4D Molecular Therapeutics, Inc. FDMT
We are a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with the potential to transform treatment paradigms and provide unprecedented benefits to patients. Our products are developed with customized and evolved adeno-associated virus ("AAV") vectors invented from our proprietary vector discovery platform, Therapeutic Vector Evolution ("TVE") which was designed to generate vectors with properties that overcome the limitations of conventional AAV vectors. TVE applies the principles of directed evolution in non-human primate ("NHP") models to select vectors that target tissues of diseases with high unmet need using routine and local routes of administration. We are focused on clinical-stage product candidates in retina and lung utilizing vectors invented with TVE and believe the clinical results to date validate the platform.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $85.2M | $37.0K | $20.7M | $3.1M | $18.0M | $13.4M | $7.0M | — |
| SG&A | $49.1M | $46.6M | $36.5M | $32.9M | $28.0M | $17.2M | $13.9M | — |
| Total operating expenses | $244.8M | $187.9M | $133.6M | $113.2M | $89.4M | $70.3M | $57.8M | — |
| Operating income | -$159.5M | -$187.8M | -$112.9M | -$110.0M | -$71.3M | -$56.7M | -$50.8M | — |
| Pre-tax income | -$140.1M | -$160.9M | -$100.8M | -$107.5M | -$71.3M | -$56.7M | — | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | — | — |
| Net income | -$140.1M | -$160.9M | -$100.8M | -$107.5M | -$71.3M | -$56.7M | -$49.3M | — |
| EPS, basic | -2.42 | -2.98 | -2.58 | -3.32 | -2.57 | — | — | — |
| EPS, diluted | -2.42 | -2.98 | -2.58 | -3.32 | -2.57 | -8.82 | -9.59 | — |
| Shares, diluted (wtd. avg.) | 57.9M | 53.9M | 39.1M | 32.4M | 27.7M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $60.2M | $149.3M | $249.1M | $52.4M | $153.0M | $276.7M | $49.7M | — |
| Short-term investments | $342.4M | $275.5M | $39.1M | $161.2M | $94.8M | $0 | — | — |
| Receivables | — | — | — | $0 | $47.0K | $1.5M | $978.0K | — |
| Total current assets | $413.1M | $434.9M | $296.6M | $220.5M | $256.3M | $282.7M | $52.5M | — |
| Property, plant and equipment | $14.9M | $19.5M | $20.1M | $22.3M | $14.4M | $5.1M | $5.0M | — |
| Total assets | $566.7M | $560.4M | $339.9M | $261.8M | $353.5M | $288.3M | $58.2M | — |
| Accounts payable | $11.2M | $4.4M | $3.5M | $3.3M | $4.8M | $1.8M | $1.7M | — |
| Total current liabilities | $44.0M | $29.1M | $19.0M | $15.7M | $16.3M | $16.7M | $13.0M | — |
| Total liabilities | $61.0M | $49.8M | $32.1M | $30.5M | $34.4M | $31.9M | $28.2M | — |
| Retained earnings | -$716.3M | -$576.2M | -$415.3M | -$314.5M | -$207.0M | -$135.7M | -$79.0M | — |
| Total equity | $505.7M | $510.6M | $307.8M | $231.3M | $319.1M | $256.4M | -$73.0M | -$27.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$109.1M | -$134.6M | -$75.8M | -$86.7M | -$69.1M | -$50.9M | -$36.7M | — |
| Depreciation and amortisation | $5.2M | $4.8M | $4.4M | $2.4M | $1.5M | $1.4M | $1.0M | — |
| Stock-based compensation | $22.0M | $26.1M | $19.7M | $17.1M | $13.8M | $5.0M | $3.5M | — |
| Capital expenditure | $536.0K | $3.8M | $2.8M | $11.5M | $9.1M | $1.0M | $3.2M | — |
| Investing cash flow | -$93.0M | -$302.4M | $115.7M | -$17.1M | -$172.7M | -$1.0M | -$3.2M | — |
| Financing cash flow | $113.0M | $337.2M | $156.8M | $3.1M | $118.1M | $279.0M | -$2.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017427.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $7.0M | $13.4M | $18.0M | $3.1M | $20.7M | $37.0K | $85.2M |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$49.3M | -$56.7M | -$71.3M | -$107.5M | -$100.8M | -$160.9M | -$140.1M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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