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Nasdaq · Healthcare

4D Molecular Therapeutics, Inc. (FDMT)

As-reported financials and SEC filings for 4D Molecular Therapeutics, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About 4D Molecular Therapeutics, Inc.

4D Molecular Therapeutics, Inc. is a biotechnology company developing genetic medicines using customized adeno-associated virus vectors. Its main products target retinal diseases like wet age-related macular degeneration and diabetic macular edema, as well as lung diseases such as cystic fibrosis. The company focuses on delivering durable therapies through in-office injections to reduce treatment burden and improve patient outcomes.

Snapshot

Revenue
$85.2M
Revenue growth (YoY)
230194.6%
Net income
$-140.1M
Diluted EPS
$-2.42
Gross margin
Operating margin
Net margin
FCF margin
ROE
-27.7%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$792.8M
Long-term debt / equity
0.00×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at 4D Molecular Therapeutics

  • Revenue grew 230194.6% to $85M in FY2025, after a 99.8% decline the year before.
  • Operating margin is -187.2% in FY2025, +208.2 pp against -395.5% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $4M, up 25106.7% from Q2 FY2025.
  • Free cash flow was negative $110M in FY2025.
  • Net loss narrowed to $140M in FY2025, from $161M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where 4D Molecular Therapeutics’s fundamentals sit among the 71 biotech companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Revenue growth (YoY)+230194.6%
Highest of 64
ROE-27.7%
53rd percentile of 61
Long-term debt / equity0.00×
1st percentile of 20
Short interest22.32d
97th percentile of 71

4D Molecular Therapeutics’s revenue growth of +230194.6% is the highest of the 64 biotech companies reporting it. 4D Molecular Therapeutics’s long-term debt to equity of 0.00 ranks in the 1st percentile of the 20 biotech companies reporting it.

No reported insider purchases (code P) in the last 90 days; 12 insider sales totaling $3.7M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+5 quant / multi-strat
Initiated / added
4
0 new, 4 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$19.5M
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$9.1M687.6KAdded
Renaissance TechnologiesquantQ2 2026$8.2M614.6KAdded
Two Sigma InvestmentsquantQ2 2026$924,09769.5KReduced
AQR Capital ManagementquantQ2 2026$668,73750.3KAdded
D. E. ShawquantQ2 2026$589,90844.4KAdded

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
12
$3.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-19
filed 2026-08-21
Kirn DavidSee RemarksSell43.1K$15.36$663K
2026-08-19
filed 2026-08-21
Kirn DavidSee RemarksSell25.9K$16.42$426K
2026-08-17
Bizily ScottChief Legal OfficerSell1.6K$12.20$20K
2026-08-13
filed 2026-08-17
Bizily ScottChief Legal OfficerSell1.6K$12.00$20K
2026-08-04
filed 2026-08-05
Kirn DavidSee RemarksSell26.8K$10.23$275K
2026-08-03
filed 2026-08-04
Kirn DavidSee RemarksSell12.4K$10.05$125K
2026-07-10
filed 2026-07-14
Kirn DavidSee RemarksSell15.3K$12.01$184K
2026-07-10
filed 2026-07-14
Kirn DavidSee RemarksSell442$12.84$6K
2026-07-09
filed 2026-07-14
Kirn DavidSee RemarksSell42.6K$12.87$548K
2026-06-30
filed 2026-07-02
Bizily ScottChief Legal OfficerSell6.6K$14.00$92K
2026-06-23
filed 2026-06-25
Bizily ScottChief Legal OfficerSell9.8K$12.00$118K
2026-06-22
filed 2026-06-23
Kirn DavidSee RemarksSell114.7K$10.47$1.2M

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
12.3M
settled 2026-08-14
Change vs prior
+2.1%
vs previous settlement
Days to cover
22.32
at avg daily volume
Avg daily volume
550.7K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1412.3M+2.1%22.32
2026-07-3112.0M+5.9%17.69
2026-07-1511.4M-14.6%15.51
2026-06-3013.3M+2.9%9.10
2026-06-1512.9M+6.0%16.53
2026-05-2912.2M+0.9%13.97
2026-05-1512.1M+0.8%19.08
2026-04-3012.0M+4.1%17.90

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$85.2M$37,000$20.7M$3.1M$18.0M
Gross profit
Operating income$-159.5M$-187.8M$-112.9M$-110.0M$-71.3M
Net income$-140.1M$-160.9M$-100.8M$-107.5M$-71.3M
Diluted EPS$-2.42$-2.98$-2.58$-3.32$-2.57

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$60.2M$149.3M$249.1M$52.4M$153.0M
Current assets$413.1M$434.9M$296.6M$220.5M$256.3M
Total assets$566.7M$560.4M$339.9M$261.8M$353.5M
Current liabilities$44.0M$29.1M$19.0M$15.7M$16.3M
Long-term debt$0
Total liabilities$61.0M$49.8M$32.1M$30.5M$34.4M
Total equity$505.7M$510.6M$307.8M$231.3M$319.1M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-109.1M$-134.6M$-75.8M$-86.7M$-69.1M
Capital expenditure$536,000$3.8M$2.8M$11.5M$9.1M
Free cash flow$-109.6M$-138.4M$-78.6M$-98.2M$-78.2M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$3.8M25106.7%$-72.9M$-1.04
Q1 FY2026$3.0M21664.3%$-68.8M$-1.01
Q4 FY2025$19.4M$0.30
Q3 FY2025$90,0002900.0%$-56.9M$-1.01
Q2 FY2025$15,000200.0%$-54.7M$-0.98
Q1 FY2025$14,000-50.0%$-48.0M$-0.86
Q4 FY2024$1,000$-49.7M$-0.89
Q3 FY2024$3,000-100.0%$-43.8M$-0.79

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryBiological Products, (No Diagnostic Substances)
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2015
SEC CIK1650648

Selected SEC filings

10-K2026-03-18
View on EDGAR →
10-Q2026-08-13
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-08-13
View on EDGAR →
8-K2026-07-20
View on EDGAR →
8-K2026-06-29
View on EDGAR →
8-K2026-06-22
View on EDGAR →

Largest biotech peers

All biotech stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.