4D Molecular Therapeutics, Inc.
FDMT evidence brief
What we can confirm
- BioSniper Score:
- 4.9 / 10
- Market Cap:
- $745.2M
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 (4DMT) is a clinical-stage biotechnology company developing intravitreal gene therapies for retinal diseases and other serious conditions, with its lead program 4D-150 in Phase 3 for wet age-related macular degeneration (AMD).
Key risk: Cash burn rate
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$745.2M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 9 clinical trials for 4D Molecular Therapeutics, Inc..
4D Molecular Therapeutics (4DMT) is a clinical-stage biotechnology company developing intravitreal gene therapies for retinal diseases and other serious conditions, with its lead program 4D-150 in Phase 3 for wet age-related macular degeneration (AMD).
- Lead program 4D-150 is in Phase 3 development for wet AMD, with the 4FRONT-1 trial completing enrollment ahead of schedule in February 2026 [news].
- Cash and equivalents were $70.4M as of June 30, 2026, with total revenue of $3.8M and a net loss of -$72.9M for the period [sec].
- 4DMT entered a strategic partnership with Otsuka Pharmaceutical for 4D-150 in the APAC region, receiving $85M upfront with potential for up to $335.5M in milestones and tiered royalties [sec_mda · as of 2026-08-13].
- The company has a pipeline including 4D-175 for geographic atrophy and 4D-710 for cystic fibrosis, the latter in Phase 2 development [sec_mda · as of 2026-03-18].
- 4D-150 has received RMAT designation from the FDA for diabetic macular edema (DME) and both RMAT and PRIME (EMA) designations for wet AMD [news · published 2025-05-09].
What works
- 4D-150 Phase 3 enrollment completed ahead of schedule with strong investigator and patient interest, suggesting robust clinical execution [news · published 2026-02-09].
- Strategic partnership with Otsuka provides $85M upfront and cost-sharing, with potential for $335.5M in milestones, strengthening financial runway for late-stage development [sec_mda · as of 2026-08-13].
- Multiple regulatory designations (RMAT, PRIME) for 4D-150 in wet AMD and DME indicate potential for expedited development pathways [news · published 2025-05-09].
- Pipeline diversification with 4D-710 for cystic fibrosis, described as the first genetic medicine to deliver CFTR transgene to lungs, addresses a large unmet need [sec_mda · as of 2026-03-18].
What to weigh
- The company reported a net loss of -$72.9M on only $3.8M revenue as of June 30, 2026, reflecting heavy R&D spending with no approved products [sec].
- Cash and equivalents declined sharply from $458M in March 2025 to $70.4M by June 2026, indicating significant cash burn [news · published 2025-05-09] [sec].
- 4D-150 remains unapproved and faces pivotal Phase 3 data readouts in 2027, with no guarantee of regulatory success or commercial adoption [news · published 2026-02-09].
- Reliance on a single lead program (4D-150) for near-term value concentration; other programs (4D-175, 4D-710) are earlier stage and carry development risk [sec_mda · as of 2026-08-13].
From the filings
Quoted directly from source documents.
4FRONT-1 Phase 3 trial for 4D-150 completed enrollment ahead of schedule
“Enrollment for 4FRONT-1, the first registrational trial for 4D-150 in wet AMD, was completed within an approximately 11-month period, ahead of initial projections”
News · February 9, 2026
Otsuka partnership terms for 4D-150 in APAC
“we are eligible for up to $335.5 million in potential regulatory and commercial milestone payments and tiered double-digit royalties depending on net sales in the Otsuka Territory”
SEC MD&A · August 13, 2026
4D-150 received RMAT designation for DME
“RMAT designation received from FDA for 4D-150 in DME”
News · May 9, 2025
Risks & what to watch (4)›
Key risks
- Cash burn rate — Cash dropped from $458M (Mar 2025) to $70.4M (Jun 2026), raising questions about runway beyond near-term milestones [news] [sec].
- Single-program dependency — 4D-150 is the lead asset; failure in Phase 3 would severely impact company value [news].
- No approved products — Zero revenue from product sales; net loss of $72.9M in latest period highlights pre-commercial risk [sec].
- Regulatory and competitive uncertainty — Gene therapy field is competitive; 4D-150 must demonstrate durable efficacy and safety vs. existing anti-VEGF injections [news].
What to watch
- Topline data from 4FRONT-1 Phase 3 trial for 4D-150 in wet AMD expected in H1 2027 [news · published 2026-02-09].
- Initiation of global Phase 3 trial for 4D-150 in DME expected Q3 2026 [news · published 2026-01-07].
- 2-year Phase 2b PRISM data for 4D-150 in wet AMD expected mid-2026 [news · published 2026-01-07].
- 4D-710 Phase 2 development progress for cystic fibrosis [sec_mda · as of 2026-03-18].
Sources: Catalysts · News · SEC MD&A · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 0.21 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 13 sells (180d)
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
150
Total value held
$469.5M
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 5,247,151 | $48.9M |
| 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 (4DMT) is a clinical-stage biotechnology company developing intravitreal gene therapies for retinal diseases and other serious conditions, with its lead program 4D-150 in Phase 3 for wet age-related macular degeneration (AMD).
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.