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4D Molecular Therapeutics (FDMT) details Q2 loss, $430.6M cash and $200M credit line

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(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

4D Molecular Therapeutics reported Q2 2026 results highlighted by late-stage clinical progress and a strengthened balance sheet. Cash, cash equivalents and marketable securities were $430.6 million as of June 30, 2026, which, together with expected Otsuka collaboration payments, is estimated to fund operations into the second half of 2028. The company also entered a strategic credit facility with Hercules Capital for up to $200 million, drawing $20 million at closing.

Collaboration and license revenue was $3.8 million in Q2 2026, while research and development expenses rose to $68.3 million and general and administrative expenses to $12.5 million. Net loss was $72.9 million, or $1.04 per share. Clinically, enrollment was completed in both 4FRONT-1 and 4FRONT-2 Phase 3 trials of 4D-150 for wet AMD, with topline data expected in 2027, and a Phase 3 DME trial is planned to start in Q3 2026. Two-year PRISM Phase 2b data showed sustained visual outcomes and a 78–87% reduction in treatment burden versus projected aflibercept dosing, with a favorable safety profile.

Positive

  • $430.6 million in cash, cash equivalents and marketable securities, with runway projected at least into the second half of 2028, supports ongoing late-stage development.
  • Two-year PRISM Phase 2b data for 4D-150 showed 78–87% reduction in treatment burden versus projected on-label aflibercept, with maintained vision and favorable safety.
  • Completion of enrollment in both 4FRONT-1 (N=523) and 4FRONT-2 (N>500) Phase 3 wet AMD trials positions 4D-150 for multiple 2027 topline readouts.
  • New strategic credit facility of up to $200 million with a $20 million initial draw increases financial and operational flexibility.

Negative

  • Q2 2026 net loss increased to $72.9 million from $54.7 million a year earlier, reflecting higher R&D spending.
  • Accumulated deficit widened to $858.0 million as of June 30, 2026, highlighting substantial historical losses.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Cash, cash equivalents and marketable securities $430.6 million As of June 30, 2026; projected to fund operations into second half of 2028
Collaboration and license revenue $3.8 million Three months ended June 30, 2026
Research and development expenses $68.3 million Three months ended June 30, 2026; increased versus $48.0 million in Q2 2025
General and administrative expenses $12.5 million Three months ended June 30, 2026; up from $11.5 million in Q2 2025
Net loss $72.9 million Three months ended June 30, 2026; compared with $54.7 million in Q2 2025
Accumulated deficit $858.0 million As of June 30, 2026
Hercules credit facility size $200 million Total capacity under strategic credit facility; $20 million initially drawn
Treatment burden reduction (recently diagnosed subgroup) 87% 4D-150 PRISM Phase 2b 2-year data vs projected on-label aflibercept 2 mg Q8W
diabetic macular edema medical
"second indication is diabetic macular edema"
Diabetic macular edema is an eye condition in which fluid leaks into and swells the macula, the part of the retina used for sharp, central vision, often as a complication of diabetes. For investors it matters because it drives demand for medicines, medical devices and eye-care services, influences clinical trial and regulatory outcomes, and can affect healthcare costs and revenue forecasts—think of the macula as the camera’s central lens that becomes blurred when it soaks up excess fluid.
best corrected visual acuity medical
"Consistent maintenance of best corrected visual acuity (BCVA)"
Best corrected visual acuity (BCVA) is the sharpest level of sight a person can reach when using the optimal prescription lenses or other standard corrections, typically measured with an eye chart. For investors, BCVA is a common, standardized outcome in trials and product tests—like checking a camera’s clarity after fine-tuning—so changes in BCVA signal whether an eye treatment or device is delivering real, measurable benefit.
central subfield thickness medical
"Consistent control of central subfield thickness (CST) as measured by optical coherence"
Central subfield thickness is a measurement of the retina’s thickness at the very center of the macula, typically taken by an imaging scan of the eye; think of it like measuring the height of the ground at the center of a small target. It matters to investors because changes in this number are a common, objective medical endpoint used to judge whether eye drugs or devices relieve swelling and improve vision, which influences regulatory approval, market potential, and sales forecasts.
strategic credit facility financial
"Entered into a strategic credit facility agreement with Hercules Capital, Inc."
Phase 3 clinical trials medical
"execution of 4D-150 Phase 3 clinical trials in wet AMD"
Phase 3 clinical trials are large, late-stage studies that test a drug or medical treatment in hundreds to thousands of patients to confirm it is safe and effective and to compare it with existing options. Investors care because positive results are a key step toward regulatory approval and commercial sales, reducing uncertainty much like a full dress rehearsal before a product launch; negative results can sharply reduce a program’s value.
Collaboration and license revenue $3.8 million (Q2 2026) Increased from $15 thousand in Q2 2025, driven by Otsuka cost sharing and reimbursement
Research and development expenses $68.3 million (Q2 2026) Increased from $48.0 million in Q2 2025, primarily due to 4D-150 Phase 3 execution
General and administrative expenses $12.5 million (Q2 2026) Up from $11.5 million in Q2 2025
Net loss $72.9 million (Q2 2026) Expanded from $54.7 million in Q2 2025

FAQ

How much cash does 4D Molecular Therapeutics (FDMT) have and what is its runway?
4D Molecular Therapeutics reported $430.6 million in cash, cash equivalents and marketable securities as of June 30, 2026. The company estimates this, plus expected Otsuka collaboration payments, will fund operations and capital needs at least into the second half of 2028.

What were 4D Molecular Therapeutics (FDMT) key Q2 2026 financial results?
For Q2 2026, collaboration and license revenue was $3.8 million, research and development expenses were $68.3 million, and general and administrative expenses were $12.5 million. Net loss totaled $72.9 million, or $1.04 per basic and diluted share.

What is the status of 4D-150 Phase 3 trials reported by 4D Molecular Therapeutics (FDMT)?
4D Molecular Therapeutics completed enrollment in the 4FRONT-1 Phase 3 trial (N=523) in February 2026 and expects topline data in Q2 2027. Enrollment for 4FRONT-2 finished in June 2026, with topline results anticipated in the second half of 2027.

What did the PRISM Phase 2b trial show for 4D Molecular Therapeutics (FDMT) candidate 4D-150?
Two-year PRISM Phase 2b data showed consistent best corrected visual acuity, control of central subfield thickness, and a 78% overall treatment burden reduction, rising to 87% in recently diagnosed patients, versus projected on-label aflibercept 2 mg every eight weeks.

What new financing did 4D Molecular Therapeutics (FDMT) secure in Q2 2026?
4D Molecular Therapeutics entered a strategic credit facility with Hercules Capital for up to $200 million, drawing an initial $20 million at closing. The company characterizes this as providing additional strategic and operational flexibility alongside its existing cash resources.

What are the upcoming clinical milestones for 4D Molecular Therapeutics (FDMT)?
Planned milestones include initiating a Phase 3 DME trial for 4D-150 in Q3 2026, reporting SPECTRA DME 2-year data in Q4 2026, providing an AEROW 4D-710 update in Q4 2026, and multiple 4FRONT Phase 3 topline readouts in 2027.

How has spending changed at 4D Molecular Therapeutics (FDMT) year over year in Q2?
Research and development expenses increased to $68.3 million in Q2 2026 from $48.0 million in Q2 2025, mainly due to execution of 4D-150 Phase 3 trials. General and administrative expenses rose modestly to $12.5 million from $11.5 million.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →
false000165064800016506482026-08-132026-08-13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 13, 2026

 

 

4D Molecular Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-39782

47-3506994

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

5858 Horton Street

#455

 

Emeryville, California

 

94608

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (510) 505-2680

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

FDMT

 

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On August 13, 2026, 4D Molecular Therapeutics, Inc. (“4DMT”) announced its financial results for the three months ended June 30, 2026. A copy of 4DMT’s press release, titled “4DMT Reports Second Quarter 2026 Financial Results, Operational Highlights and Expected Upcoming Milestones” is furnished pursuant to Item 2.02 as Exhibit 99.1 hereto.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number

Description

99.1

Press Release, dated August 13, 2026, titled “4DMT Reports Second Quarter 2026 Financial Results, Operational Highlights and Expected Upcoming Milestones”

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

4D MOLECULAR THERAPEUTICS, INC.

 

 

 

 

Date:

August 13, 2026

By:

/s/ Kristian Humer

 

 

 

Kristian Humer
Chief Financial Officer

 

 

Exhibit 99.1

4DMT Reports Second Quarter 2026 Financial Results, Operational Highlights

and Expected Upcoming Milestones

 

 

•
Completed enrollment for 4D-150 4FRONT-2 wet AMD Phase 3; topline data expected in H2 2027
•
4D-150 4FRONT-1 Phase 3 topline data expected in Q2 2027
•
Presented positive 2-year data from 4D-150 PRISM Phase 2b at ASRS, highlighting long-term continuous treatment effect and ongoing favorable safety profile
•
Plan to initiate a 4D-150 DME Phase 3 in Q3 2026
•
Company to host an Investor Day on October 21, 2026, in New York City
•
Entered into a strategic credit facility agreement with Hercules Capital, Inc. for up to $200 million, initial draw of $20 million
•
$431 million in cash, cash equivalents and marketable securities expected to fund current operating plan into second half of 2028

EMERYVILLE, Calif., August 13, 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 potential to transform treatment paradigms and provide unprecedented benefits to patients, today reported Q2 2026 financial results, provided operational highlights and outlined expected upcoming milestones.   

 

“The second quarter of 2026 reflected continued strong execution across 4DMT, including completion of enrollment for 4FRONT-2, presenting positive long-term PRISM data and strengthening our financial flexibility through securing a strategic credit facility with Hercules,” said David Kirn, M.D., Co-founder, President and Chief Executive Officer of 4DMT. “With topline data from both 4FRONT-1 and 4FRONT-2 in wet AMD expected in 2027, our DME Phase 3 expected to initiate in the third quarter and our Investor Day planned in October, we are well positioned to advance 4D-150 as a potential paradigm-changing backbone therapy for patients with wet AMD and DME.”

Recent Highlights and Expected Milestones

•
Corporate Highlights:
o
Secured credit facility for up to $200 million from Hercules Capital to provide the Company with strategic and operational flexibility
▪
Under the terms of the agreement, the Company drew an initial $20 million at closing
o
Company to host an Investor Day in New York City on October 21, 2026
▪
Investor Day will provide an overview of the commercial potential of 4D-150 and include participation from senior leadership and leading retinal disease key opinion leaders. Additional details will be provided in advance of the event

 

 

•
4D-150 for Wet Age-related Macular Degeneration (AMD):
o
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 with N>500 expected to be randomized; topline data expected in H2 2027
o
PRISM Phase 1/2 Clinical Trial:
▪
Phase 2b 2-year data in a broad patient population, including the recently diagnosed subgroup population most comparable to the 4FRONT Phase 3 population, presented at American Society of Retina Specialists (ASRS) Annual Meeting on July 18, 2026:
•
Consistent maintenance of best corrected visual acuity (BCVA)
•
Consistent control of central subfield thickness (CST) as measured by optical coherence tomography
•
Consistent, durable and clinically meaningful reduction in treatment burden:
o
Overall cohort:
▪
78% overall treatment burden reduction (2.7 mean supplemental injections per patient vs. 12.0 injections projected with on-label aflibercept 2 mg Q8W)
o
Recently diagnosed subgroup:
▪
87% overall treatment burden reduction (1.6 mean supplemental injections per patient vs. 12.0 injections projected with on-label aflibercept 2 mg Q8W)
•
4D-150 continues to be well tolerated with no new cases of inflammation with 2 to more than 4 years of follow-up on all patients as of the data cutoff and no 4D-150-related hypotony, endophthalmitis, vasculitis, occlusive/non-occlusive retinal vasculitis or choroidal effusions observed to date
•
4D-150 for Diabetic Macular Edema (DME):
o
Global Phase 3 trial design and initiation expected in Q3 2026
o
SPECTRA clinical trial 2-year data expected in Q4 2026
•
4D-175 for Geographic Atrophy:
o
Company maintains an active IND and is evaluating opportunities to advance the program into the clinic
•
4D-710 for Cystic Fibrosis:
o
AEROW Phase 1/2 clinical trial and program update expected in Q4 2026

 

 

 

 

Q2 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $430.6 million as of June 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, 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 $3.8 million for the second quarter of 2026, as compared to an insignificant amount for the second quarter of 2025. The increase in revenue was primarily due to the clinical trial cost sharing and reimbursement amounts from Otsuka. 

R&D Expenses: Research and development expenses were $68.3 million for the second quarter of 2026, as compared to $48.0 million for the second 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 $12.5 million for the second quarter of 2026, as compared to $11.5 million for the second quarter of 2025.

Net Loss: Net loss was $72.9 million for the second quarter of 2026, as compared to net loss of $54.7 million for the second quarter of 2025.

About 4DMT

4DMT is a leading late-stage biotechnology company advancing durable and disease-targeted therapeutics with 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 of treatment of blinding retinal vascular diseases by providing multi-year sustained delivery of anti-VEGF biologics (aflibercept and anti-VEGF-C) with a single, safe, 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, which is currently in Phase 3 development, and second indication is diabetic macular edema. 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, the potential benefits of the strategic partnership with Otsuka, the amount of any potential cost sharing or milestone payments pursuant to the Company’s agreement with Otsuka, the Company's expectations regarding financing alternatives and potential partnerships, the Company’s use of proceeds, 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

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration and license revenue

 

$

3,781

 

 

$

15

 

 

$

6,828

 

 

$

29

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

68,282

 

 

 

47,951

 

 

 

133,262

 

 

 

88,650

 

General and administrative

 

 

12,524

 

 

 

11,520

 

 

 

24,212

 

 

 

24,456

 

Total operating expenses

 

 

80,806

 

 

 

59,471

 

 

 

157,474

 

 

 

113,106

 

Loss from operations

 

 

(77,025

)

 

 

(59,456

)

 

 

(150,646

)

 

 

(113,077

)

Other income, net

 

 

4,089

 

 

 

4,798

 

 

 

8,950

 

 

 

10,447

 

Net loss

 

$

(72,936

)

 

$

(54,658

)

 

$

(141,696

)

 

$

(102,630

)

Net loss per share, basic and diluted

 

$

(1.04

)

 

$

(0.98

)

 

$

(2.05

)

 

$

(1.84

)

Weighted-average shares outstanding used in computing net loss per share, basic and diluted

 

 

70,272,018

 

 

 

55,927,091

 

 

 

69,175,213

 

 

 

55,836,075

 

 

 

 

4D Molecular Therapeutics, Inc.

Balance Sheet Data

(Unaudited)

(in thousands)

 

 

 

June 30,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Cash, cash equivalents and marketable securities

 

$

430,629

 

 

$

514,034

 

Total assets

 

 

492,615

 

 

 

566,711

 

Total liabilities

 

 

84,956

 

 

 

61,047

 

Accumulated deficit

 

 

(858,000

)

 

 

(716,304

)

Total stockholders’ equity

 

 

407,659

 

 

 

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

 

 

 

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Source: View Original Filing on SEC EDGAR

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