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Saturday 7 November 2026
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4D Molecular Therapeutics, Inc.
FDMT Healthcare Biotechnology
4D Molecular Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $85.2 million, up 230,194.6% from fiscal 2024.
- Revenue
- +25,106.7%
- EPS
- −6.12%
- Free cash flow
- −61.3%
Quarter to June 2026, against a year earlier
12.32
1.07
+9.51%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | 6 | 14 | 7 | 14 | 18 | 3 | 21 | 0 | 85 | 92 | +40.0% | 13 | 21 | 50 | (16.2%) | |
| Gross margin, % | — | 0.00 | 0.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | +100.0 pt | ||||||
| EBT | — | (11) | (10) | (49) | (57) | (71) | (107) | (101) | (161) | (140) | (179) | +37.1% | ||||||
| EBT margin, % | — | (193.83) | (67.59) | (705.78) | (416.49) | (395.37) | (3,435.41) | (486.59) | (434,778.38) | (164.43) | (194.74) | +29.4 pt | ||||||
| Net income | — | 0 | (10) | (49) | (57) | (71) | (107) | (101) | (161) | (140) | (179) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | 0.23 | 0.57 | 1.36 | 2.12 | 0.65 | 0.10 | 0.53 | 0.00 | 1.47 | 1.31 | +25.9% | |||||
| Earnings | — | (0.45) | (0.38) | (9.59) | (8.82) | (2.57) | (3.32) | (2.58) | (2.98) | (2.42) | (2.76) | +23.4% | ||||||
| Cash flow | — | 0.33 | (0.65) | (7.14) | (7.92) | (2.49) | (2.68) | (1.94) | (2.49) | (1.88) | (2.22) | n/m | ||||||
| Capex | — | 0.00 | 0.00 | (0.62) | (0.16) | (0.33) | (0.36) | (0.07) | (0.07) | (0.01) | 0.00 | n/m | ||||||
| Free cash flow | — | 0.33 | (0.65) | (7.76) | (8.07) | (2.82) | (3.04) | (2.01) | (2.57) | (1.89) | (2.22) | n/m | ||||||
| Book value | — | (0.04) | 3.03 | (14.19) | 39.87 | 11.51 | 7.15 | 7.87 | 9.47 | 8.73 | 5.80 | n/m | ||||||
| Shares, m | — | 25 | 25 | 5 | 6 | 28 | 32 | 39 | 54 | 58 | 63 | +11.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | 12.67 | 12.67 | 12.67 | 19.58 | 33.73 | 213.40 | 40.13 | 8,120.76 | 5.10 | 9.41 | 941.2 | ||||||
| P/B | — | 0.00 | 0.00 | 0.00 | 1.04 | 1.91 | 2.89 | 2.70 | 0.59 | 0.86 | 2.12 | 1.1 | ||||||
| EV/Sales | — | 9.68 | 9.68 | 9.68 | (0.75) | 20.84 | 149.45 | 26.80 | (3,037.24) | 0.51 | 5.70 | (312.4) | ||||||
| EV/FCF | — | (2.18) | (2.18) | (2.18) | 0.20 | (4.80) | (4.76) | (7.07) | 0.81 | (0.40) | (3.36) | (2.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | 8 | (16) | (37) | (51) | (69) | (87) | (76) | (135) | (109) | (156) | n/m | |||||
| Capex | — | (1) | 0 | (3) | (1) | (9) | (12) | (3) | (4) | (1) | 0 | (0.8%) | ||||||
| Free cash flow | — | 8 | (16) | (40) | (52) | (78) | (98) | (79) | (138) | (110) | (156) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | 19 | 86 | 40 | 266 | 240 | 205 | 278 | 406 | 369 | 335 | +45.3% | |||||
| Net debt | — | (24) | (92) | (50) | (277) | (248) | (214) | (288) | (425) | (403) | (342) | +42.4% | ||||||
| Shareholders’ equity | — | (1) | 75 | (73) | 256 | 319 | 231 | 308 | 511 | 506 | 408 | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | (18.06) | (19.70) | (63.54) | (32.72) | (22.22) | (34.94) | (33.52) | (35.74) | (24.86) | (37.09) | (6.8) pt | |||||
| ROIC | — | 0.00 | 0.00 | 0.00 | 0.00 | (62.50) | (386.72) | (359.96) | (136.94) | (96.80) | (186.91) | (96.8) pt | ||||||
| ROE | — | 47.58 | 40.49 | 98.07 | (61.82) | (24.78) | (39.06) | (37.40) | (39.31) | (27.57) | (43.25) | (75.1) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 83 | 124 | 140 | 147 | 227 | 196 | — | +18.8% | |||||
| Revenue/emp, $m | — | 0.00 | 0.00 | 0.00 | 0.16 | 0.15 | 0.02 | 0.14 | 0.00 | 0.43 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
4D Molecular Therapeutics, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| WVE WAVE Life Sciences Ltd. | $635.1M | — (loss-making) | — (loss-making) | +72.95% (above 0%: growing) | n/m | −33.94% (below 0%: shrinking) | 100.00% | (501.95%) | Compare |
| ZVRA Zevra Therapeutics, Inc. | $626.6M | 9.0× | 9.2× | +44.86% (above 0%: growing) | n/m | +106.77% (above 0%: growing) | 95.25% | 30.67% | Compare |
| FDMT 4D Molecular Therapeutics, Inc. | $621.5M | — (loss-making) | — (loss-making) | +25,106.67% (above 0%: growing) | n/m | −61.28% (below 0%: shrinking) | 100.00% | (2,037.16%) | |
| DBVT DBV Technologies S.A. | $615.8M | — (loss-making) | — | −42.86% (below 0%: shrinking) | n/m | −64.93% (below 0%: shrinking) | 100.00% | (4,043.75%) | Compare |
| CADL Candel Therapeutics, Inc. | $615.2M | — (loss-making) | — (loss-making) | 0.00% | n/m | −93.35% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| HELP Cybin Inc. | $613.0M | — (loss-making) | — (loss-making) | — | n/m | −25.60% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| GERN Geron Corporation | $610.4M | — (loss-making) | — (loss-making) | +27.45% (above 0%: growing) | n/m | +176.13% (above 0%: growing) | 89.95% | 9.63% | Compare |
| DSGN Design Therapeutics, Inc. | $605.2M | — (loss-making) | — (loss-making) | — | n/m | −7.00% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| KURA Kura Oncology, Inc. | $604.9M | — (loss-making) | — (loss-making) | +36.54% (above 0%: growing) | n/m | −109.05% (below 0%: shrinking) | 98.84% | (349.77%) | Compare |
| Median of peers | $614.1M | — | — | +32.00% | — | −29.77% | 92.60% | 0.00% |
Pay and ownership Proxy statement filed 28 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 2.05m | 3.29m | 33.77 |
| 2024 | 1.01m | (6.84m) | 25.08 |
| 2023 | 10.29m | 15.35m | 91.22 |
Ownership
Directors and executive officers, together
7.90%
Janus Henderson Group PLC
10.00%
RA Capital Management, L.P.
9.99%
Biotechnology Value Fund, L.P.
9.99%
The Goldman Sachs Group, Inc.
8.20%
Novo Holdings A/S
7.00%
BlackRock, Inc.
5.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement