4D Molecular (NASDAQ: FDMT) details Q1 loss and cash runway to 2028

Rhea-AI Filing Summary

4D Molecular Therapeutics reported Q1 2026 results highlighted by advancing its lead eye disease program and maintaining a strong balance sheet. Collaboration and license revenue reached $3.0 million, while research and development expenses rose to $65.0 million as the company executed Phase 3 trials for 4D-150 in wet age-related macular degeneration.

General and administrative expenses were $11.7 million, and net loss was $68.8 million, or $1.01 per share. Cash, cash equivalents and marketable securities totaled $458 million as of March 31, 2026, which the company expects will fund operations into the second half of 2028. The 4FRONT-1 Phase 3 trial completed randomization of 523 patients, with topline data expected in the first half of 2027, and additional PRISM, SPECTRA and DME Phase 3 milestones are planned through 2026–2027.

Insights

Biotech equity analyst

4DMT pairs deeper losses with solid cash runway and Phase 3 progress.

4D Molecular Therapeutics is clearly in an investment phase. Q1 2026 collaboration and license revenue was modest at $3.0M, while research and development spending climbed to $65.0M as the company advanced 4D-150 into global Phase 3 trials for wet age-related macular degeneration.

Net loss widened to $68.8M, or $1.01 per share, reflecting higher trial costs. However, cash, cash equivalents and marketable securities of $457.6M as of March 31, 2026, together with expected Otsuka collaboration payments, are projected to fund operations into the second half of 2028.

Clinically, randomization in the 4FRONT-1 Phase 3 trial (N=523) is complete, with topline data expected in H1 2027. Additional catalysts include 4FRONT-2 enrollment completion in H2 2026, PRISM and SPECTRA 2‑year data in Q3 2026 and H2 2026, and planned DME Phase 3 initiation in Q3 2026. Subsequent filings may provide more detail on these readouts.

8-K Event Classification

2 items: 2.02, 9.01

2 items

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.

Key Figures

Collaboration and license revenue: $3.0M Research and development expenses: $65.0M General and administrative expenses: $11.7M +5 more

8 metrics

Collaboration and license revenue $3.0M Three months ended March 31, 2026

Research and development expenses $65.0M Three months ended March 31, 2026

General and administrative expenses $11.7M Three months ended March 31, 2026

Net loss $68.8M Three months ended March 31, 2026

Net loss per share $1.01 Basic and diluted, Q1 2026

Cash, cash equivalents and marketable securities $457.6M As of March 31, 2026

4FRONT-1 Phase 3 randomization size 523 patients Randomization completed March 2026

Projected cash runway Into H2 2028 Based on current plan and Otsuka payments

Key Terms

wet age-related macular degeneration, Phase 3 clinical trial, diabetic macular edema, collaboration and license revenue, +2 more

6 terms

wet age-related macular degeneration medical

"4D-150 for Wet Age-related Macular Degeneration 4FRONT Global Phase 3 Program"

A severe eye condition in which abnormal, fragile blood vessels grow beneath the macula — the small central part of the retina responsible for sharp, detailed vision — and leak fluid or blood, causing rapid loss of central sight. Investors care because the condition drives demand for high-cost therapies, medical devices and ongoing care; successful treatments can create sizable markets, affect healthcare spending and influence regulatory and reimbursement decisions, much like fixing a leaking camera lens restores image quality and value.

Phase 3 clinical trial medical

"initiating our global Phase 3 clinical trial in DME"

A phase 3 clinical trial is a large-scale study that tests a new medical treatment or drug to determine if it is safe and effective for widespread use. It often involves hundreds or thousands of participants and compares the new treatment to existing options or a placebo. For investors, the results of this phase are crucial, as successful outcomes can lead to regulatory approval and commercial success, while failures may halt development.

diabetic macular edema medical

"4D-150 for Diabetic Macular Edema SPECTRA clinical trial"

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.

collaboration and license revenue financial

"Collaboration and license revenue was $3.0 million for the first quarter of 2026"

accumulated deficit financial

"Accumulated deficit | | | (785,064 | )"

Accumulated deficit is the running total of a company’s past net losses minus any profits, showing how much the business has eaten into its own funds over time—think of it like a bank account that’s been overdrawn by repeated shortfalls. It matters to investors because a large accumulated deficit reduces the cushion that protects owners and creditors, can limit dividends or borrowing, and signals how much funding the company may need to reach profitability.

forward-looking statements regulatory

"This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Collaboration and license revenue: $3.0M

Q1 2026

Collaboration and license revenue $3.0M

Net loss $68.8M

Net loss per share (basic and diluted) $1.01

R&D expenses $65.0M

Cash, cash equivalents and marketable securities $457.6M

Understanding 8-K Material Events →

0001650648false00016506482026-05-072026-05-07

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): May 07, 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 May 7, 2026, 4D Molecular Therapeutics, Inc. (“4DMT”) announced its financial results for the three months ended March 31, 2026. A copy of 4DMT’s press release, titled “4DMT Reports First 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 May 7, 2026, titled “4DMT Reports First 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:	May 7, 2026	By:	/s/ Kristian Humer
			Kristian Humer Chief Financial Officer

Exhibit 99.1

4DMT Reports First Quarter 2026 Financial Results, Operational Highlights

and Expected Upcoming Milestones

•4D-150 4FRONT-1 wet AMD Phase 3 randomization complete (N=523); topline data expected in H1 2027

•4FRONT - 2 enrollment completion expected in H2 2026; topline data expected in H2 2027

•4D-150 PRISM wet AMD Phase 2b 2-year data expected at a scientific conference in Q3 2026, and SPECTRA DME trial 2-year data expected in H2 2026

•$458 million in cash, cash equivalents and marketable securities expected to fund current operating plan into second half of 2028

EMERYVILLE, Calif., May 7, 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 Q1 2026 financial results, provided operational highlights and outlined expected upcoming milestones. 

“We started 2026 with strong execution, completing enrollment in 4FRONT-1 ahead of schedule reflecting strong investigator and patient enthusiasm for 4D-150,” said David Kirn, M.D., Co-founder, President and Chief Executive Officer of 4DMT. “For the remainder of the year, we look forward to completing 4FRONT-2 enrollment, initiating our global Phase 3 clinical trial in DME, and sharing 2-year data from PRISM and SPECTRA.”

Recent Highlights and Expected Milestones

•4D-150 for Wet Age-related Macular Degeneration:

o4FRONT 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 H1 2027

▪4FRONT-2, Global Clinical Trial:

•Enrollment completion expected in H2 2026; topline data expected in H2 2027

oPRISM 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, expected to be presented at a scientific conference in Q3 2026

•4D-150 for Diabetic Macular Edema:

oSPECTRA clinical trial 2-year data expected in H2 2026

oGlobal Phase 3 trial design expected in mid-2026 and initiation expected in Q3 2026

• 4D-175 for Geographic Atrophy:

oCompany maintains an active IND and continues to evaluate strategic funding

alternatives to advance the program into the clinic

•4D-710 for Cystic Fibrosis:

oAEROW Phase 1/2 clinical trial and program update expected in H2 2026

Q1 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $458 million as of March 31, 2026, as compared to $514 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 $3.0 million for the first quarter of 2026, as compared to an insignificant amount for the first 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 $65.0 million for the first quarter of 2026, as compared to $40.7 million for the first 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 $11.7 million for the first quarter of 2026, as compared to $12.9 million for the first quarter of 2025.

Net Loss: Net loss was $68.8 million for the first quarter of 2026, as compared to net loss of $48.0 million for the first 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™, 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 March 31,
		2026				2025
Revenue:
Collaboration and license revenue		$	3,047			$	14
Operating expenses:
Research and development			64,980				40,699
General and administrative			11,687				12,936
Total operating expenses			76,667				53,635
Loss from operations			(73,620	)			(53,621	)
Other income, net			4,860				5,649
Net loss		$	(68,760	)		$	(47,972	)
Net loss per share, basic and diluted		$	(1.01	)		$	(0.86	)
Weighted-average shares outstanding used in computing net loss per share, basic and diluted			68,064,586				55,744,047

4D Molecular Therapeutics, Inc.

Balance Sheet Data

(Unaudited)

(in thousands)

		March 31,				December 31,
		2026				2025
Cash, cash equivalents and marketable securities		$	457,631			$	514,034
Total assets			512,905				566,711
Total liabilities			61,069				61,047
Accumulated deficit			(785,064	)			(716,304	)
Total stockholders’ equity			451,836				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

How did 4D Molecular Therapeutics (FDMT) perform financially in Q1 2026?

4D Molecular Therapeutics reported Q1 2026 collaboration and license revenue of $3.0 million and a net loss of $68.8 million. Research and development expenses rose to $65.0 million, reflecting increased spending on late-stage clinical trials, while general and administrative expenses were $11.7 million.

What is 4D Molecular Therapeutics’ cash position and runway after Q1 2026?

As of March 31, 2026, 4D Molecular Therapeutics held $457.6 million in cash, cash equivalents and marketable securities. The company expects this, plus anticipated Otsuka collaboration payments, will fund operating expenses and capital needs at least into the second half of 2028.

What progress did 4D Molecular Therapeutics report in its 4D-150 wet AMD program?

The company completed randomization in the 4FRONT-1 Phase 3 wet AMD trial with 523 patients in March 2026. Topline data from 4FRONT-1 are expected in H1 2027, and enrollment completion for the global 4FRONT-2 trial is anticipated in H2 2026.

Which upcoming clinical data readouts did 4D Molecular Therapeutics highlight?

4D Molecular Therapeutics expects PRISM Phase 2b two-year data in wet AMD at a scientific conference in Q3 2026. Two-year data from the SPECTRA diabetic macular edema trial are anticipated in H2 2026, alongside additional planned Phase 3 activity in DME.

How did 4D Molecular Therapeutics’ expenses change year over year in Q1 2026?

Research and development expenses increased from $40.7 million in Q1 2025 to $65.0 million in Q1 2026, driven by 4D-150 Phase 3 trials. General and administrative expenses declined slightly from $12.9 million to $11.7 million over the same period.

What were 4D Molecular Therapeutics’ key balance sheet figures at March 31, 2026?

At March 31, 2026, the company reported $512.9 million in total assets and $61.1 million in total liabilities. Accumulated deficit stood at $785.1 million, and total stockholders’ equity was $451.8 million, reflecting its development-stage status.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 106.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 24.4 KB