4D Molecular Therapeutics Q3 2026 loss widens to $78.1M
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
4D Molecular Therapeutics, Inc. (FDMT) reported third-quarter 2026 results and clinical milestones. Cash, cash equivalents and marketable securities were $375.0 million as of September 30, 2026, compared with $514.0 million as of December 31, 2025. Based on its current operating plan and expected payments under its Otsuka collaboration agreement, the company estimates funds will cover operating expenses and capital expenditures at least into the second half of 2028.
Collaboration and license revenue was $4.1 million versus $0.1 million in Q3 2025, primarily due to clinical-trial cost sharing and reimbursement from Otsuka. Research and development expense was $69.8 million versus $49.4 million, general and administrative expense was $15.6 million versus $11.8 million, and net loss was $78.1 million versus $56.9 million.
4DMT completed randomization in the 4FRONT-2 Phase 3 trial of 4D-150 in wet AMD, with 531 participants; topline data are expected in H2 2027. The 4FRONT-1 trial, with 523 participants, completed randomization in March 2026, with topline data expected in Q2 2027. The company also initiated 4SIGHT, a Phase 3 4D-150 trial in diabetic macular edema with 514 participants.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
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 completed randomization with 531 participants; topline data are expected H2 2027.
- Minor pointCollaboration revenue was $4.1 million, versus $0.1 million in Q3 2025.
Negative
- Moderate pointNet loss was $78.1 million, versus $56.9 million in Q3 2025.
8-K Event Classification
Key Figures
Key Terms
topline data medical
non-inferiority medical
intravitreal medical
aflibercept medical
central subfield thickness medical
Earnings Snapshot
Based on its current operating plan and expected payments under its Otsuka collaboration agreement, the company estimates its existing cash, cash equivalents and marketable securities will fund operating expenses and capital expenditures at least into the second half of 2028.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much cash did FDMT report, and how long does it expect it to last?
What were FDMT’s Q3 2026 revenue and net loss?
When does FDMT expect 4D-150 Phase 3 trial results?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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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:
Securities registered pursuant to Section 12(b) of the Act:
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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 November 12, 2026, 4D Molecular Therapeutics, Inc. (“4DMT”) announced its financial results for the three months ended September 30, 2026. A copy of 4DMT’s press release, titled “4DMT Reports Third 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 November 12, 2026, titled “4DMT Reports Third 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.
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4D MOLECULAR THERAPEUTICS, INC. |
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November 12, 2026 |
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/s/ Kristian Humer |
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Kristian Humer |
Exhibit 99.1
4DMT Reports Third Quarter 2026 Financial Results, Operational Highlights
and Expected Upcoming Milestones
EMERYVILLE, Calif., November 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
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)
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Three months ended |
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Nine months ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue: |
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Collaboration and license revenue |
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$ |
4,145 |
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$ |
90 |
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$ |
10,974 |
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$ |
119 |
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Operating expenses: |
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Research and development |
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69,776 |
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49,438 |
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203,038 |
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138,088 |
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General and administrative |
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15,587 |
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11,837 |
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39,798 |
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36,293 |
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Total operating expenses |
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85,363 |
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61,275 |
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242,836 |
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174,381 |
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Loss from operations |
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(81,218 |
) |
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(61,185 |
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(231,862 |
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(174,262 |
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Other income, net |
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3,162 |
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4,309 |
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12,111 |
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14,756 |
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Net loss |
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$ |
(78,056 |
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$ |
(56,876 |
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$ |
(219,751 |
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$ |
(159,506 |
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Net loss per share, basic and diluted |
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$ |
(1.08 |
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$ |
(1.01 |
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$ |
(3.13 |
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$ |
(2.85 |
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Weighted-average shares outstanding used in computing net loss per share, basic and diluted |
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72,251,127 |
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56,126,330 |
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70,211,785 |
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55,933,890 |
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4D Molecular Therapeutics, Inc.
Balance Sheet Data
(in thousands)
(Unaudited)
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September 30, |
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December 31, |
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2026 |
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2025 |
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Cash, cash equivalents and marketable securities |
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$ |
375,033 |
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$ |
514,034 |
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Total assets |
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428,749 |
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566,711 |
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Total liabilities |
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90,806 |
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61,047 |
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Accumulated deficit |
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(936,056 |
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(716,304 |
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Total stockholders’ equity |
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337,943 |
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505,664 |
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Contacts:
Media:
Jenn Gordon
dna Communications
Media@4DMT.com
Investors:
Julian Pei
Head of Investor Relations and Strategic Finance
Investor.Relations@4DMT.com
