$FDMT

4D Molecular Therapeutics, Inc.

CIK:0001650648|SEC Filings

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Collaboration and license revenue	$ 3,781	$ 15	$ 6,828	$ 29
Operating expenses:
Research and development	68,282	47,951	133,262	88,650
General and administrative	12,524	11,520	24,212	24,456
Total operating expenses	80,806	59,471	157,474	113,106
Loss from operations	(77,025)	(59,456)	(150,646)	(113,077)
Other income (expense):
Interest income	4,255	4,859	9,119	10,441
Other income (expense), net	(166)	(61)	(169)	6
Total other income, net	4,089	4,798	8,950	10,447
Net loss	$ (72,936)	$ (54,658)	$ (141,696)	$ (102,630)
Net loss per share, basic	$ (1.04)	$ (0.98)	$ (2.05)	$ (1.84)
Net loss per share, diluted	$ (1.04)	$ (0.98)	$ (2.05)	$ (1.84)
Weighted-average shares outstanding used in computing net loss per share, basic	70,272,018	55,927,091	69,175,213	55,836,075
Weighted-average shares outstanding used in computing net loss per share, diluted	70,272,018	55,927,091	69,175,213	55,836,075

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities
Net loss	$ (141,696)	$ (102,630)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation expense	10,337	11,944
Change in fair value of derivative liability	26	(76)
Depreciation and amortization	2,549	2,217
Loss on disposal of property and equipment	43	0
Amortization of right-of-use assets	1,595	1,425
Net accretion of discount on marketable securities	(2,124)	(2,433)
Changes in operating assets and liabilities
Prepaid expenses and other current assets	(10,525)	(7)
Other non-current assets	(652)	(5,129)
Accounts payable	(525)	4,314
Accrued and other liabilities	2,421	798
Deferred revenue	2,210	(29)
Operating lease liabilities	(1,783)	(1,529)
Net cash used in operating activities	(138,124)	(91,135)
Cash flows from investing activities
Purchase of marketable securities	(95,555)	(249,480)
Maturities of marketable securities	190,042	268,273
Acquisition of property and equipment	(55)	(697)
Net cash provided by investing activities	94,432	18,096
Cash flows from financing activities
Issuance of common stock upon exercise of stock options	1,785	2
Issuance of common stock - 2020 ESPP	1,125	860
Proceeds from long-term debt, net of discount and issuance costs	19,259	0
Net cash provided by financing activities	53,823	862
Net increase (decrease) in cash and cash equivalents	10,131	(72,177)
Cash and cash equivalents, beginning of period	60,241	149,336	$ 149,336
Cash and cash equivalents, end of period	70,372	77,159	$ 60,241
Supplemental disclosures of noncash investing and financing information
Purchases of property and equipment in accrued and other current liabilities	49	0
Unpaid debt offering costs in accounts payable	1,888	0
Unpaid costs from ATM offering program in accrued and other current liabilities	37	0
ATM offering program
Cash flows from financing activities
Issuance of common stock under the ATM offering program, net of issuance costs	$ 31,654	$ 0

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 70,372	$ 60,241
Marketable securities	290,962	342,414
Collaboration receivable	4,611	0
Prepaid expenses and other current assets	17,012	10,479
Total current assets	382,957	413,134
Marketable securities, long-term	69,295	111,379
Property and equipment, net	12,379	14,867
Operating lease right-of-use assets, net	16,548	18,143
Other non-current assets	11,436	9,188
Total assets	492,615	566,711
Current liabilities
Accounts payable	12,522	11,159
Accrued and other current liabilities	25,431	26,874
Deferred revenue	360	360
Deferred grant reimbursements	3,986	0
Operating lease liabilities, current portion	5,374	5,592
Total current liabilities	47,673	43,985
Deferred revenue, net of current portion	2,955	745
Derivative liability	384	358
Operating lease liabilities, long-term portion	14,256	15,821
Long-term debt, net	19,587	0
Other liabilities	101	138
Total liabilities	84,956	61,047
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock, $0.0001 par value, 300,000,000 shares authorized at June 30, 2026 and December 31, 2025; 55,214,097 and 57,607,874 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	6	6
Additional paid-in-capital	1,266,099	1,221,235
Accumulated other comprehensive gain (loss)	(446)	727
Accumulated deficit	(858,000)	(716,304)
Total stockholders’ equity	407,659	505,664
Total liabilities and stockholders’ equity	$ 492,615	$ 566,711