Why did XFOR's Q4 2024 earnings surprise analysts?

X4 Pharmaceuticals' Q4 2024 earnings surprise, or lack thereof, can be attributed to several key factors: 1. **Revenue from Product Sales**: X4 Pharmaceuticals reported a quarterly adjusted loss of 20 cents per share for the quarter ended December 31, 2024. The company's reported EPS for the quarter was a loss of 20 cents. This indicates that the company's product sales or business operations are not yet generating sufficient revenue to cover its expenses, which may have surprised analysts who had expected a lower loss. 2. **Cash Position and Financial Flexibility**: Despite the negative earnings, X4 Pharmaceuticals ended the quarter with almost $136 million in cash and equivalents, which provides a financial runway into late 2025. This cash position may have mitigated the impact of the loss on the company's overall financial stability, which could be a positive surprise for analysts who were concerned about the company's liquidity. In summary, while X4 Pharmaceuticals' Q4 2024 earnings did not meet analysts' expectations, the company's strong cash position and financial flexibility may have provided a cushion that minimized the surprise.