# 4D Molecular Therapeutics, Inc. (FDMT)

> Source: Nexqual · https://nexqual.com/FDMT · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, 4D Molecular Therapeutics, Inc. (FDMT), nexqual.com/FDMT" · informational, not investment advice.

**Price:** USD 12.78 (-1.16% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 12.93 · day 12.57–13.46 · 52w 6.96–16.93 · market cap $706M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $92.0M, net income -$179M (-194.7% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 14 Form 4 filings, $5.3M; 0 not under a Rule 10b5-1 plan ($0K); 6 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (12 analysts), mean target USD 28.09 (range 18–37).
- Total return with dividends: 1Y +14.2% vs S&P 500 +14.8%; 5Y -46.8% vs S&P 500 +79.1%.
- Next earnings: 2026-11-10 (date not yet confirmed by the company), EPS estimate USD -1.05, revenue estimate $3.1M. All companies reporting that day: https://nexqual.com/earnings/2026-11-10
- Dividend: FDMT paid no cash dividend in the last five years.
- Short interest: 23.93% of float (as of 2026-10-15), 10.8 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.0M | $3.1M | $20.7M | $37K | $85.2M | $92.0M |
| Operating income | -$71.3M | -$110M | -$113M | -$188M | -$160M | -$197M |
| Net income | -$71.3M | -$107M | -$101M | -$161M | -$140M | -$179M |
| EPS (diluted) | -$2.57 | -$3.32 | -$2.58 | -$2.98 | -$2.42 | — |
| Free cash flow | -$78.2M | -$98.2M | -$78.6M | -$138M | -$110M | — |
| Operating margin | -395.5% | -3516.5% | -544.6% | -507678.4% | -187.2% | -214.2% |
| Net margin | -395.4% | -3435.4% | -486.6% | -434778.4% | -164.4% | -194.7% |
| Revenue growth | +32.5% | -82.7% | +562.3% | -99.8% | +230194.6% | — |
| Cash + short-term investments | $248M | $214M | $288M | $425M | $514M | — |
| Total debt | — | — | — | — | $0K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 7.7x · EV/Sales 4.0x · P/B 1.7x · Earnings yield -25.38% · Net cash $342M · EV $364M

## Insider sales (SEC Form 4, open-market, last ~7 months)
14 of 14 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Bizily Scott | Chief Legal Officer | 1,635 | $21K | 15.9% | Yes (adopted January 13, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-05 | Kirn David | See Remarks | 58,333 | $754K | 7.6% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-16 | Bizily Scott | Chief Legal Officer | 1,635 | $22K | 15.9% | Yes (adopted January 13, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-14 | Kirn David | See Remarks | 58,333 | $811K | 7.1% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-09-01 | Bizily Scott | Chief Legal Officer | 584 | $8K | 6.3% | Yes (adopted January 13, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-19 | Kirn David | See Remarks | 69,076 | $1.1M | 7.7% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-08-13…2026-08-17 | Bizily Scott | Chief Legal Officer | 3,270 | $40K | 27.5% | Yes (adopted January 13, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Kirn David | See Remarks | 26,842 | $275K | 3.1% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-08-03 | Kirn David | See Remarks | 12,415 | $125K | 1.4% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-07-09…2026-07-10 | Kirn David | See Remarks | 58,333 | $737K | 6.2% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-30 | Bizily Scott | Chief Legal Officer | 6,566 | $92K | 43.2% | Yes (adopted January 13, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-23 | Bizily Scott | Chief Legal Officer | 9,810 | $118K | 53.2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-22 | Kirn David | See Remarks | 114,746 | $1.2M | 10.9% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-01 | Kirn David | See Remarks | 1,922 | $19K | 0.2% | Yes (adopted January 9, 2026) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 12 analysts; mean target USD 28.09 (low 18, high 37).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HC Wainwright & Co. | Reiterated | Buy | $36 |
| 2026-10-06 | Chardan Capital | Target lowered | Buy | $26 → $25 |
| 2026-09-29 | B of A Securities | Target raised | Buy | $29 → $33 |
| 2026-09-14 | Cantor Fitzgerald | Upgrade | Neutral → Overweight | $20 |
| 2026-07-31 | B. Riley Securities | Initiated | Buy | $37 |
| 2026-07-20 | HC Wainwright & Co. | Reiterated | Buy | $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +14.2% | -46.8% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +14.3% | -11.8% |
| Volatility (annualized) | 76.5% | 87.0% |
| Max drawdown | -38.3% (Nov 2025→Jan 2026) | -92.2% (Mar 2024→Apr 2025) |

## Dividends
FDMT paid no cash dividend in the last five years.

## Short interest
11,530,134 shares sold short, 23.93% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 12,008,645 shares (-4.0%). Days to cover: 10.8 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/FDMT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FDMT's own 10-K filed 2026-03-18 (https://www.sec.gov/Archives/edgar/data/1650648/000119312526114075/fdmt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Otsuka Pharmaceutical | "the expected potential benefits of strategic collaboration agreements, including our relationships with Otsuka Pharmaceutical Co., Ltd. and Cystic Fibrosis Foundation, and our ability to attract collaborators with develo…" |
| Partner | AMD (AMD) | "On October 31, 2025, we entered into a Collaboration and License Agreement ("Otsuka Collaboration and License Agreement") with Otsuka Pharmaceutical Co., Ltd. ("Otsuka"), pursuant to which we granted Otsuka exclusive rig…" |
| Partner | Astellas Gene Therapies | "In July 2023, we entered into the License Agreement with AGT where we provided our 4D vector technology to AGT to deliver AGT's genetic payloads for the treatment of rare monogenic diseases." |
| Competitor | AbbVie (ABBV) | "We consider our most direct competitors in late-stage development with respect to 4D-150 for the treatment of retinal vascular diseases including wet AMD and DME to be late-stage AAV-based anti-VEGF genetic medicine prog…" |
| Competitor | Eli Lilly (LLY) | "We consider our most direct competitors in late-stage development with respect to 4D-150 for the treatment of retinal vascular diseases including wet AMD and DME to be late-stage AAV-based anti-VEGF genetic medicine prog…" |
| Competitor | Johnson & Johnson (JNJ) | "Companies that we are aware are developing therapeutics in the retina and pulmonology disease areas include large companies with significant financial resources, such as AbbVie Inc, Astellas Pharma Inc., Eli Lilly and Co…" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Japan | $3.7M | 97.6% | — |
| United States | $90,000 | 2.4% | +500.0% |
| Total revenue | $3.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 98%, 98% of revenue from unnamed direct customers (10-Q, filed 2026-08-13).

## Company outlook (8-K filed 2026-08-13)

- "Based on our current operating plan, we estimate that our existing cash, cash equivalents and marketable securities, and expected payments under our collaboration agreement with Otsuka, will be sufficient to fund our operating expenses and capital expenditure requirements at least into the second half of 2028."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-1.05 | $-1.01 | −$0.04 | $3.1M | 11 |
| Next quarter (ends 2026-12-31) | $-1.06 | $-1.00 | −$0.06 | $3.9M | 11 |
| Current fiscal year (ends 2026-12-31) | $-4.15 | $-3.93 | −$0.22 | $13.3M | 11 |
| Next fiscal year (ends 2027-12-31) | $-4.09 | $-3.77 | −$0.33 | $20.6M | 10 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$1.04 | −$1.02 | Miss −2.0% | — |
| — | Quarter ended Mar 31, 2026 | −$1.01 | −$1.00 | Miss −1.0% | — |
| — | Quarter ended Dec 31, 2025 | $0.43 | −$0.53 | Beat +$0.96 | — |
| — | Quarter ended Sep 30, 2025 | −$1.01 | −$0.98 | Miss −3.1% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-28 | 8-K | Other material event — “On September 28, 2026, 4D Molecular Therapeutics, Inc. (the "Company") reported that the first patients have been enrolled across multiple sites in the 4SIGHT Phase 3 clinical trial evaluating 4D-150 for the treatment of diabetic macular edema ("DME"). The Company also reported 2-year data from the SPECTRA clinical trial. 4SIGHT: Phase 3 Trial Design and Regulatory Pathway 4SIGHT is a global Phase 3 multicenter, randomized, double-masked, aflibercept 2 mg ("Q8W") comparator-controlled trial of intravitreal 4D-150…” | https://www.sec.gov/Archives/edgar/data/1650648/000119312526403424/0001193125-26-403424-index.htm |
| 2026-08-13 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1650648/000119312526349173/0001193125-26-349173-index.htm |
| 2026-08-13 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1650648/000119312526349160/0001193125-26-349160-index.htm |
| 2026-07-20 | 8-K | Other material event — “On July 18, 2026, 4D Molecular Therapeutics, Inc. (the "Company") reported positive 2-year data from the PRISM Phase 2b clinical trial evaluating 4D-150 in a broad wet age-related macular degeneration ("wet AMD") population. 2-Year Data from PRISM Phase 2b Clinical Trial (Data Cutoff May 18, 2026): Trial and Patient Cohort Overview The Phase 2b trial enrolled 45 patients at two dose levels of a single intravitreal dose of 4D-150 (3E10 and 1E10 vg/eye); 3E10 vg/eye was chosen as the dose for the 4FRONT Phase 3…” | https://www.sec.gov/Archives/edgar/data/1650648/000119312526308409/0001193125-26-308409-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.