4D Molecular Therapeutics Inc. Financials
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).
Cash-funded development remains the core mechanic: revenue is growing, but R&D and operating losses still consume financing.
Revenue growth has not produced self-funding operations: revenue reached$85.2M in FY2025 from$20.7M in FY2023. Operating cash flow was-$109.1M in FY2025 after-$75.8M in FY2023, showing that increased sales have not yet offset the cost of building the business.
Development spending dominates the cost structure: FY2025 R&D was 2.3x revenue, while operating loss was
External financing is replenishing liquidity: financing supplied
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. scores 6.98, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($889.4M) 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 $85.2M in revenue in fiscal year 2025. This represents an increase of 230194.6% from the prior year.
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.
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.
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
4D Molecular Therapeutics Inc. recorded an outflow of $109.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 20.8% from the prior year.
4D Molecular Therapeutics Inc. held $60.2M in cash against $0 in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: 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 $195.7M in research and development in fiscal year 2025. This represents an increase of 38.5% from the prior year.
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.
Not reported for fiscal year 2025.
FDMT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $92.0M | $85.2M+230194.6% | $37K-99.8% | $20.7M+562.3% | $3.1M-82.7% | $18.0M+32.5% | $13.6M+94.8% | $7.0M |
| R&D Expenses | $240.3M | $195.7M+38.5% | $141.3M+45.5% | $97.1M+21.0% | $80.3M+30.8% | $61.4M+15.7% | $53.0M+37.0% | $38.7M |
| SG&A Expenses | $48.8M | $49.1M+5.3% | $46.6M+27.6% | $36.5M+10.9% | $32.9M+17.5% | $28.0M+62.5% | $17.2M+24.1% | $13.9M |
| Operating Income | -$197.1M | -$159.5M+15.1% | -$187.8M-66.4% | -$112.9M-2.6% | -$110.0M-54.3% | -$71.3M-25.9% | -$56.7M-11.6% | -$50.8M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A |
| Net Income | -$179.2M | -$140.1M+12.9% | -$160.9M-59.5% | -$100.8M+6.2% | -$107.5M-50.7% | -$71.3M-25.8% | -$56.7M-15.0% | -$49.3M |
| EPS (Diluted) | — | -$2.42+18.8% | -$2.98-15.5% | -$2.58+22.3% | -$3.32-29.2% | -$2.57 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FDMT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $566.7M+1.1% | $560.4M+64.9% | $339.9M+29.8% | $261.8M-25.9% | $353.5M+22.6% | $288.3M+395.1% | $58.2M |
| Current Assets | $413.1M-5.0% | $434.9M+46.6% | $296.6M+34.5% | $220.5M-14.0% | $256.3M-9.3% | $282.7M+438.3% | $52.5M |
| Cash & Equivalents | $60.2M-59.7% | $149.3M-40.1% | $249.1M+375.8% | $52.4M-65.8% | $153.0M-44.7% | $276.7M+457.3% | $49.7M |
| Accounts Receivable | N/A | N/A | N/A | $0-100.0% | $47K-96.8% | $1.5M+51.9% | $978K |
| Total Liabilities | $61.0M+22.6% | $49.8M+55.3% | $32.1M+5.1% | $30.5M-11.3% | $34.4M+7.6% | $31.9M-75.7% | $131.2M |
| Current Liabilities | $44.0M+50.9% | $29.1M+53.8% | $19.0M+20.5% | $15.7M-3.7% | $16.3M-2.4% | $16.7M+29.2% | $13.0M |
| Long-Term Debt | $0 | 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+451.4% | -$73.0M |
| Retained Earnings | -$716.3M-24.3% | -$576.2M-38.7% | -$415.3M-32.1% | -$314.5M-51.9% | -$207.0M-52.6% | -$135.7M-71.7% | -$79.0M |
Not reported in any period shown, so not listed: Inventory, 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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$156.1M | -$109.1M+18.9% | -$134.6M-77.6% | -$75.8M+12.6% | -$86.7M-25.4% | -$69.1M-35.8% | -$50.9M-38.7% | -$36.7M |
| Capital Expenditures | N/A | $536K-85.8% | $3.8M+36.6% | $2.8M-76.0% | $11.5M+26.6% | $9.1M+811.0% | $1.0M-68.8% | $3.2M |
| Free Cash Flow | N/A | -$109.6M+20.8% | -$138.4M-76.1% | -$78.6M+20.0% | -$98.2M-25.5% | -$78.2M-50.7% | -$51.9M-30.1% | -$39.9M |
| Investing Cash Flow | -$16.6M | -$93.0M+69.3% | -$302.4M-361.4% | $115.7M+778.7% | -$17.1M+90.1% | -$172.7M-17168.0% | -$1.0M+68.8% | -$3.2M |
| Financing Cash Flow | $165.9M | $113.0M-66.5% | $337.3M+115.0% | $156.8M+4983.7% | $3.1M-97.4% | $118.1M-57.7% | $279.0M+12809.9% | -$2.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FDMT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -187.2% | -507678.4% | -544.7% | -3516.5% | -395.5% | -416.3% | -726.6% |
| Net Margin | -164.4% | -434778.4% | -486.6% | -3435.4% | -395.4% | -416.5% | -705.8% |
| 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% | N/A |
| 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%+65.0pp | -84.7% |
| Current Ratio | 9.39-5.5x | 14.92-0.7x | 15.65+1.6x | 14.02-1.7x | 15.69-1.2x | 16.88+12.8x | 4.05 |
| Debt-to-Equity | 0.00-0.1x | 0.100.0x | 0.100.0x | 0.130.0x | 0.110.0x | 0.12 | N/A |
| FCF Margin | -128.7% | -373975.7% | -379.1% | -3139.0% | -433.8% | -381.3% | -571.3% |
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.
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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 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 Altman Z-Score?
4D Molecular Therapeutics Inc. (FDMT) has an Altman Z-Score of 6.98, 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 60 out of 100 on our Financial Health Score, indicating moderate 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.