4D Molecular Therapeutics (FDMT) Q3 2026 earnings summary

Executive summary

• 4D-150 advanced in wet AMD and DME: both pivotal wet AMD trials completed randomization, and the global Phase 3 DME trial began.

• Q3 net loss was $78.1M; cash, cash equivalents and marketable securities totaled $375.033M at September 30, 2026.

• The current operating plan, including expected Otsuka collaboration payments, is estimated to be funded into at least H2 2028; no product candidates are approved for sale.

Financial highlights

• Q3 collaboration and license revenue was $4.145M vs. $0.090M YoY; 9M revenue was $10.974M vs. $0.119M, primarily from Otsuka cost sharing and reimbursement.

• Q3 operating expenses were $85.363M vs. $61.275M YoY; 9M expenses were $242.8M, up 39%, led by higher R&D spending.

• Q3 net loss was $78.056M vs. $56.876M YoY; 9M net loss was $219.751M vs. $159.506M.

• 9M operating cash use was $194.8M; investing provided $119.3M and financing provided $54.4M.

Outlook and guidance

• 4FRONT-1 topline data are expected in Q2 2027; 4FRONT-2 topline data are expected in H2 2027.

• AEROW Phase 1/2 and 4D-710 program updates were expected at year-end.

• The current operating plan, including expected Otsuka collaboration payments, is estimated to be funded into at least H2 2028.

• R&D and G&A expenses are expected to increase; additional capital may be raised through equity, debt, collaborations or other third-party funding.

• Otsuka-related remaining performance obligations of ~$29.3M are expected to be recognized from 2026 through 2032 as clinical trials and studies proceed.