Logo

FDMT

4D Molecular Therapeutics, Inc.

FDMT

4D Molecular Therapeutics, Inc. • NASDAQ
$11.66 ▲ 6.10% (+0.67)
Market Cap $544.55 M
52w High $12.34
52w Low $2.23
Dividend Yield 0%
P/E -3.11
Volume 660.99K
Outstanding Shares 46.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $90K ▲ $14.037M ▲ $-56.876M ▼ -63.196K% ▲ $-1.01 ▼ $-55.615M ▲
Q2-2025 $15K ▲ $11.52M ▼ $-54.658M ▼ -364.387K% ▼ $-0.98 ▼ $-58.29M ▼
Q1-2025 $14K ▲ $53.635M ▼ $-47.972M ▲ -342.657K% ▲ $-0.86 ▲ $-51.867M ▲
Q4-2024 $1K ▼ $54.334M ▲ $-49.671M ▼ -4.967M% ▼ $-0.9 ▼ $-61.038M ▼
Q3-2024 $3K $51.135M $-43.843M -1.461M% $-0.79 $-49.429M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $305.063M ▲ $423.982M ▼ $54.999M ▲ $368.983M ▼
Q2-2025 $293.225M ▼ $473.637M ▼ $52.747M ▲ $420.89M ▼
Q1-2025 $321.437M ▼ $515.729M ▼ $46.006M ▼ $469.723M ▼
Q4-2024 $424.877M ▼ $560.384M ▼ $49.778M ▼ $510.606M ▼
Q3-2024 $501.892M $604.028M $51.08M $552.948M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-56.876M ▼ $-46.498M ▼ $17.778M ▲ $116K ▼ $-28.604M ▲ $-46.407M ▼
Q2-2025 $-54.658M ▼ $-43.377M ▲ $-13.852M ▼ $862K ▲ $-63.805M ▼ $-43.443M ▲
Q1-2025 $-47.972M ▲ $-47.758M ▼ $31.948M ▲ $0 ▼ $-15.81M ▲ $-48.389M ▼
Q4-2024 $-49.671M ▼ $-45.863M ▼ $7.059M ▼ $601K ▲ $-38.203M ▼ $-46.812M ▼
Q3-2024 $-43.843M $-29.391M $27.301M $568K $-1.522M $-31.169M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Collaboration And License Revenue
Collaboration And License Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Income Statement: 4D Molecular Therapeutics is still in the pre-commercial stage, so revenue is minimal and irregular, coming mainly from collaborations rather than product sales. This means the income statement is driven far more by research and development and other operating expenses than by any recurring income. The company has reported operating losses and net losses every year. Losses have grown recently as programs move deeper into clinical development, which is typical for a clinical-stage biotech building out multiple trials at once. Earnings per share have stayed firmly negative and somewhat volatile over time, reflecting ongoing spending, changes in financing, and the absence of a stable revenue base. In short, the income statement shows a company investing heavily today with the hope of future commercialization, not one that is currently focused on profitability.

Balance Sheet

Balance Sheet Balance Sheet: The balance sheet shows a company with a sizeable asset base for its stage, supported mainly by cash and other current assets, but without heavy use of debt. Total assets have increased recently, which suggests successful fundraising and/or the buildup of research-related assets and capabilities. Cash, however, has moved down from earlier peaks, indicating that the company is spending its cash reserves to fund operations and trials. Debt levels are very low, so leverage risk from borrowing appears limited at this point. Equity swung from positive to negative in earlier years and has since moved back into clearly positive territory, reflecting additional capital raises and the absorption of accumulated losses. Overall, the balance sheet shows a relatively clean capital structure with modest liabilities, but it also highlights the importance of maintaining access to capital as cash is drawn down.

Cash Flow

Cash Flow Cash Flow: Cash flow is what you would expect from a clinical-stage biotech: cash going out, not coming in. Operating cash flow has been consistently negative, reflecting spending on research, clinical trials, staff, and infrastructure. Free cash flow is similarly negative, since there is no material operating cash inflow yet and capital spending, while modest, still adds to cash use. Capital expenditures are relatively small, so the main driver of cash burn is operating activity rather than large investments in facilities or equipment. This pattern underscores the company’s dependence on external financing (equity raises, potential partnerships, or milestone payments) to sustain its pipeline until any product reaches the market and begins to generate recurring revenue.

Competitive Edge

Competitive Edge Competitive Position: 4D Molecular Therapeutics competes in a cutting-edge but crowded part of biotech: gene therapy, particularly AAV-based therapies for eye, lung, and rare genetic diseases. Its key strength is a proprietary platform for engineering viral vectors that can target specific tissues more precisely and potentially with better safety and efficacy than traditional approaches. This creates a meaningful technological moat if the platform continues to generate differentiated candidates. The company has a diversified pipeline across eye diseases, cystic fibrosis, and Fabry disease, which spreads scientific and commercial risk across multiple programs. Partnerships with larger pharmaceutical companies add external validation and can help with funding and eventual commercialization. On the other hand, the competitive landscape includes many well-funded peers and large pharma players. Regulatory scrutiny of gene therapies remains high, and success will ultimately depend on producing clear, compelling clinical data and converting that into approved, marketable products.

Innovation and R&D

Innovation and R&D Innovation & R&D: Innovation is the core of 4D Molecular Therapeutics. Its directed-evolution platform is designed to systematically create and select optimized AAV vectors that can reach specific tissues, avoid immune responses, and support new delivery routes such as intravitreal injections for eye diseases and aerosol delivery to the lungs. This is a sophisticated, platform-based approach rather than a one-off product strategy, which gives the company the potential to generate a steady stream of new candidates. The R&D portfolio includes late-stage and mid-stage programs, with a lead eye therapy moving toward pivotal trials and other candidates addressing high-need areas like cystic fibrosis and Fabry disease. Internal manufacturing and vector design capabilities strengthen execution by keeping more of the value chain in-house. The trade-off is high ongoing R&D spending and substantial scientific, clinical, and regulatory risk; each major data readout can significantly reshape the outlook. Future value creation depends heavily on continued innovation, successful trial outcomes, and the ability to extend the platform into additional diseases.

Summary

Summary: 4D Molecular Therapeutics is an early-stage biotech focused on gene therapy, with a strong scientific foundation but a financial profile that reflects its development stage. The company has minimal recurring revenue and sustained operating losses, funded by prior capital raises rather than ongoing business profits. Its balance sheet shows low leverage and a solid equity base, but also a clear pattern of cash burn that will require continued access to funding. The main strengths lie in its proprietary vector platform, diversified pipeline, and strategic partnerships, which together create a credible competitive position in a high-potential field. The main risks center on execution: clinical trial outcomes, regulatory decisions, timing of any future approvals, and the company’s ability to manage cash while advancing multiple programs. Overall, FDMT represents a classic clinical-stage biotech profile—innovation-led, high-risk, and highly dependent on scientific milestones and financing conditions rather than current financial performance.

NEWS

November 20, 2025 · 8:00 AM UTC

4DMT to Participate in 8th Annual Evercore Healthcare Conference

Read more

November 17, 2025 · 6:00 AM UTC

4DMT Appoints Kristian Humer as Chief Financial Officer

Read more

November 14, 2025 · 4:05 PM UTC

4DMT Announces New Employment Inducement Grants

Read more

November 10, 2025 · 8:00 AM UTC

4DMT Reports Third Quarter 2025 Financial Results, Operational Highlights and Expected Upcoming Milestones

Read more

November 6, 2025 · 4:05 PM UTC

4DMT to Participate in Jefferies 2025 London Healthcare Conference

Read more