4D Molecular Therapeutics, Inc.

Listed Company

FDMTCIK 0001650648NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

$85.21M

Net Income

$-140.11M

Total Assets

$566.71M

Equity

$505.66M

Shares Out

57.61M

Op. Cash Flow

$-109.08M

Business

4D Molecular Therapeutics, Inc. develops targeted AAV-based genetic medicines using its Therapeutic Vector Evolution (TVE) platform to invent customized viral vectors. Its main products are clinical-stage gene therapy candidates—most notably 4D-150 (intravitreal anti‑VEGF/VEGF‑C dual-transgene retinal therapy using R100) and 4D-710 (aerosolized CFTR gene therapy using A101)—alongside several early-stage programs. The company operates two primary therapeutic areas: large-market ophthalmology and pulmonology, with integrated discovery, development and cGMP manufacturing capabilities. Products are delivered through routine ophthalmic intravitreal injections or aerosol nebulizers, advanced via clinical trials and strategic collaborations.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Collaboration and license revenue	85	37,000	21	3	18
Research and development (includes $1,322 and $1,005 for the years ended December 31, 2025 and 2024, respectively, attributable to related parties)	196	141	97	80	61
General and administrative	49	47	36	33	28
Total operating expenses	245	188	134	113	89
Loss from operations	−160	−188	−113	−110	−71
Interest income	19	27	12	3	137,000
Other expense, net	−37,000	−77,000	−181,000	−35,000	−121,000
Total other income, net	19	27	12	3	16,000
Net loss	−140	−161	−101	−107	−71
Net loss per share, basic	−2.42	−2.98	−2.58	−3.32	−2.57
Net loss per share, diluted	−2.42	−2.98	−2.58	−3.32	−2.57
Weighted-average shares outstanding used in computing net loss per share, basic	58	54	39	32	28
Weighted-average shares outstanding used in computing net loss per share, diluted	58	54	39	32	28

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	60	149	249	52	153
Marketable securities	342	276	39	161	95
Prepaid expenses and other current assets	10	10	8	7	8
Total current assets	413	435	297	221	256
Marketable securities, long-term	111	81	11	5	68
Property and equipment, net	15	20	20	22	14
Operating lease right-of-use assets, net	18	21	12	13	15
Other assets	9	4	684,000	1	602,000
Total assets	567	560	340	262	353
Accounts payable	11	4	4	3	5
Accrued and other current liabilities	27	19	12	9	8
Deferred revenue	360,000	257,000	273,000	884,000	3
Operating lease liabilities, current portion	6	6	3	3	1
Total current liabilities	44	29	19	16	16
Deferred revenue, net of current portion	745,000	1	972,000	1	2
Derivative liability	358,000	410,000	369,000	212,000	214,000
Operating lease liabilities, long-term portion	16	19	12	13	15
Other liabilities	138,000	193,000	248,000	21,000	120,000
Total liabilities	61	50	32	31	34
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.0001 par value, 300,000,000 shares authorized at December 31, 2025 and 2024; 57,607,874 and 45,793,942 shares issued and outstanding at December 31, 2025 and 2024, respectively	6,000	5,000	4,000	3,000	3,000
Additional paid-in-capital	1,221	1,087	723	547	527
Accumulated other comprehensive gain	727,000	229,000	16,000	−1	−423,000
Accumulated deficit	−716	−576	−415	−314	−207
Total stockholders' equity	506	511	308	231	319
Total liabilities and stockholders' equity	567	560	340	262	353

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−140	−161	−101	−107	−71
Stock-based compensation expense	22	26	20	17	14
Vesting of common stock warrants in return for services	0	66,000	88,000	87,000	87,000
Change in fair value of derivative liability	−52,000	41,000	157,000	−2,000	92,000
Depreciation and amortization	5	5	4	2	2
Amortization of right-of-use assets	3	2	2	1	1
Net accretion of discount on marketable securities	−5	−7	−1	1	719,000
Prepaid expenses and other current assets	−424,000	−2	−1	1	−4
Other assets	−5	−4	−70,000	−11,000	0
Accounts payable	7	871,000	896,000	−2	2
Accrued and other liabilities	8	7	3	2	689,000
Deferred revenue	−209,000	69,000	−715,000	−3	−15
Operating lease liabilities	−3	−2	−1	−324,000	−1
Net cash used in operating activities	−109	−135	−76	−87	−69
Purchase of marketable securities	−443	−468	−55	−153	−169
Maturities of marketable securities	350	169	173	148	5
Acquisition of property and equipment	−536,000	−4	−3	−12	−9
Net cash used in investing activities	−93	−302	116	−17	−173
Issuance of common stock upon exercise of stock options and vesting of RSUs	984,000	5	—	—	—
Issuance of common stock - 2020 ESPP	1	1	1	823,000	—
Issuance of common stock under stock purchase agreement	8	0	—	—	—
Net cash provided by financing activities	113	337	157	3	118
Net decrease in cash and cash equivalents	−89	−100	197	−101	−124
Unpaid stock issuance costs in accrued and other liabilities	307,000	0	—	—	—
Purchases of property and equipment in accounts payable and accrued and other liabilities	0	509,000	234,000	937,000	2
Right-of-use assets obtained in exchange for lease obligations	0	12	—	0	−478,000

Filings

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