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4D Molecular Therapeutics, Inc., a late-stage biotechnology company, engages in the development of adeno-associated virus vectors from its proprietary synthetic vector discovery platform, Therapeutic Vector Evolution in the Netherlands and the United States. The company's lead product candidate is 4D-150 for the treatment of retinal vascular diseases by providing multi-year sustained production of anti-VEGF from the retina with intravitreal injection, as well as for treating wet age-related macular degeneration and diabetic macular edema. It is also developing 4D-710, which is in early-stage study for the treatment of cystic fibrosis; 4D-175 that is in preclinical stage for treating geographic atrophy; and 4D-725, which is in preclinical stage for the treatment of alpha-1 anti-trypsin deficiency lung disease. 4D Molecular Therapeutics, Inc. has collaboration and licensing agreements with Otsuka Pharmaceutical Co., Ltd. The company was founded in 2013 and is headquartered in EmeryVille, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $85M | $-152M | $-140M | $-110M | -27.7% | 230194.6% | -12.9% |
| 2024 | $0M | $-181M | $-161M | $-138M | -31.5% | -99.8% | 59.5% |
| 2023 | $21M | $-107M | $-101M | $-79M | -32.8% | 562.3% | -6.2% |
| 2022 | $3M | $-106M | $-107M | $-98M | -46.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3.13 | 20.72 | 0.04 | 85.21 |
| Operating Revenue | - | 3.13 | 20.72 | 0.04 | 85.21 |
| Operating Expense | - | 113.16 | 133.59 | 187.88 | 244.76 |
| Research And Development | - | 80.25 | 97.10 | 141.30 | 195.70 |
| Selling General And Administration | - | 32.91 | 36.49 | 46.58 | 49.06 |
| Total Expenses | - | 113.16 | 133.59 | 187.88 | 244.76 |
| Operating Income | - | -110.03 | -112.87 | -187.84 | -159.55 |
| Total Operating Income As Reported | - | -110.03 | -112.87 | -187.84 | -159.55 |
| EBITDA | - | -106.15 | -107.12 | -181.14 | -151.92 |
| Normalized EBITDA | - | -106.15 | -107.12 | -181.14 | -151.92 |
| EBIT | - | -110.03 | -112.87 | -187.84 | -159.55 |
| Interest Income | - | 2.57 | 12.21 | 27.05 | 19.48 |
| Net Interest Income | - | 2.57 | 12.21 | 27.05 | 19.48 |
| Other Non Operating Income Expenses | - | -0.04 | -0.18 | -0.08 | -0.04 |
| Other Income Expense | - | -0.04 | -0.18 | -0.08 | -0.04 |
| Interest Income Non Operating | - | 2.57 | 12.21 | 27.05 | 19.48 |
| Net Non Operating Interest Income Expense | - | 2.57 | 12.21 | 27.05 | 19.48 |
| Pretax Income | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Net Income From Continuing And Discontinued Operation | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Net Income From Continuing Operation Net Minority Interest | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Net Income | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Net Income Common Stockholders | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Net Income Including Noncontrolling Interests | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Normalized Income | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Diluted NI Availto Com Stockholders | - | -107.49 | -100.84 | -160.87 | -140.11 |
| Basic Average Shares | 27.73 | 32.35 | 39.13 | 53.94 | - |
| Diluted Average Shares | 27.73 | 32.35 | 39.13 | 53.94 | - |
| Reconciled Depreciation | - | 3.88 | 5.75 | 6.70 | 7.62 |
| General And Administrative Expense | - | 32.91 | 36.49 | 46.58 | 49.06 |
| Other Gand A | - | 32.91 | 36.49 | 46.58 | 49.06 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| 4D Molecular Therapeutics, Inc.this co. | FDMT | $523M | -3.73 | 1.03 | -27.7% | -3.19 |
| Tectonic Therapeutic, Inc. | TECX | $550M | -7.41 | 2.19 | -29.5% | -4.16 |
| Strata Critical Medical, Inc. | SRTA | $542M | 13.10 | 1.94 | 14.8% | -36.28 |
| XOMA Royalty Corporation | XOMA | $532M | 16.77 | 6.34 | 37.8% | 12.14 |
| Aquestive Therapeutics, Inc. | AQST |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $519M |
| -6.20 |
| -15.43 |
| 248.9% |
| -6.66 |
| Pacific Biosciences of California, Inc. | PACB | $506M | -0.93 | 94.65 | -10214.5% | -7.50 |
| Arvinas, Inc. | ARVN | $499M | -6.18 | 1.15 | -18.6% | -3.23 |
| AngioDynamics, Inc. | ANGO | $497M | -14.62 | 2.72 | -18.6% | 256.27 |
| Standard BioTools Inc. | LAB | $496M | -6.62 | 1.17 | -17.7% | -4.73 |
| Peer Median | - | -6.19 | 2.06 | -18.1% | -4.45 | |