4D Molecular Therapeutics, Inc.
- Open
- 11.29
- Day high
- 11.93
- Day low
- 11.20
- Prev close
- 11.30
- Volume
- 630K
- Mkt cap
- $612M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.4
- P/S
- 6.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.4M over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
4D Molecular Therapeutics, Inc. (FDMT) is a Healthcare company listed on NASDAQ. The stock is up 158% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
4D Molecular Therapeutics, Inc. (FDMT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FDMT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.97 | $-1.01 | -4.1% | $3M | +17.8% |
| Mar 18, 2026 | $-0.53 | $0.43 | +181.4% | $-119000 | -100.4% |
| May 8, 2025 | $-0.84 | $-0.86 | -2.4% | $14000 | -97.4% |
| Feb 28, 2025 | $-0.80 | $-0.90 | -12.5% | $1000 | -100.0% |
| Aug 8, 2024 | $-0.72 | $-0.63 | +12.5% | $5000 | -99.6% |
| May 9, 2024 | $-0.73 | $-0.66 | +9.6% | $28000 | -96.4% |
| Feb 29, 2024 | $-0.68 | $-0.77 | -13.2% | $19000 | -99.2% |
| Nov 9, 2023 | $-0.67 | $-0.24 | +64.2% | $20M | +880.8% |
| Mar 15, 2023 | $-0.75 | $-0.84 | -12.0% | $1M | -58.6% |
| Aug 11, 2022 | $-0.78 | $-0.87 | -11.5% | $162000 | -81.1% |
| May 12, 2022 | $-0.73 | $-0.82 | -12.3% | $1M | +60.7% |
| Nov 10, 2021 | $-0.83 | $-0.82 | +1.2% | $1M | -1.2% |
FDMT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Bizily Scottofficer: Chief Legal Officer | Sell | 6,566 | $14.00 |
| Jul 2, 2026 | Bizily Scottofficer: Chief Legal Officer | Option | 814 | $4.14 |
| Jul 2, 2026 | Bizily Scottofficer: Chief Legal Officer | Option | 5,752 | $6.49 |
| Jun 25, 2026 | Bizily Scottofficer: Chief Legal Officer | Option | 9,810 | $4.14 |
| Jun 25, 2026 | Bizily Scottofficer: Chief Legal Officer | Sell | 9,810 | $12.00 |
| Jun 23, 2026 | Kirn Daviddirector, officer: See Remarks | Sell | 114,746 | $10.47 |
| Jun 18, 2026 | GRAY SUSANNAHdirector | Grant | 50,000 | $9.42 |
| Jun 18, 2026 | Chacko Jacobdirector | Grant | 50,000 | $9.42 |
| Jun 18, 2026 | SBLENDORIO GLENNdirector | Grant | 50,000 | $9.42 |
| Jun 18, 2026 | Tomasello Shawndirector | Grant | 50,000 | $9.42 |
| Jun 18, 2026 | THEUER CHARLESdirector | Grant | 50,000 | $9.42 |
| Jun 18, 2026 | Miller-Rich Nancydirector | Grant | 50,000 | $9.42 |
| Jun 18, 2026 | MILLIGAN JOHN Fdirector | Grant | 75,000 | $9.42 |
| Jun 2, 2026 | Kirn Daviddirector, officer: See Remarks | Sell | 1,922 | $10.02 |
| Mar 27, 2026 | Simms Christopher Paulofficer: See Remarks | Grant | 219,000 | $9.88 |
Source: FDMT SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full FDMT insider & 13F page →4D Molecular Therapeutics, Inc. company profile
Overview
4D Molecular Therapeutics, Inc. (NASDAQ:FDMT) is a clinical-stage gene therapy company founded in 2013 and headquartered in Emeryville, California. The company went public in December 2020 and focuses on developing innovative gene therapies using proprietary adeno-associated virus (AAV) vectors to treat rare genetic diseases. Since its founding, 4D Molecular has built a pipeline of gene therapy candidates targeting diseases in ophthalmology, cardiology, and pulmonology, with multiple programs currently in clinical trials.
Business
4D Molecular Therapeutics operates in the gene therapy sector of biotechnology, which represents one of the most cutting-edge areas of modern medicine. Gene therapy involves introducing genetic material into a patient's cells to treat or prevent disease, essentially correcting faulty genes or providing new cellular functions. The company specializes in using adeno-associated virus (AAV) vectors as delivery vehicles for therapeutic genes. AAV vectors are modified viruses that have been engineered to be safe and effective gene delivery systems. These vectors can carry therapeutic genes directly into target cells, where the genes can then produce proteins that treat the underlying cause of genetic diseases. Unlike traditional medicines that treat symptoms, gene therapy aims to address the root genetic cause of diseases. The company's product pipeline focuses on three main therapeutic areas. In ophthalmology, 4D Molecular is developing treatments for inherited retinal diseases that cause blindness. Their lead programs include 4D-125 for X-linked retinitis pigmentosa and 4D-110 for choroideremia, both currently in Phase 1/2 clinical trials. They also have 4D-150 in development for wet age-related macular degeneration. In cardiology, the company is advancing 4D-310, which is in Phase 1/2 trials for treating Fabry disease, a rare genetic disorder that affects the heart, kidneys, and other organs. In pulmonology, they are developing 4D-710 for cystic fibrosis lung disease, a genetic condition that causes severe damage to the lungs and digestive system. The company generates minimal revenue currently, as is typical for clinical-stage biotechnology companies. Most revenue comes from research collaborations and milestone payments from partnerships with companies like Roche, uniQure, and the Cystic Fibrosis Foundation.
Revenue model
As a clinical-stage gene therapy company, 4D Molecular Therapeutics currently operates on a research and development-focused business model with minimal revenue generation. The company's primary revenue sources include collaboration agreements, research partnerships, and milestone payments from pharmaceutical partners such as Roche, uniQure, and the Cystic Fibrosis Foundation. In 2024, the company generated only $37,000 in total revenue, primarily from these collaborative arrangements. The company's future revenue model will depend on successfully advancing its gene therapy candidates through clinical trials and ultimately achieving regulatory approval. Once approved, 4D Molecular would generate revenue through direct product sales of its gene therapies, which typically command premium pricing due to their innovative nature and treatment of rare diseases with limited therapeutic options. Gene therapies often receive orphan drug designations, providing market exclusivity and favorable pricing dynamics. The company's margins are currently negative due to substantial research and development expenses, which is typical for clinical-stage biotechnology companies. Key factors that could improve margins include successful clinical trial outcomes leading to partnership deals with larger pharmaceutical companies, which often provide upfront payments, milestone payments, and royalties. Manufacturing scale-up and process optimization could also improve cost structures once products reach commercialization. Factors that could negatively impact margins include clinical trial failures, regulatory delays, increased competition in gene therapy, rising manufacturing costs for AAV vectors, and the need for additional capital raises that could dilute existing shareholders. The company's cash burn rate of approximately $135-140 million annually reflects the capital-intensive nature of gene therapy development.
Competitive moat
4D Molecular Therapeutics operates in a highly specialized field with several potential competitive advantages, though the strength of these moats remains to be proven given the company's clinical-stage status. The company's primary moat lies in its proprietary AAV vector platform technology, which has been developed over more than a decade since the company's founding in 2013. This platform allows for the engineering of tissue-specific AAV vectors that can potentially deliver genes more effectively to target organs like the eye, heart, and lungs. The company's intellectual property portfolio around its AAV vectors and manufacturing processes provides some competitive protection, though the gene therapy field is rapidly evolving with numerous competitors developing similar approaches. The specialized knowledge and expertise required to develop and manufacture AAV-based gene therapies creates barriers to entry, as does the substantial capital investment required for clinical development. However, the competitive landscape in gene therapy is intensifying, with large pharmaceutical companies like Roche (4D Molecular's partner), Novartis, and others investing heavily in the space. Academic institutions and other biotechnology companies are also advancing competing AAV platforms and alternative gene delivery methods. The company faces potential disruption from newer gene editing technologies like CRISPR, base editing, and prime editing, which could offer more precise genetic modifications. The strength of 4D Molecular's moat will ultimately depend on the clinical success of its programs and its ability to demonstrate superior efficacy and safety compared to competing approaches. The company's partnerships with established pharmaceutical companies provide some validation of its technology but also create dependency relationships that could limit future strategic flexibility.
Risks & safety
4D Molecular Therapeutics presents a mixed margin of safety profile typical of clinical-stage biotechnology companies, with strong liquidity but significant execution risks. • Liquidity and Solvency: Strong cash position with $133.5 million in cash and short-term investments as of Q1 2025, providing approximately 2.5-3 years of runway at current burn rates of $135-140 million annually. Current ratio of 12.4x indicates excellent short-term liquidity. • Debt Level: Minimal debt with debt-to-equity ratio of only 0.05, indicating very low financial leverage and solvency risk. • Valuation Metrics: Trading at 0.38x price-to-book ratio, suggesting the stock trades below tangible book value. However, traditional valuation metrics are less meaningful for clinical-stage biotech companies. • Clinical Risk: High binary risk profile where clinical trial failures could significantly impact valuation. Multiple programs in Phase 1/2 trials provide some diversification but all remain early-stage. • Dilution Risk: Will likely require additional capital raises before achieving profitability, potentially diluting current shareholders. • Market Opportunity: Targeting large addressable markets in rare genetic diseases with limited treatment options, providing significant upside potential if successful.
Recent development
Based on the available financial data, 4D Molecular Therapeutics has been advancing its clinical pipeline while managing cash resources carefully. The company has maintained a consistent focus on its three core therapeutic areas of ophthalmology, cardiology, and pulmonology, with multiple programs progressing through Phase 1/2 clinical trials. The company has established strategic partnerships that provide both validation and potential future revenue streams. Notable collaborations include agreements with Roche, one of the world's largest pharmaceutical companies, which provides access to additional resources and expertise in gene therapy development. The partnership with the Cystic Fibrosis Foundation for the 4D-710 program demonstrates the company's ability to work with patient advocacy organizations to advance treatments for rare diseases. Revenue from collaborations has remained minimal but relatively stable, with the company generating $37,000 in 2024 compared to $20.7 million in 2023, indicating that most collaboration revenue was likely milestone-based rather than recurring. The company has maintained disciplined cash management, with quarterly cash burn showing some variability but generally trending in the $30-50 million range per quarter. The company's research and development expenses continue to represent the majority of its operating costs, reflecting its commitment to advancing its clinical programs. Manufacturing capabilities and process development appear to be ongoing focus areas, as evidenced by the company's continued investment in its AAV vector platform and production capabilities.
FDMT company profile · for informational purposes only — not investment advice.
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