4D Molecular Therapeutics Inc (NASDAQ: FDMT) is a clinical-stage gene therapy company that develops single-administration treatments designed to replace or reduce the need for chronic injectable therapies in serious diseases. The company has no approved products and has generated no revenue from product sales since inception, financing operations through equity and debt. Its lead program, 4D-150, targets wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME), with two Phase 3 trials underway as of the 10-K filed March 18, 2026. Net losses were $140.1 million for FY2025 and $160.9 million for FY2024, with an accumulated deficit of $716.3 million as of December 31, 2025. Operating cash burn was $134.6 million for FY2024. The company is headquartered in Emeryville, California. David Kirn, M.D., serves as President and Chief Executive Officer, and John F. Milligan, Ph.D., serves as Executive Chairman.

Revenue model

No product revenue as of December 31, 2025. The company finances operations through equity issuances, debt financings, and potential income from collaborations or strategic partnerships. Deferred revenue of $0.1 million was noted in FY2024 operating cash flow disclosures.

Products and services

4D-150: a gene therapy product candidate for wet AMD and DME, delivered via intraocular injection. In Phase 3 trials (4FRONT-1 and 4FRONT-2) for wet AMD as of the filing date, and evaluated in the SPECTRA Phase 1/2 trial for DME. Phase 1/2 PRISM trial in wet AMD reported up to approximately 3.5 years of follow-up data.

Customers and end markets

No commercial customers as of December 31, 2025. Target end markets are ophthalmology patients with wet AMD and DME, diseases currently treated with repeated anti-VEGF injections.

Value-chain role

Clinical-stage drug developer. Relies on third-party contract manufacturers for product candidate manufacturing and third-party research institutions and contract research organizations for clinical trial conduct.

Geographic exposure

Corporate headquarters and all operations in Emeryville, California. 4FRONT-2 Phase 3 trial described as a global clinical trial as of June 2025. Subject to EU GDPR, UK GDPR, and U.S. state privacy regulations.

Source: SEC 10-K, filed 2026-03-18

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