4D Molecular Therapeutics, Inc. Earnings Per Share Disclosure
13. Net Loss Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Numerator |
|
|
|
|
|
|
||
Net loss |
|
$ |
(140,109 |
) |
|
$ |
(160,868 |
) |
Denominator |
|
|
|
|
|
|
||
Weighted-average shares outstanding used in |
|
|
57,930,180 |
|
|
|
53,943,741 |
|
Net loss per share, basic and diluted |
|
$ |
(2.42 |
) |
|
$ |
(2.98 |
) |
In February 2024, the Company issued and sold pre-funded warrants to purchase 3,583,476 shares of common stock at a nominal exercise price of $0.0001. In November and December 2024, the Company entered into Exchange Agreements with BVF and RA Capital to exchange 5,775,000 and 535,000 shares, respectively, of the Company’s common stock for pre-funded warrants to acquire the same respective
number of shares of the Company’s common stock. The pre-funded warrants have an exercise price of $0.0001 per underlying share of common stock. In November 2025, the Company issued and sold pre-funded warrants to purchase 1,128,949 shares of the Company’s common stock. The pre-funded warrants have an exercise price of $0.0001 per underlying share of common stock (see Note 12, Common Stock Warrants). The shares of common stock into which the Pre-funded Warrants may be exercised are considered outstanding for the purposes of computing earnings per share, because the shares may be issued for little or no consideration, they are fully vested and the Pre-funded Warrants are immediately exercisable upon their issuance date.
The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive:
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Options issued and outstanding |
|
|
9,412,808 |
|
|
|
9,337,000 |
|
Restricted stock units subject to future vesting |
|
|
744,770 |
|
|
|
361,997 |
|
2020 ESPP |
|
|
364,443 |
|
|
|
774,897 |
|
Common stock warrants |
|
|
30,000 |
|
|
|
53,669 |
|
Total |
|
|
10,552,021 |
|
|
|
10,527,563 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.