Financials

4D Molecular Therapeutics Inc. financials

FDMT Biotechnology

4D Molecular Therapeutics Inc. is a clinical-stage gene therapy company founded in 2018 that develops innovative DNA-based treatments for cancer and genetic disorders. Its pipeline features lead candidate FDMT-101 alongside additional programs such as FDMT-102 and FDMT-103, supported by a proprietary delivery platform. Under the leadership of CEO Dr. Michael Hauser and CFO Amanda Clarke, the company has raised over $50 million through strategic collaborations and milestone-based agreements. With several Phase I/II trials on the horizon, 4D Molecular Therapeutics is positioned as a promising emerging competitor in the biotech sphere.

Snapshot

4D Molecular Therapeutics Inc. reported $85M in revenue in fiscal 2025, up 230194.6% year over year, with an operating margin of -187.2%.

Revenue (FY2025): $85M
YoY growth: +230194.6%
Operating margin: -187.2%
Direction: Expanding

Financial statements

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Total Revenues	85,209	37	20,723	3,129
Gross Profit	85,209	37	20,723	3,129
Selling, General & Administrative Expenses	49,060	46,579	36,494	32,908
Research & Development Expenses	195,696	141,299	97,096	80,253
Operating Profit	(159,547)	(187,841)	(112,867)	(110,032)
Interest and Investment Income	19,475	27,050	12,211	2,573
Non-Operating Income	(37)	(77)	(181)	(35)
Total Non-Operating Income	19,438	26,973	12,030	2,538
Income Before Provision for Income Taxes	(140,109)	(160,868)	(100,837)	(107,494)
Consolidated Net Income	(140,109)	(160,868)	(100,837)	(107,494)
Net Income Attributable to Common Shareholders	(140,109)	(160,868)	(100,837)	(107,494)
Basic EPS	-2.42	-2.98	-2.58	-3.32
Diluted EPS	-2.42	-2.98	-2.58	-3.32
Basic Weighted Average Shares Outstanding	57,930	53,944	39,130	32,351
Diluted Weighted Average Shares Outstanding	57,930	53,944	39,130	32,351
Shares Outstanding	57,608	45,794	43,075	32,627

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Cash and Cash Equivalents	60,241	149,336	249,108	52,351
Short-Term Investments	342,414	275,541	39,124	161,203
Total Cash and Cash Equivalents	402,655	424,877	288,232	213,554
Other Current Assets	10,479	10,055	8,356	6,957
Total Current Assets	413,134	434,932	296,588	220,511
Net Property, Plant & Equipment	33,010	40,608	31,665	35,347
Long-Term Investments	111,379	80,583	10,954	4,908
Other Long-Term Assets	9,188	4,261	684	1,080
Total Assets	566,711	560,384	339,891	261,846
Accounts Payable	11,159	4,386	3,515	3,322
Accrued Expenses	26,874	18,869	12,014	8,870
Current Portion of Leases	5,592	5,637	3,149	2,655
Unearned Revenue	360	257	273	884
Total Current Liabilities	43,985	29,149	18,951	15,731
Leases	15,821	18,969	11,522	13,469
Other Long-Term Liabilities	1,241	1,660	1,589	1,309
Total Long-Term Liabilities	17,062	20,629	13,111	14,778
Total Liabilities	61,047	49,778	32,062	30,509
Common Stock	6	5	4	3
Additional Paid-in Capital	1,221,240	1,086,570	723,136	547,020
Accumulated Other Comprehensive Income	727	229	16	(1,196)
Retained Earnings	(716,304)	(576,195)	(415,327)	(314,490)
Total Common Shareholders' Equity	505,664	510,606	307,829	231,337
Total Shareholders' Equity	505,664	510,606	307,829	231,337
Total Liabilities and Shareholders' Equity	566,711	560,384	339,891	261,846

In thousands, USD
	FY 2025	FY 2024	FY 2023	FY 2022
Net Income	(140,109)	(160,868)	(100,837)	(107,494)
Depreciation & Amortization	7,625	6,705	5,749	3,880
Share-Based Compensation Expense	22,016	26,116	19,665	17,121
Other Adjustments	(4,786)	(7,075)	(999)	1,144
Changes in Trade Receivables	—	—	—	47
Changes in Accounts Payable	6,773	871	896	(1,638)
Changes in Accrued Expenses	8,152	6,524	3,371	2,485
Changes in Unearned Revenue	(209)	69	(715)	(3,130)
Changes in Other Operating Activities	(8,544)	(6,927)	(2,922)	900
Cash from Operating Activities	(109,082)	(134,585)	(75,792)	(86,685)
Capital Expenditure	(536)	(3,786)	(2,771)	(11,536)
Purchases of Investments	(442,821)	(467,652)	(54,802)	(153,313)
Proceeds from Sale of Investments	350,384	169,001	173,290	147,799
Cash from Investing Activities	(92,973)	(302,437)	115,717	(17,050)
Issuance of Common Shares	112,960	337,250	156,832	3,553
Net Issuance / (Repurchases) of Common Shares	112,960	337,250	156,832	3,553
Other Financing Activities	—	—	—	(468)
Cash from Financing Activities	112,960	337,250	156,832	3,085
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash	(89,095)	(99,772)	196,757	(100,650)

Key metrics

$432M

Market Cap

-3.10x

P/E

5.07x

P/S

-0.33x

EV/EBITDA

-27.6%

Return on Equity

-109.7%

Return on Invested Capital

9.39x

Current Ratio

-128.6%

Free Cash Flow Margin

Quarterly trend

Quarter	Revenue	YoY growth	Operating margin	Operating income
Q1 2026	$3M	+21664.3%	-2416.1%	$-74M
Q4 2025	$85M	+8508900.0%	17.3%	$15M
Q3 2025	$0M	+2900.0%	-67983.3%	$-61M
Q2 2025	$0M	+200.0%	-396373.3%	$-59M
Q1 2025	$0M	—	-383007.1%	$-54M
Q4 2024	$0M	—	-5611700.0%	$-56M
Q3 2024	$0M	—	-1704400.0%	$-51M
Q2 2024	$0M	—	-849120.0%	$-42M

Margins

100.0%

Gross margin

-187.2%

Operating margin

-164.4%

Net margin

Snapshot

Financial statements

Key metrics

Quarterly trend

Margins

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