4D Molecular Therapeutics, Inc.
FDMT · Biological Products, (No Diagnostic Substances) · 49.8M shares · +25%/yr ↑ shares · EDGAR filings ↗
Reference price $12.00 · est. market cap ~$597M — last insider sale, 2026-06-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — gene-therapy clinical, heavy burn ($110M), well-funded.
Strengths
- Liquidity — current ratio 9.4 (82nd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Net lossNet loss (net margin -164.4%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- Cash burnNegative free cash flow (-109.6M)
- Strong balance sheetStrong balance sheet — $625M cash & investments, ~23 quarters of runway
- Insider sellingInsider selling — 5 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$1M, last 6mo) Form 4 ↗
- Revenue declineRevenue -96.4% YoY
- Notable holderHeld by 5 notable fund(s): GOLDMAN SACHS GROUP INC, STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-187.2%
Net margin
-164.4%
Return on equity
-27.7%
Return on assets
-24.7%
Revenue growth (QoQ)
-96.4%
Current ratio
9.4×
Free cash flow
-$110M
EBITDA
-$155M
Tangible book value
$506M
Cash & investments
$625M
Cash runway
23q
Stock comp / revenue
25.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | Bizily Scott | Sell | 9.8K | $12.00 |
| 2026-06-23 | Bizily Scott | Option exercise | 9.8K | $4.14 |
| 2026-06-22 | Kirn David | Sell | 115K | $10.47 |
| 2026-06-01 | Kirn David | Sell | 1.9K | $10.02 |
| 2026-03-20 | Gupta Ashoo | Sell | 80 | $8.61 |
| 2026-03-20 | Gupta Ashoo | Option exercise | 865 | — |
| 2026-03-20 | Gupta Ashoo | Sell | 310 | $8.61 |
| 2026-03-20 | Gupta Ashoo | Option exercise | 221 | — |
| 2025-12-20 | Gupta Ashoo | Sell | 79 | $8.68 |
| 2025-12-20 | Gupta Ashoo | Option exercise | 866 | — |
| 2025-12-20 | Gupta Ashoo | Sell | 310 | $8.68 |
| 2025-12-20 | Gupta Ashoo | Option exercise | 220 | — |
| 2025-12-16 | Bizily Scott | Option exercise | 1.6K | $4.14 |
| 2025-12-16 | Bizily Scott | Sell | 1.6K | $10.90 |
| 2025-12-12 | THEUER CHARLES | Option exercise | 9.3K | $1.14 |
| 2025-11-17 | Bizily Scott | Option exercise | 1.6K | $4.14 |
| 2025-11-17 | Bizily Scott | Sell | 1.6K | $10.59 |
| 2025-10-24 | Bizily Scott | Option exercise | 1.1K | $6.49 |
| 2025-10-24 | Bizily Scott | Sell | 2.7K | $12.00 |
| 2025-10-16 | Bizily Scott | Option exercise | 1.6K | $4.14 |
| 2025-10-16 | Bizily Scott | Sell | 1.6K | $10.17 |
| 2025-10-09 | Bizily Scott | Sell | 2.4K | $10.00 |
| 2025-09-23 | Bizily Scott | Sell | 2.4K | $8.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-22 | 2026-06-17 | 0001193125-26-277563 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211904 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211939 ↗ |
| 8-K | 2026-03-30 | 2026-03-25 | 0001193125-26-131739 ↗ |
| 10-K | 2026-03-18 | 2025-12-31 | 0001193125-26-114075 ↗ |
| 8-K | 2026-03-18 | 2026-03-18 | 0001193125-26-113949 ↗ |
| 8-K | 2026-01-26 | 2026-01-22 | 0001193125-26-022559 ↗ |
| 8-K | 2026-01-07 | 2025-12-31 | 0001193125-26-005470 ↗ |
| 8-K | 2025-12-10 | 2025-12-10 | 0001193125-25-314167 ↗ |
| 8-K | 2025-11-17 | 2025-11-17 | 0001193125-25-283861 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273340 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001193125-25-273343 ↗ |