FDMT

MKT CAP:$481M

4D Molecular Therapeutics, Inc.

Market Cap

$481M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$9.49+$2.17 (+29.71%)

Apr 24, 2026

Company Details

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: o...

CEO

David H. Kirn

IPO Date

Dec 11, 2020

Website

www.4dmoleculartherapeutics.com

Key Metrics TTM

Revenue

$85M

+230194.6% YoY

Net Income

-$140M

EPS (Diluted)

-$2.51

Free Cash Flow

-$110M

Revenue / Share

$1.47

Gross Margin

-14.0%

Operating Margin

-187.2%

Net Margin

-164.4%

FCF Margin

-129.5%

P/S

5.6x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Mar 18, 2026

$85M+230194.6%EPS -$2.42

Q4 2025

Mar 18, 2026

$85M+8508900.0%EPS $0.34

Q3 2025

Nov 10, 2025

$90.0K+2900.0%EPS -$1.01

Q2 2025

Aug 11, 2025

$15.0K+200.0%EPS -$0.98

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1M	-$18M	-$26M
Q2 22	$162.0K	-$20M	-$28M
Q3 22	$500.0K	-$18M	-$26M
Q4 22	$1M	-$20M	-$29M
Q1 23	$298.0K	-$22M	-$30M
Q2 23	$239.0K	-$23M	-$32M
Q3 23	$20M	-$5M	-$14M
Q4 23	-$19.0K	-$26M	-$37M
Q1 24	$28.0K	-$28M	-$38M
Q2 24	$5.0K	-$32M	-$42M
Q3 24	$3.0K	$3.0K	-$51M
Q4 24	$1.0K	-$2M	-$56M
Q1 25	$14.0K	$14.0K	-$54M
Q2 25	$15.0K	-$48M	-$59M
Q3 25	$90.0K	-$47M	-$61M
Q4 25	$85M	$83M	$15M

Valuation

Quarter	P/S	P/E
Q1 22	28.8x	—
Q2 22	80.2x	—
Q3 22	128.6x	—
Q4 22	217.9x	—
Q1 23	300.7x	—
Q2 23	330.4x	—
Q3 23	21.0x	—
Q4 23	48.2x	—
Q1 24	81.1x	—
Q2 24	58.6x	—
Q3 24	34301.9x	—
Q4 24	7727.1x	—
Q1 25	7575.6x	—
Q2 25	6267.0x	—
Q3 25	3891.6x	—
Q4 25	5.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$24M	-$30M
Q2 22	-$20M	-$22M
Q3 22	-$21M	-$23M
Q4 22	-$22M	-$23M
Q1 23	-$28M	-$29M
Q2 23	-$22M	-$23M
Q3 23	-$1M	-$2M
Q4 23	-$25M	-$25M
Q1 24	-$29M	-$30M
Q2 24	-$30M	-$31M
Q3 24	-$29M	-$31M
Q4 24	-$46M	-$47M
Q1 25	-$48M	-$48M
Q2 25	-$43M	-$43M
Q3 25	-$46M	-$46M
Q4 25	$29M	$28M

Capital Expenditures

Quarter	CapEx
Q1 22	$6M
Q2 22	$2M
Q3 22	$2M
Q4 22	$1M
Q1 23	$1M
Q2 23	$805.0K
Q3 23	$405.0K
Q4 23	$549.0K
Q1 24	$710.0K
Q2 24	$349.0K
Q3 24	$2M
Q4 24	$949.0K
Q1 25	$631.0K
Q2 25	$66.0K
Q3 25	$91.0K
Q4 25	$631.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-39.1%	+50.8%
Q2 22	-98.9%	+28.9%
Q3 22	-63.4%	+12.4%
Q4 22	+1255.4%	+20.6%
Q1 23	-75.6%	+10.1%
Q2 23	+47.5%	+13.2%
Q3 23	+3940.8%	+26.6%
Q4 23	-101.5%	+22.2%
Q1 24	-90.6%	+25.5%
Q2 24	-97.9%	+31.2%
Q3 24	-100.0%	+49.6%
Q4 24	+105.3%	+53.2%
Q1 25	-50.0%	+40.5%
Q2 25	+200.0%	+40.1%
Q3 25	+2900.0%	+19.8%
Q4 25	+8508900.0%	+25.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	322.6%
Q2 22	$4M	2667.9%
Q3 22	$5M	904.0%
Q4 22	$4M	348.5%
Q1 23	$4M	1416.4%
Q2 23	$5M	2079.1%
Q3 23	$5M	22.6%
Q4 23	$6M	—
Q1 24	$6M	21335.7%
Q2 24	$6M	121460.0%
Q3 24	$6M	216333.3%
Q4 24	$8M	757800.0%
Q1 25	$7M	49900.0%
Q2 25	$5M	33053.3%
Q3 25	$5M	5021.1%
Q4 25	$6M	6.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$19M	$8M	—
Q2 22	$20M	$8M	—
Q3 22	$19M	$8M	—
Q4 22	$22M	$8M	—
Q1 23	$22M	$8M	—
Q2 23	$24M	$9M	—
Q3 23	$25M	$9M	—
Q4 23	$26M	$11M	—
Q1 24	$28M	$10M	—
Q2 24	$32M	$11M	—
Q3 24	$38M	$13M	—
Q4 24	$43M	$13M	$2M
Q1 25	$41M	$13M	—
Q2 25	$48M	$12M	—
Q3 25	$49M	$12M	—
Q4 25	$58M	$13M	—

Revenue Segments

Quarter	Collaboration And License Revenue
Q1 24	$28.0K
Q2 24	$5.0K
Q3 24	$3.0K
Q4 24	$1.0K
Q1 25	$14.0K
Q2 25	$15.0K
Q3 25	$90.0K
Q4 25	$85M

Revenue by Geography

Quarter	Netherlands	United States
Q1 22	$1M	$28.0K
Q2 22	$160.0K	$2.0K
Q3 22	$497.0K	$3.0K
Q4 22	$1M	$2.0K
Q1 23	$295.0K	$3.0K
Q2 23	$230.0K	$9.0K
Q3 23	$41.0K	$20M
Q1 24	—	$28.0K
Q2 24	—	$5.0K
Q3 24	—	$3.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$76M	$160M	$236M
Q2 22	$113M	$128M	$241M
Q3 22	$108M	$119M	$228M
Q4 22	$52M	$161M	$214M
Q1 23	$79M	$122M	$200M
Q2 23	$236M	$74M	$310M
Q3 23	$276M	$44M	$320M
Q4 23	$249M	$39M	$288M
Q1 24	$276M	$250M	$526M
Q2 24	$189M	$353M	$542M
Q3 24	$188M	$314M	$502M
Q4 24	$149M	$276M	$425M
Q1 25	$134M	$188M	$321M
Q2 25	$77M	$216M	$293M
Q3 25	$49M	$257M	$305M
Q4 25	$60M	$342M	$403M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	32M	+19.3%	+20.8%
Q2 22	32M	+0.3%	+20.9%
Q3 22	32M	+0.2%	+19.8%
Q4 22	32M	+0.3%	+20.2%
Q1 23	33M	+0.7%	+1.5%
Q2 23	38M	+17.1%	+18.6%
Q3 23	42M	+10.2%	+30.5%
Q4 23	39M	-7.4%	+20.4%
Q1 24	49M	+25.9%	+50.6%
Q2 24	55M	+12.2%	+44.2%
Q3 24	56M	+0.5%	+31.5%
Q4 24	54M	-2.9%	+37.9%
Q1 25	56M	+3.3%	+13.1%
Q2 25	56M	+0.3%	+1.2%
Q3 25	56M	+0.4%	+1.0%
Q4 25	58M	+3.2%	+7.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$9.8K	124
Q2 22	$1.3K	124
Q3 22	$4.0K	124
Q4 22	$8.9K	140
Q1 23	$2.1K	140
Q2 23	$1.7K	140
Q3 23	$144.3K	140
Q4 23	-$129	147
Q1 24	$190	147
Q2 24	$34	147
Q3 24	$20	147
Q4 24	$4	227
Q1 25	$62	227
Q2 25	$66	227
Q3 25	$396	227
Q4 25	$2.1K	40K

Revenue / Employee