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4D Molecular Therapeutics (FDMT) Financials

4D Molecular Therapeutics logo
$13.30 +0.42 (+3.26%)
Closing price 04:00 PM Eastern
Extended Trading
$13.46 +0.16 (+1.24%)
As of 07:49 PM Eastern
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Annual Income Statements for 4D Molecular Therapeutics

Annual Income Statements for 4D Molecular Therapeutics

This table shows 4D Molecular Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -49 -57 -71 -107 -101 -161 -140
Consolidated Net Income / (Loss)		 -49 -57 -71 -107 -101 -161 -140
Net Income / (Loss) Continuing Operations		 -49 -57 -71 -107 -101 -161 -140
Total Pre-Tax Income 		-49 -57 -71 -107 -101 -161 -140
Total Operating Income		 -51 -57 -71 -110 -113 -188 -160
Total Gross Profit		 6.99 14 18 3.13 21 0.00 85
Total Revenue		 6.99 14 18 3.13 21 0.00 85
Operating Revenue		 6.99 14 18 3.13 21 - 85
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 58 70 89 113 134 188 245
Selling, General & Admin Expense		 14 17 28 33 36 47 49
Research & Development Expense		 44 53 61 80 97 141 196
Total Other Income / (Expense), net		 1.46 -0.03 0.02 2.54 12 27 19
Interest & Investment Income		 1.50 0.15 0.14 2.57 12 27 19
Other Income / (Expense), net		 -0.05 -0.18 -0.12 -0.04 -0.18 -0.08 -0.04
Basic Earnings per Share		 ($9.59) ($8.82) ($2.57) ($3.32) ($2.58) ($2.98) ($2.42)
Weighted Average Basic Shares Outstanding		 5.14M 6.43M 27.73M 32.35M 39.13M 53.94M 57.93M
Diluted Earnings per Share		 ($9.59) ($8.82) ($2.57) ($3.32) ($2.58) ($2.98) ($2.42)
Weighted Average Diluted Shares Outstanding		 5.14M 6.43M 27.73M 32.35M 39.13M 53.94M 57.93M
Weighted Average Basic & Diluted Shares Outstanding		 5.14M 6.43M 27.73M 33.23M 49.78M 55.69M 67.99M

Quarterly Income Statements for 4D Molecular Therapeutics

This table shows 4D Molecular Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -10 -32 -32 -35 -44 -50 -48 -55 -57 19 -69
Consolidated Net Income / (Loss)		 -10 -32 -32 -35 -44 -50 -48 -55 -57 19 -69
Net Income / (Loss) Continuing Operations		 -10 -32 -32 -35 -44 -50 -48 -55 -57 19 -69
Total Pre-Tax Income 		-10 -32 -32 -35 -44 -50 -48 -55 -57 19 -69
Total Operating Income		 -14 -37 -38 -42 -51 -56 -54 -59 -61 15 -74
Total Gross Profit		 20 0.52 0.00 0.00 0.00 - 0.00 0.00 0.00 85 3.05
Total Revenue		 20 0.52 0.00 0.00 0.00 - 0.00 0.00 0.00 85 3.05
Operating Revenue		 20 - - - - - - - - - 3.05
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 34 37 38 42 51 56 54 59 61 70 77
Selling, General & Admin Expense		 9.11 11 10 11 13 13 13 12 12 13 12
Research & Development Expense		 25 26 28 32 38 43 41 48 49 58 65
Total Other Income / (Expense), net		 3.72 4.37 5.74 7.50 7.29 6.45 5.65 4.80 4.31 4.68 4.86
Interest & Investment Income		 3.88 4.38 5.75 7.55 7.29 6.47 5.58 4.86 4.33 4.70 4.86
Other Income / (Expense), net		 -0.16 -0.01 -0.01 -0.05 -0.00 -0.02 0.07 -0.06 -0.02 -0.02 -0.00
Basic Earnings per Share		 ($0.24) ($0.69) ($0.66) ($0.63) ($0.79) ($0.90) ($0.86) ($0.98) ($1.01) $0.43 ($1.01)
Weighted Average Basic Shares Outstanding		 42.26M 39.13M 49.27M 55.28M 55.55M 53.94M 55.74M 55.93M 56.13M 57.93M 68.06M
Diluted Earnings per Share		 ($0.24) ($0.69) ($0.66) ($0.63) ($0.79) ($0.90) ($0.86) ($0.98) ($1.01) $0.43 ($1.01)
Weighted Average Diluted Shares Outstanding		 42.26M 39.13M 49.27M 55.28M 55.55M 53.94M 55.74M 55.93M 56.13M 57.93M 68.06M
Weighted Average Basic & Diluted Shares Outstanding		 42.75M 49.78M 55.29M 55.55M 55.59M 55.69M 55.71M 56.09M 67.65M 67.99M 69.21M

Annual Cash Flow Statements for 4D Molecular Therapeutics

This table details how cash moves in and out of 4D Molecular Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -42 227 -124 -101 197 -100 -89
Net Cash From Operating Activities		 -37 -51 -69 -87 -76 -135 -109
Net Cash From Continuing Operating Activities		 -37 -51 -69 -87 -76 -135 -109
Net Income / (Loss) Continuing Operations		 -49 -57 -71 -107 -101 -161 -140
Consolidated Net Income / (Loss)		 -49 -57 -71 -107 -101 -161 -140
Depreciation Expense		 1.00 1.44 1.52 2.40 4.20 4.65 4.69
Amortization Expense		 - 0.00 2.22 2.54 0.30 -5.13 -1.80
Non-Cash Adjustments To Reconcile Net Income		 11 5.03 13 17 18 26 19
Changes in Operating Assets and Liabilities, net		 0.30 -0.69 -14 -1.34 2.24 0.58 9.31
Net Cash From Investing Activities		 -3.20 -1.00 -173 -17 116 -302 -93
Net Cash From Continuing Investing Activities		 -3.20 -1.00 -173 -17 116 -302 -93
Purchase of Property, Plant & Equipment		 -3.20 -1.00 -9.11 -12 -2.77 -3.79 -0.54
Purchase of Investments		 - 0.00 -169 -153 -55 -468 -443
Sale and/or Maturity of Investments		 - 0.00 5.00 148 173 169 350
Net Cash From Financing Activities		 -2.20 279 118 3.09 157 337 113
Net Cash From Continuing Financing Activities		 -2.20 279 118 3.09 157 337 113
Repurchase of Common Equity		 -2.26 - 0.00 -0.47 0.00 0.00 0.00
Issuance of Common Equity		 - 206 114 0.82 150 333 112
Other Financing Activities, net		 0.08 0.86 3.36 2.73 7.31 4.58 0.98

Quarterly Cash Flow Statements for 4D Molecular Therapeutics

This table details how cash moves in and out of 4D Molecular Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 39 -27 26 -87 -1.52 -38 -16 -56 -29 12 12
Net Cash From Operating Activities		 -1.17 -25 -29 -30 -29 -46 -48 -43 -46 29 -68
Net Cash From Continuing Operating Activities		 -1.17 -25 -29 -30 -29 -46 -48 -43 -46 29 -68
Net Income / (Loss) Continuing Operations		 -10 -32 -32 -35 -44 -50 -48 -55 -57 19 -69
Consolidated Net Income / (Loss)		 -10 -32 -32 -35 -44 -50 -48 -55 -57 19 -69
Depreciation Expense		 0.99 1.10 1.17 1.19 1.19 1.10 1.05 1.17 1.26 1.22 1.27
Amortization Expense		 0.25 -0.07 -0.34 -1.91 -1.73 -1.16 -0.56 -0.44 -0.41 -0.38 -0.35
Non-Cash Adjustments To Reconcile Net Income		 4.58 4.48 6.00 6.10 6.51 7.58 6.23 4.96 4.52 2.36 3.58
Changes in Operating Assets and Liabilities, net		 3.26 2.12 -3.52 -0.68 8.48 -3.70 -6.51 5.60 5.01 5.96 -3.86
Net Cash From Investing Activities		 30 -6.68 -263 -74 27 7.06 32 -14 18 -129 69
Net Cash From Continuing Investing Activities		 30 -6.68 -263 -74 27 7.06 32 -14 18 -129 69
Purchase of Investments		 - -35 -277 -97 -36 -58 -134 -115 -15 -178 -34
Sale and/or Maturity of Investments		 30 29 15 24 65 66 167 102 33 49 102
Other Investing Activities, net		 - - - - - - -0.63 - - - 0.01
Net Cash From Financing Activities		 11 4.76 319 17 0.57 0.60 0.00 0.86 0.12 112 11
Net Cash From Continuing Financing Activities		 11 4.76 319 17 0.57 0.60 0.00 0.86 0.12 112 11
Issuance of Common Equity		 8.98 0.52 316 16 0.00 0.55 0.00 0.86 - 111 9.81
Other Financing Activities, net		 1.04 4.24 3.11 0.85 0.57 0.05 0.00 0.00 0.12 0.87 1.67

Annual Balance Sheets for 4D Molecular Therapeutics

This table presents 4D Molecular Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 58 288 353 262 340 560 567
Total Current Assets		 53 283 256 221 297 435 413
Cash & Equivalents		 50 277 153 52 249 149 60
Short-Term Investments		 - 0.00 95 161 39 276 342
Prepaid Expenses		 1.88 4.44 8.46 6.96 8.36 10 10
Plant, Property, & Equipment, net		 5.05 5.07 14 22 20 20 15
Total Noncurrent Assets		 0.68 0.60 83 19 23 106 139
Long-Term Investments		 - 0.00 68 4.91 11 81 111
Other Noncurrent Operating Assets		 0.68 0.60 15 14 12 25 27
Total Liabilities & Shareholders' Equity		 58 288 353 262 340 560 567
Total Liabilities		 28 32 34 31 32 50 61
Total Current Liabilities		 13 17 16 16 19 29 44
Accounts Payable		 1.74 1.79 4.76 3.32 3.52 4.39 11
Accrued Expenses		 5.35 8.37 7.74 8.87 12 19 27
Current Deferred Revenue		 5.86 6.59 2.60 0.88 0.27 0.26 0.36
Other Current Liabilities		 - 0.00 1.23 2.66 3.15 5.64 5.59
Total Noncurrent Liabilities		 15 15 18 15 13 21 17
Capital Lease Obligations		 - - - 13 12 19 16
Noncurrent Deferred Revenue		 14 13 2.49 1.08 0.97 1.06 0.75
Other Noncurrent Operating Liabilities		 1.67 1.97 16 0.23 0.62 0.60 0.50
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -73 256 319 231 308 511 506
Total Preferred & Common Equity		 -73 256 319 231 308 511 506
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -73 256 319 231 308 511 506
Common Stock		 6.06 392 527 547 723 1,087 1,221
Retained Earnings		 -79 -136 -207 -314 -415 -576 -716
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 -0.42 -1.20 0.02 0.23 0.73

Quarterly Balance Sheets for 4D Molecular Therapeutics

This table presents 4D Molecular Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 353 362 630 620 604 516 474 424 513
Total Current Assets		 318 328 536 553 511 333 303 312 405
Cash & Equivalents		 236 276 276 189 188 134 77 49 72
Short-Term Investments		 74 44 250 353 314 188 216 257 318
Prepaid Expenses		 7.43 8.58 9.68 11 8.87 11 10 7.31 14
Plant, Property, & Equipment, net		 21 21 19 19 20 19 18 16 14
Total Noncurrent Assets		 13 13 75 49 73 164 153 95 94
Long-Term Investments		 0.00 0.00 63 36 49 137 124 67 67
Other Noncurrent Operating Assets		 13 13 12 13 25 27 29 28 27
Total Liabilities & Shareholders' Equity		 353 362 630 620 604 516 474 424 513
Total Liabilities		 27 32 29 32 51 46 53 55 61
Total Current Liabilities		 14 18 16 19 29 27 35 37 43
Accounts Payable		 3.49 4.71 4.22 3.43 2.92 4.15 8.70 6.86 15
Accrued Expenses		 6.58 10 9.01 13 21 16 19 24 23
Current Deferred Revenue		 0.58 0.13 0.00 0.00 0.04 0.87 1.07 0.36 0.36
Other Current Liabilities		 3.10 3.13 3.17 3.20 5.09 5.68 5.72 5.70 5.49
Total Noncurrent Liabilities		 14 14 13 12 22 19 18 18 18
Capital Lease Obligations		 13 12 11 10 20 18 17 17 15
Noncurrent Deferred Revenue		 0.85 1.10 1.32 1.32 1.28 0.43 0.22 0.84 2.13
Other Noncurrent Operating Liabilities		 0.24 0.39 0.60 0.60 0.59 0.50 0.50 0.49 0.49
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 325 330 601 588 553 470 421 369 452
Total Preferred & Common Equity		 325 330 601 588 553 470 421 369 452
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 325 330 601 588 553 470 421 369 452
Common Stock		 698 712 1,048 1,071 1,078 1,094 1,099 1,104 1,237
Retained Earnings		 -373 -383 -448 -483 -527 -624 -679 -736 -785
Accumulated Other Comprehensive Income / (Loss)		 0.35 0.53 -0.11 -0.29 1.08 0.33 0.34 0.67 -0.18

Annual Metrics And Ratios for 4D Molecular Therapeutics

This table displays calculated financial ratios and metrics derived from 4D Molecular Therapeutics' official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 32,138,814.00 32,392,378.00 42,753,607.00 - 67,649,024.00
DEI Adjusted Shares Outstanding		 0.00 0.00 32,138,814.00 32,392,378.00 42,753,607.00 - 67,649,024.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -2.22 -3.32 -2.36 - -2.07
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 94.85% 32.52% -82.65% 562.29% -100.00% 0.00%
EBITDA Growth		 0.00% -11.24% -22.22% -55.25% -3.25% -73.57% 16.83%
EBIT Growth		 0.00% -11.88% -25.70% -54.04% -2.71% -66.23% 15.08%
NOPAT Growth		 0.00% -11.62% -25.89% -54.25% -2.58% -66.43% 15.06%
Net Income Growth		 0.00% -14.98% -25.80% -50.73% 6.19% -59.53% 12.90%
EPS Growth		 0.00% 8.03% 70.86% -29.18% 22.29% -15.50% 18.79%
Operating Cash Flow Growth		 0.00% -38.68% -35.80% -25.39% 12.57% -77.57% 18.95%
Free Cash Flow Firm Growth		 0.00% 0.00% -89.77% -34.81% 26.94% -85.97% 29.84%
Invested Capital Growth		 0.00% -3.55% 118.08% 616.26% -23.46% 19.59% -69.10%
Revenue Q/Q Growth		 0.00% 0.00% 6.30% 58.59% -3.40% -100.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% -3.02% -4.24% -8.03% -12.26% 31.40%
EBIT Q/Q Growth		 0.00% 0.00% -6.28% -3.72% -7.56% -11.56% 30.74%
NOPAT Q/Q Growth		 0.00% 0.00% -6.48% -3.73% -7.56% -11.56% 30.75%
Net Income Q/Q Growth		 0.00% 0.00% -20.98% -2.18% -5.11% -12.12% 33.02%
EPS Q/Q Growth		 0.00% 0.00% 27.81% 0.60% 5.49% -7.58% 35.47%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% -6.69% -0.44% -3.32% -18.71% 40.55%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 3.97% -5.20% -15.19% 37.72%
Invested Capital Q/Q Growth		 0.00% 0.00% 221.19% -0.69% -9.58% 9.51% -44.07%
Profitability Metrics		 - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 100.00%
EBITDA Margin		 -712.94% -407.01% -375.40% -3,359.80% -523.78% 0.00% -183.89%
Operating Margin		 -726.65% -416.28% -395.46% -3,516.52% -544.65% 0.00% -187.24%
EBIT Margin		 -727.31% -417.61% -396.13% -3,517.64% -545.52% 0.00% -187.29%
Profit (Net Income) Margin		 -705.78% -416.49% -395.37% -3,435.41% -486.59% 0.00% -164.43%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 97.04% 99.73% 99.81% 97.66% 89.20% 85.61% 87.80%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% -513.11% -339.75% 0.00% -707.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% -501.40% -330.89% 0.00% -701.84%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 474.05% 302.34% 0.00% 680.04%
Return on Equity (ROE)		 -164.30% -39.59% -24.78% -39.06% -37.40% -39.31% -27.57%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -2,010.61% -664.10% -313.18% -611.74% -602.03%
Operating Return on Assets (OROA)		 -87.25% -32.80% -22.27% -35.77% -37.57% 0.00% -28.32%
Return on Assets (ROA)		 -84.67% -32.72% -22.22% -34.94% -33.52% 0.00% -24.86%
Return on Common Equity (ROCE)		 399.50% -25.35% -24.78% -39.06% -37.40% -39.31% -27.57%
Return on Equity Simple (ROE_SIMPLE)		 67.57% -22.11% -22.35% -46.47% -32.76% -31.51% 0.00%
Net Operating Profit after Tax (NOPAT)		 -36 -40 -50 -77 -79 -131 -112
NOPAT Margin		 -508.66% -291.40% -276.82% -2,461.57% -381.25% 0.00% -131.07%
Net Nonoperating Expense Percent (NNEP)		 -27.74% -10.43% -7.22% -11.71% -8.86% -7.59% -5.77%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -24.74% -24.83% -21.42%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 198.90% 126.64% 155.29% 1,051.71% 176.10% 0.00% 57.58%
R&D to Revenue		 627.76% 389.64% 340.17% 2,564.81% 468.54% 0.00% 229.67%
Operating Expenses to Revenue		 826.65% 516.28% 495.46% 3,616.52% 644.65% 0.00% 287.24%
Earnings before Interest and Taxes (EBIT)		 -51 -57 -71 -110 -113 -188 -160
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -50 -55 -68 -105 -109 -188 -157
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 1.36 2.21 3.11 2.81 0.61 1.00
Price to Tangible Book Value (P/TBV)		 0.00 1.36 2.21 3.11 2.81 0.61 1.00
Price to Revenue (P/Rev)		 27.66 25.58 39.09 229.92 41.80 0.00 5.95
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 105.95 19.53 28.69 0.00 1.23
Enterprise Value to Revenue (EV/Rev)		 35.29 5.25 21.60 164.41 27.92 0.00 0.11
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.06 0.04 0.04 0.03
Long-Term Debt to Equity		 0.00 0.00 0.00 0.06 0.04 0.04 0.03
Financial Leverage		 -1.65 -1.14 -1.03 -0.95 -0.91 -0.95 -0.97
Leverage Ratio		 1.94 1.21 1.12 1.12 1.12 1.10 1.11
Compound Leverage Factor		 1.88 1.21 1.11 1.09 1.00 0.94 0.97
Debt to Total Capital		 0.00% 0.00% 0.00% 5.50% 3.61% 3.58% 3.03%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 5.50% 3.61% 3.58% 3.03%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 343.15% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -243.15% 100.00% 100.00% 94.50% 96.39% 96.42% 96.97%
Debt to EBITDA		 0.00 0.00 0.00 -0.13 -0.11 -0.10 -0.10
Net Debt to EBITDA		 0.00 0.00 0.00 1.95 2.65 2.58 3.18
Long-Term Debt to EBITDA		 0.00 0.00 0.00 -0.13 -0.11 -0.10 -0.10
Debt to NOPAT		 0.00 0.00 0.00 -0.17 -0.15 -0.14 -0.14
Net Debt to NOPAT		 0.00 0.00 0.00 2.66 3.64 3.70 4.46
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -0.17 -0.15 -0.14 -0.14
Altman Z-Score		 0.26 6.38 11.68 12.03 14.44 2.05 3.22
Noncontrolling Interest Sharing Ratio		 343.15% 35.96% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 4.05 16.88 15.69 14.02 15.65 14.92 9.39
Quick Ratio		 3.91 16.62 15.17 13.58 15.21 14.58 9.15
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -39 -74 -100 -73 -135 -95
Operating Cash Flow to CapEx		 -1,146.14% -5,090.90% -758.88% -751.43% -2,735.19% -3,554.81% -20,351.12%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.12 0.08 0.06 0.01 0.07 0.00 0.15
Accounts Receivable Turnover		 7.14 11.05 23.53 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.38 2.69 1.85 0.17 0.98 0.00 4.95
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 51.10 33.04 15.51 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 51.10 33.04 15.51 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 -20 -20 3.68 26 20 24 7.45
Invested Capital Turnover		 -0.36 -0.68 -2.17 0.21 0.89 0.00 5.40
Increase / (Decrease) in Invested Capital		 0.00 -0.70 24 23 -6.18 3.95 -17
Enterprise Value (EV)		 247 71 390 514 579 -177 9.15
Market Capitalization		 193 348 705 719 866 310 507
Book Value per Share		 ($14.19) $39.87 $9.93 $7.14 $7.20 $9.19 $7.47
Tangible Book Value per Share		 ($14.19) $39.87 $9.93 $7.14 $7.20 $9.19 $7.47
Total Capital		 30 256 319 245 319 530 521
Total Debt		 0.00 0.00 0.00 13 12 19 16
Total Long-Term Debt		 0.00 0.00 0.00 13 12 19 16
Net Debt		 -50 -277 -315 -205 -288 -486 -498
Capital Expenditures (CapEx)		 3.20 1.00 9.11 12 2.77 3.79 0.54
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -10 -11 -7.84 -8.77 -11 -19 -34
Debt-free Net Working Capital (DFNWC)		 40 266 240 205 278 406 369
Net Working Capital (NWC)		 40 266 240 205 278 406 369
Net Nonoperating Expense (NNE)		 14 17 21 30 22 29 28
Net Nonoperating Obligations (NNO)		 -50 -277 -315 -205 -288 -486 -498
Total Depreciation and Amortization (D&A)		 1.00 1.44 3.74 4.94 4.51 -0.48 2.89
Debt-free, Cash-free Net Working Capital to Revenue		 -144.56% -79.44% -43.44% -280.41% -51.13% 0.00% -39.32%
Debt-free Net Working Capital to Revenue		 566.18% 1,953.51% 1,330.20% 6,544.58% 1,339.75% 0.00% 433.23%
Net Working Capital to Revenue		 566.18% 1,953.51% 1,330.20% 6,544.58% 1,339.75% 0.00% 433.23%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($8.82) ($2.57) ($3.32) ($2.58) ($2.98) ($2.42)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 26.69M 32.24M 32.35M 39.13M 53.94M 57.93M
Adjusted Diluted Earnings per Share		 $0.00 ($8.82) ($2.57) ($3.32) ($2.58) ($2.98) ($2.42)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 26.69M 32.24M 32.35M 39.13M 53.94M 57.93M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($8.82) ($2.57) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 6.43M 27.73M 33.23M 49.78M 55.69M 67.99M
Normalized Net Operating Profit after Tax (NOPAT)		 -36 -40 -50 -77 -79 -131 -112
Normalized NOPAT Margin		 -508.66% -291.40% -276.82% -2,461.57% -381.25% 0.00% -131.07%
Pre Tax Income Margin		 -705.78% -416.49% -395.37% -3,435.41% -486.59% 0.00% -164.43%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -4.58% 0.00% 0.00% -0.44% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for 4D Molecular Therapeutics

This table displays calculated financial ratios and metrics derived from 4D Molecular Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 42,052,980.00 42,753,607.00 49,778,127.00 55,286,888.00 55,553,066.00 - 55,687,407.00 55,709,642.00 56,087,467.00 67,649,024.00 67,987,152.00
DEI Adjusted Shares Outstanding		 42,052,980.00 42,753,607.00 49,778,127.00 55,286,888.00 55,553,066.00 - 55,687,407.00 55,709,642.00 56,087,467.00 67,649,024.00 67,987,152.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.24 -0.76 -0.65 -0.63 -0.79 - -0.86 -0.98 -1.01 0.29 -1.01
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3,940.80% -58.41% 0.00% 0.00% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 49.20% -29.28% -28.17% -39.75% -300.98% -57.75% -42.24% -36.06% -16.81% 127.62% -37.00%
EBIT Growth		 46.64% -27.67% -26.63% -32.29% -261.82% -53.12% -40.39% -40.04% -19.70% 126.17% -37.48%
NOPAT Growth		 47.26% -27.62% -26.67% -32.11% -265.91% -53.11% -40.60% -40.04% -19.66% 137.46% -37.30%
Net Income Growth		 60.08% -17.91% -12.97% -18.02% -327.49% -53.86% -48.06% -56.38% -29.73% 139.05% -43.33%
EPS Growth		 69.62% 17.86% 25.00% 18.18% -229.17% -30.43% -30.30% -55.56% -27.85% 147.78% -17.44%
Operating Cash Flow Growth		 94.43% -10.97% -4.24% -37.06% -2,409.91% -86.06% -64.18% -43.43% -58.20% 162.25% -42.65%
Free Cash Flow Firm Growth		 88.45% 54.46% -183.99% 4.05% -539.06% -121.97% -35.62% -77.20% 3.88% 172.58% 29.25%
Invested Capital Growth		 -15.93% -23.46% 35.58% -22.65% -1.26% 19.59% 29.73% 0.36% -39.50% -69.10% -68.58%
Revenue Q/Q Growth		 0.00% -97.43% -100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -96.42%
EBITDA Q/Q Growth		 58.32% -176.49% -4.72% -15.82% -19.57% -8.77% 5.58% -10.79% -2.66% 125.72% -568.27%
EBIT Q/Q Growth		 56.01% -159.43% -4.04% -11.42% -20.31% -9.79% 4.60% -11.13% -2.84% 124.01% -601.08%
NOPAT Q/Q Growth		 56.52% -162.28% -4.05% -11.33% -20.44% -9.75% 4.45% -10.88% -2.91% 134.36% -450.21%
Net Income Q/Q Growth		 65.37% -214.77% -0.37% -7.88% -25.43% -13.29% 3.42% -13.94% -4.06% 134.10% -454.49%
EPS Q/Q Growth		 68.83% -187.50% 4.35% 4.55% -25.40% -13.92% 4.44% -13.95% -3.06% 142.57% -334.88%
Operating Cash Flow Q/Q Growth		 94.69% -2,005.04% -18.00% -3.97% 2.82% -56.04% -4.13% 9.17% -7.20% 161.40% -338.61%
Free Cash Flow Firm Q/Q Growth		 77.34% -250.50% -67.66% 27.94% -50.92% -21.74% -2.44% 5.85% 18.14% 191.93% -199.85%
Invested Capital Q/Q Growth		 -18.40% -9.58% 12.60% -6.90% 4.17% 9.51% 22.15% -27.98% -37.20% -44.07% 24.20%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 100.00%
EBITDA Margin		 -63.78% -6,864.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 18.22% -2,386.05%
Operating Margin		 -69.16% -7,061.85% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17.27% -2,416.15%
EBIT Margin		 -69.95% -7,064.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17.24% -2,416.28%
Profit (Net Income) Margin		 -50.76% -6,220.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 22.76% -2,256.65%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 72.57% 88.05% 84.94% 82.24% 85.74% 88.48% 89.58% 91.84% 92.93% 132.02% 93.39%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -42.54% -4,405.16% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 93.23% -7,712.10%
ROIC Less NNEP Spread (ROIC-NNEP)		 -42.36% -4,402.47% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 92.28% -7,708.19%
Return on Net Nonoperating Assets (RNNOA)		 38.81% 4,022.71% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -89.42% 7,384.41%
Return on Equity (ROE)		 -3.74% -382.45% 0.00% 0.00% 0.00% -39.31% -32.97% -38.87% -45.38% 3.82% -327.68%
Cash Return on Invested Capital (CROIC)		 -283.57% -313.18% -459.21% -353.49% -530.59% -611.74% -571.60% -728.64% -863.36% -602.03% -544.98%
Operating Return on Assets (OROA)		 -4.68% -486.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.61% -414.63%
Return on Assets (ROA)		 -3.39% -428.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.44% -387.24%
Return on Common Equity (ROCE)		 -3.74% -382.45% 0.00% 0.00% 0.00% -39.31% -32.97% -38.87% -45.38% 3.82% -327.68%
Return on Equity Simple (ROE_SIMPLE)		 -29.08% 0.00% -17.41% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -9.78 -26 -27 -30 -36 -39 -38 -42 -43 15 -52
NOPAT Margin		 -48.42% -4,943.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 17.27% -1,691.30%
Net Nonoperating Expense Percent (NNEP)		 -0.18% -2.69% -1.46% -1.21% -1.92% -2.68% -2.05% -2.70% -3.17% 0.95% -3.90%
Return On Investment Capital (ROIC_SIMPLE)		 - -8.03% -4.37% -4.96% -6.25% -7.42% -7.69% -9.50% -11.11% 2.82% -11.04%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 45.10% 2,042.20% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.98% 383.56%
R&D to Revenue		 124.06% 5,016.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 67.61% 2,132.59%
Operating Expenses to Revenue		 169.16% 7,058.38% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 82.59% 2,516.15%
Earnings before Interest and Taxes (EBIT)		 -14 -37 -38 -43 -51 -56 -54 -60 -61 15 -74
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -13 -36 -37 -43 -52 -56 -53 -59 -60 16 -73
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.62 2.81 2.64 1.97 1.09 0.61 0.38 0.49 1.32 1.00 1.40
Price to Tangible Book Value (P/TBV)		 1.62 2.81 2.64 1.97 1.09 0.61 0.38 0.49 1.32 1.00 1.40
Price to Revenue (P/Rev)		 24.96 41.80 76.53 56.00 1,157.09 0.00 0.00 0.00 0.00 5.95 7.17
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 10.21 28.69 44.40 28.07 3.16 0.00 0.00 0.00 9.89 1.23 20.57
Enterprise Value to Revenue (EV/Rev)		 10.61 27.92 48.65 28.63 134.11 0.00 0.00 0.00 0.00 0.11 2.16
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.04 0.04 0.02 0.02 0.04 0.04 0.04 0.04 0.04 0.03 0.03
Long-Term Debt to Equity		 0.04 0.04 0.02 0.02 0.04 0.04 0.04 0.04 0.04 0.03 0.03
Financial Leverage		 -0.92 -0.91 -0.95 -0.95 -0.95 -0.95 -0.95 -0.96 -0.96 -0.97 -0.96
Leverage Ratio		 1.10 1.12 1.07 1.06 1.09 1.10 1.07 1.08 1.12 1.11 1.12
Compound Leverage Factor		 0.80 0.98 0.91 0.88 0.94 0.97 0.96 1.00 1.04 1.46 1.04
Debt to Total Capital		 3.52% 3.61% 1.80% 1.75% 3.45% 3.58% 3.73% 3.96% 4.30% 3.03% 3.22%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 3.52% 3.61% 1.80% 1.75% 3.45% 3.58% 3.73% 3.96% 4.30% 3.03% 3.22%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 96.48% 96.39% 98.20% 98.25% 96.55% 96.42% 96.28% 96.04% 95.70% 96.97% 96.78%
Debt to EBITDA		 -0.12 -0.11 -0.09 -0.08 -0.12 -0.10 -0.09 -0.08 -0.07 -0.10 -0.09
Net Debt to EBITDA		 3.06 2.65 4.95 4.40 3.16 2.58 2.16 1.82 1.56 3.18 2.51
Long-Term Debt to EBITDA		 -0.12 -0.11 -0.09 -0.08 -0.12 -0.10 -0.09 -0.08 -0.07 -0.10 -0.09
Debt to NOPAT		 -0.16 -0.15 -0.13 -0.11 -0.17 -0.14 -0.13 -0.11 -0.10 -0.14 -0.12
Net Debt to NOPAT		 4.19 3.64 6.83 6.18 4.50 3.70 3.09 2.59 2.21 4.46 3.52
Long-Term Debt to NOPAT		 -0.16 -0.15 -0.13 -0.11 -0.17 -0.14 -0.13 -0.11 -0.10 -0.14 -0.12
Altman Z-Score		 9.62 15.18 32.28 21.66 6.51 2.83 1.02 0.61 3.19 4.23 4.62
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 18.07 15.65 32.65 28.48 17.33 14.92 12.36 8.75 8.42 9.39 9.34
Quick Ratio		 17.60 15.21 32.06 27.93 17.03 14.58 11.95 8.46 8.22 9.15 9.01
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5.56 -19 -33 -24 -36 -43 -44 -42 -34 31 -31
Operating Cash Flow to CapEx		 -289.14% -4,489.98% -4,096.90% -8,665.62% -1,653.04% -4,832.77% 0.00% -65,722.73% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.07 0.05 0.04 0.00 0.00 0.00 0.00 0.00 0.15 0.17
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 1.00 0.98 1.01 1.03 0.03 0.00 0.00 0.00 0.00 4.95 5.46
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 22 20 23 21 22 24 29 21 13 7.45 9.25
Invested Capital Turnover		 0.88 0.89 1.05 0.86 0.02 0.00 0.00 0.00 0.00 5.40 4.56
Increase / (Decrease) in Invested Capital		 -4.23 -6.18 5.96 -6.19 -0.28 3.95 6.75 0.08 -8.70 -17 -20
Enterprise Value (EV)		 228 579 1,008 593 70 -177 -260 -193 132 9.15 190
Market Capitalization		 535 866 1,586 1,160 601 310 180 207 487 507 633
Book Value per Share		 $7.85 $7.20 $12.06 $10.64 $9.95 $9.19 $8.44 $7.56 $6.58 $7.47 $6.65
Tangible Book Value per Share		 $7.85 $7.20 $12.06 $10.64 $9.95 $9.19 $8.44 $7.56 $6.58 $7.47 $6.65
Total Capital		 342 319 612 599 573 530 488 438 386 521 467
Total Debt		 12 12 11 10 20 19 18 17 17 16 15
Total Long-Term Debt		 12 12 11 10 20 19 18 17 17 16 15
Net Debt		 -308 -288 -578 -567 -531 -486 -440 -400 -356 -498 -443
Capital Expenditures (CapEx)		 0.41 0.55 0.71 0.35 1.78 0.95 0.00 0.07 -0.09 -0.07 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -9.58 -11 -6.73 -8.72 -21 -19 -16 -25 -30 -34 -29
Debt-free Net Working Capital (DFNWC)		 310 278 519 533 481 406 306 269 275 369 362
Net Working Capital (NWC)		 310 278 519 533 481 406 306 269 275 369 362
Net Nonoperating Expense (NNE)		 0.47 6.63 5.71 5.23 8.05 10 10 13 14 -4.68 17
Net Nonoperating Obligations (NNO)		 -308 -288 -578 -567 -531 -486 -440 -400 -356 -498 -443
Total Depreciation and Amortization (D&A)		 1.25 1.03 0.84 -0.71 -0.54 -0.07 0.49 0.72 0.85 0.83 0.92
Debt-free, Cash-free Net Working Capital to Revenue		 -44.68% -51.13% -32.45% -42.06% -3,969.17% 0.00% 0.00% 0.00% 0.00% -39.32% -32.78%
Debt-free Net Working Capital to Revenue		 1,445.46% 1,339.75% 2,505.36% 2,573.13% 92,734.49% 0.00% 0.00% 0.00% 0.00% 433.23% 410.13%
Net Working Capital to Revenue		 1,445.46% 1,339.75% 2,505.36% 2,573.13% 92,734.49% 0.00% 0.00% 0.00% 0.00% 433.23% 410.13%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.24) ($0.69) ($0.66) ($0.63) ($0.79) ($0.90) ($0.86) ($0.98) ($1.01) $0.43 ($1.01)
Adjusted Weighted Average Basic Shares Outstanding		 42.26M 39.13M 49.27M 55.28M 55.55M 53.94M 55.74M 55.93M 56.13M 57.93M 68.06M
Adjusted Diluted Earnings per Share		 ($0.24) ($0.69) ($0.66) ($0.63) ($0.79) ($0.90) ($0.86) ($0.98) ($1.01) $0.43 ($1.01)
Adjusted Weighted Average Diluted Shares Outstanding		 42.26M 39.13M 49.27M 55.28M 55.55M 53.94M 55.74M 55.93M 56.13M 57.93M 68.06M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 42.75M 49.78M 55.29M 55.55M 55.59M 55.69M 55.71M 56.09M 67.65M 67.99M 69.21M
Normalized Net Operating Profit after Tax (NOPAT)		 -9.78 -26 -27 -30 -36 -39 -38 -42 -43 10 -52
Normalized NOPAT Margin		 -48.42% -4,943.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 12.09% -1,691.30%
Pre Tax Income Margin		 -50.76% -6,220.23% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 22.76% -2,256.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.49% 0.00% 0.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

4D Molecular Therapeutics (NASDAQ: FDMT) shows a company with a very large cash and investment cushion, but also one that is still burning significant cash as it advances its pipeline. The latest quarter was notable for a sharp rebound in operating cash flow versus prior periods, while the income statement remained deeply loss-making due to heavy R&D spending.

  • Liquidity remains strong: As of Q1 2026, FDMT reported $72.5 million in cash and equivalents and $385.1 million in short- and long-term investments, for roughly $457.4 million in cash/investments.
  • Balance sheet is still solid: Total assets were $512.9 million versus total liabilities of $61.1 million, leaving shareholders’ equity at $451.8 million.
  • Quarterly operating cash flow improved versus recent loss quarters: Q1 2026 operating cash flow was -$68.1 million, better than the much larger outflows seen in several 2025 quarters, even though it remained negative.
  • Interest and investment income continues to help offset losses: Q1 2026 other income included $4.9 million of interest and investment income, providing meaningful support against operating losses.
  • Management is still able to raise capital when needed: FDMT recorded $9.8 million of common equity issuance in Q1 2026 and had much larger equity raises in prior periods, reducing near-term funding pressure.
  • Q4 2025 was an outlier positive quarter: FDMT posted $19.4 million in net income in Q4 2025, but that result was not sustained in Q1 2026, suggesting the profitability was likely not a durable trend.
  • Revenue is still very small and inconsistent: Q1 2026 revenue was only $3.0 million, after $85.2 million in Q4 2025 and $0 in several prior quarters, which makes the revenue base highly volatile.
  • Share count has risen over time: Weighted average basic shares were 68.1 million in Q1 2026, up from 55.7 million in Q1 2025, which can dilute future per-share results.
  • Operating losses remain substantial: Q1 2026 operating loss was $73.6 million, driven by $64.9 million of R&D expense and $11.7 million of SG&A expense.
  • The business is still cash-burning: Despite the large investment portfolio, Q1 2026 net change in cash was only $12.2 million after investing and financing flows, and ongoing operating losses suggest continued funding needs.

Bottom line: FDMT appears well-capitalized for a clinical-stage biotech company, with a strong liquidity position and minimal debt pressure. However, the core story remains unchanged: the company is still in heavy investment mode, with large quarterly losses and negative operating cash flow. Investors will likely focus on whether the pipeline can eventually translate into sustained revenue or whether additional dilution will be needed to fund development.

07/01/26 12:17 AM ETAI Generated. May Contain Errors.

4D Molecular Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, 4D Molecular Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

4D Molecular Therapeutics' net income appears to be on an upward trend, with a most recent value of -$140.11 million in 2025, rising from -$49.31 million in 2019. The previous period was -$160.87 million in 2024. View 4D Molecular Therapeutics' forecast to see where analysts expect 4D Molecular Therapeutics to go next.

4D Molecular Therapeutics' total operating income in 2025 was -$159.55 million, based on the following breakdown:
  • Total Gross Profit: $85.21 million
  • Total Operating Expenses: $244.76 million

Over the last 6 years, 4D Molecular Therapeutics' total revenue changed from $6.99 million in 2019 to $85.21 million in 2025, a change of 1,119.7%.

4D Molecular Therapeutics' total liabilities were at $61.05 million at the end of 2025, a 22.6% increase from 2024, and a 116.3% increase since 2019.

In the past 6 years, 4D Molecular Therapeutics' cash and equivalents has ranged from $49.65 million in 2019 to $276.73 million in 2020, and is currently $60.24 million as of their latest financial filing in 2025.

Over the last 6 years, 4D Molecular Therapeutics' book value per share changed from -14.19 in 2019 to 7.47 in 2025, a change of -152.7%.


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Financial statements for NASDAQ:FDMT last updated on 6/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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