4D Molecular Therapeutics Inc
FDMTHealthcare|Biotechnology|USA
$12.30
-0.58 (-4.50%)
Tangible Book
$8.64
Financials
Financial Snapshot
Market Cap
$643.0M
Enterprise Value
$370.4M
Revenue (TTM)
$88.2M
Net Income (TTM)
$-160.9M
Cash & Equivalents
—
Net Cash/Share
$6.31
Free Cash Flow (TTM)
$-129.4M
Operating CF (TTM)
$-129.4M
Debt/Equity
0.05
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$32.4M
Monthly Burn
$10.8M
Est. Runway
—
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $23.9M | $91.8M | $49.7M | $276.7M | $247.8M | $213.6M | $288.2M | $424.9M | $402.7M | $390.9M | |
| Operating Cash Flow | $8.2M | $-16.3M | $-36.7M | $-50.9M | $-69.1M | $-86.7M | $-75.8M | $-134.6M | $-109.1M | $-129.4M | |
| Free Cash Flow | $7.7M | $-16.7M | $-39.9M | $-51.9M | $-78.2M | $-98.2M | $-78.6M | $-138.4M | $-109.6M | $-129.4M | |
| Capital Expenditure | $-573.0K | $-414.0K | $-3.2M | $-1.0M | $-9.1M | $-11.5M | $-2.8M | $-3.8M | $-536.0K | $95.0K | |
| Financing Cash Flow | $16.0K | $84.6M | $-2.2M | $279.0M | $118.1M | $3.1M | $156.8M | $337.3M | $113.0M | $124.4M |
R&D Spending
R&D (TTM)
$220.0M
R&D Intensity
249.3%
R&D Growth YoY
+12.4%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8M | $14.1M | $7.0M | $13.6M | $18.0M | $3.1M | $20.7M | $37.0K | $85.2M | $88.2M | |
| R&D Expense | $13.6M | $18.4M | $38.7M | $53.0M | $61.4M | $80.3M | $97.1M | $141.3M | $195.7M | $220.0M | |
| R&D % of Revenue | 234.4% | 130.0% | 554.2% | 389.6% | 340.2% | 2564.8% | 468.5% | 381889.2% | 229.7% | 249.3% | |
| SG&A | $3.5M | $6.2M | $13.9M | $17.2M | $28.0M | $32.9M | $36.5M | $46.6M | $49.1M | $47.8M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8M | $14.1M | $7.0M | $13.6M | $18.0M | $3.1M | $20.7M | $37.0K | $85.2M | $88.2M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $5.8M | $14.1M | $7.0M | $13.6M | $18.0M | $3.1M | $20.7M | $37.0K | $85.2M | $88.2M | |
| R&D | $13.6M | $18.4M | $38.7M | $53.0M | $61.4M | $80.3M | $97.1M | $141.3M | $195.7M | $220.0M | |
| SG&A | $3.5M | $6.2M | $13.9M | $17.2M | $28.0M | $32.9M | $36.5M | $46.6M | $49.1M | $47.8M | |
| Operating Income | $-11.3M | $-10.4M | $-45.6M | $-56.7M | $-71.3M | $-110.0M | $-112.9M | $-187.8M | $-159.5M | $-179.5M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-11.2M | $-9.6M | $-49.3M | $-56.7M | $-71.3M | $-107.5M | $-100.8M | $-160.9M | $-140.1M | $-160.9M | |
| Net Income | $-11.2M | $-9.6M | $-49.3M | $-56.7M | $-71.3M | $-107.5M | $-100.8M | $-160.9M | $-140.1M | $-160.9M | |
| EPS (Diluted) | -0.76 | -0.76 | -3.32 | -8.82 | -2.57 | -3.32 | -2.58 | -2.98 | -2.42 | -2.57 | |
| EBITDA | $-10.6M | $-9.7M | $-44.6M | $-55.2M | $-68.3M | $-106.2M | $-107.1M | $-181.1M | $-151.9M | $-171.6M | |
| Shares Out. (M) | 14.84 | 12.52 | 14.84 | 6.43 | 27.73 | 32.35 | 39.13 | 53.94 | 57.93 | 68.06 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.9M | $91.8M | $49.7M | $276.7M | $153.0M | $52.4M | $249.1M | $149.3M | $60.2M | $72.5M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $94.8M | $161.2M | $39.1M | $275.5M | $342.4M | $318.4M | |
| Total Current Assets | $24.5M | $94.1M | $52.5M | $282.7M | $256.3M | $220.5M | $296.6M | $434.9M | $413.1M | $405.4M | |
| Total Assets | $27.3M | $97.0M | $58.2M | $288.3M | $353.5M | $261.8M | $339.9M | $560.4M | $566.7M | $512.9M | |
| Total Current Liabilities | $5.9M | $8.1M | $13.0M | $16.7M | $16.3M | $15.7M | $19.0M | $29.1M | $44.0M | $43.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $46.9M | $124.6M | $131.2M | $31.9M | $34.4M | $30.5M | $32.1M | $49.8M | $61.0M | $61.1M | |
| Stockholders' Equity | $-19.6M | $-27.6M | $-73.0M | $256.4M | $319.1M | $231.3M | $307.8M | $510.6M | $505.7M | $451.8M | |
| Retained Earnings | $-20.5M | $-30.0M | $-79.0M | $-135.7M | $-207.0M | $-314.5M | $-415.3M | $-576.2M | $-716.3M | $-785.1M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $8.2M | $-16.3M | $-36.7M | $-50.9M | $-69.1M | $-86.7M | $-75.8M | $-134.6M | $-109.1M | $-129.4M | |
| Capital Expenditure | $-573.0K | $-414.0K | $-3.2M | $-1.0M | $-9.1M | $-11.5M | $-2.8M | $-3.8M | $-536.0K | $95.0K | |
| Free Cash Flow | $7.7M | $-16.7M | $-39.9M | $-51.9M | $-78.2M | $-98.2M | $-78.6M | $-138.4M | $-109.6M | $-129.4M | |
| Investing Cash Flow | $7.7M | $-414.0K | $-3.2M | $-1.0M | $-172.7M | $-17.1M | $115.7M | $-302.4M | $-93.0M | $-56.0M | |
| Financing Cash Flow | $16.0K | $84.6M | $-2.2M | $279.0M | $118.1M | $3.1M | $156.8M | $337.3M | $113.0M | $124.4M | |
| Issuance of Stock | $16.0K | $105.0K | $75.0K | $205.7M | $114.3M | $0.00 | $148.3M | $331.4M | $110.7M | $120.5M | |
| Repurchase of Stock | $0.00 | $0.00 | $-2.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $256.0K | $1.4M | $3.5M | $5.0M | $13.8M | $17.1M | $19.7M | $26.1M | $22.0M | $19.5M | |
| Net Change in Cash | $15.9M | $67.9M | $-42.1M | $227.1M | $-123.7M | $-100.7M | $196.8M | $-99.8M | $-89.1M | $-61.0M |
Dilution Tracker
Shares outstanding grew 145.5% over 5 years — significant dilution
Shares Outstanding
68M
5-Year Share Growth
+145.5%
Stock Issuance (TTM)
$120.5M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 14.84 | 12.52 | 14.84 | 6.43 | 27.73 | 32.35 | 39.13 | 53.94 | 57.93 | 68.06 | |
| YoY Change % | — | -15.6% | 18.5% | -56.6% | 331.2% | 16.7% | 21.0% | 37.9% | 7.4% | 17.5% | |
| Stock Issuance | $16.0K | $105.0K | $75.0K | $205.7M | $114.3M | $0.00 | $148.3M | $331.4M | $110.7M | $120.5M | |
| Stock Repurchase | $0.00 | $0.00 | $-2.3M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $256.0K | $1.4M | $3.5M | $5.0M | $13.8M | $17.1M | $19.7M | $26.1M | $22.0M | $19.5M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -194.7% | -73.6% | -653.1% | -416.3% | -395.5% | -3516.5% | -544.6% | -507678.4% | -187.2% | -203.5% | |
| Net Margin % | -193.8% | -67.6% | -705.8% | -416.5% | -395.4% | -3435.4% | -486.6% | -434778.4% | -164.4% | -182.3% | |
| EBITDA Margin % | -183.9% | -68.7% | -638.7% | -405.7% | -378.7% | -3392.5% | -516.9% | -489556.8% | -178.3% | -194.5% | |
| FCF Margin % | 132.4% | -117.9% | -571.3% | -381.3% | -433.8% | -3139.1% | -379.1% | -373975.7% | -128.6% | -146.6% | |
| ROE % | 0.0% | 0.0% | 0.0% | -61.8% | -24.8% | -39.1% | -37.4% | -39.3% | -27.6% | -36.3% | |
| ROA % | -41.1% | -15.4% | -63.5% | -32.7% | -22.2% | -34.9% | -33.5% | -35.7% | -24.9% | -32.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S8.93
Historical5.49 / 56.86 / 9970.00
Industry Med.9.49
P/B1.42
Historical0.24 / 1.53 / 14.58
Industry Med.2.93
EV/EBITDA-1.59
Historical-19.33 / -2.85 / 1.40
Industry Med.13.02
EV/Revenue3.09
Historical-9925.49 / 25.02 / 4518.55
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$8.64
Net Current Assets
$6.590
Net-Net Working Capital
$6.31
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 0.00 | 19.58 | 33.75 | 228.97 | 38.23 | 5570.00 | 5.10 | 8.93 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 4.31 | 2.22 | 3.13 | 2.84 | 0.50 | 0.85 | 1.42 | |
| EV/EBITDA | 0.00 | 0.00 | 0.00 | -15.02 | -6.96 | -4.97 | -5.59 | 0.80 | -0.33 | -1.59 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 60.92 | 26.37 | 168.49 | 28.91 | -3924.28 | 0.60 | 3.09 |
Analyst Estimates & Quality
Altman Z-Score
4.16
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
3418.45
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $13.02M | $19.80M | $52.33M |
| Net Income | $-278.50M | $-314.50M | $-339.38M |
| EPS | -4.24 | -4.26 | -4.24 |
| Book Value per Share | 3.62 | 3.06 | 1.33 |
| Operating Cash Flow per Share | -3.72 | -4.00 | 0.00 |
| Operating CF | $-253.20M | $-272.26M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovery, development and commercialization of genetic medicines for specific diseases | $85.2M |
By Geography
| Segment | 2025 |
|---|---|
| Japan | $85.0M |
| United States | $209.0K |