management Boosts X4 Pharma Stake to 9.99%

Empery Asset Management and Ryan M. Lane have reported a 9.99% beneficial ownership stake in X4 Pharmaceuticals, Inc., including shares from warrants, as of December 31, 2025.

Summary

• Empery Asset Management, LP and Ryan M. Lane are the Reporting Persons for this Schedule 13G filing.
• The filing pertains to Common Stock, $0.001 par value per share, and Common Stock issuable upon exercise of warrants of X4 Pharmaceuticals, Inc.
• The Reporting Persons collectively beneficially own 9,043,894 shares of X4 Pharmaceuticals, Inc. common stock.
• This aggregate amount represents 9.99% of the outstanding class of securities.
• The beneficially owned shares include 92,789 shares of Common Stock issuable upon exercise of warrants.
• The percentage of class is calculated based on an aggregate of 90,436,688 shares of Common Stock outstanding, which includes 87,436,688 shares as of October 31, 2025, and 3,000,000 shares issued from warrant exercises between October 31, 2025, and December 31, 2025.
• Ownership is subject to a 'Blocker' provision, preventing the Reporting Persons from exercising warrants to beneficially own more than 9.99% of the outstanding common stock.

Sentiment

Score: 6

Explanation: The filing is a factual disclosure of a significant beneficial ownership stake by an institutional investor, which is generally perceived as a positive signal of market confidence, though it contains no operational or financial performance details.

Positives

• Empery Asset Management, LP and Ryan M. Lane, as Reporting Persons, collectively hold a significant beneficial ownership of 9,043,894 shares, representing 9.99% of X4 Pharmaceuticals, Inc.'s common stock. This substantial institutional stake may signal confidence in the company's value or future prospects.

Negatives

• The beneficial ownership is subject to a 'Blocker' provision, limiting the Reporting Persons from exercising warrants to own more than 9.99% of the outstanding common stock. This restriction caps potential further accumulation of shares by these investors through warrant exercise.

Future Outlook

NA

Industry Context

This filing is a standard disclosure of institutional ownership and does not provide specific industry context or analysis of broader trends. It indicates a significant stake by an asset manager in a pharmaceutical company.

Stakeholder Impact

• Shareholders may view the significant institutional stake by Empery Asset Management as a positive indicator of confidence in X4 Pharmaceuticals, potentially influencing market sentiment and share price.

Key Dates

Keywords

X4 Pharmaceuticals, Empery Asset Management, Ryan M. Lane, Schedule 13G, beneficial ownership, common stock, warrants, institutional investment