FDMT on Nasdaq
4D Molecular Therapeutics, Inc.
Logo: 4dmoleculartherapeutics.com3
Biotherapeutics company1
In its 2026 annual report the company says: “We are 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. Our products are developed with customized and evolved adeno-associated virus vectors invented from our proprietary vector discovery platform, Therapeutic Vector Evolution which was designed to generate vectors with properties that overcome the limitations of conventional AAV vectors.”6 It is headquartered in Emeryville, California.1 Its shares trade on Nasdaq under the symbol FDMT.1
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Last updated Oct 21, 2026.
Overview
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- TickerFDMT on Nasdaq1
- IndustryBiological Products, (No Diagnostic Substances)1
- HeadquartersEmeryville, California1
- Website4dmoleculartherapeutics.com
- Incorporated inDE5
- Business address5858 Horton Street #455, Emeryville, Ca 946085
- Filer categoryNon-accelerated filer, Smaller reporting company5
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We are 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. Our products are developed with customized and evolved adeno-associated virus (“AAV”) vectors invented from our proprietary vector discovery platform, Therapeutic Vector Evolution (“TVE”) which was designed to generate vectors with properties that overcome the limitations of conventional AAV vectors. TVE applies the principles of directed evolution in non-human primate (“NHP”) models to select vectors that target tissues of diseases with high unmet need using routine and local routes of administration. We are focused on clinical-stage product candidates in retina and lung utilizing vectors invented with TVE and believe the clinical results to date validate the platform.6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-187.2%Operating margin4
-164.4%Net margin4
230194.6%Revenue growth, 20254
-27.7%Return on equity4
-$109.6MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
Japan brought in 100% of the revenue 4D Molecular Therapeutics, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| Japan | $0 | $85.0M |
| United States | $37.0K | $209.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs100¢$85.2M
Out of $85.2M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Collaboration and license revenue | $85.2M | $37.0K |
| Research and development (includes $1,322 and $1,005 for the years ended December 31, 2025 and 2024, respectively, attributable to related parties) | $195.7M | $141.3M |
| General and administrative | $49.1M | $46.6M |
| Total operating expenses | $244.8M | $187.9M |
| Loss from operations | -$159.5M | -$187.8M |
| Interest income | $19.5M | $27.1M |
| Other expense, net | -$37.0K | -$77.0K |
| Total other income, net | $19.4M | $27.0M |
| Net loss | -$140.1M | -$160.9M |
| Net loss per share, basic | -$2.42 | -$2.98 |
| Net loss per share, diluted | -$2.42 | -$2.98 |
| Weighted-average shares outstanding used in computing net loss per share, basic | 57.9M shares | 53.9M shares |
| Weighted-average shares outstanding used in computing net loss per share, diluted | 57.9M shares | 53.9M shares |
| Research and development expense, related party | $1.3M | $1.0M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $60.2M | $149.3M | |
| Marketable securities | $342.4M | $275.5M | |
| Prepaid expenses and other current assets | $10.5M | $10.1M | |
| Total current assets | $413.1M | $434.9M | |
| Marketable securities, long-term | $111.4M | $80.6M | |
| Property and equipment, net | $14.9M | $19.5M | |
| Operating lease right-of-use assets, net | $18.1M | $21.1M | |
| Other assets | $9.2M | $4.3M | |
| Total assets | $566.7M | $560.4M | |
| Accounts payable | $11.2M | $4.4M | |
| Accrued and other current liabilities | $26.9M | $18.9M | |
| Deferred revenue | $360.0K | $257.0K | |
| Operating lease liabilities, current portion | $5.6M | $5.6M | |
| Total current liabilities | $44.0M | $29.1M | |
| Deferred revenue, net of current portion | $745.0K | $1.1M | |
| Derivative liability | $358.0K | $410.0K | |
| Operating lease liabilities, long-term portion | $15.8M | $19.0M | |
| Other liabilities | $138.0K | $193.0K | |
| Total liabilities | $61.0M | $49.8M | |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024 | $0 | $0 | |
| Common stock, $0.0001 par value, 300,000,000 shares authorized at December 31, 2025 and 2024; 57,607,874 and 45,793,942 shares issued and outstanding at December 31, 2025 and 2024, respectively | $6.0K | $5.0K | |
| Additional paid-in-capital | $1.2B | $1.1B | |
| Accumulated other comprehensive gain | $727.0K | $229.0K | |
| Accumulated deficit | -$716.3M | -$576.2M | |
| Total stockholders' equity | $505.7M | $510.6M | $307.8M |
| Total liabilities and stockholders' equity | $566.7M | $560.4M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 300.0M shares | 300.0M shares | |
| Common stock, shares, issued | 57.6M shares | 45.8M shares | |
| Common stock, shares, outstanding | 57.6M shares | 45.8M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $60.2M | $149.3M | |
| Marketable securities | $342.4M | $275.5M | |
| Prepaid expenses and other current assets | $10.5M | $10.1M | |
| Total current assets | $413.1M | $434.9M | |
| Marketable securities, long-term | $111.4M | $80.6M | |
| Property and equipment, net | $14.9M | $19.5M | |
| Operating lease right-of-use assets, net | $18.1M | $21.1M | |
| Other assets | $9.2M | $4.3M | |
| Total assets | $566.7M | $560.4M | |
| Accounts payable | $11.2M | $4.4M | |
| Accrued and other current liabilities | $26.9M | $18.9M | |
| Deferred revenue | $360.0K | $257.0K | |
| Operating lease liabilities, current portion | $5.6M | $5.6M | |
| Total current liabilities | $44.0M | $29.1M | |
| Deferred revenue, net of current portion | $745.0K | $1.1M | |
| Derivative liability | $358.0K | $410.0K | |
| Operating lease liabilities, long-term portion | $15.8M | $19.0M | |
| Other liabilities | $138.0K | $193.0K | |
| Total liabilities | $61.0M | $49.8M | |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024 | $0 | $0 | |
| Common stock, $0.0001 par value, 300,000,000 shares authorized at December 31, 2025 and 2024; 57,607,874 and 45,793,942 shares issued and outstanding at December 31, 2025 and 2024, respectively | $6.0K | $5.0K | |
| Additional paid-in-capital | $1.2B | $1.1B | |
| Accumulated other comprehensive gain | $727.0K | $229.0K | |
| Accumulated deficit | -$716.3M | -$576.2M | |
| Total stockholders' equity | $505.7M | $510.6M | $307.8M |
| Total liabilities and stockholders' equity | $566.7M | $560.4M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 300.0M shares | 300.0M shares | |
| Common stock, shares, issued | 57.6M shares | 45.8M shares | |
| Common stock, shares, outstanding | 57.6M shares | 45.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$140.1M | -$160.9M |
| Stock-based compensation expense | $22.0M | $26.1M |
| Vesting of common stock warrants in return for services | $0 | $66.0K |
| Change in fair value of derivative liability | -$52.0K | $41.0K |
| Depreciation and amortization | $4.7M | $4.7M |
| Amortization of right-of-use assets | $2.9M | $2.1M |
| Net accretion of discount on marketable securities | -$4.7M | -$7.2M |
| Prepaid expenses and other current assets | -$424.0K | -$1.7M |
| Other assets | -$4.9M | -$3.6M |
| Accounts payable | $6.8M | $871.0K |
| Accrued and other liabilities | $8.2M | $6.5M |
| Deferred revenue | -$209.0K | $69.0K |
| Operating lease liabilities | -$3.2M | -$1.7M |
| Net cash used in operating activities | -$109.1M | -$134.6M |
| Purchase of marketable securities | -$442.8M | -$467.7M |
| Maturities of marketable securities | $350.4M | $169.0M |
| Acquisition of property and equipment | -$536.0K | -$3.8M |
| Net cash used in investing activities | -$93.0M | -$302.4M |
| Issuance of common stock upon exercise of stock options and vesting of RSUs | $984.0K | $4.6M |
| Issuance of common stock - 2020 ESPP | $1.3M | $1.3M |
| Issuance of common stock under stock purchase agreement | $7.5M | $0 |
| Net cash provided by financing activities | $113.0M | $337.2M |
| Net decrease in cash and cash equivalents | -$89.1M | -$99.8M |
| Unpaid stock issuance costs in accrued and other liabilities | $307.0K | $0 |
| Purchases of property and equipment in accounts payable and accrued and other liabilities | $0 | $509.0K |
| Right-of-use assets obtained in exchange for lease obligations | $0 | $11.6M |
No quarter-by-quarter statement was filed.
Compare 4D Molecular Therapeutics, Inc. with another company
Corporate structure
4D Molecular Therapeutics, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of 4D Molecular Therapeutics, Inc.
- BIOTECHNOLOGY VALUE FUND L P Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest May 15, 2026 (7 filings since Jun 21, 2022)
- RA CAPITAL MANAGEMENT, L.P. Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest May 15, 2026 (7 filings since Jun 5, 2023)
- State Street Corporation Filed SCHEDULE 13G on 4D Molecular Therapeutics, Inc., latest May 12, 2026
- Janus Henderson Group Ltd. Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest Apr 7, 2026 (7 filings since Feb 11, 2022)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest Mar 26, 2026 (3 filings since Nov 4, 2024)
- Novo Holdings A/S Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest Feb 17, 2026 (2 filings since Oct 20, 2025)
- Goldman Sachs Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest Feb 9, 2026 (3 filings since Nov 6, 2024)
- BlackRock Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest Oct 17, 2025 (8 filings since Feb 4, 2022)
- Venrock Healthcare Capital Partners III, L.P. Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest May 15, 2025 (4 filings since May 15, 2023)
- Deep Track Capital, LP Filed SCHEDULE 13G/A on 4D Molecular Therapeutics, Inc., latest Feb 14, 2025 (6 filings since Nov 4, 2021)
- VIKING GLOBAL INVESTORS LP Filed SC 13G/A on 4D Molecular Therapeutics, Inc., latest Nov 14, 2024 (4 filings since Feb 14, 2022)
- David Kirn Filed SC 13G/A on 4D Molecular Therapeutics, Inc., latest Feb 14, 2024 (3 filings since Feb 14, 2022)
- 4D Molecular Therapeutics, Inc. Emeryville, California
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What 4D Molecular Therapeutics, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $36.1M4 Dec 31, 2025 | $36.1M4 Dec 31, 2024 | +0.1% |
| Accumulated depreciation | $21.3M4 Dec 31, 2025 | $16.6M4 Dec 31, 2024 | +28.3% |
| Property and equipment, net | $14.9M4 Dec 31, 2025 | $19.5M4 Dec 31, 2024 | −23.9% |
| Operating-lease assets (leased space) | $18.1M4 Dec 31, 2025 | $21.1M4 Dec 31, 2024 | −13.9% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $60.2M4 Dec 31, 2025 | $149.3M4 Dec 31, 2024 | −59.7% |
| Marketable securities, current | $342.4M4 Dec 31, 2025 | $275.5M4 Dec 31, 2024 | +24.3% |
| Marketable securities, non-current | $111.4M4 Dec 31, 2025 | $80.6M4 Dec 31, 2024 | +38.2% |
Properties, in its own words
Our corporate headquarters are located in Emeryville, California, where we lease approximately 91,000 square feet of office, research and development, engineering, laboratory and warehouse space pursuant to lease agreements that expire between August 2026 and December 2030. We believe that our facilities are adequate to meet our current needs, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms, if required.
Item 2 of the 10-K filed Mar 18, 2026.6
Leadership
Who has led 4D Molecular Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
2025
- PresidentFariborz Kamal Sep 27, 2022 to Mar 10, 202516
- Chief financial officerKristian Humer Dec 11, 2025 to now17
- Chief financial officerAugust J. Moretti Apr 14, 2021 to May 16, 202318
- Chief operating officerFariborz Kamal Sep 27, 2022 to Mar 10, 202516
Board members and other officers (20)
- VP, Finance and ControllerAshoo Gupta Oct 10, 2025 to now19
- OfficerChristopher Paul Simms Dec 19, 2025 to now20
- Chief Medical OfficerRobert Young Kim Apr 5, 2023 to Mar 10, 202521
- OfficerUneek Mehra Sep 26, 2023 to Mar 10, 202522
- Chief Business OfficerCarolyne Zimmermann Jun 9, 2021 to Feb 3, 202223
- OfficerAugust J. Moretti Dec 10, 2020 to Mar 10, 202124
- OfficerFariborz Kamal Dec 10, 2020 to Sep 6, 202225
- Chief Medical OfficerRobert S. Fishman Dec 10, 2020 to Sep 6, 202226
- Board memberGlenn Sblendorio Jan 7, 2026 to now27
- Board memberNoriyuki Kasahara Sep 27, 2022 to May 25, 202328
- Board memberCharles Theuer Dec 10, 2020 to now29
- Board memberDavid Schaffer Dec 10, 2020 to Oct 22, 202130
- Board memberJacob Chacko Dec 10, 2020 to now31
- Board memberJohn F. Milligan Dec 10, 2020 to now32
- Board memberNancy Miller-Rich Dec 10, 2020 to now33
- Board memberShawn Tomasello Dec 10, 2020 to now34
- Board memberSusannah Gray Dec 10, 2020 to now35
- Board memberTony Dung Ling Yao Dec 10, 2020 to Dec 17, 202036
- Board memberWilliam T. Burkoth Dec 10, 2020 to Dec 10, 202037
- General counselScott Bizily Mar 31, 2022 to now38
Former names
Timeline
- Sep 28, 20268-K Other events39
- Aug 13, 20268-K Results of operations40
- Jul 20, 20268-K Other events41
- Jun 29, 20268-K Entered a material agreement; New debt or obligation42
- Jun 22, 20268-K Shareholder vote43
- May 7, 20268-K Results of operations44
- Mar 30, 20268-K Executive or director change45
- Mar 18, 20268-K Results of operations46
- Jan 26, 20268-K Unregistered sale of shares47
- Jan 7, 20268-K Results of operations; Executive or director change48
- Dec 10, 20258-K Other events49
- Nov 17, 20258-K Executive or director change50
- Dec 2020Went public Listed on NASDAQ1
Calendar
Coming up
- Nov 9, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($1.01) a share, on Nov 10, 2025.51
When it reported results
- Aug 13, 2026Reported quarterly or annual results40
- May 7, 2026Reported quarterly or annual results44
- Mar 18, 2026Reported quarterly or annual results46
- Jan 7, 2026Reported quarterly or annual results48
- Nov 10, 2025Reported quarterly or annual results52
- Nov 6, 2025Reported quarterly or annual results53
- Aug 11, 2025Reported quarterly or annual results54
- May 8, 2025Reported quarterly or annual results55
Drug trials and FDA: coming up
- Mar 2027Phase 1/2 trial readout expected Phase 1/2 trial of 4D-150 IVT and Aflibercept IVT in Neovascular (Wet) Age-Related Macular Degeneration: primary completion expected Mar 2027 (ClinicalTrials.gov NCT05197270).56
- Jun 2027Phase 3 trial readout expected Phase 3 trial of 4D-150 IVT (3E10 vg/eye) and EYLEA® (aflibercept) Injection 2 mg (0.05mL) in Macular Neovascularization Secondary to Age-Related Macular Degeneration: primary completion expected Jun 2027 (ClinicalTrials.gov NCT06864988).57
- Jun 2027Phase 2 trial readout expected Phase 2 trial of 4D-710 in Cystic Fibrosis Lung: primary completion expected Jun 2027 (ClinicalTrials.gov NCT05248230).58
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar
Filings
358 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 59 major events, 136 insider forms, 58 large holders, 85 other. The latest 20:
- Oct 7, 20264 EDGAR
- Oct 5, 2026144 EDGAR
- Sep 28, 20268-K EDGAR
- Sep 22, 20264 EDGAR
- Sep 16, 20264 EDGAR
- Sep 14, 2026144 EDGAR
- Sep 3, 20264 EDGAR
- Aug 21, 20264 EDGAR
- Aug 19, 2026144 EDGAR
- Aug 17, 2026144 EDGAR
- Aug 17, 20264 EDGAR
- Aug 13, 2026144 EDGAR
- Aug 13, 202610-Q EDGAR
- Aug 13, 20268-K EDGAR
- Aug 5, 20264 EDGAR
- Aug 4, 2026144 EDGAR
- Aug 4, 20264 EDGAR
- Aug 3, 2026144 EDGAR
- Jul 20, 20268-K EDGAR
- Jul 14, 20264 EDGAR
The 358 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
62 open-market trades by officers, directors and large owners since October 2021: 1 buys and 61 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Bizily ScottChief Legal Officer | Sale | 1,635 | $13.65 | $22.3K | Form 4 |
| Sep 14, 2026 | Kirn DavidSee Remarks | Sale | 58,333 | $13.90 | $810.8K | Form 4 |
| Sep 1, 2026 | Bizily ScottChief Legal Officer | Sale | 584 | $14.00 | $8.2K | Form 4 |
| Aug 19, 2026 | Kirn DavidSee Remarks | Sale | 69,076 | $15.76 | $1.1M | Form 4 |
| Aug 17, 2026 | Bizily ScottChief Legal Officer | Sale | 1,635 | $12.20 | $19.9K | Form 4 |
| Aug 13, 2026 | Bizily ScottChief Legal Officer | Sale | 1,635 | $12.00 | $19.6K | Form 4 |
| Aug 4, 2026 | Kirn DavidSee Remarks | Sale | 26,842 | $10.23 | $274.6K | Form 4 |
| Aug 3, 2026 | Kirn DavidSee Remarks | Sale | 12,415 | $10.05 | $124.8K | Form 4 |
| Jul 10, 2026 | Kirn DavidSee Remarks | Sale | 15,725 | $12.03 | $189.2K | Form 4 |
| Jul 9, 2026 | Kirn DavidSee Remarks | Sale | 42,608 | $12.87 | $548.4K | Form 4 |
| Jun 30, 2026 | Bizily ScottChief Legal Officer | Sale | 6,566 | $14.00 | $91.9K | Form 4 |
| Jun 23, 2026 | Bizily ScottChief Legal Officer | Sale | 9,810 | $12.00 | $117.7K | Form 4 |
| Jun 22, 2026 | Kirn DavidSee Remarks | Sale | 114,746 | $10.47 | $1.2M | Form 4 |
| Jun 1, 2026 | Kirn DavidSee Remarks | Sale | 1,922 | $10.02 | $19.3K | Form 4 |
| Mar 20, 2026 | Gupta AshooVP, Finance and Controller | Sale | 390 | $8.61 | $3.4K | Form 4 |
| Dec 20, 2025 | Gupta AshooVP, Finance and Controller | Sale | 389 | $8.68 | $3.4K | Form 4 |
| Dec 16, 2025 | Bizily ScottChief Legal Officer | Sale | 1,635 | $10.90 | $17.8K | Form 4 |
| Nov 17, 2025 | Bizily ScottChief Legal Officer | Sale | 1,635 | $10.59 | $17.3K | Form 4 |
| Oct 24, 2025 | Bizily ScottChief Legal Officer | Sale | 2,678 | $12.00 | $32.1K | Form 4 |
| Oct 16, 2025 | Bizily ScottChief Legal Officer | Sale | 1,635 | $10.17 | $16.6K | Form 4 |
All 62 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BIOTECHNOLOGY VALUE FUND L PSCHEDULE 13G/A, 7 filings Jun 21, 2022 to May 15, 202659
- RA CAPITAL MANAGEMENT, L.P.SCHEDULE 13G/A, 7 filings Jun 5, 2023 to May 15, 202660
- State Street CorporationSCHEDULE 13G, 1 filing May 12, 202661
- Janus Henderson Group Ltd.SCHEDULE 13G/A, 7 filings Feb 11, 2022 to Apr 7, 202662
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Nov 4, 2024 to Mar 26, 202663
- Novo Holdings A/SSCHEDULE 13G/A, 2 filings Oct 20, 2025 to Feb 17, 202664
- Goldman SachsSCHEDULE 13G/A, 3 filings Nov 6, 2024 to Feb 9, 202665
- BlackRockSCHEDULE 13G/A, 8 filings Feb 4, 2022 to Oct 17, 202566
- Venrock Healthcare Capital Partners III, L.P.SCHEDULE 13G/A, 4 filings May 15, 2023 to May 15, 202567
- Deep Track Capital, LPSCHEDULE 13G/A, 6 filings Nov 4, 2021 to Feb 14, 202568
- VIKING GLOBAL INVESTORS LPSC 13G/A, 4 filings Feb 14, 2022 to Nov 14, 202469
- David KirnSC 13G/A, 3 filings Feb 14, 2022 to Feb 14, 202470
- David SchafferSC 13G/A, 1 filing Feb 14, 202271
- PfizerSC 13G/A, 1 filing Feb 11, 202272
- FMR LLCSC 13G/A, 1 filing Feb 9, 202273
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Kristian HumerChief Financial Officer | 51 | $66.0K | $4.0M74 |
| 2025 | David Kirn, M.D.President and Chief Executive Officer | 64 | $667.3K | $2.1M74 |
| 2025 | Fariborz Kamal, Ph.D.Former Chief Operating Officer & President | $551.7K | $1.4M74 | |
| 2024 | David Kirn, M.D.President and Chief Executive Officer | 64 | $662.8K | $1.0M74 |
| 2024 | Fariborz Kamal, Ph.D.Former Chief Operating Officer & President | $546.3K | $734.6K74 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Jupiter Topco LLC | 5,746,289 | $76.5M | 0.0% | New |
| Ra Capital Management, L.P. | 5,049,779 | $67.2M | 0.6% | No change |
| BlackRock, Inc. | 4,546,059 | $60.5M | 0.0% | +400,756 |
| Goldman Sachs Group Inc | 4,258,668 | $56.6M | 0.0% | +53,230 |
| Novo Holdings A/s | 3,249,178 | $43.2M | 2.5% | −401,559 |
| State Street Corp | 2,911,109 | $38.7M | 0.0% | +203,234 |
| Bvf Inc/il | 2,879,289 | $38.3M | 1.0% | No change |
| Adage Capital Partners Gp, L.l.c. | 2,249,203 | $29.9M | 0.0% | +644,047 |
| Trails Edge Capital Partners, LP | 2,227,917 | $29.6M | 4.7% | +925,000 |
| Vanguard Capital Management LLC | 2,099,055 | $27.9M | 0.0% | −96,523 |
| Armistice Capital, LLC | 2,000,000 | $26.6M | 0.7% | No change |
| Geode Capital Management, LLC | 1,128,466 | $15.0M | 0.0% | +63,121 |
| Bank Of America Corp /de/ | 1,120,674 | $14.9M | 0.0% | +146,501 |
| Evergreen Quality Fund GP, Ltd. | 951,474 | $12.7M | 0.2% | No change |
| Parkman Healthcare Partners LLC | 948,184 | $12.6M | 1.3% | +425,607 |
| Dimensional Fund Advisors LP | 730,857 | $9.7M | 0.0% | +208,034 |
| Deutsche Bank Ag\ | 710,942 | $9.5M | 0.0% | +2,898 |
| Citadel Advisors LLC | 687,597 | $9.1M | 0.0% | +423,501 |
| Renaissance Technologies LLC | 614,573 | $8.2M | 0.0% | +36,308 |
| Vanguard Portfolio Management LLC | 579,903 | $7.7M | 0.0% | +24,074 |
| Diadema Partners LP | 571,107 | $7.6M | 2.9% | New |
| Northern Trust Corp | 562,929 | $7.5M | 0.0% | +220,895 |
| Acuta Capital Partners, LLC | 507,801 | $6.8M | 4.7% | New |
| Nuveen, LLC | 503,071 | $6.7M | 0.0% | −58,734 |
| Morgan Stanley | 503,020 | $6.7M | 0.0% | +157,610 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How 4D Molecular Therapeutics, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAR4D Molecular Therapeutics, Inc.2
- CIK0001650648
- Employer ID (EIN)47-35069946
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsDecember 312
- Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)2
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
- Business address5858 Horton Street #455, Emeryville, CA 946082
- Phone51050526802
- Shares outstanding51,051,487 Common Stock shares; 16,935,665 Pre Funded Warrants shares as of Mar 16, 20266
- Public float$166.5M as of Jun 30, 20256
- AuditorPricewaterhouseCoopers LLP, San Jose, California PCAOB ID 238; no auditor attestation of internal control over financial reporting6
- On EDGAR sinceAug 13, 20152
- Filings438 in all: 4 (141), 8-K (66), SC 13G/A (32), 144 (30), 3 (26), SCHEDULE 13G/A (18), 10-Q (17), SC 13G (14)2
All 37 form types
CORRESP (10), S-8 (8), EFFECT (7), UPLOAD (7), 10-K (6), 424B5 (6), DEF 14A (6), DEFA14A (6), S-3 (4), ARS (3), D (3), DRS (3), S-1 (3), SCHEDULE 13G (3), 3/A (2), 424B4 (2), S-1/A (2), SEC STAFF LETTER (2), 144/A (1), 8-A12B (1), CERT (1), DRS/A (1), FWP (1), POS AM (1), POSASR (1), RW (1), S-1MEF (1), S-3ASR (1), S-8 POS (1)
- Latest filingsAnnual report (10-K) Mar 18, 2026
Quarterly report (10-Q) Aug 13, 2026
Proxy statement (DEF 14A) Apr 28, 2026
Latest 8-K (8-K) Sep 28, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.0001 per share | FDMT | The Nasdaq Global Select Market |
From the cover page of the 10-K filed Mar 18, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks 4D Molecular Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 18, 2026: 74 risks under these headings, as written.6
- Risks Related to Our Limited Operating History, Financial Condition and Capital Requirements
- We are in the late stages of drug development for our lead program and have a limited operating history and no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability.
- We have had recurring net losses, and we expect to continue to incur significant net losses for the foreseeable future.
- We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce and/or eliminate one or more of our research and drug development programs or future commercialization efforts.
- Due to the significant resources required for the development of our product candidates, and depending on our ability to access capital, we must prioritize development of certain product candidates. Moreover, we may expend our limited resources on product candidates that do not yield a successful product and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
- The amount of our future losses is uncertain and our quarterly operating results may fluctuate significantly or may fall below the expectations of investors or securities analysts, each of which may cause our stock price to fluctuate or decline.
- Risks Related to the Research, Discovery, Development and Commercialization of Our Product Candidates
- All of our product candidates are based on a novel AAV genetic medicine technology with which there is limited regulatory and clinical experience to date, which makes it difficult to predict the time and cost of product candidate development and subsequently obtaining regulatory approval. Further, the regulatory approval process for novel product candidates such as ours can be more expensive and take longer than for other, better known or extensively studied therapeutic modalities.
- Adverse public perception or regulatory scrutiny of genetic medicine technology may negatively impact the developmental progress or commercial success of product candidates that we develop alone or with collaborators.
- Our product candidates may cause undesirable side effects or have other properties that could halt their clinical development, prevent their regulatory approval, limit their commercial potential or result in significant negative consequences.
- Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We have no products approved for commercial sale, and we have never generated any revenue from product sales, and we may never generate product revenue or be profitable.
- We may encounter substantial delays in our clinical trials or may not be able to conduct or complete our clinical trials on the timelines we expect, if at all.
The other 62 risks
- The limited number of patients who have the diseases for which many of our product candidates are being studied may make it more difficult for us to enroll or complete clinical trials or may result in findings in our clinical trials that do not reach levels of statistical significance sufficient for marketing approval.
- Research and development of biopharmaceutical products is inherently risky. We cannot give any assurance that any of our product candidates will receive regulatory approval, which is necessary before they can be commercialized or if they will ever be successfully commercialized.
- Public health crises such as pandemics or similar outbreaks have affected and could continue to seriously and adversely affect our preclinical and clinical trials, business, financial condition and results of operations.
- Disruptions at the FDA and other government agencies caused by funding shortages, staffing limitations or policy changes could hinder their ability to hire, retain or deploy key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved or commercialized in a timely manner or at all.
- Our clinical trials may fail to demonstrate substantial evidence of the safety and efficacy of our product candidates, which would prevent, delay or limit the scope of regulatory approval and commercialization, which could seriously harm our business.
- Interim, “top-line” and preliminary data from studies or trials that we announce or publish from time to time may change as more data become available and are subject to audit and verification procedures that could result in material changes in the final data.
- We may not be successful in our efforts to continue to create a pipeline of product candidates or to develop commercially successful products. If we fail to successfully identify and develop additional product candidates, our commercial opportunity may be limited, which could seriously harm our business.
- We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do.
- If, in the future, we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market any product candidates we may develop, we may not be successful in commercializing those product candidates if and when they are approved.
- Even if any product candidates we develop receive marketing approval, they may fail to achieve the degree of market acceptance by physicians, patients, healthcare payors and others in the medical community necessary for commercial success.
- Risks Related to Manufacturing
- Gene therapies are novel, complex and difficult to manufacture. We could experience production problems that result in delays in our development or commercialization programs, limit the supply of our products or otherwise seriously harm our business.
- Delays in obtaining regulatory approval of our manufacturing process or disruptions in our manufacturing process may delay or disrupt our commercialization efforts.
- Delays in developing our manufacturing capabilities or failure to achieve operating efficiencies from it may require us to devote additional resources and management time to manufacturing operations and may delay our product development timelines.
- We currently rely and expect to continue to rely on third parties to conduct product manufacturing for certain of our product candidates, and these third parties may not perform satisfactorily.
- Any contamination in our manufacturing process, shortages of raw materials or failure of any of our key suppliers to deliver necessary components could result in delays in our research studies, preclinical, and clinical development or marketing schedules.
- We depend on third-party suppliers for key raw materials used in our manufacturing processes, and the loss of these third-party suppliers or their inability to supply us with adequate raw materials could seriously harm our business.
- Risks Related to Regulatory Approval and Other Legal Compliance Matters
- The regulatory approval processes of the FDA, EMA and comparable foreign regulatory authorities are lengthy, expensive, time consuming, and inherently unpredictable. If we are ultimately unable
- to obtain regulatory approval for our product candidates, we will be unable to generate product revenue and our business will be substantially harmed.
- Even if we or our collaborators obtain regulatory approval for a product candidate, our products will remain subject to regulatory scrutiny.
- We have received orphan drug designation for 4D-710 for cystic fibrosis, and we may seek orphan drug designation for certain future product candidates. However, we may be unable to obtain such designations or to maintain the benefits associated with orphan drug designation, including market exclusivity, which may cause our revenue, if any, to be reduced.
- We have received Regenerative Medicine Advanced Therapy ("RMAT") and PRIority MEdicine ("PRIME") designation for 4D-150 for the treatment of wet AMD and RMAT designation for 4D-150 for treatment of DME. We may seek RMAT and PRIME designations for certain future product candidates, however we may not be able to obtain such designations, and there is no guarantee that 4D-150 will experience a faster regulatory review or obtain regulatory approval.
- We have obtained a rare pediatric disease designation for 4D-710, however, there is no guarantee that FDA approval of 4D-710 will result in issuance of a priority review voucher.
- If the product candidates that we or our collaborators may develop receive regulatory approval in the United States or another jurisdiction, they may never receive approval in other jurisdictions, which would limit market opportunities for such product candidates and seriously harm our business.
- Enacted and future healthcare legislation or regulation may increase the difficulty and cost for us to obtain marketing approval of and to commercialize our product candidates and may affect the prices we may set.
- The successful commercialization of any product candidates for which we obtain approval will depend in part on the extent to which governmental authorities, private health insurers, and other third-party payors provide coverage and adequate reimbursement. Failure to obtain or maintain
- coverage and adequate reimbursement for our product candidates, if any and if approved, could limit our ability to market those products and decrease our ability to generate revenue.
- Even if we obtain FDA approval for any of our product candidates, we may never obtain approval or commercialize such products outside of the United States, which would limit our ability to realize their full market potential.
- We currently have no sales organization. If we are unable to establish sales capabilities on our own or through third parties, we may not be able to market and sell any products effectively, if approved, or generate product revenue.
- Our business operations and current and future relationships with investigators, healthcare professionals, consultants, third-party payors, patient organizations and customers will be subject to applicable healthcare regulatory laws, which could expose us to penalties and seriously harm our business.
- We use and generate materials that may expose us to material liability.
- Compliance with governmental regulations regarding the treatment of animals used in research could increase our operating costs, which would adversely affect the commercialization of our products.
- Risks Related to Our Reliance on Third Parties
- We expect to rely on third parties to conduct our clinical trials and some aspects of our research and preclinical testing, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research or testing.
- We may depend on collaborations with third parties for the research, development and commercialization of certain of the product candidates we may develop. If any such collaborations are not successful, we may not be able to realize the market potential of those product candidates.
- Our reliance on Chinese biotechnology companies may subject us to additional risks.
- Risks Related to Our Intellectual Property
- Our success depends on our ability to protect our intellectual property and our proprietary technologies.
- The lives of our patents may not be sufficient to effectively protect our product candidates and business.
- If we do not obtain patent term extension for our product candidates, our business may be seriously harmed.
- Changes in patent law in the United States or in other countries could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
- We may not be able to protect our intellectual property rights throughout the world.
- We may be subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
- Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
- If we are unable to protect the confidentiality of our trade secrets, our business would be seriously harmed.
- Our rights to develop and commercialize our product candidates are subject in part to the terms and conditions of licenses granted to us by others, and the patent protection, prosecution and enforcement for some of our product candidates may be dependent on our licensors.
- If our trademarks and trade names, whether registered in the future or unregistered now, are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
- Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
- Our existing collaborations and any collaboration arrangements that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our products.
- Reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
- We may fail to comply with any of our obligations under existing or future agreements pursuant to which we license or have otherwise acquired intellectual property rights or technology, which could result in the loss of rights or technology that are material to our business.
- Litigation or other proceedings or third-party claims of intellectual property infringement could require us to spend significant time and money and could prevent us from selling our products.
- We may be involved in lawsuits to protect or enforce our patents or the patents of our licensors, which could be expensive, time consuming, and unsuccessful. Further, our issued patents could be found invalid or unenforceable if challenged.
- We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and licenses.
- We may be subject to claims that we have wrongfully hired an employee from a competitor or that we, our employees or consultants have wrongfully used or disclosed alleged confidential information or trade secrets of their former or concurrent employers or former or current clients.
- Risks Related to Our Operations
- We are highly dependent on our key personnel, and if we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
- We will need to grow the size and capabilities of our organization, and we may experience difficulties in managing this growth.
- Unfavorable global economic conditions could adversely affect our business, financial condition or results of operations.
- If we engage in acquisitions or strategic partnerships, this may increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities and subject us to other risks.
- Our information technology systems, or those used by our third-party research institution collaborators, CROs or other contractors or consultants, may fail or suffer security breaches and other disruptions.
- Business disruptions could seriously harm our business.
- Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, results of operations, and financial condition.
- Our business may be affected by the evolving regulatory framework for AI Technologies.
- Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
- Changes in tax laws or regulations that are applied adversely to us or our customers may seriously harm our business.
- Risks Related to Ownership of Our Common Stock
Legal proceedings
We are not currently a party to any material legal proceedings.
From time to time, the Company may become involved in legal proceedings arising from the ordinary course of its business. If applicable, the Company records a liability for such matters when it believes that it is both probable that a liability may have been incurred, and the amount of the liability can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
The opening of Item 3, Legal Proceedings.6
Links
- Website4dmoleculartherapeutics.com1
- X (Twitter)x.com/4DMolecular1
- LinkedInwww.linkedin.com/company/4d-molecular-therapeutics-llc1
- WikidataQ124433826
- SEC EDGARCIK 1650648
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 3Company website4D Molecular Therapeutics, Inc. logo
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- 16SEC EDGARFariborz Kamal, President
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- 20SEC EDGARChristopher Paul Simms, Officer
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- 22SEC EDGARUneek Mehra, Officer
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- 24SEC EDGARAugust J. Moretti, Officer
- 25SEC EDGARFariborz Kamal, Officer
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- 27SEC EDGARGlenn Sblendorio, Board member
- 28SEC EDGARNoriyuki Kasahara, Board member
- 29SEC EDGARCharles Theuer, Board member
- 30SEC EDGARDavid Schaffer, Board member
- 31SEC EDGARJacob Chacko, Board member
- 32SEC EDGARJohn F. Milligan, Board member
- 33SEC EDGARNancy Miller-Rich, Board member
- 34SEC EDGARShawn Tomasello, Board member
- 35SEC EDGARSusannah Gray, Board member
- 36SEC EDGARTony Dung Ling Yao, Board member
- 37SEC EDGARWilliam T. Burkoth, Board member
- 38SEC EDGARScott Bizily, General counsel
- 39SEC EDGAROther events
- 40SEC EDGARResults of operations
- 41SEC EDGAROther events
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- 43SEC EDGARShareholder vote
- 44SEC EDGARResults of operations
- 45SEC EDGARExecutive or director change
- 46SEC EDGARResults of operations
- 47SEC EDGARUnregistered sale of shares
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- 49SEC EDGAROther events
- 50SEC EDGARExecutive or director change
- 51NasdaqNasdaq calendar
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