Companies X4 Pharmaceuticals, Inc
X4 Pharmaceuticals (XFOR): executive pay, fiscal 2025
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CEO pay, last three years
- $2,044,761FY2023
- $2,145,041FY2024
- $2,640,569FY2025
CEO total pay was $2,640,569 in fiscal 2025, up from $2,145,041 in fiscal 2024.
FY2025: salary $420,170 · bonus $0 · stock awards $1,081,575 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Adam Craig | $179,629 | $0 | $0 | $6,410,958 | $114,479 | $0 | $139 | $6,705,205 |
| Executive Chairman | ||||||||
| John Volpone | 176,538 | 0 | 0 | 6,410,958 | 75,006 | 0 | 4,985 | 6,667,487 |
| President and Chief Operating Officer | ||||||||
| David Kirske | 194,192 | 120,000 | 0 | 4,181,040 | 103,133 | 0 | 901 | 4,599,266 |
| Chief Financial Officer, Treasurer and Corporate Secretary | ||||||||
| Paula Ragan | 420,170 | 0 | 1,081,575 | 0 | 0 | 0 | 1,138,824 | 2,640,569 |
| Former President and Chief Executive Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Adam Craig | $6,705,205 | — | — | — |
| John Volpone | 6,667,487 | — | — | — |
| David Kirske | 4,599,266 | — | — | — |
| Paula Ragan | 2,640,569 | 2,145,041 | 2,044,761 | ↑ +495,528 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's compensation program is intended to reward NEOs for individual and Company-wide performance over the calendar year and to align the interests of NEOs with those of stockholders by motivating them to make important contributions to performance.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | — |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
No plan-based awards are on file for this fiscal year.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| David Kirske | Option | 352,800 | 3.14 | — |
| Adam Craig | Option | 529,201 | 3.14 | — |
| John Volpone | Option | 529,201 | 3.14 | — |
| David Kirske | Option | 1,073,249 | 1.42 | — |
| David Kirske | Option | 1,552,769 | 1.42 | — |
| Adam Craig | Option | 1,609,873 | 1.42 | — |
| John Volpone | Option | 1,609,873 | 1.42 | — |
| Adam Craig | Option | 2,329,154 | 1.42 | — |
| John Volpone | Option | 2,329,154 | 1.42 | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Michael S. WyzgaIndependent · Lead Independent Director · Audit (Chair) · Nominating and Corporate Governance | $82,937 | $6,210 | — | — | $0 | $89,147 |
| Gary J. Bridger, Ph.DIndependent · Audit · Compensation | 58,560 | 6,210 | — | — | 0 | 64,770 |
| Murray W. Stewart, M.DIndependent · Compensation (Chair) | 56,500 | 6,210 | — | — | 0 | 62,710 |
| Françoise De CraeckerIndependent · Audit · Nominating and Corporate Governance · Compensation | 50,891 | 6,210 | — | — | 0 | 57,101 |
| David McGirr, M.B.AIndependent · Departed during FY | 41,861 | 6,210 | — | — | 0 | 48,071 |
| Keith WoodsIndependent · Departed during FY | 35,506 | 6,210 | — | — | 0 | 41,716 |
| William E. Aliski, MPAIndependent · Departed during FY | 27,423 | 0 | — | — | 0 | 27,423 |
| Alison LawtonIndependent · Departed during FY | 24,423 | 0 | — | — | 0 | 24,423 |
| Adam R. Craig, M.D., Ph.D., M.B.AEmployee director · Board Chair | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $40,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 12,000 / 10,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $378,101 |
| Equity awards (grant-date value) | $37,260 |
| All other compensation | $0 |
| Total cost of the board | $415,361 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names X4 Pharmaceuticals as a peer
Companies that benchmark against XFOR
3 companies name XFOR as a compensation peer
- ADC Therapeutics SAADCTFY2025
- aTYR PHARMA INCATYRFY2025
- IQVIA HOLDINGS INC.IQVFY2025
Each company listed discloses XFOR in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named XFOR in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | X4 Pharmaceuticals, Inc | 2025 | Paula Ragan | $420,170 | $1,081,575 | $0 | $0 | $2,640,569 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-11 | 70,932,142 | 5,420,569 | 20,692 | 92.9% | Passed |
| 2025 | 2025-06-09 | 67,793,970 | 12,234,847 | 2,034,279 | 84.71% | Passed |
| 2024 | 2024-06-10 | 89,159,259 | 4,443,024 | 644,785 | 94.6% | Passed |
| 2023 | 2023-06-13 | 59,263,769 | 7,988,869 | 175,031 | 87.89% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-11 | 92.9%a |
| 2025 | 2025-06-09 | 84.71%b |
| 2024 | 2024-06-10 | 94.6%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “" FOR " votes from the holders of shares representing a majority of the voting power of the shares of common stock of the Company, either present at the meeting or represented by proxy, and entitled to vote on the matter. | Abstentions: No effect”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (20 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Adam Craig. DEF 14A, filed 2026-03-20. Section “Summary Compensation Table” · page 30. As printed: 6,705,205. View filing ↗
- Section 01, John Volpone. DEF 14A, filed 2026-03-20. Section “Summary Compensation Table” · page 30. As printed: 6,667,487. View filing ↗
- Section 01, David Kirske. DEF 14A, filed 2026-03-20. Section “Summary Compensation Table” · page 30. As printed: 4,599,266. View filing ↗
- Section 01, Paula Ragan. DEF 14A, filed 2026-03-20. Section “Summary Compensation Table” · page 30. As printed: 2,640,569. View filing ↗
- Section 07, pay ratio. 10-K, filed 2026-03-17. Section “CEO Pay Ratio”. As printed: —. View filing ↗
- Section 08, Michael S. Wyzga. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 89,147. View filing ↗
- Section 08, Gary J. Bridger, Ph.D. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 64,770. View filing ↗
- Section 08, Murray W. Stewart, M.D. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 62,710. View filing ↗
- Section 08, Françoise De Craecker. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 57,101. View filing ↗
- Section 08, David McGirr, M.B.A. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 48,071. View filing ↗
- Section 08, Keith Woods. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 41,716. View filing ↗
- Section 08, William E. Aliski, MPA. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 27,423. View filing ↗
- Section 08, Alison Lawton. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 24,423. View filing ↗
- Section 08, Adam R. Craig, M.D., Ph.D., M.B.A. DEF 14A, filed 2026-03-20. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-12. Item 5.07 · say-on-pay result. As reported: 92.9% (votes for as printed: 70,932,142). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-11. Item 5.07 · say-on-pay result. As reported: 84.71% (votes for as printed: 67,793,970). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-11. Item 5.07 · say-on-pay result. As reported: 94.6% (votes for as printed: 89,159,259). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 378,101 + equity 37,260 + all other 0 = 415,361, summed across the director compensation table rows.
- X4 Pharmaceuticals, Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-03-20. CEO total compensation as printed in X4 Pharmaceuticals, Inc's own proxy. As printed: 2,640,569. View filing ↗