4D Molecular Therapeutics (FDMT) Q2 2026 earnings summary

Executive summary

• Lead program 4D-150 advanced through two Phase 3 trials for wet AMD and DME, with enrollment completed ahead of schedule and topline data expected in 2027.

• Positive long-term results from Phase 1/2 and SPECTRA trials for 4D-150, showing durable efficacy and safety.

• Strategic collaboration with Otsuka for 4D-150 in Asia-Pacific, with $85M upfront and up to $335.5M in milestones.

• Pipeline progress for 4D-175 (geographic atrophy), 4D-710 (cystic fibrosis), and 4D-725 (AATD), with external funding support.

• Entered a $200 million credit facility, with $20 million drawn, to enhance financial flexibility.

Financial highlights

• Revenue for Q2 2026 was $3.8M, up from $15K in Q2 2025, driven by Otsuka cost sharing.

• Net loss for Q2 2026 was $72.9M, compared to $54.7M in Q2 2025; six-month net loss was $141.7M vs. $102.6M year-over-year.

• Research and development expenses rose to $68.3M in Q2 2026 from $48.0M in Q2 2025, mainly due to increased clinical trial activity.

• Cash, cash equivalents, and marketable securities totaled $430.6M as of June 30, 2026, down from $514.0M at year-end 2025.

• General and administrative expenses were $12.5M in Q2 2026, up from $11.5M in Q2 2025.

Outlook and guidance

• Existing cash and expected collaboration payments projected to fund operations into the second half of 2028.

• Sufficient liquidity to fund planned operations for at least one year from the reporting date.

• Anticipates continued operating losses and negative cash flows as clinical programs advance.

• Expects increased R&D and G&A expenses, with additional capital needs likely through equity, debt, or partnerships.

• Topline data from both Phase 3 wet AMD trials expected in 2027; DME Phase 3 trial initiation planned for Q3 2026.