FDMT (4D Molecular Therapeutics, Inc.) Stock Financials & Earnings

FDMT4D Molecular Therapeutics, Inc.

Mkt Cap$468M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$120,000

Net Income (TTM)-$209M

EPS (TTM)-$3.75

Free Cash Flow (TTM)-$185M

Gross Margin-80710.8%

Op. Margin-191982.5%

Net Margin-174314.2%

FCF Margin-154209.2%

P/S Ratio (TTM)3900.0x

P/E Ratio (TTM)—

YoY Rev Growth+605.9%

Employees—

Earnings Reports

▶Q3 2025

Next: Q4 2025 · Mar 13

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 candidat...

CEO David H. KirnIPO Dec 11, 2020www.4dmoleculartherapeutics.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$1M	-$20M	-$29M
Q1 23	$298K	-$22M	-$30M
Q2 23	$239K	-$23M	-$32M
Q3 23	$20M	-$5M	-$14M
Q4 23	-$19K	-$26M	-$37M
Q1 24	$28K	-$28M	-$38M
Q2 24	$5K	-$32M	-$42M
Q3 24	$3K	$3K	-$51M
Q4 24	$1K	-$2M	-$56M
Q1 25	$14K	$14K	-$54M
Q2 25	$15K	-$48M	-$59M
Q3 25	$90K	-$47M	-$61M

Valuation

Quarter	P/S	P/E
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	—

Operating Cash Flow

Quarter	Operating CF	Free CF
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

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$1M
Q1 23	$1M
Q2 23	$805K
Q3 23	$405K
Q4 23	$549K
Q1 24	$710K
Q2 24	$349K
Q3 24	$2M
Q4 24	$949K
Q1 25	$631K
Q2 25	$66K
Q3 25	$91K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
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%

OpEx Breakdown

Quarter	R&D	G&A	S&M
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	—

Revenue Segments

Quarter	Collaboration And License Revenue
Q1 24	$28K
Q2 24	$5K
Q3 24	$3K
Q4 24	$1K
Q1 25	$14K
Q2 25	$15K
Q3 25	$90K

Revenue by Geography

Quarter	Netherlands	United States
Q4 22	$1M	$2K
Q1 23	$295K	$3K
Q2 23	$230K	$9K
Q3 23	$41K	$20M
Q1 24	—	$28K
Q2 24	—	$5K
Q3 24	—	$3K

War Chest

Quarter	Cash	Short-term Investments	Total
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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	32M	+0.3%
Q1 23	33M	+0.7%
Q2 23	38M	+17.1%
Q3 23	42M	+10.2%
Q4 23	39M	-7.4%
Q1 24	49M	+25.9%
Q2 24	55M	+12.2%
Q3 24	56M	+0.5%
Q4 24	54M	-2.9%
Q1 25	56M	+3.3%
Q2 25	56M	+0.3%
Q3 25	56M	+0.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	$164K	83
FY 21	$145K	124
FY 22	$22K	140
FY 23	$141K	147
FY 24	$163	227