4D Molecular Therapeutics, Inc. (FDMT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FDMT SEC filings page.
4D Molecular Therapeutics, Inc. (FDMT) reported $85.2M in revenue for fiscal year 2025, up 230194.6% from the prior fiscal year. This page shows its 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).
The business is scaling development spending faster than revenue, so commercial receipts still do not fund its research engine.
Between FY2023 and FY2025, revenue expanded about 4.1x while R&D roughly doubled, showing that additional receipts are beginning to offset part of the development burden. Operating cash outflow was$109.1M in FY2025 versus$75.8M in FY2023, so scale has not yet turned development into self-funding operations.
FY2025 R&D reached
FY2025 operating cash outflow of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of 4D Molecular Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
4D Molecular Therapeutics, Inc. held $514.0M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $109.1M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and 4D Molecular Therapeutics, Inc. scores 68/100 among other emerging companies.
4D Molecular Therapeutics, Inc. had 58M shares outstanding at the end of fiscal year 2025, against 46M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and 4D Molecular Therapeutics, Inc. scores 53/100 among other emerging companies.
4D Molecular Therapeutics, Inc. spent $195.7M on research and development in fiscal year 2025, which was 80.0% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and 4D Molecular Therapeutics, Inc. scores 97/100 among other emerging companies.
4D Molecular Therapeutics, Inc. reported revenue of $85.2M in fiscal year 2025, against $37K in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and 4D Molecular Therapeutics, Inc. scores 86/100 among other emerging companies.
4D Molecular Therapeutics, Inc.'s operations used $109.1M of cash in fiscal year 2025, against $134.6M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and 4D Molecular Therapeutics, Inc. scores 30/100 among other emerging companies.
4D Molecular Therapeutics, Inc.'s cash, cash equivalents and investments came to $514.0M at the end of fiscal year 2025, against $61.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and 4D Molecular Therapeutics, Inc. scores 94/100 among other emerging companies.
4D Molecular Therapeutics, Inc. scores 5.66, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($755.2M) relative to total liabilities ($61.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
4D Molecular Therapeutics, Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
4D Molecular Therapeutics, Inc. reported a net loss of $140.1M while operations used $109.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
4D Molecular Therapeutics, Inc. generated $3.8M in revenue in Q2 2026. This represents an increase of 25106.7% from the same quarter a year earlier. Against the prior quarter it is up 24.1%.
4D Molecular Therapeutics, Inc.'s EBITDA was -$75.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.2% from the same quarter a year earlier. Against the prior quarter it is down 4.7%.
4D Molecular Therapeutics, Inc. reported -$72.9M in net income in Q2 2026. This represents a decrease of 33.4% from the same quarter a year earlier. Against the prior quarter it is down 6.1%.
4D Molecular Therapeutics, Inc. earned -$1.04 per diluted share (EPS) in Q2 2026. This represents a decrease of 6.1% from the same quarter a year earlier. Against the prior quarter it is down 3.0%.
Cash & Balance Sheet
4D Molecular Therapeutics, Inc. held $70.4M in cash against $19.6M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
4D Molecular Therapeutics, Inc.'s ROE was -17.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.7 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
4D Molecular Therapeutics, Inc. invested $68.3M in research and development in Q2 2026. This represents an increase of 42.4% from the same quarter a year earlier. Against the prior quarter it is up 5.1%.
Not reported for Q2 2026.
Not reported for Q2 2026.
FDMT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8M+25106.7% | $3.0M+21664.3% | $85.1M+8409.0% | $90K+2900.0% | $15K+200.0% | $14K-50.0% | $1.0M | $3K-100.0% |
| R&D Expenses | $68.3M+42.4% | $65.0M+59.7% | $57.6M-99.9% | $49.4M+28.5% | $48.0M+50.5% | $40.7M+46.0% | $43.1B | $38.5M+53.5% |
| SG&A Expenses | $12.5M+8.7% | $11.7M-9.7% | $12.8M-99.9% | $11.8M-6.4% | $11.5M+8.7% | $12.9M+25.7% | $13.0B | $12.7M+38.8% |
| Operating Income | -$77.0M-29.5% | -$73.6M-37.3% | $14.7M+100.0% | -$61.2M-19.7% | -$59.5M-40.0% | -$53.6M-40.6% | -$56.1B | -$51.1M-265.9% |
| EBITDA | -$75.7M-30.2% | -$72.4M-37.6% | $15.8M+100.0% | -$59.9M-19.9% | -$58.2M-41.0% | -$52.6M-42.2% | -$55.0B | -$49.9M-287.9% |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$72.9M-33.4% | -$68.8M-43.3% | $19.4M+100.0% | -$56.9M-29.7% | -$54.7M-56.4% | -$48.0M-48.1% | -$49.7B | -$43.8M-327.5% |
| EPS (Basic) | -$1.04-6.1% | -$1.01-17.4% | $0.43+147.8% | -$1.01-27.8% | -$0.98-55.6% | -$0.86-30.3% | -$0.90-16.9% | -$0.79-229.2% |
| EPS (Diluted) | -$1.04-6.1% | -$1.01-17.4% | $0.43 | -$1.01-27.8% | -$0.98-55.6% | -$0.86-30.3% | -$0.90-16.9% | -$0.79-229.2% |
| Diluted Shares (Avg) | 70M+25.6% | 68M+22.1% | N/A | 56M+1.0% | 56M+1.2% | 56M+13.1% | N/A | 56M+31.5% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
FDMT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $492.6M+4.0% | $512.9M-0.5% | $566.7M-99.9% | $424.0M-29.8% | $473.6M-23.6% | $515.7M-18.1% | $560.4B+164771.7% | $604.0M+67.0% |
| Current Assets | $383.0M+26.3% | $405.4M+21.9% | $413.1M-99.9% | $312.4M-38.8% | $303.3M-45.1% | $332.6M-37.9% | $434.9B+146545.2% | $510.8M+55.6% |
| Cash & Equivalents | $70.4M-8.8% | $72.5M-45.7% | $60.2M-100.0% | $48.6M-74.1% | $77.2M-59.2% | $133.5M-51.5% | $149.3B+59848.3% | $187.5M-32.0% |
| Short-Term Investments | $291.0M+34.7% | $318.4M+69.4% | $342.4M-99.9% | $256.5M-18.4% | $216.1M-38.8% | $187.9M-24.9% | $275.5B+704176.1% | $314.4M+614.7% |
| Long-Term Investments | $69.3M-44.0% | $66.7M-51.3% | $111.4M-99.9% | $67.2M+37.7% | $123.8M+246.6% | $137.0M+117.7% | $80.6B+735549.1% | $48.8M |
| Total Liabilities | $85.0M+61.1% | $61.1M+32.7% | $61.0M-99.9% | $55.0M+7.7% | $52.7M+66.0% | $46.0M+56.9% | $49.8B+155155.4% | $51.1M+61.2% |
| Current Liabilities | $47.7M+37.5% | $43.4M+61.4% | $44.0M-99.8% | $37.1M+25.9% | $34.7M+78.7% | $26.9M+64.0% | $29.1B+153712.5% | $29.5M+62.2% |
| Non-Current Liabilities | $37.3M+106.3% | $17.7M-7.5% | $17.1M-17.3% | $17.9M-17.2% | $18.1M+46.0% | $19.1M+47.9% | $20.6M+57.3% | $21.6M+59.9% |
| Long-Term Debt | $19.6M | N/A | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $407.7M-3.1% | $451.8M-3.8% | $505.7M-99.9% | $369.0M-33.3% | $420.9M-28.5% | $469.7M-21.8% | $510.6B+165773.3% | $552.9M+67.6% |
| Retained Earnings | -$858.0M-26.4% | -$785.1M-25.8% | -$716.3M+99.9% | -$735.7M-39.7% | -$678.8M-40.6% | -$624.2M-39.4% | -$576.2B-138632.9% | -$526.5M-37.5% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
FDMT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$70.0M-61.4% | -$68.1M-42.6% | $28.6M+100.1% | -$46.5M-58.2% | -$43.4M-43.4% | -$47.8M-64.2% | -$45.9B | -$29.4M-2409.9% |
| Depreciation & Amortization | $1.3M0.0% | $1.3M+20.7% | $1.2M-99.9% | $1.3M+8.3% | $1.3M+8.3% | $1.1M-10.4% | $1.1B | $1.2M+9.1% |
| Stock-Based Compensation | $5.9M+18.7% | $4.5M-36.3% | N/A | $4.5M-30.4% | $5.0M-18.4% | $7.0M+16.9% | N/A | $6.5M+42.3% |
| Capital Expenditures | N/A | N/A | -$70K-100.0% | -$91K-94.9% | $66K-81.1% | $631K-11.1% | $949.0M | $1.8M+339.0% |
| Free Cash Flow | N/A | N/A | $28.5M+100.1% | -$46.6M-49.5% | -$43.4M-42.0% | -$48.4M-62.4% | -$46.8B | -$31.2M-1877.7% |
| Investing Cash Flow | $25.5M+284.4% | $68.9M+115.6% | -$128.8M-101.8% | $17.8M-34.9% | -$13.9M+81.2% | $31.9M+112.1% | $7.1B | $27.3M-8.9% |
| Financing Cash Flow | $42.3M+4811.7% | $11.5M | $112.0M-81.4% | $116K-79.6% | $862K-95.0% | $0-100.0% | $601.0M | $568K-94.6% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
FDMT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -2037.2% | -2416.2% | 17.3% | -67983.3% | -396373.3% | -383007.1% | -5611700.0% | -1704400.0% |
| Net Margin | -1929.0% | -2256.7% | 22.8% | -63195.6% | -364386.7% | -342657.1% | -4967100.0% | -1461433.3% |
| Return on Equity | -17.9%-4.9pp | -15.2%-5.0pp | 3.8%+13.6pp | -15.4%-7.5pp | -13.0%-7.0pp | -10.2%-4.8pp | -9.7% | -7.9%-4.8pp |
| Return on Assets | -14.8%-3.3pp | -13.4%-4.1pp | 3.4%+12.3pp | -13.4%-6.2pp | -11.5%-5.9pp | -9.3%-4.2pp | -8.9% | -7.3%-4.4pp |
| Current Ratio | 8.03-0.7x | 9.34-3.0x | 9.39-5.5x | 8.42-8.9x | 8.75-19.7x | 12.36-20.3x | 14.92-0.7x | 17.33-0.7x |
| Debt-to-Equity | 0.05-0.1x | 0.140.0x | 0.00-0.1x | 0.15+0.1x | 0.13+0.1x | 0.100.0x | 0.100.0x | 0.090.0x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.15+0.2x | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 | 0.00-0.1x |
| FCF Margin | N/A | N/A | 33.5% | -51765.6% | -289620.0% | -345635.7% | -4681200.0% | -1038966.7% |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| 4D Molecular Therapeutics, Inc. FDMT | FY2025 | $85.2M | -$140.1M | N/A | $755.2M | 71/100 |
| MBX Biosciences, Inc. MBX | FY2025 | N/A | -$87.0M | N/A | $2.7B | — |
| Design Therapeutics, Inc. DSGN | FY2025 | $0 | -$69.8M | N/A | $772.3M | — |
| Ocugen, Inc. OCGN | FY2025 | $4.4M | -$68.0M | N/A | $345.9M | 42/100 |
| Larimar Therapeutics, Inc. LRMR | FY2025 | N/A | -$165.7M | N/A | $307.5M | — |
| Tectonic Therapeutic, Inc. TECX | FY2025 | N/A | N/A | N/A | $440.6M | — |
Where 4D Molecular Therapeutics, Inc. Ranks
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.
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.
How much debt does 4D Molecular Therapeutics, Inc. have?
As of fiscal year 2025, 4D Molecular Therapeutics, Inc. (FDMT) had $60.2M in cash and equivalents against $0 in long-term debt.
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) recorded an outflow of $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) recorded an outflow of $109.1M in operating cash flow during fiscal year 2025, representing cash used by 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 $195.7M in research and development during 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 0.00 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 P/E ratio?
4D Molecular Therapeutics, Inc. (FDMT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $755.2M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is 4D Molecular Therapeutics, Inc.'s price-to-sales ratio?
4D Molecular Therapeutics, Inc. (FDMT) trades at 8.2x sales, its market capitalization divided by revenue of $92.0M revenue, trailing 12 months to June 30, 2026. The market capitalization is $755.2M as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does 4D Molecular Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, 4D Molecular Therapeutics, Inc. (FDMT) held $514.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $109.1M over that year. Dividing the one by the other, the reported balance equals about 57 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is 4D Molecular Therapeutics, Inc.'s Altman Z-Score?
4D Molecular Therapeutics, Inc. (FDMT) has an Altman Z-Score of 5.66, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is 4D Molecular Therapeutics, Inc.'s Piotroski F-Score?
4D Molecular Therapeutics, Inc. (FDMT) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $140.1M while operations used $109.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 71 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.