4D Molecular Therapeutics (FDMT) Q4 2025 earnings summary

Executive summary

• Completed enrollment in 4FRONT-1 wet AMD Phase 3 trial ahead of schedule; topline data expected H1 2027.

• Entered strategic partnership with Otsuka for 4D-150 in Asia-Pacific, receiving $85M upfront and eligibility for up to $336M in milestones.

• Expanded leadership team and strengthened financial position with $118M in new financing.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $514M as of December 31, 2025.

• Collaboration and license revenue was $85M for 2025, up from $0M in 2024, driven by Otsuka partnership.

• R&D expenses rose to $196M in 2025 from $141M in 2024, reflecting increased clinical trial activity.

• Net loss narrowed to $140M in 2025 from $161M in 2024.

• Net loss per share improved to $(2.42) from $(2.98) year-over-year.

Outlook and guidance

• Cash runway expected to fund operations into the second half of 2028.

• 4D-150 topline Phase 3 data for wet AMD expected H1 2027; Phase 2b data mid-2026.

• SPECTRA DME trial 2-year data expected H2 2026; global Phase 3 DME trial to start Q3 2026.

• 4D-710 CF lung disease program update expected H2 2026.