4D Molecular Therapeutics, Inc.
FDMT evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for FDMT—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · FDMT
4D Molecular Therapeutics (FDMT) is a clinical-stage biotechnology company developing targeted, next-generation adeno-associated virus (AAV) vector-based gene therapies for serious diseases, with a lead program in wet age-related macular degeneration (wet AMD) and a pipeline in diabetic macular edema and cystic fibrosis.
Key risk: No approved products
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 8 clinical trials · 2 catalysts for 4D Molecular Therapeutics, Inc..
4D Molecular Therapeutics (FDMT) is a clinical-stage biotechnology company developing targeted, next-generation adeno-associated virus (AAV) vector-based gene therapies for serious diseases, with a lead program in wet age-related macular degeneration (wet AMD) and a pipeline in diabetic macular edema and cystic fibrosis.
- Lead product candidate 4D-150 is in Phase 3 clinical trials (4FRONT-1 and 4FRONT-2) for wet AMD, with BLA preparation underway [sec · filed 2025-07-02].
- Cash, cash equivalents and marketable securities were $458 million as of March 31, 2025, expected to fund operations into 2028 [sec · filed 2025-07-02].
- Latest reported financials (as of 2026-06-30) show cash & equivalents of $70.4M, total revenue of $3.8M, and a net loss of $72.9M [sec].
- Pipeline includes Phase 1/2 development of 4D-150 in diabetic macular edema and 4D-710 in cystic fibrosis [sec · filed 2025-07-02].
- The company has an accumulated deficit and expects to require additional financing to support ongoing operations [sec_mda · as of 2026-05-07].
What works
- Lead program 4D-150 is in Phase 3 trials for wet AMD, a large market, with BLA preparation underway, indicating progress toward potential commercialization [sec · filed 2025-07-02].
- Cash runway into 2028 supports key milestones including Phase 3 topline data and BLA submission [sec · filed 2025-07-02].
- Pipeline expansion into diabetic macular edema and cystic fibrosis diversifies risk beyond wet AMD [sec · filed 2025-07-02].
What to weigh
- The company has no approved products and has incurred significant net losses, with a net loss of $72.9M for the six months ended June 30, 2026 [sec].
- Cash and equivalents of $70.4M as of June 30, 2026 represent a substantial decline from $458M as of March 31, 2025, raising near-term funding needs [sec].
- The company acknowledges it may need to obtain additional financing sooner than currently projected if assumptions prove wrong [sec_mda · as of 2026-05-07].
- Clinical-stage biotech faces inherent risks of trial failures, regulatory delays, and competition from existing wet AMD treatments.
From the filings
Quoted directly from source documents.
Cash runway into 2028 supports Phase 3 data and BLA preparation
“annual cash compensation cost savings of approximately $15 million and offsets additional expenses expected based on the accelerated timelines for the 4FRONT clinical trials and BLA preparation, which supports the Company's cash runway into 2028, as previously guided.”
SEC filings · July 2, 2025
Cash position as of March 31, 2025
“As of March 31, 2025, the Company had cash, cash equivalents and marketable securities of $458 million”
SEC filings · July 2, 2025
Company expects to fund operations for at least one year from financial statement issuance
“We believe that our existing cash, cash equivalents and marketable securities will allow us to fund our planned operations for at least one year from the date of the issuance of the condensed financial statements included in this report.”
SEC MD&A · May 7, 2026
Pipeline includes 4D-150 in DME and 4D-710 in CF
“continue Phase 1/2 and pre-Phase 3 planning activities for 4D-150 in diabetic macular edema and continue ongoing Phase 1/2 development of 4D-710 in cystic fibrosis.”
SEC filings · July 2, 2025
Catalyst timeline
- 2028-06-01 · Phase3_Topline — Topline data from a Phase 3 randomized, double-masked, active-controlled trial of a single intravitreal injection of 4D-150 for wet AMD.
- 2029-02-01 · Phase3_Topline — Topline data from a second Phase 3 randomized, double-masked, active-controlled trial of a single intravitreal injection of 4D-150 for wet AMD.
Risks & what to watch (4)›
Key risks
- No approved products — Company has no commercial products and relies on successful clinical development and regulatory approval [sec].
- Cash burn and funding needs — Cash declined from $458M (Mar 2025) to $70.4M (Jun 2026); may need additional financing sooner than expected [sec].
- Clinical trial risks — Phase 3 trials for 4D-150 may fail to meet endpoints, delaying or preventing approval [sec].
- Competitive landscape — Wet AMD market has established anti-VEGF therapies; 4D-150 must demonstrate superiority or non-inferiority [sec].
What to watch
- Phase 3 topline data from 4FRONT-1 and 4FRONT-2 trials for 4D-150 in wet AMD, expected in 2028 [catalyst_timeline].
- BLA submission progress for 4D-150, which could be a key regulatory milestone [sec · filed 2025-07-02].
- Updates from Phase 1/2 trials for 4D-150 in diabetic macular edema and 4D-710 in cystic fibrosis [sec · filed 2025-07-02].
- Cash position and any future financing activities, given the decline from $458M to $70.4M [sec].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
15.1 months
D/E 0.21 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
2 upcoming, next in ~641d
0 buys · 15 sells (180d)
Runway
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
150
Total value held
$522.3M
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 10,494,302 | $97.7M |
| ra capital management, l.p. | 5,049,779 | $47.0M |
| goldman sachs group inc | 4,205,438 | $39.2M |
| blackrock, inc. | 4,145,303 | $38.6M |
| novo holdings a/s | 3,650,737 | $34.0M |
| bvf inc/il | 2,879,289 | $26.8M |
| state street corp | 2,707,875 | $25.2M |
| vanguard capital management llc | 2,195,578 | $20.4M |
| armistice capital, llc | 2,000,000 | $18.6M |
| adage capital partners gp, l.l.c. | 1,605,156 | $14.9M |
Showing top 10 of 150 institutional holders of 4D Molecular Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 23.4%
- Days to cover
- 14.1
- Shares short
- 11,519,304
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
FDMT short interestGovernance
Frequently asked questions
What is the AI investment thesis for 4D Molecular Therapeutics, Inc.?
4D Molecular Therapeutics (FDMT) is a clinical-stage biotechnology company developing targeted, next-generation adeno-associated virus (AAV) vector-based gene therapies for serious diseases, with a lead program in wet age-related macular degeneration (wet AMD) and a pipeline in diabetic macular edema and cystic fibrosis.
What is 4D Molecular Therapeutics, Inc.'s next catalyst?
4D Molecular Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Randomized, Double-Masked, Active-Controlled Trial of a Single Intravitreal Injection of " — expected June 1, 2028.
Who is the CEO of 4D Molecular Therapeutics, Inc.?
Dr. David H. Kirn M.D. is the chief executive officer of 4D Molecular Therapeutics, Inc. (FDMT).
Where is 4D Molecular Therapeutics, Inc. headquartered?
4D Molecular Therapeutics, Inc. (FDMT) is headquartered in EmeryVille, CA, United States.
What therapeutic areas does 4D Molecular Therapeutics, Inc. focus on?
4D Molecular Therapeutics, Inc. develops therapies across Oncology, Rare Disease, Gene Therapy, Ophthalmology, Respiratory, Reproductive.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.