4D Molecular Therapeutics Announces Pricing of Upsized Public Offering of Common Stock

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4D Molecular Therapeutics, Inc. (FDMT) announced the pricing of an upsized underwritten public offering of its common stock, with a 30-day option to purchase additional shares. The gross proceeds from the offering are expected to be approximately $300 million. The offering is expected to close on February 9, 2024, and is managed by Goldman Sachs & Co. LLC, BofA Securities, Jefferies, and Barclays. The registration statement was automatically effective upon filing on February 5, 2024.
  • Upsized underwritten public offering with potential gross proceeds of approximately $300 million.
  • 30-day option to purchase additional shares provides flexibility for investors.
  • Joint book-running managers include Goldman Sachs & Co. LLC, BofA Securities, Jefferies, and Barclays.
  • Registration statement was automatically effective upon filing on February 5, 2024.
  • None.

The announcement by 4D Molecular Therapeutics of its upsized underwritten public offering is a significant financial event that could have implications for the company's capital structure and liquidity. The offering is expected to generate approximately $300 million in gross proceeds, which is a substantial influx of capital. This capital injection could be used to accelerate the company's research and development pipeline, particularly in the area of genetic medicines, which is a field with high growth potential but also significant investment requirements.

Investors should note the confidence displayed by the underwriters in offering a 30-day option to purchase additional shares, which could potentially increase the total capital raised. However, the dilutive effect of adding over 6 million new shares and possibly more if the underwriters' option is exercised, could impact existing shareholders' equity. This dilution must be weighed against the potential for the raised funds to create long-term value.

It's also noteworthy that the offering includes pre-funded warrants, which are an instrument that allows certain investors to purchase shares at a later date, at almost the same price as the offering. The slight discount on the warrants could be attractive to investors looking for a future equity stake in the company without immediate capital outlay.

4D Molecular Therapeutics operates within the genetic medicines industry, a highly specialized and innovative sector. The success of public offerings in this field often depends on investor sentiment towards the biotech industry's potential and the specific company's pipeline and technology platform. The fact that 4D Molecular Therapeutics has priced its offering at $29.50 per share reflects market perceptions of its value and growth prospects.

Market participants should consider the competitive landscape and the regulatory environment when evaluating the potential impact of this capital raise. The funds could enable 4D Molecular Therapeutics to maintain or increase its competitive position by advancing its clinical trials or by expanding its portfolio through strategic partnerships or acquisitions.

Additionally, the role of the joint book-running managers, which include prominent investment banks, suggests a positive market reception and effective distribution of the offering. Their involvement often indicates a level of due diligence and confidence in the company's prospects, which could influence investor perception and the stock's performance post-offering.

From a biotechnology perspective, the successful pricing of 4D Molecular Therapeutics' public offering is indicative of the industry's need for substantial funding to support the long and costly process of drug development. Genetic medicines represent a cutting-edge area of research with the potential to address unmet medical needs, but they require significant investment in clinical trials, regulatory compliance and eventually, commercialization.

The gross proceeds of $300 million are expected to bolster the company's financial position, enabling it to sustain operations through critical phases of drug development. This is particularly important for a clinical-stage company that has yet to bring a product to market. The additional financial resources could help the company navigate the 'valley of death' that many biotech firms face between drug discovery and commercial viability.

However, the impact of this offering on the company's stock will also depend on the outcomes of its ongoing and future clinical trials. Positive trial results could lead to significant value creation for shareholders, while negative results could diminish the value of their investment, regardless of the current capital raise.

EMERYVILLE, Calif., Feb. 06, 2024 (GLOBE NEWSWIRE) -- 4D Molecular Therapeutics, Inc. (Nasdaq: FDMT), a leading clinical-stage genetic medicines company focused on unlocking the full potential of genetic medicines to treat large market diseases, announced today that it priced an upsized underwritten public offering of 6,586,015 shares of its common stock at a public offering price of $29.50 per share and, in lieu of shares of common stock, to certain investors, pre-funded warrants to purchase 3,583,476 shares of common stock at a public offering price of $29.4999, which represents the per share public offering price for the common stock less the $0.0001 per share exercise price for each pre-funded warrant. In addition, 4D Molecular Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,525,423 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds from the offering are expected to be approximately $300 million before deducting underwriting discounts and commissions and other offering expenses, excluding any exercise of the underwriters’ option to purchase additional shares and excluding the exercise of any pre-funded warrants. All of the shares and pre-funded warrants in the offering are to be sold by 4D Molecular Therapeutics. The offering is expected to close on February 9, 2024, subject to satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC, BofA Securities, Jefferies and Barclays are acting as joint book-running managers for the offering.

A registration statement relating to the securities being sold in this offering has been filed with the U.S. Securities and Exchange Commission (SEC) and was automatically effective upon filing on February 5, 2024. Copies of the registration statement can be accessed through the SEC’s website at The offering is being made only by means of a prospectus. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526 or by email at; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or by email at; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, New York 10022, by telephone at (877) 821-7388 or by email at; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (888) 603-5847 or by email at; or by accessing the SEC’s website at

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About 4DMT

4DMT is a leading clinical-stage genetic medicines company focused on unlocking the full potential of genetic medicines to treat large market diseases in ophthalmology and pulmonology. 4DMT’s proprietary invention platform, Therapeutic Vector Evolution, combines the power of the Nobel Prize-winning technology, directed evolution, with approximately one billion synthetic AAV capsid-derived sequences to invent customized and evolved vectors for use in our wholly owned and partnered product candidates. Our product design, development, and manufacturing engine helps us efficiently create and advance our diverse product pipeline with the goal of revolutionizing medicine with potential curative therapies for millions of patients. Currently, 4DMT is advancing five clinical-stage and two preclinical product candidates, each tailored to address rare and large market diseases in ophthalmology, pulmonology, and cardiology. In addition, 4DMT is also advancing programs in CNS through a gene editing partnership. 4D Molecular Therapeutics™, 4DMT™, Therapeutic Vector Evolution™, and the 4DMT logo are trademarks of 4DMT.

All of our product candidates are in clinical or preclinical development and have not yet been approved for marketing by the FDA or any other regulatory authority. No representation is made as to the safety or effectiveness of our product candidates for the therapeutic uses for which they are being studied.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained in this press release are forward-looking statements, including, without limitation, uncertainties related to market conditions and statements regarding the timing, size and expected gross proceeds of the offering, the satisfaction of customary closing conditions related to the offering and sale of securities, and 4D Molecular Therapeutics’ ability to complete the offering. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to market conditions and the completion and timing of the offering, and other risks are described in greater detail under the section titled “Risk Factors” contained in the prospectus supplement related to the public offering and 4D Molecular Therapeutics’ current and future reports filed with the SEC, including its most recent Quarterly Report on Form 10-Q filed on November 9, 2023. Any forward-looking statements that the company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.



Katherine Smith
Inizio Evoke Comms


Julian Pei
Head of Investor Relations and Corporate Communications

The ticker symbol for 4D Molecular Therapeutics, Inc. is FDMT.

The expected gross proceeds from the offering are approximately $300 million.

The offering is expected to close on February 9, 2024.

The joint book-running managers for the offering are Goldman Sachs & Co. LLC, BofA Securities, Jefferies, and Barclays.

The registration statement was automatically effective upon filing on February 5, 2024.
4D Molecular Therapeutics Inc


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About FDMT

the mission of 4d molecular therapeutics is to design and develop transformative gene therapy products using our proprietary technology to create novel adeno-associated virus variants to be utilized as treatments for serious unmet medical conditions. our products are unlocking the full potential of gene therapy to treat, and potentially cure, genetic diseases. a large number of patients and diseases, who previously were not treatable by gene therapy, will be addressable by 4d products. 4d has one of the deepest and most diverse product pipelines in the gene therapy field. adeno-associated virus (aav) vectors have emerged as a favored delivery vehicle for gene therapy in the human body. they can deliver the genes for therapeutic proteins to accessible tissues in the body and are generally considered safe. several aav gene therapy products are in late-stage clinical development, and one product is approved in the eu (glybera, uniqure). however, these first-generation aav vectors have lim