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4D Molecular Therapeutics

FDMT Rare disease Lead: Phase 3 4 Biotech Distilled articles ↓ 19 filings & releases ↓ Cash $70.4M (Jun 30, 2026) ↓ 4 verdicts ↓ 8 timing quotes ↓
OphthalmologyRespiratory Gene Therapy

Market cap $677M 55.2M shares (vendor count, Nov 7, 2026) × $12.25 close Nov 6, 2026 · share count from the market-data vendor, not the SEC cover page

Most recent annual filing: 2026-03-18

Catalyst timeline

6 trackedQuarter catalyst calendar →
  1. RGX-314 AbbVie Ph3 readout2026RGX-314 AbbVie Ph3 readout, 2026, notable
  2. 4D-150 DME readout2H 20264D-150 DME readout, 2H 2026, notable
  3. 4D-710 AEROW Ph1 readout4Q 20264D-710 AEROW Ph1 readout, 4Q 2026, notable
  4. Ixo-vec ARTEMIS Ph3 topline1Q 2027Ixo-vec ARTEMIS Ph3 topline, 1Q 2027, material
  5. 4D-150 4FRONT-1 AMD Ph3 topline2Q 20274D-150 4FRONT-1 AMD Ph3 topline, 2Q 2027, thesis-defining
  6. 4D-150 4FRONT-2 AMD Ph3 topline2H 20274D-150 4FRONT-2 AMD Ph3 topline, 2H 2027, major

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (5 active programs)

Technology platforms

Therapeutic Vector Evolution

Directed evolution platform applied in non-human primate models to generate diverse libraries of ~1 billion synthetic AAV capsid sequences and select customized evolved vectors targeting specific tissues; disease focus includes retina and lung diseases

Capital (as filed)

Cash
$70.4M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$291M Jun 30, 2026
Long-term investments
$69.3M Jun 30, 2026
Operating cash flow
−$70.0M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$431M cash, runway late 2027 per the update of Aug 13, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (4)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (4 calls)

Every verdict Biotech Distilled has published on 4D Molecular Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-07-03 Watch 4D Molecular Therapeutics (FDMT) — Scientific Deep Dive for 4D-150 and Pipeline Products Science and safety differentiation are real and balance sheet is funded through the binary, but Phase 3 endpoint is non-inferiority against a commoditizing molecule, sickest-cohort BCVA drift is a live risk, and Lilly- and AbbVie-backed rivals read out the same window — all after the stock has already tripled.
  2. 2026-07-24 Watch UPDATE: 4D Molecular Therapeutics (FDMT) - The Data Landed Clean, The Stock Bled Anyway ASRS 2-year PRISM data reinforced durability and safety in the 4FRONT-comparable subgroup, but the 20% post-catalyst pullback reflects peak sponsorship burning off; the non-inferiority ceiling and competitive clock are unchanged, making the setup more honest at $10.38 than at $13.
  3. 2026-08-14 Watch UPDATE: 4D Molecular Therapeutics (FDMT) - The Runway Math Just Got Answered Q2 burn did not moderate at ~$70M/quarter, ATM issuance tripled, and the Hercules facility is now secured by the R100 patent estate, weakening the funding leg while science and competitive risks remain unchanged; thesis resolves at Q2 2027 4FRONT-1 readout.
  4. 2026-09-29 Watch UPDATE: 4D Molecular Therapeutics (FDMT) - The Second Phase 3 Starts, The Second Year Softens 4SIGHT DME Phase 3 initiated but SPECTRA 2-year data showed burden reduction falling from 78% to 61% and injection-free patients halving, tempering the DME commercial story while the wet AMD binary at 4FRONT-1 Q2 2027 remains the key catalyst; stock at $14.56 is above the deep-dive caution level.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (8 quotes from 3 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (19)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 18, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

10 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)