What is 4D Molecular Therapeutics Inc.'s earnings per share (EPS)?

4D Molecular Therapeutics Inc. (FDMT) reported diluted earnings per share of $-2.42 for fiscal year 2025. This represents a 18.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

4D Molecular Therapeutics Inc. Financials

FDMT

Source SEC Filings (10-K/10-Q) Updated Mar 18, 2026 Currency USD FYE March

This page shows 4D Molecular Therapeutics Inc. (FDMT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

4D Molecular Therapeutics Inc. has an operating margin of -187.2%, meaning the company retains $-187 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -507678.4% the prior year.

Growth

100

4D Molecular Therapeutics Inc.'s revenue surged 230194.6% year-over-year to $85.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

4D Molecular Therapeutics Inc. carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 9.39, 4D Molecular Therapeutics Inc. holds $9.39 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While 4D Molecular Therapeutics Inc. generated -$109.1M in operating cash flow, capex of $536K consumed most of it, leaving -$109.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

4D Molecular Therapeutics Inc. generates a -27.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -31.5% the prior year.

Piotroski F-Score Weak

3/9

4D Molecular Therapeutics Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.78x

For every $1 of reported earnings, 4D Molecular Therapeutics Inc. generates $0.78 in operating cash flow (-$109.1M OCF vs -$140.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$85.2M

YoY+230194.6%

5Y CAGR+44.3%

4D Molecular Therapeutics Inc. generated $85.2M in revenue in fiscal year 2025. This represents an increase of 230194.6% from the prior year.

EBITDA

-$154.9M

YoY+15.5%

4D Molecular Therapeutics Inc.'s EBITDA was -$154.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.5% from the prior year.

Net Income

-$140.1M

YoY+12.9%

4D Molecular Therapeutics Inc. reported -$140.1M in net income in fiscal year 2025. This represents an increase of 12.9% from the prior year.

EPS (Diluted)

$-2.42

YoY+18.8%

4D Molecular Therapeutics Inc. earned $-2.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$109.6M

YoY+20.8%

4D Molecular Therapeutics Inc. generated -$109.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 20.8% from the prior year.

Cash & Debt

$60.2M

YoY-59.7%

5Y CAGR-26.3%

4D Molecular Therapeutics Inc. held $60.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

51M

YoY+11.5%

5Y CAGR+13.9%

4D Molecular Therapeutics Inc. had 51M shares outstanding in fiscal year 2025. This represents an increase of 11.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-187.2%

YoY+507491.1pp

5Y CAGR+229.0pp

4D Molecular Therapeutics Inc.'s operating margin was -187.2% in fiscal year 2025, reflecting core business profitability. This is up 507491.1 percentage points from the prior year.

Net Margin

-164.4%

YoY+434614.0pp

5Y CAGR+252.1pp

4D Molecular Therapeutics Inc.'s net profit margin was -164.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 434614.0 percentage points from the prior year.

Return on Equity

-27.7%

YoY+3.8pp

5Y CAGR-5.6pp

4D Molecular Therapeutics Inc.'s ROE was -27.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.8 percentage points from the prior year.

Capital Allocation

R&D Spending

$1.1M

YoY-99.2%

5Y CAGR-53.9%

4D Molecular Therapeutics Inc. invested $1.1M in research and development in fiscal year 2025. This represents a decrease of 99.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$536K

YoY-85.8%

5Y CAGR-11.7%

4D Molecular Therapeutics Inc. invested $536K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 85.8% from the prior year.

FDMT Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$85.2M+230194.6%	$37K-99.8%	$20.7M+562.3%	$3.1M-82.7%	$18.0M+32.5%	$13.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$1.1M-99.2%	$141.3M+45.5%	$97.1M+21.0%	$80.3M+30.8%	$61.4M+15.7%	$53.0M
SG&A Expenses	$49.1M+5.3%	$46.6M+27.6%	$36.5M+10.9%	$32.9M+17.5%	$28.0M+62.5%	$17.2M
Operating Income	-$159.5M+15.1%	-$187.8M-66.4%	-$112.9M-2.6%	-$110.0M-54.3%	-$71.3M-25.9%	-$56.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	$0	$0
Net Income	-$140.1M+12.9%	-$160.9M-59.5%	-$100.8M+6.2%	-$107.5M-50.7%	-$71.3M-25.8%	-$56.7M
EPS (Diluted)	$-2.42+18.8%	$-2.98-15.5%	$-2.58+22.3%	$-3.32-29.2%	$-2.57	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$90K+500.0%	$15K+7.1%	$14K+1300.0%	$1K-66.7%	$3K-40.0%	$5K+17757.1%	$28	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$49.4M+3.1%	$48.0M+17.8%	$40.7M-5.5%	$43.1M+12.0%	$38.5M+20.8%	$31.9M+114216.5%	$28K	N/A
SG&A Expenses	$11.8M+2.8%	$11.5M-10.9%	$12.9M-0.7%	$13.0M+3.0%	$12.7M+19.3%	$10.6M+102882.3%	$10K	N/A
Operating Income	-$61.2M-2.9%	-$59.5M-10.9%	-$53.6M+4.4%	-$56.1M-9.7%	-$51.1M-20.4%	-$42.5M-111227.9%	-$38K	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0	$0	N/A
Net Income	-$56.9M-4.1%	-$54.7M-13.9%	-$48.0M+3.4%	-$49.7M-13.3%	-$43.8M-25.4%	-$35.0M-107776.3%	-$32K	N/A
EPS (Diluted)	$-1.01-3.1%	$-0.98-14.0%	$-0.86	N/A	$-0.79-25.4%	$-0.63+4.5%	$-0.66	N/A

FDMT Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$566.7M+1.1%	$560.4M+64.9%	$339.9M+29.8%	$261.8M-25.9%	$353.5M+22.6%	$288.3M
Current Assets	$413.1M-5.0%	$434.9M+46.6%	$296.6M+34.5%	$220.5M-14.0%	$256.3M-9.3%	$282.7M
Cash & Equivalents	$60.2M-59.7%	$149.3M-40.1%	$249.1M+375.8%	$52.4M-65.8%	$153.0M-44.7%	$276.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	$0-100.0%	$47K-96.8%	$1.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$61.0M+22.6%	$49.8M+55.3%	$32.1M+5.1%	$30.5M-11.3%	$34.4M+7.6%	$31.9M
Current Liabilities	$44.0M+50.9%	$29.1M+53.8%	$19.0M+20.5%	$15.7M-3.7%	$16.3M-2.4%	$16.7M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$505.7M-1.0%	$510.6M+65.9%	$307.8M+33.1%	$231.3M-27.5%	$319.1M+24.5%	$256.4M
Retained Earnings	-$716.3M-24.3%	-$576.2M-38.7%	-$415.3M-32.1%	-$314.5M-51.9%	-$207.0M-52.6%	-$135.7M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$424.0M-10.5%	$473.6M-8.2%	$515.7M-8.0%	$560.4M-7.2%	$604.0M-2.6%	$620.1M-1.6%	$629.9M+85.3%	$339.9M
Current Assets	$312.4M+3.0%	$303.3M-8.8%	$332.6M-23.5%	$434.9M-14.8%	$510.8M-7.6%	$552.6M+103082.3%	$536K-99.8%	$296.6M
Cash & Equivalents	$48.6M-37.1%	$77.2M-42.2%	$133.5M-10.6%	$149.3M-20.4%	$187.5M-0.8%	$189.1M+68501.3%	$276K-99.9%	$249.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$55.0M+4.3%	$52.7M+14.7%	$46.0M-7.6%	$49.8M-2.5%	$51.1M+60.7%	$31.8M+8.4%	$29.3M-8.5%	$32.1M
Current Liabilities	$37.1M+7.0%	$34.7M+28.9%	$26.9M-7.7%	$29.1M-1.1%	$29.5M+51.9%	$19.4M+118189.3%	$16K-99.9%	$19.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$369.0M-12.3%	$420.9M-10.4%	$469.7M-8.0%	$510.6M-7.7%	$552.9M-6.0%	$588.3M+97865.1%	$601K-99.8%	$307.8M
Retained Earnings	-$735.7M-8.4%	-$678.8M-8.8%	-$624.2M-8.3%	-$576.2M-9.4%	-$526.5M-9.1%	-$482.7M-107706.7%	-$448K+99.9%	-$415.3M

FDMT Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$109.1M+18.9%	-$134.6M-77.6%	-$75.8M+12.6%	-$86.7M-25.4%	-$69.1M-35.8%	-$50.9M
Capital Expenditures	$536K-85.8%	$3.8M+36.6%	$2.8M-76.0%	$11.5M+26.6%	$9.1M+811.0%	$1.0M
Free Cash Flow	-$109.6M+20.8%	-$138.4M-76.1%	-$78.6M+20.0%	-$98.2M-25.5%	-$78.2M-50.7%	-$51.9M
Investing Cash Flow	-$93.0M+69.3%	-$302.4M-361.4%	$115.7M+778.7%	-$17.1M+90.1%	-$172.7M-17168.0%	-$1.0M
Financing Cash Flow	$113.0M-66.5%	$337.3M+115.0%	$156.8M+4983.7%	$3.1M-97.4%	$118.1M-57.7%	$279.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$46.5M-7.2%	-$43.4M+9.2%	-$47.8M-4.1%	-$45.9M-56.0%	-$29.4M+2.8%	-$30.2M-103870.7%	-$29K	N/A
Capital Expenditures	-$91K-237.9%	$66K-89.5%	$631K-33.5%	$949K-46.6%	$1.8M+409.5%	$349K+49054.9%	$710	N/A
Free Cash Flow	-$46.6M-7.2%	-$43.4M+10.2%	-$48.4M-3.4%	-$46.8M-50.2%	-$31.2M-1.9%	-$30.6M-102564.6%	-$30K	N/A
Investing Cash Flow	$17.8M+228.3%	-$13.9M-143.4%	$31.9M+352.6%	$7.1M-74.1%	$27.3M+137.1%	-$73.5M-27834.2%	-$263K	N/A
Financing Cash Flow	$116K	N/A	N/A	$601K+5.8%	$568K-96.7%	$17.2M+5310.1%	$319K	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FDMT Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-187.2%+507491.1pp	-507678.4%-507133.7pp	-544.7%+2971.9pp	-3516.5%-3121.1pp	-395.5%+20.8pp	-416.3%
Net Margin	-164.4%+434614.0pp	-434778.4%-434291.8pp	-486.6%+2948.8pp	-3435.4%-3040.0pp	-395.4%+21.1pp	-416.5%
Return on Equity	-27.7%+3.8pp	-31.5%+1.3pp	-32.8%+13.7pp	-46.5%-24.1pp	-22.4%-0.2pp	-22.1%
Return on Assets	-24.7%+4.0pp	-28.7%+1.0pp	-29.7%+11.4pp	-41.0%-20.9pp	-20.2%-0.5pp	-19.7%
Current Ratio	9.39-5.5	14.92-0.7	15.65+1.6	14.02-1.7	15.69-1.2	16.88
Debt-to-Equity	0.12+0.0	0.100.0	0.10-0.0	0.13+0.0	0.11-0.0	0.12
FCF Margin	-128.7%+373847.0pp	-373975.7%-373596.6pp	-379.1%+2759.9pp	-3139.0%-2705.3pp	-433.8%-52.4pp	-381.3%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-67983.3%+328390.0pp	-396373.3%-13366.2pp	-383007.1%+5228692.9pp	-5611700.0%-3907300.0pp	-1704400.0%-855280.0pp	-849120.0%-712920.0pp	-136200.0%	N/A
Net Margin	-63195.6%+301191.1pp	-364386.7%-21729.5pp	-342657.1%+4624442.9pp	-4967100.0%-3505666.7pp	-1461433.3%-762373.3pp	-699060.0%-583342.1pp	-115717.9%	N/A
Return on Equity	-15.4%-2.4pp	-13.0%-2.8pp	-10.2%-0.5pp	-9.7%-1.8pp	-7.9%-2.0pp	-5.9%-0.5pp	-5.4%	N/A
Return on Assets	-13.4%-1.9pp	-11.5%-2.2pp	-9.3%-0.4pp	-8.9%-1.6pp	-7.3%-1.6pp	-5.6%-0.5pp	-5.1%	N/A
Current Ratio	8.42-0.3	8.75-3.6	12.36-2.6	14.92-2.4	17.33-11.1	28.48-4.2	32.65+17.0	15.65
Debt-to-Equity	0.15+0.0	0.13+0.0	0.100.0	0.100.0	0.09+0.0	0.050.0	0.05-0.1	0.10
FCF Margin	-51765.6%+237854.4pp	-289620.0%+56015.7pp	-345635.7%+4335564.3pp	-4681200.0%-3642233.3pp	-1038966.7%-427126.7pp	-611840.0%-505418.6pp	-106421.4%	N/A

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Frequently Asked Questions

What is 4D Molecular Therapeutics Inc.'s annual revenue?

4D Molecular Therapeutics Inc. (FDMT) reported $85.2M in total revenue for fiscal year 2025. This represents a 230194.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is 4D Molecular Therapeutics Inc.'s revenue growing?

4D Molecular Therapeutics Inc. (FDMT) revenue grew by 230194.6% year-over-year, from $37K to $85.2M in fiscal year 2025.

Is 4D Molecular Therapeutics Inc. profitable?

No, 4D Molecular Therapeutics Inc. (FDMT) reported a net income of -$140.1M in fiscal year 2025, with a net profit margin of -164.4%.

What is 4D Molecular Therapeutics Inc.'s EBITDA?

4D Molecular Therapeutics Inc. (FDMT) had EBITDA of -$154.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is 4D Molecular Therapeutics Inc.'s operating margin?

4D Molecular Therapeutics Inc. (FDMT) had an operating margin of -187.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is 4D Molecular Therapeutics Inc.'s net profit margin?

4D Molecular Therapeutics Inc. (FDMT) had a net profit margin of -164.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is 4D Molecular Therapeutics Inc.'s return on equity (ROE)?

4D Molecular Therapeutics Inc. (FDMT) has a return on equity of -27.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is 4D Molecular Therapeutics Inc.'s free cash flow?

4D Molecular Therapeutics Inc. (FDMT) generated -$109.6M in free cash flow during fiscal year 2025. This represents a 20.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is 4D Molecular Therapeutics Inc.'s operating cash flow?

4D Molecular Therapeutics Inc. (FDMT) generated -$109.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are 4D Molecular Therapeutics Inc.'s total assets?

4D Molecular Therapeutics Inc. (FDMT) had $566.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What are 4D Molecular Therapeutics Inc.'s capital expenditures?

4D Molecular Therapeutics Inc. (FDMT) invested $536K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does 4D Molecular Therapeutics Inc. spend on research and development?

4D Molecular Therapeutics Inc. (FDMT) invested $1.1M in research and development during fiscal year 2025.

How many shares does 4D Molecular Therapeutics Inc. have outstanding?

4D Molecular Therapeutics Inc. (FDMT) had 51M shares outstanding as of fiscal year 2025.

What is 4D Molecular Therapeutics Inc.'s current ratio?

4D Molecular Therapeutics Inc. (FDMT) had a current ratio of 9.39 as of fiscal year 2025, which is generally considered healthy.

What is 4D Molecular Therapeutics Inc.'s debt-to-equity ratio?

4D Molecular Therapeutics Inc. (FDMT) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is 4D Molecular Therapeutics Inc.'s return on assets (ROA)?

4D Molecular Therapeutics Inc. (FDMT) had a return on assets of -24.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is 4D Molecular Therapeutics Inc.'s cash runway?

Based on fiscal year 2025 data, 4D Molecular Therapeutics Inc. (FDMT) had $60.2M in cash against an annual operating cash burn of $109.1M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is 4D Molecular Therapeutics Inc.'s Piotroski F-Score?

4D Molecular Therapeutics Inc. (FDMT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are 4D Molecular Therapeutics Inc.'s earnings high quality?

4D Molecular Therapeutics Inc. (FDMT) has an earnings quality ratio of 0.78x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is 4D Molecular Therapeutics Inc.?

4D Molecular Therapeutics Inc. (FDMT) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.