4D Molecular Therapeutics (FDMT) AI Stock Analysis

• Market Cap: $473.86M
• Dividend Yield: N/A
• Average Volume (3M): 701.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 227
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.01
• Shares Outstanding: 51,007,874
• 10 Day Avg. Volume: 708,432
• 30 Day Avg. Volume: 701,120
• PEG Ratio: -0.12
• Price to Book (P/B): 0.59
• Price to Sales (P/S): 8120.72
• P/FCF Ratio: -2.17
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 3.73K
• Enterprise Value/Gross Profit: -4.62
• Enterprise Value/Ebitda: -1.97
• 1Y Price Target: $33.83
• Price Target Upside: 264.16% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $9.50 ▲(2.26% Upside)

The score is held down primarily by weak financial performance (large losses and sustained cash burn) and bearish technical trend signals (below major moving averages with negative MACD). Corporate events provide meaningful support via partnership funding and positive clinical readouts, but valuation remains difficult to support given ongoing losses and no dividend data.

Positive Factors

Proprietary capsid platform

A durable technical moat: a proprietary capsid discovery and engineering platform supports differentiated AAVs with tissue-specific targeting. That platform can be reused across programs, improving development efficiency, enabling multiple indication launches, and creating barriers versus rivals using off-the-shelf capsids.

Strategic Otsuka partnership (APAC)

An $85M upfront strategic collaboration validates the technology and provides meaningful non-operational funding and regional commercialization expertise. Partnerships like this reduce near-term financing pressure, enhance clinical program resources, and strengthen commercial pathway in APAC markets long-term.

Low financial leverage

Low debt affords financial flexibility for a cash-burning biotech: it limits fixed interest obligations and reduces default risk, allowing management to prioritize R&D investment and strategic partnerships. This structural balance-sheet strength helps sustain operations while raising funds.

Negative Factors

High cash burn & negative FCF

Sustained, large negative operating and free cash flow creates a structural need for external financing. Over 2-6 months this increases dilution risk, constrains discretionary R&D spend, and forces reliance on partnerships or equity raises to fund pivotal trials and potential commercial launch.

Pre-commercial with minimal revenue

With virtually no recurring product revenue, the company depends on milestones, partnerships, and financing until approval and launch. Absent commercialization, there's no durable cash flow buffer, making operations and growth contingent on successful trial readouts and external funding.

Widening losses eroding equity

Widening net losses and a meaningful drop in shareholders' equity are structural negatives: they erode capital, reduce investor cushion, and raise governance and financing pressures. Continued erosion increases the probability of dilutive financings and may constrain strategic optionality.

4D Molecular Therapeutics Business Overview & Revenue Model

Company Description

4D Molecular Therapeutics, Inc., a clinical-stage gene therapy company, develops product candidates using its adeno-associated viruses vectors. It develops a portfolio of gene therapy product candidates focuses in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The company has three product candidates that are in clinical trials: 4D-125 that is in a Phase 1/2 clinical trial for the treatment of X-linked retinitis pigmentosa; 4D-110 that is in a Phase 1/2 clinical trial for the treatment of choroideremia; and 4D-310, which is in a Phase 1/2 clinical trial for the treatment of Fabry disease. Its two IND candidates are 4D-150 for the treatment of wet age-related macular degeneration and 4D-710 for the treatment of cystic fibrosis lung disease. 4D Molecular Therapeutics, Inc. has research and collaboration arrangements with uniQure; CRF; Roche; and CFF. The company was founded in 2013 and is headquartered in Emeryville, California.4D Molecular Therapeutics, Inc., a clinical-stage gene therapy company, develops product candidates using its adeno-associated viruses vectors. It develops a portfolio of gene therapy product candidates focuses in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The company has three product candidates that are in clinical trials: 4D-125 that is in a Phase 1/2 clinical trial for the treatment of X-linked retinitis pigmentosa; 4D-110 that is in a Phase 1/2 clinical trial for the treatment of choroideremia; and 4D-310, which is in a Phase 1/2 clinical trial for the treatment of Fabry disease. Its two IND candidates are 4D-150 for the treatment of wet age-related macular degeneration and 4D-710 for the treatment of cystic fibrosis lung disease. 4D Molecular Therapeutics, Inc. has research and collaboration arrangements with uniQure; CRF; Roche; and CFF. The company was founded in 2013 and is headquartered in Emeryville, California.

How the Company Makes Money

4D Molecular Therapeutics generates revenue through a combination of partnerships, collaborations, and licensing agreements with pharmaceutical and biotechnology companies. The company may receive upfront payments, research funding, and milestone payments as it advances its therapeutic candidates through clinical trials. Additionally, FDMT could earn royalties on future sales of products developed through these collaborations. Significant partnerships with larger pharmaceutical firms enhance its financial stability and provide access to broader resources for development and commercialization efforts.

4D Molecular Therapeutics Financial Statement Overview

Summary

Overall weak financial profile typical of a pre-commercial biotech: minimal TTM revenue (~$0.1M), large and widening TTM net loss (~-$209M), and heavy cash burn (TTM operating cash flow ~-$183.5M; free cash flow ~-$185.1M). The main offset is low leverage (total debt ~$22M; debt-to-equity ~0.06), though equity has declined meaningfully.

Income Statement

FDMT remains a pre-commercial biotechnology profile with very limited revenue: TTM (Trailing-Twelve-Months) revenue is only ~$0.1M (up sharply versus the prior year off a tiny base), while annual revenue has been volatile and generally small. Profitability is the key weakness—TTM (Trailing-Twelve-Months) net loss is about -$209M (vs. -$161M in 2024), with deeply negative operating results as spending continues to far exceed revenue. The main strength is that losses, while large, are consistent with an R&D-stage company; however, the trajectory of widening losses in TTM (Trailing-Twelve-Months) is a clear negative.

Balance Sheet

The balance sheet is a relative strength: leverage is low with total debt of ~$22M in TTM (Trailing-Twelve-Months) and a low debt-to-equity ratio (~0.06). That said, the equity base has declined meaningfully (from ~$511M in 2024 to ~$369M TTM), reflecting ongoing losses and cash burn, and returns on equity are sharply negative in recent periods. Overall, FDMT has modest debt risk, but continued losses are pressuring shareholders’ capital over time.

Cash Flow

Cash generation is weak, with TTM (Trailing-Twelve-Months) operating cash flow around -$183.5M and free cash flow around -$185.1M, indicating substantial ongoing cash burn. Free cash flow has not shown durable improvement (TTM growth is positive, but prior annual periods were mixed), and cash outflows are broadly in line with reported losses—highlighting that losses are not merely accounting-driven. The key risk is sustained negative free cash flow, which increases future financing needs despite the currently low debt load.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	120.00K	37.00K	20.72M	3.13M	18.04M	13.61M
Gross Profit	-96.85M	37.00K	-76.37M	-77.12M	-43.32M	-39.43M
EBITDA	-226.81M	-181.14M	-108.66M	-107.63M	-69.81M	-55.22M
Net Income	-209.18M	-160.87M	-100.84M	-107.49M	-71.32M	-56.69M
Balance Sheet
Total Assets	423.98M	560.38M	339.89M	261.85M	353.49M	288.33M
Cash, Cash Equivalents and Short-Term Investments	305.06M	424.88M	288.23M	213.55M	247.78M	276.73M
Total Debt	22.26M	24.61M	14.67M	16.12M	16.45M	0.00
Total Liabilities	55.00M	49.78M	32.06M	30.51M	34.38M	31.94M
Stockholders Equity	368.98M	510.61M	307.83M	231.34M	319.11M	256.39M
Cash Flow
Free Cash Flow	-185.05M	-138.37M	-78.56M	-98.22M	-78.24M	-51.91M
Operating Cash Flow	-183.50M	-134.59M	-75.79M	-86.69M	-69.13M	-50.91M
Investing Cash Flow	42.93M	-302.44M	115.72M	-17.05M	-172.68M	-1.00M
Financing Cash Flow	1.58M	337.25M	156.83M	3.08M	118.09M	278.98M

4D Molecular Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.29
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FDMT, the sentiment is Positive. The current price of 9.29 is above the 20-day moving average (MA) of 8.20, above the 50-day MA of 9.06, and above the 200-day MA of 6.99, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 59.42 is Neutral, neither overbought nor oversold. The STOCH value of 86.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FDMT.

4D Molecular Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DSGN	55 Neutral	$569.64M	-8.42	-29.83%	―	―	-40.26%
IMRX	52 Neutral	$306.06M	-2.66	-43.75%	―	―	9.32%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ASMB	49 Neutral	$427.85M	-5.63	-36.94%	―	31.30%	32.79%
KRRO	49 Neutral	$115.46M	-1.30	-63.46%	―	―	21.61%
FDMT	47 Neutral	$473.86M	-2.36	-45.38%	―	―	―
AURA	42 Neutral	$365.14M	-2.98	-64.26%	―	―	-11.41%

4D Molecular Therapeutics Corporate Events

4D Molecular Therapeutics Restructures Equity via Warrant Exchange

On January 22, 2026, 4D Molecular Therapeutics entered into exchange agreements with RA Capital Healthcare Fund and Biotechnology Value Fund under which these investors swapped a total of 6.6 million shares of the company’s common stock for an equal number of pre-funded warrants. As a result of this transaction, the company reported 51,007,874 shares outstanding as of January 23, 2026, excluding 16,935,665 additional shares issuable upon exercise of existing pre-funded warrants that carry a de minimis $0.0001 exercise price and are subject to beneficial ownership caps of 4.99% or 9.99% to limit concentration. The move reshapes the company’s capital structure by shifting a portion of institutional holdings from common stock into pre-funded warrants, potentially providing flexibility around ownership limits and future dilution while relying on a registration exemption under Section 3(a)(9) of the Securities Act for issuance.

The most recent analyst rating on (FDMT) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on 4D Molecular Therapeutics stock, see the FDMT Stock Forecast page.

4D Molecular Therapeutics Expands Leadership With New Director Appointment

On December 31, 2025, Fariborz Kamal, Ph.D., resigned as President and Chief Operating Officer of 4D Molecular Therapeutics to pursue other opportunities, while transitioning to a part-time role as Chief Technical Advisor; the company stated his departure was not due to any disagreement over operations, outlook, or governance. Effective January 1, 2026, current Chief Executive Officer David Kirn, M.D., assumed the additional role of President, consolidating top leadership, and on January 5, 2026, the board appointed veteran biopharma executive Glenn Sblendorio as a Class I director and committee member, granting him standard stock options and cash retainers, moves that collectively signal management continuity and strengthened board expertise in finance, operations, and therapeutic development for the company and its stakeholders.

The most recent analyst rating on (FDMT) stock is a Hold with a $7.00 price target. To see the full list of analyst forecasts on 4D Molecular Therapeutics stock, see the FDMT Stock Forecast page.

4D Molecular Therapeutics Expands Phase 3 Trial Enrollment

On December 10, 2025, 4D Molecular Therapeutics announced amendments to its Phase 3 clinical trials for 4D-150 in wet AMD, increasing target enrollment from 400 to 480 patients per trial. These changes are aimed at enhancing the trials’ power for global regulatory submissions and reflect the company’s evolving view of the commercial opportunity for 4D-150. The amendments are not expected to impact the company’s financial projections or enrollment timelines, with 4FRONT-1 and 4FRONT-2 trials continuing as planned, targeting completion in 2026 and topline data disclosure in 2027.

The most recent analyst rating on (FDMT) stock is a Hold with a $11.00 price target. To see the full list of analyst forecasts on 4D Molecular Therapeutics stock, see the FDMT Stock Forecast page.

4D Molecular Therapeutics Appoints New Chief Financial Officer

On November 17, 2025, 4D Molecular Therapeutics, Inc. appointed Kristian Humer as Chief Financial Officer and Principal Financial Officer. Mr. Humer brings extensive experience from his previous roles at Foghorn Therapeutics, Viridian Therapeutics, and Citigroup Global Markets. His compensation package includes a base salary of $520,000, a performance bonus, stock options, and a sign-on bonus. The offer includes severance benefits and conditions tied to a change in control, with no disclosed family or transactional ties affecting his appointment.

The most recent analyst rating on (FDMT) stock is a Buy with a $36.00 price target. To see the full list of analyst forecasts on 4D Molecular Therapeutics stock, see the FDMT Stock Forecast page.

4D Molecular Therapeutics Closes $93.3 Million Stock Offering

On November 6, 2025, 4D Molecular Therapeutics, Inc. entered into an underwriting agreement with Leerink Partners LLC and Evercore Group L.L.C. to issue and sell 8,385,809 shares of its common stock and pre-funded warrants for additional shares, raising approximately $93.3 million in net proceeds. The offering closed on November 7, 2025, and was conducted under a prospectus supplement filed with the SEC, with the company agreeing to indemnify the underwriters against certain liabilities and implementing a lock-up period until January 6, 2026, for its directors and executive officers.

The most recent analyst rating on (FDMT) stock is a Buy with a $45.00 price target. To see the full list of analyst forecasts on 4D Molecular Therapeutics stock, see the FDMT Stock Forecast page.

4D Molecular Therapeutics Reports Positive Interim Trial Results

On November 6, 2025, 4D Molecular Therapeutics announced positive interim results from their Phase 1/2 PRISM clinical trial for 4D-150, a treatment for wet age-related macular degeneration (wet AMD). The data, collected up to August 22, 2025, shows that 4D-150 effectively maintains visual acuity and controls retinal anatomy, while significantly reducing the treatment burden through fewer anti-VEGF injections over a period of up to two years. The trial’s results suggest durable disease control and favorable safety outcomes, positioning 4D-150 as a promising therapeutic option in the ophthalmology market.

The most recent analyst rating on (FDMT) stock is a Buy with a $31.00 price target. To see the full list of analyst forecasts on 4D Molecular Therapeutics stock, see the FDMT Stock Forecast page.