FDMT on Nasdaq

4D Molecular Therapeutics, Inc.

Logo: 4dmoleculartherapeutics.com3

Biotherapeutics company.1

Price unavailable

Last updated Oct 19, 2026.

Overview

$85.2MRevenue, fiscal 20254
-$140.1MNet income, fiscal 20254

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  • TickerFDMT on Nasdaq1
  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersEmeryville, California1
  • Website4dmoleculartherapeutics.com
  • Incorporated inDE5
  • Business address5858 Horton Street #455, Emeryville, Ca 946085
  • Filer categoryNon-accelerated filer, Smaller reporting company5

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4D Molecular Therapeutics, Inc. image from its website
Image: 4dmoleculartherapeutics.com3

We are a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with the potential to transform treatment paradigms and provide unprecedented benefits to patients. Our products are developed with customized and evolved adeno-associated virus (“AAV”) vectors invented from our proprietary vector discovery platform, Therapeutic Vector Evolution (“TVE”) which was designed to generate vectors with properties that overcome the limitations of conventional AAV vectors. TVE applies the principles of directed evolution in non-human primate (“NHP”) models to select vectors that target tissues of diseases with high unmet need using routine and local routes of administration. We are focused on clinical-stage product candidates in retina and lung utilizing vectors invented with TVE and believe the clinical results to date validate the platform.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-187.2%Operating margin4
-164.4%Net margin4
230194.6%Revenue growth, 20254
-27.7%Return on equity4
-$109.6MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

Japan brought in 100% of the revenue 4D Molecular Therapeutics, Inc. broke down this way in fiscal 2025.

  1. Japan$85.0M4100%
  2. United States$209.0K40%up 465% from 2024
Regions by year
Regions20242025
Japan$0$85.0M
United States$37.0K$209.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$85.2M

Out of $85.2M in revenue.4 The company lost money this year.

Financial statements

Revenue78910114$85.2M in 2025+1124% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $7.0M$7.0M20192020: $13.4M$13.4M2020+92%2021: $18.0M$18.0M2021+35%2022: $3.1M$3.1M2022−83%2023: $20.7M$20.7M2023+562%2024: $37.0K$37.0K2024−100%2025: $85.2M$85.2M2025+230195%
Operating income78910114-$159.5M in 2025+214% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$50.8M-$50.8M20192020: -$56.7M-$56.7M2020+12%2021: -$71.3M-$71.3M2021+26%2022: -$110.0M-$110.0M2022+54%2023: -$112.9M-$112.9M2023+3%2024: -$187.8M-$187.8M2024+66%2025: -$159.5M-$159.5M2025−15%
Net income78910114-$140.1M in 2025+184% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$49.3M-$49.3M20192020: -$56.7M-$56.7M2020+15%2021: -$71.3M-$71.3M2021+26%2022: -$107.5M-$107.5M2022+51%2023: -$100.8M-$100.8M2023−6%2024: -$160.9M-$160.9M2024+60%2025: -$140.1M-$140.1M2025−13%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Collaboration and license revenue$85.2M$37.0K
Research and development (includes $1,322 and $1,005 for the years ended December 31, 2025 and 2024, respectively, attributable to related parties)$195.7M$141.3M
General and administrative$49.1M$46.6M
Total operating expenses$244.8M$187.9M
Loss from operations-$159.5M-$187.8M
Interest income$19.5M$27.1M
Other expense, net-$37.0K-$77.0K
Total other income, net$19.4M$27.0M
Net loss-$140.1M-$160.9M
Net loss per share, basic-$2.42-$2.98
Net loss per share, diluted-$2.42-$2.98
Weighted-average shares outstanding used in computing net loss per share, basic57.9M shares53.9M shares
Weighted-average shares outstanding used in computing net loss per share, diluted57.9M shares53.9M shares
Research and development expense, related party$1.3M$1.0M

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Leadership

Who has led 4D Molecular Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.

President

  1. Fariborz Kamal2022–2025

Chief financial officer

  1. August J. Moretti2021–2023
  2. Kristian Humer2025–now

Chief operating officer

  1. Fariborz Kamal2022–2025
2025
Board members and other officers (20)

Former names

  • 4D Molecular Therapeutics Inc.Jul 21, 2020 to May 12, 20225
  • 4D Molecular Therapeutics IncAug 13, 2015 to Sep 30, 20195

Timeline

  1. Dec 2020Went public Listed on NASDAQ1

Filings

355 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 136 insider forms, 55 large holders, 85 other. The latest 20:

  1. Oct 7, 20264 EDGAR
  2. Oct 5, 2026144 EDGAR
  3. Sep 28, 20268-K EDGAR
  4. Sep 22, 20264 EDGAR
  5. Sep 16, 20264 EDGAR
  6. Sep 14, 2026144 EDGAR
  7. Sep 3, 20264 EDGAR
  8. Aug 21, 20264 EDGAR
  9. Aug 19, 2026144 EDGAR
  10. Aug 17, 2026144 EDGAR
  11. Aug 17, 20264 EDGAR
  12. Aug 13, 2026144 EDGAR
  13. Aug 13, 202610-Q EDGAR
  14. Aug 13, 20268-K EDGAR
  15. Aug 5, 20264 EDGAR
  16. Aug 4, 2026144 EDGAR
  17. Aug 4, 20264 EDGAR
  18. Aug 3, 2026144 EDGAR
  19. Jul 20, 20268-K EDGAR
  20. Jul 14, 20264 EDGAR

The 355 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

62 open-market trades by officers, directors and large owners since October 2021: 1 buys and 61 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 16, 2026Bizily ScottChief Legal OfficerSale1,635$13.65$22.3KForm 4
Sep 14, 2026Kirn DavidSee RemarksSale58,333$13.90$810.8KForm 4
Sep 1, 2026Bizily ScottChief Legal OfficerSale584$14.00$8.2KForm 4
Aug 19, 2026Kirn DavidSee RemarksSale69,076$15.76$1.1MForm 4
Aug 17, 2026Bizily ScottChief Legal OfficerSale1,635$12.20$19.9KForm 4
Aug 13, 2026Bizily ScottChief Legal OfficerSale1,635$12.00$19.6KForm 4
Aug 4, 2026Kirn DavidSee RemarksSale26,842$10.23$274.6KForm 4
Aug 3, 2026Kirn DavidSee RemarksSale12,415$10.05$124.8KForm 4
Jul 10, 2026Kirn DavidSee RemarksSale15,725$12.03$189.2KForm 4
Jul 9, 2026Kirn DavidSee RemarksSale42,608$12.87$548.4KForm 4
Jun 30, 2026Bizily ScottChief Legal OfficerSale6,566$14.00$91.9KForm 4
Jun 23, 2026Bizily ScottChief Legal OfficerSale9,810$12.00$117.7KForm 4
Jun 22, 2026Kirn DavidSee RemarksSale114,746$10.47$1.2MForm 4
Jun 1, 2026Kirn DavidSee RemarksSale1,922$10.02$19.3KForm 4
Mar 20, 2026Gupta AshooVP, Finance and ControllerSale390$8.61$3.4KForm 4
Dec 20, 2025Gupta AshooVP, Finance and ControllerSale389$8.68$3.4KForm 4
Dec 16, 2025Bizily ScottChief Legal OfficerSale1,635$10.90$17.8KForm 4
Nov 17, 2025Bizily ScottChief Legal OfficerSale1,635$10.59$17.3KForm 4
Oct 24, 2025Bizily ScottChief Legal OfficerSale2,678$12.00$32.1KForm 4
Oct 16, 2025Bizily ScottChief Legal OfficerSale1,635$10.17$16.6KForm 4

All 62 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jupiter Topco LLC5,746,289$76.5M0.0%New
Ra Capital Management, L.P.5,049,779$67.2M0.6%No change
BlackRock, Inc.4,546,059$60.5M0.0%+400,756
Goldman Sachs Group Inc4,258,668$56.6M0.0%+53,230
Novo Holdings A/s3,249,178$43.2M2.5%−401,559
State Street Corp2,911,109$38.7M0.0%+203,234
Bvf Inc/il2,879,289$38.3M1.0%No change
Adage Capital Partners Gp, L.l.c.2,249,203$29.9M0.0%+644,047
Trails Edge Capital Partners, LP2,227,917$29.6M4.7%+925,000
Vanguard Capital Management LLC2,099,055$27.9M0.0%−96,523
Armistice Capital, LLC2,000,000$26.6M0.7%No change
Geode Capital Management, LLC1,128,466$15.0M0.0%+63,121
Bank Of America Corp /de/1,120,674$14.9M0.0%+146,501
Evergreen Quality Fund GP, Ltd.951,474$12.7M0.2%No change
Parkman Healthcare Partners LLC948,184$12.6M1.3%+425,607
Dimensional Fund Advisors LP730,857$9.7M0.0%+208,034
Deutsche Bank Ag\710,942$9.5M0.0%+2,898
Citadel Advisors LLC687,597$9.1M0.0%+423,501
Renaissance Technologies LLC614,573$8.2M0.0%+36,308
Vanguard Portfolio Management LLC579,903$7.7M0.0%+24,074
Diadema Partners LP571,107$7.6M2.9%New
Northern Trust Corp562,929$7.5M0.0%+220,895
Acuta Capital Partners, LLC507,801$6.8M4.7%New
Nuveen, LLC503,071$6.7M0.0%−58,734
Morgan Stanley503,020$6.7M0.0%+157,610

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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