FDMT Stock — 4D Molecular Therapeutics Inc.: Cash, EV, Pipeline

Share price

$15.22

Market cap

$840.8M

Cash

$361.3M

Enterprise value

$499.1M

Balance sheet

Cash	$361.3M
Debt	$19.6M
Net cash	$341.7M
Enterprise value	$499.1M
Basic shares	55.2M shares
Fully diluted shares	80.7M shares
Fully diluted market cap	$1,228.0M
Cash per share	$6.55

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Apr 12 - May 24	4D-150 IVT	Phase 1/2	Neovascular (Wet) Age-Related Macular Degeneration	—
Jul 7 - Aug 18	4D-110	Phase 1	Choroideremia	—
Jul 13 - Aug 24	EYLEA® (aflibercept) Injection 2 mg (0.05mL)	Phase 3	Macular Neovascularization Secondary to Age-Related Macular Degenerati	—
Jul 13 - Aug 24	4D-710	Phase 2	Cystic Fibrosis Lung	—
Dec 13, 2028 - Jan 24, 2029	EYLEA® (aflibercept) Injection 2 mg (0.05mL)	Phase 3	Neovascular Age-Related Macular Degeneration (nAMD)	—
Apr 11 - May 23	4D-150 IVT	Phase 2	Diabetic Macular Edema; Diabetic Retinopathy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

4D-150

Phase 3 · Active Modality: AAV genetic medicine (R100 vector)

Target VEGF-A / VEGF-B / placental growth factor (via aflibercept transgene)

Partnerships Otsuka Pharmaceutical Co: license to develop, manufacture, and commercialize 4D-150 in Japan, Korea, China, Australia, and certain other territories

Indications

Wet age-related macular degeneration (wet AMD) (Phase 3)
Diabetic macular edema (DME) (Phase 2)

Catalysts

— second half of 2026
— first half of 2027

Status note Lead product candidate; one-time AAV treatment encoding anti-VEGF biologic aflibercept. 4FRONT-1 initiated March 2025 and 4FRONT-2 initiated June 2025 are randomized, double-masked, aflibercept Q8W comparator-controlled Phase 3 trials in wet AMD. SPECTRA Phase 1/2 in DME. RMAT designation for DME.

4D-175

Preclinical · Active Modality: AAV genetic medicine

Target CFH (short-form human complement factor H)

Partnerships Worldwide rights to short-form human complement factor H (sCFH) licensed for the 4D-175 research program

Indications

Geographic atrophy (Preclinical)

Status note Second retina candidate; IND is open but further development is pending financing, including potential strategic partnerships.

4D-710

Phase 2 · Active Modality: AAV genetic medicine

Target CFTR

Partnerships Cystic Fibrosis Foundation (CFF): collaboration with funding/milestones; $10.0M received to advance the program

Indications

Cystic fibrosis lung disease (Phase 2)

Status note First pulmonology candidate; filing describes a Phase 1/2 clinical trial in people with CF, with CFF collaboration and funding. Filing calls it the first known genetic medicine to demonstrate successful delivery and durable expression of CFTR.

4D-725

Preclinical · Active Modality: AAV genetic medicine

Partnerships Fully funded by the California Institute for Regenerative Medicine (CIRM) through IND filing

Indications

Alpha-1 antitrypsin deficiency lung disease (Preclinical)

Status note Pulmonology candidate in preclinical development.

Per-asset detail extracted from the 10-Q filed 2026-08-13. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	4D-150 IVT (3E10 vg/eye)
Lead indication	Macular Neovascularization Secondary to Age-Related Macular Degenerati
Lead phase	Phase 3
Active trials	9

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06864988	Phase 3	Active, not recruiting	Sponsor	4D Molecular Therapeutics	—	Macular Neovascularization Secondary to Age-Related Macular Degenerati	—
NCT07064759	Phase 3	Recruiting	Sponsor	4D Molecular Therapeutics	—	Neovascular Age-Related Macular Degeneration (nAMD)	—
NCT05248230	Phase 2	Recruiting	Sponsor	4D Molecular Therapeutics	—	Cystic Fibrosis Lung	—
NCT05930561	Phase 2	Active, not recruiting	Sponsor	4D Molecular Therapeutics	—	Diabetic Macular Edema; Diabetic Retinopathy	—
NCT05197270	Phase 1/2	Recruiting	Sponsor	4D Molecular Therapeutics	—	Neovascular (Wet) Age-Related Macular Degeneration	—
NCT04519749	Phase 1/2	Active, not recruiting	Sponsor	4D Molecular Therapeutics	—	Fabry Disease	—
NCT04517149	Phase 1/2	Active, not recruiting	Sponsor	4D Molecular Therapeutics	—	X-Linked Retinitis Pigmentosa	—
NCT05629559	Phase 1/2	Recruiting	Sponsor	4D Molecular Therapeutics	—	Fabry Disease	—
NCT04483440	Phase 1	Active, not recruiting	Sponsor	4D Molecular Therapeutics	—	Choroideremia	—

Sponsor-matched active trials from ClinicalTrials.gov (9 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 9 active trials for 4D Molecular Therapeutics on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	475,737	no change	0.05%	2026-08-14
ADAR1 Capital Management	0	-116,712	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

FDMT — 4D Molecular Therapeutics Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders