4DMT Reports Third Quarter 2026 Financial Results, Operational Highlights and Expected Upcoming Milestones

Rhea-AI Summary

4D Molecular Therapeutics (Nasdaq: FDMT) reported third-quarter 2026 results and completed randomization in its second pivotal wet age-related macular degeneration trial. Quarterly collaboration revenue rose to $4.145 million from $0.090 million a year earlier, while net loss widened to $78.056 million from $56.876 million. Cash, cash equivalents and marketable securities totaled $375.033 million at September 30, versus $514.034 million at year-end 2025.

The company expects existing funds and anticipated Otsuka payments to support operations at least into the second half of 2028. The 4FRONT-1 and 4FRONT-2 trials completed randomization with 523 and 531 participants; results are expected in Q2 2027 and H2 2027, respectively. The company also initiated the 4SIGHT Phase 3 trial in diabetic macular edema and reported favorable two-year findings from PRISM and SPECTRA. Eric Floyd joined as Chief Regulatory & Quality Officer.

9 points · 0 major

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0 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.4FRONT-2 randomization completed with 531 participants in August 2026; topline data expected in H2 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.4FRONT-1 randomization completed with 523 participants in March 2026; topline data expected in Q2 2027.
• Moderate point4SIGHT Phase 3 initiated to evaluate 4D-150 in treatment-naïve diabetic macular edema patients.
• Moderate pointPRISM two-year data showed maintained vision, controlled retinal thickness and reduced treatment burden; the company characterized safety favorably.
• Moderate pointSPECTRA two-year data showed durable vision and anatomic improvements with reduced treatment burden; the company characterized safety favorably.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Funding runway estimated at least into H2 2028, including existing funds and expected Otsuka collaboration payments.

3 minor points

• Minor pointQ3 collaboration revenue increased to $4.145 million from $0.090 million a year earlier, primarily from Otsuka reimbursements and cost sharing.
• Minor pointNine-month collaboration revenue increased to $10.974 million from $0.119 million in the corresponding 2025 period.
• Minor point. Forward-looking: it has not happened yet and may not happen.4D-710 clinical trial and program update expected at year-end for the cystic fibrosis program.

Negative

• Moderate pointQ3 net loss widened to $78.056 million from $56.876 million; loss per share increased to $1.08 from $1.01.
• Moderate pointCash, equivalents and marketable securities declined to $375.033 million at September 30, 2026, from $514.034 million at year-end 2025.
• Moderate pointQ3 research and development expenses rose to $69.776 million from $49.438 million, primarily from wet AMD Phase 3 execution.
• Minor pointNine-month net loss widened to $219.751 million from $159.506 million; loss per share increased to $3.13 from $2.85.
• Minor pointNine-month research and development expenses rose to $203.038 million from $138.088 million in the corresponding 2025 period.

9 minor points

• Minor pointQ3 general and administrative expenses increased to $15.587 million from $11.837 million a year earlier.
• Minor pointNine-month general and administrative expenses increased to $39.798 million from $36.293 million in the corresponding 2025 period.
• Minor pointQ3 operating loss widened to $81.218 million from $61.185 million a year earlier.
• Minor pointNine-month operating loss widened to $231.862 million from $174.262 million in the corresponding 2025 period.
• Minor pointQ3 other income, net, declined to $3.162 million from $4.309 million a year earlier.
• Minor pointNine-month other income, net, declined to $12.111 million from $14.756 million in the corresponding 2025 period.
• Minor pointTotal liabilities increased to $90.806 million at September 30, 2026, from $61.047 million at year-end 2025.
• Minor pointTotal assets declined to $428.749 million at September 30, 2026, from $566.711 million at year-end 2025.
• Minor pointStockholders’ equity declined to $337.943 million at September 30, 2026, from $505.664 million at year-end 2025.

Key Figures

Cash, cash equivalents and marketable securities: $375.0 million Projected cash runway: At least into the second half of 2028 Collaboration and license revenue: $4.1 million vs. $0.1 million +5 more

Cash, cash equivalents and marketable securities

$375.0 million

As of September 30, 2026; compared with $514.0 million as of December 31, 2025

Projected cash runway

At least into the second half of 2028

Based on the current operating plan and expected Otsuka collaboration payments

Collaboration and license revenue

$4.1 million vs. $0.1 million

Third quarter 2026 vs. third quarter 2025

Research and development expenses

$69.8 million vs. $49.4 million

Third quarter 2026 vs. third quarter 2025

Net loss

$78.1 million vs. $56.9 million

Third quarter 2026 vs. third quarter 2025

4FRONT-1 topline data

Expected in Q2 2027

Phase 3 trial in wet AMD

4FRONT-2 topline data

Expected in H2 2027

Phase 3 trial in wet AMD

4SIGHT trial enrollment

N=514

Global Phase 3 trial in DME

Previous Earnings Reports

2 past events · Latest: Aug 13

Same Type 2 events

1. Aug 13

   Q2 earnings update

   24h Move

   +4.6%

   Both 4FRONT trials completed enrollment; 4D-150 data timing and cash runway were updated.

2. May 07

   Q1 earnings update

   24h Move

   +2.1%

   4FRONT-1 randomization was complete, with enrollment and readout timelines updated for both trials.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

bcva, non-inferiority, intravitreal, etdrs-drss

4 terms

bcva medical

"mean change from baseline in BCVA at Week 52"

Best corrected visual acuity (BCVA) is the sharpest level of vision a person can achieve when using the optimal prescription lenses during an eye exam, measured by reading standardized letters on a chart. Investors care because BCVA is a common, standardized clinical endpoint in eye‑disease trials and regulatory reviews; improvements in BCVA are used like a speedometer to gauge how well a treatment works and therefore influence a product’s market potential and valuation.

non-inferiority medical

"The primary endpoint is non-inferiority in the mean change"

A non-inferiority trial is a type of clinical test designed to show a new treatment is not meaningfully worse than an existing standard by more than a pre-set, acceptable amount. Think of it like proving a new smartphone model has battery life close enough to the leading model while offering other advantages; for investors, a successful non-inferiority result can clear the way to regulatory approval and market uptake even when the new option isn’t superior in headline effectiveness.

intravitreal medical

"randomized, double-masked, aflibercept 2 mg (Q8W) comparator-controlled trial of intravitreal 4D-150"

An intravitreal treatment is one given by injecting medicine directly into the gel-like center of the eye, delivering drugs straight to the site of retinal disease rather than through pills or eye drops. Investors care because this delivery method affects development costs, regulatory review, clinical risk, manufacturing and distribution complexity, and reimbursement — all factors that influence a therapy’s commercial potential.

etdrs-drss medical

"Early Treatment Diabetic Retinopathy Study Diabetic Retinopathy Severity Scale (ETDRS-DRSS)"

A standardized grading system used in eye research and regulatory trials to measure the severity of diabetic retinopathy from retinal images; ETDRS-DRSS assigns a numeric score that tracks disease stages and change over time. It matters to investors because score changes are often pre-specified clinical endpoints that regulators use to judge a drug or device’s effectiveness, so trial results tied to this scale can strongly affect product approval and commercial value.

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• Completed enrollment and randomization of the 4FRONT-2 Global Phase 3 clinical trial, the second of two pivotal trials of 4D-150 in wet AMD; topline data for 4FRONT-1 and 4FRONT-2 expected in Q2 2027 and H2 2027, respectively
• Presented 2-year data from PRISM and SPECTRA clinical trials of 4D-150 in wet AMD and DME, highlighting durable clinical activity and favorable, predictable safety profile   
• Initiated 4SIGHT Global Phase 3 clinical trial of 4D-150 in DME, advancing 4D-150 into second multi-billion-dollar retinal disease market with significant unmet need
• Strengthened regulatory affairs and quality teams through the hire of Eric Floyd, PhD, MBA, as Chief Regulatory & Quality Officer
• $375 million in cash, cash equivalents and marketable securities expected to fund current operating plan into second half of 2028
  
  

EMERYVILLE, Calif., Nov. 12, 2026 (GLOBE NEWSWIRE) -- 4D Molecular Therapeutics (Nasdaq: FDMT, 4DMT or the Company), a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with the potential to transform treatment paradigms and provide unprecedented benefits to patients, today reported Q3 2026 financial results, provided operational highlights and outlined expected upcoming milestones.        

“Over the past quarter, 4DMT continued to progress 4D-150 as a potential backbone therapy for continuous control of VEGF-driven retinal diseases through completion of randomization in the second of two pivotal Phase 3 trials in wet AMD,” said David Kirn, MD, Co-founder, President and Chief Executive Officer of 4DMT. “In addition, we initiated the global Phase 3 4SIGHT program in DME, expanding the opportunity for 4D-150 into a second multi-billion-dollar retinal disease market with significant unmet need. We also welcomed Dr. Eric Floyd to our executive team, providing experienced leadership for our regulatory team. We are well positioned heading into 2027, which we anticipate will be a transformative year for the Company following expected topline readouts from both 4FRONT Phase 3 trials in wet AMD.”

Recent Highlights and Expected Milestones

• Corporate Highlights:
  • Strengthened leadership of Regulatory and Quality teams:
    • Hired Dr. Eric Floyd as Chief Regulatory & Quality Officer. Dr. Floyd will oversee regulatory strategy, global engagements with regulatory authorities, quality assurance and quality control. Prior to joining 4DMT, Dr. Floyd served as Chief Regulatory Officer at Silence Therapeutics and Neurogene. He has held senior regulatory affairs and/or quality positions at large pharmaceutical companies including Merck, Sanofi and Novartis
  • Company hosted an Investor Day in New York City on October 21, 2026:
    • Provided insights into the current treatment landscape and unmet needs in wet age-related macular degeneration (wet AMD), the potential target product profile of 4D-150 and the commercial potential for 4D-150 to meaningfully improve patient outcomes
• 4D-150 for Wet Age-related Macular Degeneration (AMD):
  • 4FRONT Global Phase 3 Program:
    • 4FRONT-1, North American Clinical Trial: 
      • Enrollment completed in February 2026 and randomization completed (N=523) in March 2026; topline data expected in Q2 2027 
    • 4FRONT-2, Global Clinical Trial:
      • Enrollment completed in June 2026 and randomization completed (N=531) in August 2026; topline data expected in H2 2027
  • PRISM Phase 1/2 Clinical Trial:
    • Presented positive Phase 2b 2-year data in a broad patient population, including the recently diagnosed subgroup population most comparable to the 4FRONT Phase 3 population, at the American Society of Retina Specialists (ASRS) Annual Meeting on July 18, 2026, demonstrating durable maintenance of best corrected visual acuity (BCVA), control of central subfield thickness (CST) and clinically meaningful reduction in treatment burden, with a favorable and predictable safety profile
• 4D-150 for Diabetic Macular Edema (DME):
  • 4SIGHT Global Phase 3 Clinical Trial: 
    • Initiated 4SIGHT, a global Phase 3 multicenter, randomized, double-masked, aflibercept 2 mg (Q8W) comparator-controlled trial of intravitreal 4D-150 in treatment-naïve patients with DME (N=514)
    • All patients will receive five aflibercept loading doses. The primary endpoint is non-inferiority in the mean change from baseline in BCVA at Week 52. The key secondary endpoints are treatment burden reduction, comparing the number of aflibercept injections received in the 4D-150 arm versus the aflibercept comparator arm through Week 52, and the proportion of participants with a ≥2-step improvement from baseline in Early Treatment Diabetic Retinopathy Study Diabetic Retinopathy Severity Scale (ETDRS-DRSS) at Week 52
  • SPECTRA Part 1 Clinical Trial:
    • Updated 2-year data from SPECTRA Part 1 clinical trial in DME continue to demonstrate a favorable and predictable safety profile, durable vision and anatomic improvements and clinically meaningful treatment burden reduction
• 4D-175 for Geographic Atrophy:  
  • Company maintains an active IND and is evaluating opportunities to advance the program into the clinic
• 4D-710 for Cystic Fibrosis:  
  • AEROW Phase 1/2 clinical trial and program update expected at year-end
    
    

Q3 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $375.0 million as of September 30, 2026, as compared to $514.0 million as of December 31, 2025. 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 Pharmaceutical Co., Ltd. (Otsuka), will be sufficient to fund our operating expenses and capital expenditure requirements at least into the second half of 2028.   

Collaboration and License Revenue: Collaboration and license revenue was $4.1 million for the third quarter of 2026, as compared to $0.1 million for the third quarter of 2025. The increase in revenue was primarily due to clinical trial cost sharing and reimbursement from Otsuka.

R&D Expenses: Research and development expenses were $69.8 million for the third quarter of 2026, as compared to $49.4 million for the third quarter of 2025. This increase was primarily driven by execution of 4D-150 Phase 3 clinical trials in wet AMD.

G&A Expenses: General and administrative expenses were $15.6 million for the third quarter of 2026, as compared to $11.8 million for the third quarter of 2025.

Net Loss: Net loss was $78.1 million for the third quarter of 2026, as compared to net loss of $56.9 million for the third quarter of 2025.

About 4DMT  

4DMT is a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with the potential to transform treatment paradigms and provide unprecedented benefits to patients. The Company’s lead product candidate, 4D-150, is designed to be a backbone therapy forming the foundation for treatment of blinding VEGF-driven retinal diseases by providing multi-year sustained delivery of anti-VEGF biologics (aflibercept and anti-VEGF-C) with a single intravitreal injection, which substantially reduces the treatment burden associated with current bolus injections. The Company’s lead indication for 4D-150 is wet age-related macular degeneration, and the second indication is diabetic macular edema, which are both in Phase 3 development. The Company’s second product candidate is 4D-710, which is the first known genetic medicine to demonstrate successful delivery and expression of the CFTR transgene in the lungs of people with cystic fibrosis after aerosol delivery. 4D Molecular Therapeutics™, 4DMT™, Therapeutic Vector Evolution™, Backbone 4 Retina™ and the 4DMT logo are trademarks of 4DMT.

All of the Company’s product candidates are in clinical or preclinical development and have not yet been approved for marketing by the U.S. Food and Drug Administration or any other regulatory authority. No representation is made as to the safety or effectiveness of the Company’s product candidates for the therapeutic uses for which they are being studied.

Learn more at www.4DMT.com and follow us on LinkedIn. 

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements regarding the therapeutic potential and clinical benefits of, as well as the plans, announcements and related timing for, the clinical development of our product candidates and regulatory interactions, and statements regarding our financial performance, results of operations and anticipated cash runway. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "expect," "estimate," "seek," "predict," "future," "project," "potential," "continue," "target," and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including risks and uncertainties that are described in greater detail in the section entitled "Risk Factors" in 4D Molecular Therapeutics’ most recent Quarterly Report on Form 10-Q to be filed on or about the date hereof, as well as any subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent 4D Molecular Therapeutics' views only as of today and should not be relied upon as representing its views as of any subsequent date. 4D Molecular Therapeutics explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

4D Molecular Therapeutics, Inc.
Statements of Operations (in thousands, except share and per share amounts) (Unaudited)
		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Revenue:
Collaboration and license revenue		$	4,145			$	90			$	10,974			$	119
Operating expenses:
Research and development			69,776				49,438				203,038				138,088
General and administrative			15,587				11,837				39,798				36,293
Total operating expenses			85,363				61,275				242,836				174,381
Loss from operations			(81,218	)			(61,185	)			(231,862	)			(174,262	)
Other income, net			3,162				4,309				12,111				14,756
Net loss		$	(78,056	)		$	(56,876	)		$	(219,751	)		$	(159,506	)
Net loss per share, basic and diluted		$	(1.08	)		$	(1.01	)		$	(3.13	)		$	(2.85	)
Weighted-average shares outstanding used in computing net loss per share, basic and diluted			72,251,127				56,126,330				70,211,785				55,933,890

4D Molecular Therapeutics, Inc. Balance Sheet Data (in thousands) (Unaudited)
		September 30,				December 31,
		2026				2025
Cash, cash equivalents and marketable securities		$	375,033			$	514,034
Total assets			428,749				566,711
Total liabilities			90,806				61,047
Accumulated deficit			(936,056	)			(716,304	)
Total stockholders’ equity			337,943				505,664

Contacts:

Media:

Jenn Gordon 
dna Communications 
Media@4DMT.com

Investors:

Julian Pei
Head of Investor Relations and Strategic Finance
Investor.Relations@4DMT.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When does FDMT expect results from its 4FRONT Phase 3 wet AMD trials?

4D Molecular Therapeutics expects topline results from 4FRONT-1 in Q2 2027 and 4FRONT-2 in H2 2027. Randomization was completed in March 2026 for 4FRONT-1, with 523 participants, and in August 2026 for 4FRONT-2, with 531 participants.

What were FDMT’s third-quarter 2026 revenue and net loss?

4D Molecular Therapeutics reported $4.145 million in collaboration and license revenue and a $78.056 million net loss for Q3 2026. Revenue was $0.090 million and net loss was $56.876 million in Q3 2025. Basic and diluted loss per share increased to $1.08 from $1.01.

How is FDMT’s 4SIGHT Phase 3 diabetic macular edema trial designed?

4SIGHT is a global, randomized, double-masked trial comparing intravitreal 4D-150 with aflibercept 2 mg every eight weeks in treatment-naïve patients with diabetic macular edema, with N=514. All patients will receive five aflibercept loading doses. Its primary endpoint tests whether the mean vision-score change from baseline at Week 52 is not inferior to the comparator.

What is the status of FDMT’s 4D-175 geographic atrophy program?

4D Molecular Therapeutics maintains an active investigational new drug application for 4D-175 and is evaluating opportunities to advance the geographic atrophy program into the clinic.