4D Molecular Therapeutics Inc. FDMT
Net cash to net debt strategy: New market
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Business Model#
What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.
4D Molecular Therapeutics is a clinical-stage biotechnology company developing in vivo gene therapies using its proprietary ARCUS genome-editing platform, which is designed to enable precise, single-administration treatments. Its lead program, 4D-150, is an investigational gene therapy for wet age-related macular degeneration and diabetic macular edema currently advancing through Phase 3 clinical trials; additional pipeline programs address other ocular and pulmonary conditions. The company has no products approved for commercial sale and generates revenue solely from collaboration and license agreements, primarily cost-sharing and reimbursement arrangements with its partner Otsuka, while funding operations through equity and, as of June 2026, debt financing.
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Current Status#
Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.
4D Molecular Therapeutics reported collaboration and license revenue of $3.8 million for 2026-Q2, driven primarily by clinical trial cost sharing and reimbursement from Otsuka 31. The company recorded a net loss of $72.9 million, or $-1.04 per diluted share, as R&D expenses rose to $68.3 million from $48.0 million in Q2 2025 amid expanded Phase 3 clinical activity 31. In June 2026, the company entered into a loan and security agreement with Hercules Capital providing up to $200.0 million in term loans, with $20.0 million funded at closing 30. Enrollment was completed for the 4D-150 4FRONT-2 wet AMD Phase 3 study, and positive 2-year data from the PRISM Phase 2b trial were presented at the ASRS annual meeting 31.
Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-08-13):
„The second quarter of 2026 reflected continued strong execution across 4DMT, including completion of enrollment for 4FRONT-2, presenting positive long-term PRISM data and strengthening our financial flexibility through securing a strategic credit facility with Hercules. With topline data from both 4FRONT-1 and 4FRONT-2 in wet AMD expected in 2027, our DME Phase 3 expected to initiate in the third quarter and our Investor Day planned in October, we are well positioned to advance 4D-150 as a potential paradigm-changing backbone therapy for patients with wet AMD and DME.“ – David Kirn, M.D., Co-founder, President and Chief Executive Officer 31
Revenue · 2026-Q24$m
Net profit · 2026-Q2-73$m−33.3 % vs. 2025-Q2
EPS · 2026-Q2-1.04$−6.1 % vs. 2025-Q2
Revenue trend
Guidance
For 2027-H1, the company guides Cash and cash equivalents funding runway to $578 million (initiated). 14.
ProfitabilityOperating income was -$77.0 million in 2026-Q2, and net loss was $72.9 million, equating to $-1.04 per diluted share 31. Operating cash outflow was -$70.0 million for the quarter, reflecting the cash demands of running concurrent Phase 3 programs. The company has not generated product revenue, so the operating loss is wholly attributable to research, development, and general and administrative expenses 30.
LeverageThe company held $70.4 million in cash at quarter end, yielding a net cash position of $50.8 million (net debt of -$50.8 million). The Hercules Capital facility, with $20.0 million drawn at closing in June 2026 and up to $200.0 million available in aggregate term loans, provides additional liquidity headroom 30. Operating cash outflow of -$70.0 million in the quarter indicates the rate at which cash reserves are being consumed to fund clinical operations.
Management viewEnrollment was completed for the 4D-150 4FRONT-2 wet AMD Phase 3 study, with topline data expected in H2 2027, while 4FRONT-1 Phase 3 topline data are expected in Q2 2027 31. The company plans to initiate a 4D-150 Phase 3 study in diabetic macular edema in Q3 2026 31. An Investor Day is scheduled for October 21, 2026 in New York City 31.
ChangeNet loss widened from $54.7 million in Q2 2025 to $72.9 million in Q2 2026, with R&D expense growth from $48.0 million to $68.3 million as the primary driver 31. The company has not generated any product revenue to date and holds no products approved for commercial sale as of Q2 2026 30. All reported revenue for the period arose from clinical trial cost-sharing and reimbursement arrangements with collaboration partner Otsuka rather than from commercial product sales 31.
Risks (current)The Hercules loan agreement contains financial and operating covenants, including minimum cash requirements, that could restrict operations, and interest payments on the term loans will reduce funds otherwise available for clinical programs 30. Manufacturing gene therapies is complex, and production problems could delay development timelines or limit supply of investigational materials 30. RMAT and PRIME designations do not guarantee accelerated approval or regulatory success, and the FDA may rescind such designations or require costly post-marketing studies following any potential approval 30.
New this reporting periodIn June 2026, the company entered into a loan and security agreement with Hercules Capital providing up to $200.0 million in term loans, with $20.0 million funded at closing, representing the company's first debt financing arrangement 30. Enrollment was completed for the 4D-150 4FRONT-2 wet AMD Phase 3 clinical study during the quarter, a key execution milestone for the lead program 31. Positive 2-year data from the 4D-150 PRISM Phase 2b study were presented at the American Society of Retina Specialists annual meeting, highlighting a long-term continuous treatment effect and favorable safety profile 31.
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Price & Chart#
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Share-Price Drivers#
Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.
4D-150 (intravitreal gene therapy) Phase 3 program in wet AMD
4D-150 is the lead value driver, with both pivotal Phase 3 trials underway (4FRONT-1 initiated Q1 2025 26, 4FRONT-2 initiated Q3 2025 21) and primary-endpoint 52-week topline data guided for H2 2027 31; as a clinical-stage company essentially all revenue is collaboration/milestone income rather than product sales, so pivotal readout progress is the central catalyst 19
4D-150 is the lead value driver, with both pivotal Phase 3 trials underway (4FRONT-1 initiated Q1 2025 26, 4FRONT-2 initiated Q3 2025 21) and primary-endpoint 52-week topline data guided for H2 2027 31; as a clinical-stage company essentially all revenue is collaboration/milestone income rather than product sales, so pivotal readout progress is the central catalyst 19
4D-150 wet AMD Phase 3 pivotal program (4FRONT-1 / 4FRONT-2)
4FRONT-1 initiated Q1 2025 26 and 4FRONT-2 initiated Q3 2025 21, advancing the lead asset into two registrational trials with H2 2027 topline data planned 31
4FRONT-1 initiated Q1 2025 26 and 4FRONT-2 initiated Q3 2025 21, advancing the lead asset into two registrational trials with H2 2027 topline data planned 31
Otsuka Asia-Pacific partnership for 4D-150
Strategic collaboration with Otsuka Pharmaceutical for 4D-150 in Asia-Pacific struck Q4 2025 27, coinciding with the 2025-Q4 revenue step-up to 85.1 and a swing to positive operating income (14.7) from collaboration income
Strategic collaboration with Otsuka Pharmaceutical for 4D-150 in Asia-Pacific struck Q4 2025 27, coinciding with the 2025-Q4 revenue step-up to 85.1 and a swing to positive operating income (14.7) from collaboration income
4D-710 cystic fibrosis (AEROW trial)
AEROW interim data and program update guided for H2 2025 / Q4 2025 23 16, continuing the second core inhaled gene-therapy program
AEROW interim data and program update guided for H2 2025 / Q4 2025 23 16, continuing the second core inhaled gene-therapy program
4D-150 DME expansion (SPECTRA)
SPECTRA Phase 2 DME program with 52-week interim data updates planned 17 16, extending 4D-150 into a second retinal indication
SPECTRA Phase 2 DME program with 52-week interim data updates planned 17 16, extending 4D-150 into a second retinal indication
Cash runway and financing
Operating cash outflow near -70 per quarter (2026-Q2 ocf -70.0) with cash declining to 70.4 in 2026-Q2 from 133.5 in 2025-Q1, alongside prior equity offerings (2021, 2023, ATM) 3, keeps funding a recurring driver for a pre-revenue developer
Operating cash outflow near -70 per quarter (2026-Q2 ocf -70.0) with cash declining to 70.4 in 2026-Q2 from 133.5 in 2025-Q1, alongside prior equity offerings (2021, 2023, ATM) 3, keeps funding a recurring driver for a pre-revenue developer
Sector trend: Clinical-stage ophthalmic and pulmonary gene therapy remains pre-commercial: demand signals are proxied by trial enrollment and data readouts rather than product sales, with sustained large operating losses (2026-Q2 operating income -77.0) and reliance on collaboration income 27 and equity financing 3. Momentum is concentrated in advancing 4D-150 through Phase 3 toward H2 2027 topline data 31 19.
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Event Timeline#
This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.
Overview: one dot per event · click jumps to the period
2026 · 9 events
2026-Q2 · Apr – Jun 2026
„The second quarter of 2026 reflected continued strong execution across 4DMT, including completion of enrollment for 4FRONT-2, presenting positive long-term PRISM data and strengthening our financial flexibility through securing a strategic credit facility with Hercules. With topline data from both 4FRONT-1 and 4FRONT-2 in wet AMD expected in 2027, our DME Phase 3 expected to initiate in the third quarter and our Investor Day planned in October, we are well positioned to advance 4D-150 as a potential paradigm-changing backbone therapy for patients with wet AMD and DME.“ – David Kirn, M.D., Co-founder, President and Chief Executive Officer 31
Net cash to net debt 2026-08-13
Entered Hercules Capital loan and security agreement for up to $200M in term loans; $20M drawn at closing in June 2026 30
Entered Hercules Capital loan and security agreement for up to $200M in term loans; $20M drawn at closing in June 2026 30
New market 2026-08-13
4FRONT-2 wet AMD Phase 3 enrollment completed; topline data expected H2 2027 31
4FRONT-2 wet AMD Phase 3 enrollment completed; topline data expected H2 2027 31
New market 2026-08-13
Presented positive 2-year PRISM Phase 2b data for 4D-150 at ASRS, demonstrating long-term continuous treatment effect and favorable safety profile 31
Presented positive 2-year PRISM Phase 2b data for 4D-150 at ASRS, demonstrating long-term continuous treatment effect and favorable safety profile 31
2026-Q1 · Jan – Mar 2026
„We started 2026 with strong execution, completing enrollment in 4FRONT-1 ahead of schedule reflecting strong investigator and patient enthusiasm for 4D-150. For the remainder of the year, we look forward to completing 4FRONT-2 enrollment, initiating our global Phase 3 clinical trial in DME, and sharing 2-year data from PRISM and SPECTRA.“ – David Kirn, M.D., Co-founder, President and Chief Executive Officer 29
Net income turned negative 2026-05-07
Net loss widened to $68.8M in Q1 2026 from $48.0M in Q1 2025, driven by higher R&D spend on 4D-150 Phase 3 trials in wet AMD 29
Net loss widened to $68.8M in Q1 2026 from $48.0M in Q1 2025, driven by higher R&D spend on 4D-150 Phase 3 trials in wet AMD 29
Revenue accelerating ◦ 2026-05-07
Collaboration and license revenue rose to $3.0M in Q1 2026 from $0.014M in Q1 2025, primarily from Otsuka clinical trial cost sharing and reimbursement 29
Collaboration and license revenue rose to $3.0M in Q1 2026 from $0.014M in Q1 2025, primarily from Otsuka clinical trial cost sharing and reimbursement 29
New market 2026-05-07
4FRONT-1 Phase 3 enrollment completed ahead of schedule; 523 patients randomized by March 2026, with topline data expected H1 2027 29
4FRONT-1 Phase 3 enrollment completed ahead of schedule; 523 patients randomized by March 2026, with topline data expected H1 2027 29
earnings 2026-03-18
Net loss decreased to $140.1 million in FY2025 from $160.9 million in FY2024; Q4 net income was $19.4 million, reflecting Otsuka upfront revenue recognition offsetting ongoing R&D spend 26 27
Net loss decreased to $140.1 million in FY2025 from $160.9 million in FY2024; Q4 net income was $19.4 million, reflecting Otsuka upfront revenue recognition offsetting ongoing R&D spend 26 27
2025 · 12 events
2025-Q4 · Oct – Dec 2025
Operating income turned positive 2026-03-18
Operating income turned positive for the first time after 23 negative periods (-61.2 to +14.7 USDm). 26
Operating income turned positive for the first time after 23 negative periods (-61.2 to +14.7 USDm). 26
Net income turned positive 2026-03-18
Net income turned positive for the first time after 23 negative periods (-56.9 to +19.4 USDm). 26
Net income turned positive for the first time after 23 negative periods (-56.9 to +19.4 USDm). 26
EBITDA turned positive 2026-03-18
EBITDA turned positive for the first time after 23 negative periods (-59.9 to +15.9 USDm). 26
EBITDA turned positive for the first time after 23 negative periods (-59.9 to +15.9 USDm). 26
2025-Q3 · Jul – Sep 2025
„In the third quarter, we made meaningful progress building upon and validating our business strategy focusing on 4D-150 and 4D-710. Our recently announced partnership with Otsuka, new data on 4D-150 in wet age-related macular degeneration, equity investment from the Cystic Fibrosis Foundation for advancement of 4D-710 and strengthened balance sheet position us well, with cash runway into 2H 2028, beyond primary readout for our two ongoing 4D-150 4FRONT Phase 3 trials in wet AMD, and provides for indication expansion in diabetic macular edema.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 25
New market 2025-11-10
Entered collaboration and license agreement with Otsuka Pharmaceutical for exclusive rights to develop and commercialize 4D-150 in APAC region, receiving $85 million upfront with up to $336 million in potential regulatory and commercial milestones 25
Entered collaboration and license agreement with Otsuka Pharmaceutical for exclusive rights to develop and commercialize 4D-150 in APAC region, receiving $85 million upfront with up to $336 million in potential regulatory and commercial milestones 25
Strategic pivot 2025-11-10
Cystic Fibrosis Foundation committed up to $11 million equity investment to accelerate 4D-710 into Phase 2; 4FRONT-1 exceeded 200 patients randomized and remained on track to complete enrollment in Q1 2026 25
Cystic Fibrosis Foundation committed up to $11 million equity investment to accelerate 4D-710 into Phase 2; 4FRONT-1 exceeded 200 patients randomized and remained on track to complete enrollment in Q1 2026 25
2025-Q2 · Apr – Jun 2025
„During the past quarter, we advanced our 4D-150 program and streamlined operations to focus on late-stage execution. Rapid enrollment in 4FRONT-1 has enabled us to accelerate the topline data expectation to the first half of 2027, and we initiated 4FRONT-2 ahead of schedule. These updates reflect strong team execution and continued enthusiasm from investigators and patients for 4D-150 as a potential genetic medicine backbone therapy in wet AMD. We also aligned our organization around key priorities for 4D-150 in wet AMD: completing Phase 3, filing a BLA, and preparing for potential commercialization. In parallel, we reported positive 60-week data from the SPECTRA trial in DME, which continues to support favorable tolerability, sustained durability, and meaningful treatment burden reduction. We are pleased to now be aligned with both FDA and European Medicines Agency (EMA) that a single successful Phase 3 study could support approval in the U.S. and Europe.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 23
Strategic pivot 2025-08-11
4FRONT-2 Phase 3 wet AMD trial initiated in June 2025 ahead of schedule; 4FRONT-1 topline data readout accelerated to H1 2027 due to enrollment pace exceeding projections 23
4FRONT-2 Phase 3 wet AMD trial initiated in June 2025 ahead of schedule; 4FRONT-1 topline data readout accelerated to H1 2027 due to enrollment pace exceeding projections 23
Strategic pivot 2025-08-11
Workforce reduction of approximately 25% announced, primarily affecting early-stage research and support functions, to concentrate resources on late-stage execution 23
Workforce reduction of approximately 25% announced, primarily affecting early-stage research and support functions, to concentrate resources on late-stage execution 23
2025-Q1 · Jan – Mar 2025
„We look forward to sharing data and programmatic updates in H2 2025 for both our 4D-150 program in wet AMD and DME and our 4D-710 program in cystic fibrosis lung disease.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 21
„2024 was a landmark year for 4DMT, driven by groundbreaking clinical advancements toward Phase 3 trials that position us for even greater success in 2025 and beyond. The data from the PRISM and SPECTRA clinical trials have highlighted 4D-150's potential to become the first backbone therapy for retinal vascular diseases by providing patients and physicians with long-lasting and continuous disease control, plus freedom from frequent bolus injections. 4D-150's target product profile is designed to allow for seamless adoption into retina clinic practices and for pricing flexibility augmented by our low cost of goods. With the imminent start of our Phase 3 studies for 4D-150 in wet AMD, our team, investigators and clinical sites are energized to rapidly recruit patients to deliver topline results in the second half of 2027. We believe rapid enrollment in 4D-150 Phase 3 studies that mirror enrollment rates seen in our Phase 1/2 studies would validate the potential for future widespread adoption of 4D-150 in retina clinics, strengthening our path toward transforming the retinal vascular disease treatment paradigm.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 19
Strategic pivot 2025-05-08
Pipeline refocused on 4D-150 and 4D-710: 4D-110 and 4D-125 terminated, 4D-175, 4D-725, and 4D-310 paused; first patients enrolled in 4FRONT-1 Phase 3 wet AMD trial across over 50 sites 21
Pipeline refocused on 4D-150 and 4D-710: 4D-110 and 4D-125 terminated, 4D-175, 4D-725, and 4D-310 paused; first patients enrolled in 4FRONT-1 Phase 3 wet AMD trial across over 50 sites 21
Strategic pivot 2025-05-08
FDA granted RMAT designation for 4D-150 in DME, adding to existing RMAT designation for wet AMD and EMA PRIME designation for wet AMD 21
FDA granted RMAT designation for 4D-150 in DME, adding to existing RMAT designation for wet AMD and EMA PRIME designation for wet AMD 21
earnings 2025-02-28
FY2024 net loss $160.9M vs. $100.8M in 2023; R&D expenses up 46% to $141.3M on expanded 4D-150 clinical trial activity; accumulated deficit reached $576.2M (18, 19)
FY2024 net loss $160.9M vs. $100.8M in 2023; R&D expenses up 46% to $141.3M on expanded 4D-150 clinical trial activity; accumulated deficit reached $576.2M (18, 19)
Guidance initiated 2025-02-28
4FRONT Phase 3 program announced: two multicenter, randomized, double-masked studies; 4FRONT-1 initiation March 2025, 4FRONT-2 in Q3 2025; 52-week topline data expected H2 2027 (18, 19)
4FRONT Phase 3 program announced: two multicenter, randomized, double-masked studies; 4FRONT-1 initiation March 2025, 4FRONT-2 in Q3 2025; 52-week topline data expected H2 2027 (18, 19)
Strategic pivot 2025-02-28
January 2025 pipeline prioritization: development focused on 4D-150 and 4D-710; investment paused in 4D-175, 4D-725, and 4D-310; 4D-110 and 4D-125 terminated (19)
January 2025 pipeline prioritization: development focused on 4D-150 and 4D-710; investment paused in 4D-175, 4D-725, and 4D-310; 4D-110 and 4D-125 terminated (19)
2024 · 11 events
2024-Q4 · Oct – Dec 2024
Guidance initiated 2025-01-10
FDA alignment achieved: single Phase 3 trial acceptable as BLA submission basis for 4D-150 in DME, based on interim SPECTRA and PRISM data review (17)
FDA alignment achieved: single Phase 3 trial acceptable as BLA submission basis for 4D-150 in DME, based on interim SPECTRA and PRISM data review (17)
New market 2025-01-10
4D-150 SPECTRA 3E10 vg/eye dose: sustained BCVA gain of +8.4 letters and CST reduction of -194 µm at 32 weeks in DME; 86% injection burden reduction vs. projected on-label aflibercept 2mg Q8W; selected as Phase 3 dose (17)
4D-150 SPECTRA 3E10 vg/eye dose: sustained BCVA gain of +8.4 letters and CST reduction of -194 µm at 32 weeks in DME; 86% injection burden reduction vs. projected on-label aflibercept 2mg Q8W; selected as Phase 3 dose (17)
2024-Q3 · Jul – Sep 2024
„Throughout 2024, 4DMT has generated compelling Phase 1/2 data and executed on Phase 3 preparations for 4D-150 in wet AMD in support of our mission to bring transformative genetic medicines to patients globally. We have built an experienced clinical and commercial team to execute this mission, including with the upcoming initiation of the 4FRONT Phase 3 program expected in Q1 2025. In September, we hosted our 4D-150 Wet AMD Development Day, where we presented positive interim data demonstrating the impressive tolerability and clinical activity of 4D-150 and showcased its potential across multiple populations, from the most severe to recently diagnosed patients. The strong data and enthusiastic feedback from our advisors, clinical trial investigators, the retina physician community and the FDA support pivotal development of 4D-150 in the treatment naïve wet AMD population. We believe that these clinical data and this trial design will enable rapid enrollment and achieve positive topline data in the 4FRONT Phase 3 studies.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 16
earnings 2024-11-13
Net loss widened to $43.8M from $10.3M in Q3 2023; R&D expenses up 54% to $38.5M driven by 4D-150 clinical trial activity and higher headcount (15, 16)
Net loss widened to $43.8M from $10.3M in Q3 2023; R&D expenses up 54% to $38.5M driven by 4D-150 clinical trial activity and higher headcount (15, 16)
Revenue decelerating 2024-11-13
Collaboration and license revenue fell from $20.2M in Q3 2023 to $3 thousand in Q3 2024; decline driven entirely by prior-year AGT $20.0M upfront fee base effect recognized in 2023, not by operational change (15)
Collaboration and license revenue fell from $20.2M in Q3 2023 to $3 thousand in Q3 2024; decline driven entirely by prior-year AGT $20.0M upfront fee base effect recognized in 2023, not by operational change (15)
New market 2024-11-13
Positive 52-week interim 4D-150 PRISM data: 83% injection burden reduction in severe wet AMD population; IOI profile numerically similar to approved agents; 4FRONT Phase 3 initiation expected Q1 2025 (16)
Positive 52-week interim 4D-150 PRISM data: 83% injection burden reduction in severe wet AMD population; IOI profile numerically similar to approved agents; 4FRONT Phase 3 initiation expected Q1 2025 (16)
2024-Q2 · Apr – Jun 2024
„4DMT continues to drive strong progress and execution toward our goal of becoming a leading late-stage genetic medicines company. We are excited to bolster our senior leadership team with clinical and commercial experts and honored to welcome world-renowned retinal disease experts to our Ophthalmology Advisory Board, which will support our strategy to be a leader in large market ophthalmology indications. At our inaugural 4D-150 Development Day in September 2024, we plan to report on the durability of 4D-150 by presenting the longest available follow-up data from the Phase 2 PRISM study in wet AMD patients who have been followed through up to 2.5 years and discuss the final wet AMD Phase 3 clinical trial design.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 14
New market 2024-08-08
Positive interim PRISM Phase 2 Population Extension results for 4D-150 in wet AMD: 89% annualized injection rate reduction in 30 patients at planned Phase 3 dose, 77% injection-free (14)
Positive interim PRISM Phase 2 Population Extension results for 4D-150 in wet AMD: 89% annualized injection rate reduction in 30 patients at planned Phase 3 dose, 77% injection-free (14)
Strategic pivot 2024-08-08
FDA removed clinical hold on Phase 1/2 INGLAXA trial for 4D-310 in Fabry disease cardiomyopathy; enrollment expected to resume in H2 2024 (13)
FDA removed clinical hold on Phase 1/2 INGLAXA trial for 4D-310 in Fabry disease cardiomyopathy; enrollment expected to resume in H2 2024 (13)
New market 2024-08-08
4D-175 received FDA clearance of IND application for Geographic Atrophy indication (14)
4D-175 received FDA clearance of IND application for Geographic Atrophy indication (14)
2024-Q1 · Jan – Mar 2024
„The first quarter of 2024 kicks off another transformative year for 4DMT with exceptional progress across our product pipeline and platform in multiple therapeutic areas, particularly our lead program 4D-150 in large market VEGF-driven retinal diseases. With robust clinical activity from 4D-150 demonstrated in our initial interim 24-week results from the Phase 2 PRISM Dose Expansion cohort in the severe disease activity wet AMD patient population, we set the stage for additional important data readouts in 2024, including 24-week results from the Phase 2 PRISM Population Extension cohort in the broader wet AMD patient population expected to be announced at ASRS in July and 24-week results from the Phase 2 SPECTRA Dose Confirmation cohort in DME expected to be announced in the fourth quarter. We believe the emerging profile of 4D-150 shows its potential to be the best-in-class, long-acting genetic medicine for broad market use in VEGF-driven retinal diseases, and we look forward to completing alignment with the FDA and EMA to rapidly advance 4D-150 into its first pivotal trial for global development. Building on the success of intravitreal R100, we are also encouraged by the preclinical results from 4D-175 that we shared today at the 2024 Association for Research in Vision and Ophthalmology (ARVO) Annual Scientific Meeting and are looking forward to bringing the program into the clinic for treatment of geographic atrophy in the second half of the year, demonstrating the power of our modular vectors and product engine. In addition, we continue to advance towards important milestones for 4D-710 for cystic fibrosis, 4D-725 for A1AT deficiency and 4D-310 for Fabry disease cardiomyopathy. Our successful financing puts us in a strong position to execute on all our corporate objectives, with expected cash runway into the first half of 2027.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 12
earnings 2024-05-09
Net loss deepened to $32.4M from $28.7M in Q1 2023; R&D expenses up 24% to $27.9M driven by 4D-150 clinical trial costs and increased headcount (12)
Net loss deepened to $32.4M from $28.7M in Q1 2023; R&D expenses up 24% to $27.9M driven by 4D-150 clinical trial costs and increased headcount (12)
Net debt to net cash 2024-05-09
February 2024 public offering completed: approximately $316M net proceeds raised; cash expected to fund operations into H1 2027 (12)
February 2024 public offering completed: approximately $316M net proceeds raised; cash expected to fund operations into H1 2027 (12)
New market 2024-05-09
Positive interim PRISM Phase 2 Dose Expansion data for 4D-150 in wet AMD enabled Phase 3 advancement planned by Q1 2025; 89% injection burden reduction and 63% injection-free at 24 weeks in high-dose cohort (12)
Positive interim PRISM Phase 2 Dose Expansion data for 4D-150 in wet AMD enabled Phase 3 advancement planned by Q1 2025; 89% injection burden reduction and 63% injection-free at 24 weeks in high-dose cohort (12)
2023 · 11 events
2023-Q4 · Oct – Dec 2023
„2023 was a transformative year for 4DMT with incredible progress across our product pipeline and platform in multiple therapeutic areas, especially for our lead program 4D-150 in wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). Robust enrollment ahead of schedule across multiple cohorts in the PRISM clinical trial of patients with wet AMD and the SPECTRA clinical trial of patients with DME have set the stage for multiple important data readouts in 2024, starting with our recent positive interim data at Angiogenesis, Exudation, and Degeneration 2024 Conference in the hardest-to-treat wet AMD patients. As of the most recent data update, 110 patients have been dosed with 4D-150 with no clinically significant inflammation, which continues to build on the emerging profile of 4D-150 as a potentially best-in-class long-acting genetic medicine with the opportunity for broad market adoption. We look forward to further updates in the broad wet AMD population and DME patients in the second half of 2024, setting the stage for our first Phase 3 clinical trial in wet AMD currently expected to initiate in the first quarter of 2025. We also look forward to providing updates on other key programs beyond 4D-150 in 2024, including 4D-175 for geographic atrophy, 4D-710 for cystic fibrosis and 4D-310 for Fabry disease cardiomyopathy. Our recent financing and resulting cash position allows us to execute on our vision of becoming a fully integrated, next-generation genetic medicines company.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 10
Acquisition 2024-02-29
Co-development and co-commercialization agreement with Arbor Biotechnologies executed December 2023 for up to six CNS-targeting AAV-delivered CRISPR/Cas product candidates on a 50-50 cost-and-profit-sharing basis (9)
Co-development and co-commercialization agreement with Arbor Biotechnologies executed December 2023 for up to six CNS-targeting AAV-delivered CRISPR/Cas product candidates on a 50-50 cost-and-profit-sharing basis (9)
Strategic pivot 2024-02-29
Phase 2 PRISM randomized Dose Expansion interim data for 4D-150 in wet AMD with severe disease activity supported Phase 3 pivotal development expected Q1 2025; RMAT designation received enabling increased FDA collaboration on regulatory planning (10)
Phase 2 PRISM randomized Dose Expansion interim data for 4D-150 in wet AMD with severe disease activity supported Phase 3 pivotal development expected Q1 2025; RMAT designation received enabling increased FDA collaboration on regulatory planning (10)
2023-Q3 · Jul – Sep 2023
„The third quarter of 2023 was another period of tremendous progress across our large market product candidate portfolio. In our ophthalmology portfolio, the European Medicines Agency has awarded PRIME designation to intravitreal 4D-150 which validates the promising clinical data to date in wet AMD patients. We also enrolled the first patient in the Population Extension cohort to the PRISM clinical trial to include the broader wet AMD patient population with lower anti-VEGF need. In our pulmonology portfolio, we presented positive interim clinical and lung biopsy biomarker data for 4D-710 in the Phase 1/2 AEROW clinical trial for the treatment of cystic fibrosis lung disease, and we selected a dose to move forward into Phase 2. We remain highly focused in executing our corporate objectives and look forward to sharing multiple key clinical and regulatory milestones over the next few months.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 8
Revenue accelerating 2023-11-09
Collaboration and license revenue increased to $20.2M in Q3 2023 from $0.5M in Q3 2022, driven by the one-time $20.0M Astellas upfront payment (8)
Collaboration and license revenue increased to $20.2M in Q3 2023 from $0.5M in Q3 2022, driven by the one-time $20.0M Astellas upfront payment (8)
Divestiture 2023-11-09
Licensing agreement with Astellas Gene Therapies for intravitreal R100 vector: $20.0M upfront payment and potential future milestone payments up to $942.5M (7)
Licensing agreement with Astellas Gene Therapies for intravitreal R100 vector: $20.0M upfront payment and potential future milestone payments up to $942.5M (7)
Strategic pivot 2023-11-09
EMA granted PRIME designation for 4D-150 in wet AMD; FDA alignment reached on plan to address clinical hold on 4D-310 for Fabry disease cardiomyopathy via protocol amendments and immunosuppressive regimen (8)
EMA granted PRIME designation for 4D-150 in wet AMD; FDA alignment reached on plan to address clinical hold on 4D-310 for Fabry disease cardiomyopathy via protocol amendments and immunosuppressive regimen (8)
2023-Q2 · Apr – Jun 2023
„We are excited by the significant progress we have made across our large market product candidate portfolio in the second quarter. In ophthalmology, we presented positive interim clinical data from the Dose Exploration stage of our Phase 1/2 PRISM clinical trial of 4D-150, which demonstrated excellent tolerability, clinical activity and initial long term durability in high anti-VEGF need patients that we believe support an emerging best-in-class profile. In pulmonology, we presented positive interim clinical data from cohort 1 from the 4D-710 Phase 1/2 AEROW clinical trial for the treatment of cystic fibrosis lung disease, demonstrating widespread and high-level CFTR transgene expression and initial clinical activity in a population who otherwise have no disease-modifying treatment options. Lastly, we continue to execute on business development, including the collaboration with Astellas in July, demonstrating the value of our clinically de-risked customized and evolved vectors for delivery of genetic medicine payloads. Our focus remains on relentlessly executing on our corporate objectives and look forward to sharing multiple key clinical and regulatory milestones over the next 12 months. Our strong cash position and capital-efficient operations continue to provide the foundation for long-term value creation.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 6
Net debt to net cash 2023-08-09
May 2023 public offering closed: 8,625,000 shares at $16.00 per share, net proceeds approximately $129M; cash and marketable securities increased to $310M at June 30, 2023 (5, 6)
May 2023 public offering closed: 8,625,000 shares at $16.00 per share, net proceeds approximately $129M; cash and marketable securities increased to $310M at June 30, 2023 (5, 6)
Acquisition 2023-08-09
Acquired worldwide rights to short-form complement factor H (sCFH) from Aevitas Therapeutics in April 2023, designated as payload for 4D-175 geographic atrophy candidate (6)
Acquired worldwide rights to short-form complement factor H (sCFH) from Aevitas Therapeutics in April 2023, designated as payload for 4D-175 geographic atrophy candidate (6)
Strategic pivot 2023-08-09
Positive Phase 1/2 AEROW interim data for 4D-710 in cystic fibrosis lung disease: widespread CFTR transgene protein expression demonstrated in lung biopsy biomarkers, no post-dosing adverse events (5)
Positive Phase 1/2 AEROW interim data for 4D-710 in cystic fibrosis lung disease: widespread CFTR transgene protein expression demonstrated in lung biopsy biomarkers, no post-dosing adverse events (5)
2023-Q1 · Jan – Mar 2023
„We are pleased with the progress of our large market ophthalmology portfolio this year. In April at ARVO, we released positive interim clinical data on all three dose cohorts in the Dose Exploration stage of our Phase 1/2 PRISM clinical trial of 4D-150 for the treatment of wet AMD. We observed excellent tolerability and clinical activity in these high anti-VEGF need patients that we believe support a differentiated profile. We are excited to see faster than expected enrollment of the Phase 2 Dose Expansion stage of the PRISM trial and believe this highlights the belief by investigators that 4D-150 has potential to be a transformative treatment for patients with wet AMD. We also announced the acquisition of the rights and know-how for sCFH from Aevitas for use in our preclinical product candidate 4D-175 for treatment of GA. We believe we have the opportunity to build a franchise in large market ophthalmology with 4D-150 for the treatment of wet AMD and diabetic macular edema (DME) and 4D-175 in for GA, each using our retinotropic vector R100. Our capital-efficient operations and strong cash position are expected to support operations into the first half of 2026.“ – David Kirn, M.D., Co-founder and Chief Executive Officer 4
earnings 2023-05-11
Net loss widened to $28.7M from $26.3M in Q1 2022 as R&D expenses rose 16% to $22.4M on higher headcount and clinical trial costs (3)
Net loss widened to $28.7M from $26.3M in Q1 2022 as R&D expenses rose 16% to $22.4M on higher headcount and clinical trial costs (3)
Strategic pivot 2023-05-11
Positive Phase 1/2 PRISM interim data for 4D-150 in wet AMD: all three dose cohorts well-tolerated; 100% of Phase 2 BCVA-eligible patients at highest dose injection-free at 36 weeks (4)
Positive Phase 1/2 PRISM interim data for 4D-150 in wet AMD: all three dose cohorts well-tolerated; 100% of Phase 2 BCVA-eligible patients at highest dose injection-free at 36 weeks (4)
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Key Figures ($m)#
The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Revenue ($m) · annual basis, as reported
Net income ($m) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($m) · annual basis, as reported
Revenue ($m) · quarterly basis, as reported
Net income ($m) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($m) · quarterly basis, as reported
Cash ($m) · annual basis, as reported
Capex ($m) · annual basis, as reported
FCF ($m) · annual basis, as reported
D&A ($m) · annual basis, as reported
Cash ($m) · quarterly basis, as reported
Capex ($m) · quarterly basis, as reported
FCF ($m) · quarterly basis, as reported
D&A ($m) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2020 is on record.
Fiscal years
Amounts in $m · EPS in $ per share · as reported
| Period | Revenue | Op. income | Net income | EPS ($) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | 85.2 | -159.5 | -140.1 | -2.42 | -109.1 | 26 |
| FY2024 | 0 | -187.8 | -160.9 | -2.98 | -134.6 | 18 |
| FY2023 | 20.7 | -112.9 | -100.8 | -2.58 | -75.8 | 9 |
Quarters
Amounts in $m · EPS in $ per share · as reported
| Period | Published | Revenue | Op. income | Net income | EPS ($) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-13 | 3.8 | -77 | -72.9 | -1.04 | – | 70.4 | -50.8 | 30 |
| 2026-Q1* | 2026-05-07 | 3 | -73.6 | -68.8 | -1.01 | – | 72.5 | – | 28 |
| 2025-Q4* | 2026-03-18 | 85.1 | 14.7 | 19.4 | 0.34* | – | 60.2 | -60.2 | 26 |
| 2025-Q3* | 2025-11-10 | 0.1 | -61.2 | -56.9 | -1.01 | – | 48.6 | – | 24 |
| 2025-Q2* | 2025-08-11 | 0 | -59.5 | -54.7 | -0.98 | -43.4 | 77.2 | – | 22 |
| 2025-Q1* | 2025-05-08 | 0 | -53.6 | -48 | -0.86 | -48.4 | 133.5 | – | 20 |
| 2024-Q4* | 2025-02-28 | 0 | -56.1 | -49.7 | -0.92* | -46.8 | 149.3 | – | 18 |
| 2024-Q3* | 2024-11-13 | 0 | -51.1 | -43.8 | -0.79 | -31.2 | 187.5 | – | 15 |
| 2024-Q2* | 2024-08-08 | 0 | -42.5 | -35 | -0.63 | -30.6 | 189.1 | – | 13 |
| 2024-Q1* | 2024-05-09 | 0 | -38.1 | -32.4 | -0.66 | -29.8 | 275.6 | – | 11 |
| 2023-Q4* | 2024-02-29 | – | -36.7 | -32.3 | -0.83* | -25.2 | 249.1 | – | 9 |
| 2023-Q3* | 2023-11-09 | 20.2 | -14 | -10.3 | -0.24 | -1.6 | 275.7 | – | 7 |
| 2023-Q2* | 2023-08-09 | 0.2 | -32.1 | -29.6 | -0.77 | -22.9 | 236.3 | – | 5 |
| 2023-Q1* | 2023-05-11 | 0.3 | -30.1 | -28.7 | -0.88 | -28.9 | 78.6 | – | 3 |
* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.
Columns not reported in this reporting cadence are hidden: Op. income (adj.), EBITDA (adj.), EPS adj., Net Debt/EBITDA (not reported in any source for these periods).
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Balance Sheet & Cash Flow ($m)#
Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.
Fiscal years
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-03-18 | 60.2 | 0 | -60.2 | 4.7 | -109.1 | 0.5 | -109.6 | 26 |
| FY2024 | 2025-02-28 | 149.3 | – | – | 4.7 | -134.6 | 3.8 | -138.4 | 18 |
| FY2023 | 2024-02-29 | 249.1 | – | – | 4.2 | -75.8 | 2.8 | -78.6 | 9 |
Quarters
Amounts in $m · as reported
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-13 | 70.4 | 19.6 | -50.8 | 1.3 | -70 | – | – | 30 |
| 2026-Q1 | 2026-05-07 | 72.5 | – | – | 1.3 | -68.1 | – | – | 28 |
| 2025-Q4 | 2026-03-18 | 60.2 | 0 | -60.2 | 1.2 | 28.6 | – | – | 26 |
| 2025-Q3 | 2025-11-10 | 48.6 | – | – | 1.3 | -46.5 | – | – | 24 |
| 2025-Q2 | 2025-08-11 | 77.2 | – | – | 1.2 | -43.4 | 0.1 | -43.4 | 22 |
| 2025-Q1 | 2025-05-08 | 133.5 | – | – | 1.1 | -47.8 | 0.6 | -48.4 | 20 |
| 2024-Q4 | 2025-02-28 | 149.3 | – | – | 1.1 | -45.9 | 0.9 | -46.8 | 18 |
| 2024-Q3 | 2024-11-13 | 187.5 | – | – | 1.2 | -29.4 | 1.8 | -31.2 | 15 |
| 2024-Q2 | 2024-08-08 | 189.1 | – | – | 1.2 | -30.2 | 0.3 | -30.6 | 13 |
| 2024-Q1 | 2024-05-09 | 275.6 | – | – | 1.2 | -29.1 | 0.7 | -29.8 | 11 |
| 2023-Q4 | 2024-02-29 | 249.1 | – | – | 1.1 | -24.6 | 0.5 | -25.2 | 9 |
| 2023-Q3 | 2023-11-09 | 275.7 | – | – | 1 | -1.2 | 0.4 | -1.6 | 7 |
| 2023-Q2 | 2023-08-09 | 236.3 | – | – | 1.1 | -22.1 | 0.8 | -22.9 | 5 |
| 2023-Q1 | 2023-05-11 | 78.6 | – | – | 1 | -27.9 | 1 | -28.9 | 3 |
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.
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Products & M&A (42/111 active+recent)#
Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.
| Product/Line | Since | Status | Source |
|---|---|---|---|
| Primary endpoint 52-week topline data from 4FRONT-2 (2x) | 2027-12 | Launched | 19 |
| 4FRONT-2 Phase 3 topline data (4x) | 2027-12 | Launched | 31 |
| SPECTRA DME trial 2-year data (2x) | 2026-12 | Launched | 29 |
| Investor Day | 2026-10 | Launched | 31 |
| PRISM Phase 2b 2-year data presentation | 2026-09 | Launched | 29 |
| 4D-150 Phase 3 DME trial initiation | 2026-09 | Launched | 26 |
| 4D-150 Global Phase 3 trial in DME initiation | 2026-09 | Launched | 29 |
| 4D-150 DME Phase 3 initiation | 2026-09 | Launched | 31 |
| 4FRONT-1 Phase 3 enrollment (4x) | 2026-02 | Launched | 29 |
| PRISM 2-year and 18-month data | 2025-12 | Launched | 23 |
| Equity offering completed | 2025-12 | Launched | 25 |
| 4D-710 for CF Lung Disease Phase 3 initiation | 2025-12 | Launched | 14 |
| 4D-710 Phase 3 pivotal trial initiation | 2025-12 | Launched | 12 |
| 2-year data from Phase 1/2a PRISM cohorts (2x) | 2025-12 | Launched | 19 |
| CFF investment in common stock | 2025-10 | Launched | 26 |
| 52-week interim data update from SPECTRA Part 1 | 2025-09 | Launched | 19 |
| 4FRONT-2 Phase 3 trial (4D-150 in wet AMD) initiation | 2025-09 | Launched | 21 |
| 4FRONT-2 Phase 3 clinical trial initiation | 2025-09 | Launched | 19 |
| 4D-150 in diabetic macular edema Phase 3 clinical trial | 2025-09 | Launched | 25 |
| 4FRONT-2 Phase 3 trial of 4D-150 in wet AMD | 2025-06 | Launched | 26 |
| 4FRONT-1 Phase 3 trial (4D-150 in wet AMD) | 2025-03 | Launched | 26 |
| 4FRONT-1 Phase 3 clinical trial initiation | 2025-03 | Launched | 19 |
| 4D-150 for wet AMD Phase 3 clinical trial initiation | 2025-03 | Launched | 14 |
| 4D-150 RMAT designation for wet AMD and DME | 2025-03 | Launched | 20 |
| 4D-150 Phase 3 pivotal trial for wet AMD | 2025-03 | Launched | 10 |
| 4D-150 Phase 3 clinical trial initiation | 2025-03 | Launched | 12 |
| 52-week interim data from Phase 2b cohort of PRISM clinical trial for 4D-150 wet AMD | 2025-02 | Launched | 16 |
| Wet AMD Phase 3 studies | 2025 | Launched | 30 |
| Second Phase 3 study for 4D-150 | 2025 | Launched | 22 |
| SPECTRA 52-week interim data presentation at scientific conference | 2025 | Launched | 17 |
| Phase 3 study of 4D-150 3E10 vg/eye versus aflibercept | 2025 | Launched | 22 |
| Phase 3 studies for 4D-150 3E10 vs aflibercept | 2025 | Launched | 18 |
| Equity investment from Cystic Fibrosis Foundation (up to $11 million in two tranches) | 2025 | Launched | 25 |
| 4D-710 for cystic fibrosis Phase 1 redosing and Phase 2 cohort in AEROW trial | 2025 | Launched | 25 |
| 4D-710 Phase 2 program update (8x) | 2025 | Launched | 16 |
| 4D-150 wet AMD Phase 3 studies | 2025 | Launched | 26 |
| 4D-150 Phase 3 trial design for DME | 2025 | Launched | 27 |
| 4D-150 DME global Phase 3 trial initiation | 2025 | Launched | 27 |
| 4D-725 for alpha-1 antitrypsin deficiency (5x) | 2023-09 | Launched | 16 |
| 4D-150 (wet AMD and DME) | 2022-01 | Stable | 24 |
| 4D-125 for X-linked retinitis pigmentosa (4x) | 2023-09 | Discontinued (2025-03) | 16 |
| 4D-110 (3x) | 2023-06 | Discontinued (2025-03) | 16 |
| 4D-150 PRIME designation in EU for wet AMD | 2025-03 | Launched | 20 |
| 4D-175 Phase 1 initiation | 2024-12 | Launched | 12 |
| 4D-150 planned global Phase 3 program for wet AMD | 2024-12 | Planned | 17 |
| 4D-150 for DME SPECTRA Phase 2 Part 1 interim data | 2024-12 | Launched | 14 |
| 4D-150 Phase 3 clinical trial initiation in DME | 2024-12 | Launched | 17 |
| PRISM Phase 1/2 interim data presentation | 2024-09 | Launched | 14 |
| 4D-725 | 2024-09 | Launched | 15 |
| 4D-710 | 2024-09 | Launched | 15 |
| 4D-310 | 2024-09 | Launched | 15 |
| 4D-175 | 2024-09 | Launched | 15 |
| 4D-150 Development Day virtual webcast | 2024-09 | Launched | 14 |
| 4D-150 (2x) | 2024-09 | Launched | 18 |
| 4D-125 | 2024-09 | Launched | 15 |
| Phase 1/2 INGLAXA clinical trial for 4D-310 | 2024-07 | Launched | 15 |
| 4D-310 clinical hold removal | 2024-07 | Launched | 13 |
| 4D-310 interim clinical data with 12-month minimum follow-up | 2024-06 | Launched | 6 |
| 4D-310 FDA submission of preclinical non-human primate data | 2024-06 | Launched | 8 |
| 4D-150 wet AMD Phase 2 interim data release | 2024-06 | Launched | 4 |
| 4D-150 Phase 2 dose exploration interim data presentation | 2024-06 | Launched | 5 |
| 4D-150 Phase 2 Dose Expansion interim data | 2024-06 | Launched | 6 |
| 4D-150 DME Phase 2 interim data release | 2024-06 | Launched | 4 |
| FDA feedback on 4D-150 Phase 3 pivotal trial plans for wet AMD | 2024-03 | Launched | 8 |
| 4D-710 FDA feedback on development plan for cystic fibrosis monotherapy and CF modulator combination regimens | 2024-03 | Launched | 8 |
| 4D-310 interim data update with 12-18 months follow-up for all 6 dosed patients and additional biopsy data for Fabry disease cardiomyopathy | 2024-03 | Launched | 8 |
| 4D-150 Phase 3 pivotal trial plans update | 2024-03 | Launched | 6 |
| Public follow-on offering | 2024-02 | Launched | 12 |
| 4D-310 INGLAXA interim data presented at WORLD Symposium | 2024-02 | Launched | 9 |
| 4D-150 SPECTRA Phase 2 for DME Dose Confirmation enrollment completed | 2024-02 | Launched | 9 |
| 4D-150 Phase 2 Dose Expansion positive interim data | 2024-02 | Launched | 9 |
| RMAT designation for 4D-150 (wet AMD) | 2024 | Launched | 18 |
| 4D-725 program update for AATLD | 2024 | Launched | 8 |
| 4D-710 Phase 1 interim data update for cystic fibrosis | 2024 | Launched | 8 |
| 4D-150 for DME Phase 2 initial interim data | 2024 | Launched | 6 |
| 4D-150 SPECTRA Phase 2 Dose Confirmation stage initial interim data for DME | 2024 | Launched | 8 |
| 4D-150 Population Extension cohort interim data update for wet AMD | 2024 | Launched | 8 |
| 4D-150 Phase 3 clinical trial | 2024 | Launched | 13 |
| 4D-150 Phase 2 Dose Expansion interim data update for wet AMD | 2024 | Launched | 8 |
| 4D-710 Phase 2 dose expansion initiation (2x) | 2023-12 | Launched | 6 |
| 4D-710 FDA discussion on pivotal endpoints (2x) | 2023-12 | Launched | 6 |
| 4D-175 GA program update | 2023-12 | Launched | 6 |
| 4D-710 Phase 1/2 Dose Exploration interim data (cohorts 1 & 2) | 2023-11 | Launched | 6 |
| 4D-710 Phase 1 dose exploration interim data presentation | 2023-11 | Launched | 5 |
| 4D-710 AEROW positive interim clinical data presented | 2023-11 | Launched | 9 |
| First patient enrolled in 4D-150 Phase 2 SPECTRA clinical trial for DME | 2023-09 | Launched | 6 |
| 4D-175 IND filing (6x) | 2023-09 | Launched | 10 |
| 4D-150 in wet age-related macular degeneration (4FRONT-2 Phase 3) (4x) | 2023-09 | Launched | 18 |
| 4D-150 SPECTRA Phase 2 clinical trial first patient enrollment | 2023-09 | Launched | 5 |
| 4D-150 Phase 2 Dose Expansion enrollment completion | 2023-09 | Launched | 4 |
| 4D-150 DME Phase 2 SPECTRA trial enrollment start | 2023-09 | Launched | 4 |
| 4D-150 Phase 2 PRISM dose expansion | 2023-07 | Launched | 5 |
| Manufacturing facility expansion (17,000 sq ft Emeryville, California) | 2023-06 | Launched | 5 |
| Catalent manufacturing and cooperation agreement | 2023-06 | Launched | 5 |
| 4D-710 Phase 1/2 AEROW trial interim data presentation | 2023-06 | Launched | 4 |
| 4D-125 for inherited retinal dystrophies (RPGR/XLRP) (2x) | 2023-06 | Launched | 9 |
| Public offering of common stock (2x) | 2023-05 | Launched | 19 |
| 4D-150 Phase 1/2 PRISM clinical trial positive interim data presentation | 2023-04 | Launched | 4 |
| 4D-150 Phase 1 Dose Exploration positive interim data | 2023-04 | Launched | 9 |
| 4D-310 INGLAXA enrollment paused due to acute atypical hemolytic uremic syndrome | 2023-01 | Launched | 9 |
| 4D-310 FDA Clinical Hold notification received | 2023-01 | Launched | 9 |
| 4D-150 Phase 2 Dose Expansion enrollment initiated | 2023-01 | Launched | 9 |
| 4D-710 modulator combination development plan update | 2023 | Launched | 6 |
| 4D-310 program update (11x) | 2023 | Launched | 6 |
| 4D-310 INGLAXA-1 and INGLAXA-2 Phase 1/2 trials initiated | 2023 | Launched | 9 |
| 4D-310 INGLAXA protocol amended with immunosuppressive regimen | 2023 | Launched | 9 |
| 4D-150 for neovascular (wet) AMD | 2023 | Launched | 9 |
| 4D-125 Dose Expansion portion enrollment completed (2x) | 2022-06 | Launched | 9 |
| 4D-710 AEROW Phase 1/2 trial first patient dosed | 2022-04 | Launched | 9 |
| 4D-710 IND clearance from FDA received | 2021-10 | Launched | 9 |
| 4D-125 EXCEL Phase 1/2 clinical trial initial data reported (2x) | 2021-10 | Launched | 9 |
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M&A (20)#
All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.
Acquisitions · 16Divestitures/exits · 1older: 3 (in the table)
Acquisitions
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Otsuka Pharmaceutical strategic partnership for 4D-150 in Asia-Pacific | 2025-12 | Completed | 27 |
| Strategic partnership with Otsuka Pharmaceutical for 4D-150 development and commercialization in APAC region | 2025 | Completed | 25 |
| Underwriter option exercise for additional shares | 2024-03 | Completed | 11 |
| March 2024 underwriter option exercise | 2024-03 | Completed | 13 |
| Arbor Biotechnologies partnership for AAV-delivered CRISPR/Cas CNS therapeutics | 2023-12 | Completed | 10 |
| Arbor Biotechnologies co-development and co-commercialization agreement for CNS programs | 2023-12 | Announced | 9 |
| 4D-710 (cystic fibrosis) (6x) | 2023-09 | Completed | 18 |
| Cystic Fibrosis Foundation grant amendment | 2023-08 | Completed | 18 |
| Astellas Pharma license agreement for R100 vector (4x) | 2023-07 | Announced | 10 |
| Acquisition of sCFH rights from Aevitas Therapeutics for 4D-175 | 2023-05 | Completed | 4 |
| 2023 Offering (4x) | 2023-05 | Completed | 3 |
| 2022 ATM Offering Program | 2022-03 | Completed | 3 |
| 2021 Offering | 2021-11 | Completed | 3 |
| IPO | 2020-12 | Completed | 3 |
Divestitures / exits
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Terminated development of 4D-110 for choroideremia | 2025-01 | Divested | 19 |
Terminated / withdrawn
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| Otsuka Collaboration and License Agreement (2x) | 2025-10 | Terminated (2021-09) | 26 |
| License Agreement with Astellas Gene Therapy (AGT) | 2023-07 | Terminated (2021-09) | 18 |
| AGT License Agreement | 2023-07 | Terminated (2021-09) | 15 |
| Astellas License Agreement upfront payment | 2023 | Terminated (2021-09) | 8 |
| uniQure collaboration agreement amendment | 2019-08 | Terminated (2023-05) | 3 |
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Reported KPIs (as disclosed) (76)#
Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.
Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
| Date | Period | KPI | Value / change | Source |
|---|---|---|---|---|
| 2026-08-13 | 2026-Q2 | Cash and equivalents | 430,629 (USD in thousands) | 31 |
| 2026-05-07 | 2026-Q1 | Cash, cash equivalents and marketable securities | 457,631 (USD in thousands) | 29 |
| 2026-05-07 | 2026-Q1 | Cash and cash equivalents and marketable securities | 457.6 million | 28 |
| 2026-05-07 | 2026-Q1 | Accumulated deficit | 785.1 million | 28 |
| 2026-03-18 | FY2025 | Leased facility square feet | 91,000 | 26 |
| 2026-03-18 | FY2025 | Internal manufacturing square feet | 17,000 | 26 |
| 2026-03-18 | FY2025 | Cash runway | $514 million | 27 |
| 2026-03-18 | FY2025 | 4FRONT-1 enrollment | over 500 patients | 27 |
| 2026-03-18 | FY2025 | 4FRONT target enrollment per trial | 480 patients | 27 |
| 2025-11-10 | 2025-Q3 | Total stockholders' equity | 368,983 (USD in thousands) | 25 |
| 2025-11-10 | 2025-Q3 | Cash, cash equivalents and marketable securities | 372,228 (USD in thousands) | 25 |
| 2025-11-10 | 2025-Q3 | Accumulated deficit | (735,701) | 25 |
| 2025-08-11 | 2025-Q2 | Expected annual cash compensation savings | approximately $15 million | 23 |
| 2025-08-11 | 2025-Q2 | Cash runway | $417 million | 23 |
| 2025-08-11 | 2025-Q2 | Cash, cash equivalents and marketable securities | 417.0 million | 22 |
| 2025-08-11 | 2025-Q2 | Accumulated deficit | 678.8 million | 22 |
| 2025-05-08 | 2025-Q1 | Cash, cash equivalents and marketable securities | $458 million | 21 |
| 2025-02-28 | FY2024 | Unrecognized stock-based compensation expense | $54.5 million | 18 |
| 2025-02-28 | FY2024 | Office space leased | 91,000 | 18 |
| 2025-02-28 | FY2024 | Intrinsic value of outstanding stock options | $0.3 million | 18 |
| 2025-02-28 | FY2024 | Cash, cash equivalents and marketable securities | $505.5 million | 18 |
| 2025-02-28 | FY2024 | Cash and equivalents | $505.5 million | 18 |
| 2025-02-28 | FY2024 | Cash and equivalents | $505 million | 19 |
| 2025-02-28 | FY2024 | Accumulated deficit | $576.2 million | 18 |
| 2025-01-10 | 2024-Q4 | Treatment experienced total | 16 (73%) | 17 |
| 2025-01-10 | 2024-Q4 | Treatment experienced 3E10 vg/eye | 7 (78%) | 17 |
| 2025-01-10 | 2024-Q4 | Treatment experienced 1E10 vg/eye | 9 (75%) | 17 |
| 2025-01-10 | 2024-Q4 | Baseline CST total | 499 (356–671) mm | 17 |
| 2025-01-10 | 2024-Q4 | baseline CST 5E9 vg eye | 515 mm | 17 |
| 2025-01-10 | 2024-Q4 | baseline CST 3E10 vg eye | 513 (382–671) mm | 17 |
| 2025-01-10 | 2024-Q4 | baseline CST 1E10 vg eye | 488 (356–669) mm | 17 |
| 2025-01-10 | 2024-Q4 | baseline BCVA total | 63 (32–84) ETDRS letters | 17 |
| 2025-01-10 | 2024-Q4 | baseline BCVA 5E9 vg eye | 68 ETDRS letters | 17 |
| 2025-01-10 | 2024-Q4 | baseline BCVA 3E10 vg eye | 63 (41–79) ETDRS letters | 17 |
| 2025-01-10 | 2024-Q4 | baseline BCVA 1E10 vg eye | 62 (32–84) ETDRS letters | 17 |
| 2024-11-13 | 2024-Q3 | cash and cash equivalents and marketable securities | 550.7 million | 15 |
| 2024-11-13 | 2024-Q3 | Accumulated deficit | 526.5 million | 15 |
| 2024-11-13 | 2024-Q3 | Patients completing topical steroid prophylaxis taper | 99% | 16 |
| 2024-11-13 | 2024-Q3 | PRISM Phase 1 2 52 week injection free rate severe population | 83% | 16 |
| 2024-11-13 | 2024-Q3 | PRISM Phase 1 2 52 week injection free rate recently diagnosed population | 87% | 16 |
| 2024-11-13 | 2024-Q3 | PRISM Phase 1 2 52 week injection free rate broad population | 70% | 16 |
| 2024-11-13 | 2024-Q3 | IOI rate | numerically similar to approved anti-VEGF agents | 16 |
| 2024-08-08 | 2024-Q2 | Cash and equivalents | $578 million | 14 |
| 2024-08-08 | 2024-Q2 | cash and cash equivalents and marketable securities | 577.7 million | 13 |
| 2024-08-08 | 2024-Q2 | Accumulated deficit | 482.7 million | 13 |
| 2024-05-09 | 2024-Q1 | cash and cash equivalents and marketable securities | 588.9 million | 11 |
| 2024-05-09 | 2024-Q1 | Accumulated deficit | 447.7 million | 11 |
| 2024-05-09 | 2024-Q1 | R&D Expenses Q1 2024 | 27.9 million | 12 |
| 2024-05-09 | 2024-Q1 | Net Loss Q1 2024 | 32.4 million | 12 |
| 2024-05-09 | 2024-Q1 | IPO net proceeds | 204.7 million | 11 |
| 2024-05-09 | 2024-Q1 | G&A Expenses Q1 2024 | 10.3 million | 12 |
| 2024-05-09 | 2024-Q1 | Cash and Cash Equivalents as of March 31, 2024 | 589 million | 12 |
| 2024-05-09 | 2024-Q1 | AGT License Agreement upfront payment | 20.0 million | 11 |
| 2024-05-09 | 2024-Q1 | 2024 Offering underwriter option net proceeds | 34.9 million | 11 |
| 2024-05-09 | 2024-Q1 | 2024 Offering net proceeds | 281.2 million | 11 |
| 2024-05-09 | 2024-Q1 | 2023 Offering net proceeds | 129.2 million | 11 |
| 2024-05-09 | 2024-Q1 | 2022 ATM Offering shares sold | 1.1 million | 11 |
| 2024-05-09 | 2024-Q1 | 2022 ATM Offering net proceeds | 19.1 million | 11 |
| 2024-05-09 | 2024-Q1 | 2022 ATM Offering available for sale | 80.1 million | 11 |
| 2024-05-09 | 2024-Q1 | 2021 Offering net proceeds | 111.1 million | 11 |
| 2024-02-29 | FY2023 | Unrecognized stock-based compensation expense | 55.0 million | 9 |
| 2024-02-29 | FY2023 | patients dosed 4d 150 | 110 | 10 |
| 2024-02-29 | FY2023 | Intrinsic value of outstanding stock options | 46.9 million | 9 |
| 2024-02-29 | FY2023 | cash position December 31 2023 | $299 million | 10 |
| 2024-02-29 | FY2023 | Cash, cash equivalents and marketable securities | 299.2 million | 9 |
| 2024-02-29 | FY2023 | Accumulated deficit | 415.3 million | 9 |
| 2023-11-09 | 2023-Q3 | operational runway | first half of 2026 | 8 |
| 2023-11-09 | 2023-Q3 | cash and cash equivalents and marketable securities | 319.7 million | 7 |
| 2023-11-09 | 2023-Q3 | Accumulated deficit | 383.0 million | 7 |
| 2023-08-09 | 2023-Q2 | cash and cash equivalents and marketable securities | $310.3 million | 5 |
| 2023-08-09 | 2023-Q2 | Accumulated deficit | $372.8 million | 5 |
| 2023-08-09 | 2023-Q2 | Cash and cash equivalents and marketable securities | $310 million | 6 |
| 2023-05-11 | 2023-Q1 | cash and cash equivalents and marketable securities | 201.9 million | 3 |
| 2023-05-11 | 2023-Q1 | Accumulated deficit | 343.2 million | 3 |
| 2023-05-11 | 2023-Q1 | R&D Expenses | 22.4 (USD millions) | 4 |
| 2023-05-11 | 2023-Q1 | G&A Expenses | 8.0 (USD millions) | 4 |
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Guidance Tracking (latest per metric/period · 7/12)#
All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.
| For period | Guided on | Metric | Guided | Verdict | Direction | Source |
|---|---|---|---|---|---|---|
| 2027-H1 | 2024-08-08 | Cash and cash equivalents funding runway | 578 | pending | initiated | 14 |
| 2026-H1 | 2023-08-09 | Cash runway | 310 | pending | initiated | 6 |
| 2025-Q1 | 2024-05-09 | 4D-150 Phase 3 initiation | 1 | – | initiated | 12 |
| 2025-Q1 | 2024-02-29 | 4D-150 Phase 3 initiation for Wet AMD | 1 | – | initiated | 10 |
| 2025-H2 | 2024-05-09 | 4D-710 Phase 3 pivotal trial initiation | 2 | pending | initiated | 12 |
| 2024-H2 | 2024-02-29 | 4D-175 Phase 1 initiation | 2 | pending | initiated | 12 |
| 2024-H2 | 2024-02-29 | 4D-150 DME SPECTRA initial interim 24-week landmark data | 2 | pending | initiated | 10 |
| 2024-Q3 | 2024-02-29 | 4D-150 PRISM Population Extension initial interim 24-week landmark analysis | 3 | – | initiated | 10 |
| 2024-Q3 | 2024-02-29 | 4D-150 Phase 3 regulatory interactions update | 3 | – | initiated | 10 |
| 2024-Q2 | 2024-02-29 | 4D-175 IND filing | 2 | – | initiated | 12 |
| 2024-Q2 | 2024-02-29 | 4D-310 FDA submission of preclinical NHP safety data | 2 | – | initiated | 10 |
| 2024-Q1 | 2024-02-29 | 4D-710 CF FDA feedback update | 1 | – | initiated | 10 |
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Development#
A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.
FY2026
4D Molecular Therapeutics generated collaboration and license revenue of $3.0 million in Q1 2026 and $3.8 million in Q2 2026, entirely from clinical trial cost sharing and reimbursement under the Otsuka arrangement, with no product revenue recorded in either period (29, 31). Research and development expenses rose to $65.0 million in Q1 2026 and $68.3 million in Q2 2026 from $40.7 million and $48.0 million in the comparable prior-year periods, driven by execution of 4D-150 Phase 3 clinical trials in wet AMD (29, 31). Net losses widened to $68.8 million in Q1 2026 and $72.9 million in Q2 2026, compared to $48.0 million and $54.7 million in the same periods of 2025 (29, 31). The 4FRONT-1 Phase 3 trial completed enrollment ahead of schedule with 523 patients randomized by March 2026, and 4FRONT-2 enrollment was completed during Q2 2026, with topline data expected in Q2 2027 and H2 2027, respectively (29, 31). The company entered a credit facility of up to $200 million with Hercules Capital in June 2026, drawing $20 million at closing, while cash, cash equivalents, and marketable securities stood at $458 million as of March 31, 2026, projected to fund operations into H2 2028 (29, 30).
FY2025
4D Molecular Therapeutics recorded FY2025 collaboration and license revenue of $85.2 million, entirely attributable to the $85 million upfront payment received in Q4 2025 from Otsuka Pharmaceutical's agreement for exclusive rights to develop and commercialize 4D-150 in Japan, China, Australia, and other APAC markets, compared to zero revenue in FY2024 26 27. The company reported a net loss of $140.1 million for FY2025, reduced from $160.9 million in FY2024, while R&D expenses increased 38% to $195.7 million, primarily reflecting a $35.5 million rise in clinical trial activity for product candidates 26 27. Both Phase 3 wet AMD trials for 4D-150 were advanced during the year: 4FRONT-1 enrolled its first patients in Q1 2025 and completed enrollment of over 500 patients within approximately 11 months, while 4FRONT-2 was initiated in June 2025 ahead of schedule, with topline data from both trials expected in 2027 21 23 26. The company streamlined its pipeline by terminating 4D-110 and 4D-125 and pausing three additional earlier-stage programs in Q1 2025, and completed a workforce reduction of approximately 25% in July 2025 to concentrate resources on late-stage execution 21 23. Capital resources were reinforced through the Otsuka upfront payment, approximately $93 million in net proceeds from a November 2025 equity offering, and a $7.5 million initial equity investment from the Cystic Fibrosis Foundation, extending the expected cash runway into the second half of 2028 25 26 27.
FY2024
4D Molecular Therapeutics generated no product revenue in FY2024, remaining a clinical-stage company; collaboration and license revenue fell to $37 thousand from $20.7 million in 2023, as the prior-year figure included a $20.0 million upfront payment from the AGT license agreement recognized in 2023 (18). Net loss widened to $160.9 million from $100.8 million, driven by a 46% increase in R&D expenses to $141.3 million reflecting expanded clinical trial activity for lead program 4D-150 (18, 19). A February 2024 public offering raised approximately $316 million in net proceeds, leaving cash, equivalents, and marketable securities at $505 million as of December 31, 2024, with runway expected into 2028 (19). The 4D-150 program generated multiple positive interim data readouts across wet AMD and DME indications and secured FDA alignment that a single Phase 3 trial is acceptable as the basis for a future BLA submission in DME when combined with 4FRONT Phase 3 wet AMD data (17, 18). In January 2025, the company announced a strategic pipeline prioritization focusing development resources on 4D-150 and 4D-710 for cystic fibrosis while pausing 4D-175, 4D-725, and 4D-310 and terminating 4D-110 and 4D-125 (19).
FY2023
4D Molecular Therapeutics recorded FY2023 collaboration and license revenue of $20.7 million, a 562% increase from $3.1 million in 2022, reflecting the $20.0 million upfront payment from an intravitreal vector licensing agreement with Astellas Gene Therapies executed in July 2023 (9). Net loss narrowed to $100.8 million from $107.5 million in 2022, while research and development expenses increased 21% to $97.1 million, driven by clinical trial progression and higher headcount (9). The company's lead program, 4D-150 for wet AMD, completed Phase 2 Dose Expansion enrollment ahead of schedule and received EMA PRIME designation in Q3 2023, with Phase 2 randomized interim data supporting plans for Phase 3 pivotal development (8, 10). In December 2023, the company entered a co-development and co-commercialization agreement with Arbor Biotechnologies for up to six CNS-targeting AAV-delivered CRISPR/Cas candidates on a 50-50 cost-and-profit-sharing basis (9). A May 2023 public equity offering generated net proceeds of approximately $129 million, and the $20.0 million Astellas upfront payment was received in Q3 2023, supporting an operational runway into the first half of 2026 (5, 8).
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Sources: official investor relations documents#
All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.
39 documents · 2021 – 2026 · SEC EDGAR (USA)
| # | Document type | Published | Link |
|---|---|---|---|
| #1 | 10-K | 2023-03-15 | Open |
| #2 | 8-K-EX99.1 | 2023-03-15 | Open |
| #3 | 10-Q | 2023-05-11 | Open |
| #4 | 8-K-EX99.1 | 2023-05-11 | Open |
| #5 | 10-Q | 2023-08-09 | Open |
| #6 | 8-K-EX99.1 | 2023-08-09 | Open |
| #7 | 10-Q | 2023-11-09 | Open |
| #8 | 8-K-EX99.1 | 2023-11-09 | Open |
| #9 | 10-K | 2024-02-29 | Open |
| #10 | 8-K-EX99.1 | 2024-02-29 | Open |
| #11 | 10-Q | 2024-05-09 | Open |
| #12 | 8-K-EX99.1 | 2024-05-09 | Open |
| #13 | 10-Q | 2024-08-08 | Open |
| #14 | 8-K-EX99.1 | 2024-08-08 | Open |
| #15 | 10-Q | 2024-11-13 | Open |
| #16 | 8-K-EX99.1 | 2024-11-13 | Open |
| #17 | 8-K-EX99.1 | 2025-01-10 | Open |
| #18 | 10-K | 2025-02-28 | Open |
| #19 | 8-K-EX99.1 | 2025-02-28 | Open |
| #20 | 10-Q | 2025-05-08 | Open |
| #21 | 8-K-EX99.1 | 2025-05-08 | Open |
| #22 | 10-Q | 2025-08-11 | Open |
| #23 | 8-K-EX99.1 | 2025-08-11 | Open |
| #24 | 10-Q | 2025-11-10 | Open |
| #25 | 8-K-EX99.1 | 2025-11-10 | Open |
| #26 | 10-K | 2026-03-18 | Open |
| #27 | 8-K-EX99.1 | 2026-03-18 | Open |
| #28 | 10-Q | 2026-05-07 | Open |
| #29 | 8-K-EX99.1 | 2026-05-07 | Open |
| #30 | 10-Q | 2026-08-13 | Open |
| #31 | 8-K-EX99.1 | 2026-08-13 | Open |
Older sources (+8)
FAQ#
Where can I find the official investor relations documents of 4D Molecular Therapeutics Inc.?
The sources chapter links all 39 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.
More reports#
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