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

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$12.25

Market cap

$676.7M

Cash

$430.6M

Enterprise value

$265.7M

Balance sheet

Cash	$430.6M
Debt	$19.6M
Net cash	$411.0M
Enterprise value	$265.7M
Basic shares	55.2M shares
Fully diluted shares	86.2M shares
Fully diluted market cap	$1,055.4M
Cash per share	$7.79
Quarterly burn	$70.0M
Cash runway	6.2 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

55.2M

Pre-funded warrants

16.9M

Options

11.7M

RSUs

1.8M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.4M

FDSO

86.2M

Cap table as of 2026-06-30.

Price history

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Next catalyst

4D-150 IVT · Apr 12 - May 24 in 5 mo · Phase 1/2 · Neovascular (Wet) Age-Related Macular Degeneration

Recently reported

4D-150 Phase 3 Mixed · 2026-09-28

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Apr 12 - May 24 in 5 mo	4D-150 IVT	Phase 1/2	Neovascular (Wet) Age-Related Macular Degeneration	—
GUIDEDEst. May 16, 2027 in 5 mo quarter midpoint	4D-150 4FRONT-1 Phase 3 in wet AMD	Phase 3	wet AMD	Q2 2027
Jul 7 - Aug 18 in 8 mo	4D-110	Phase 1	Choroideremia	—
Jul 13 - Aug 24 in 8 mo	EYLEA® (aflibercept) Injection 2 mg (0.05mL)	Phase 3	Macular Neovascularization Secondary to Age-Related Macular Degenerati	—
Jul 13 - Aug 24 in 8 mo	4D-710	Phase 2	Cystic Fibrosis Lung	—
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	4D-150 4FRONT-2 Phase 3 in wet AMD	Phase 3	wet AMD	H2 2027
Dec 13, 2028 - Jan 24, 2029 in 26 mo	EYLEA® (aflibercept) Injection 2 mg (0.05mL)	Phase 3	Neovascular Age-Related Macular Degeneration (nAMD)	—
Apr 11 - May 23 in 30 mo	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
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

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	5,049,779	no change	0.58%	2026-08-14
BVF Partners	2,879,289	no change	0.98%	2026-08-14
RTW Investments	475,737	no change	0.05%	2026-08-14
ADAR1 Capital Management	0	-116,712	0.00%	2026-08-14

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

Latest news

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FDMT — 4D Molecular Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

FDMT — 4D Molecular Therapeutics Inc.