Here are 1-3 brief analogies to describe 4D Molecular Therapeutics (FDMT):

• Like a Moderna or BioNTech, but focused on developing platform-engineered gene therapies.
• A Regeneron for gene therapies, using a proprietary engineering platform to develop treatments for a range of serious diseases.
• A next-generation Spark Therapeutics or Bluebird Bio, designing advanced gene therapies through a proprietary engineering platform.

• 4D-150: An ocular gene therapy candidate in clinical development for the treatment of wet age-related macular degeneration (wet AMD).
• 4D-710: A pulmonary gene therapy candidate in clinical development for the treatment of cystic fibrosis (CF) lung disease.
• 4D-310: A cardiac gene therapy candidate in clinical development for the treatment of Fabry disease cardiomyopathy.

4D Molecular Therapeutics (FDMT) is a clinical-stage gene therapy company focused on developing investigational therapies. As a clinical-stage biotechnology company, it does not currently sell commercial products directly to individuals or other companies in the traditional sense. Its revenue primarily comes from strategic collaborations and partnerships related to the development of its drug candidates.

Based on their latest financial disclosures, 4D Molecular Therapeutics' major customer in recent years was F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. (collectively referred to as Roche).

• Customer Company Name: F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc.
• Symbol (SIX Swiss Exchange): ROG.SW (bearer shares) or RO.SW (participation certificates)

Important Note: FDMT's collaboration agreement with Roche for ophthalmologic indications was terminated effective December 31, 2022. According to FDMT's Form 10-K filed in March 2024, all of their revenue for the years ended December 31, 2023, 2022, and 2021 was derived from this terminated agreement with Roche. As of the filing date, FDMT "does not currently have any active collaboration agreements that generate significant revenue." Therefore, while Roche was their major customer for collaboration revenue, the company currently does not have a major active revenue-generating customer or partner.

• Catalent, Inc. (CTLT)
• AGC Inc. (ASGLY)

David Kirn, MD, Chief Executive Officer, Co-Founder

Dr. David Kirn is a co-founder of 4D Molecular Therapeutics and has served as its Chief Executive Officer since its inception in 2013. Over his 30-year career, Dr. Kirn has co-founded and served as CEO for four viral vector-based genetic medicines companies, three of which have either been acquired or gone public. Prior to 4DMT, he was co-founder, CEO, and Executive Chairman of Ignite Immunotherapy Inc., an oncolytic virus cancer vaccine company that was sold to Pfizer. He also founded and served as CEO of Jennerex from 2003 to 2013. Dr. Kirn held senior development positions at Onyx Pharmaceuticals and Celgene and served as a senior advisor on viral vector gene therapeutics and cancer immunotherapy for numerous companies including Biogen Idec, Novartis, Cell Genesys, Pfizer, and Bayer.

Uneek Mehra, Chief Financial and Business Officer

Uneek Mehra was appointed Chief Financial and Business Officer, Principal Financial Officer, Principal Accounting Officer, and Assistant Secretary of 4D Molecular Therapeutics in September 2023. He brings over 27 years of leadership experience in finance, commercial, corporate strategy, and business development. Prior to joining 4DMT, Mr. Mehra served as Chief Financial and Business Officer and Principal Financial Officer of Myovant Sciences, Inc., a biopharmaceutical company that was acquired by Sumitovant Biopharma for $1.7 billion. He also held the role of Chief Financial Officer and Corporate Treasurer at PACT Pharma, Inc. Earlier in his career, Mr. Mehra was the Chief Financial Officer at Proteus Digital Health, Inc., and spent 13 years at Novartis AG in various roles, including Global Head, Portfolio Management, Licensing and M&A, Oncology Business.

Fred Kamal, PhD, President & Chief Operating Officer

Dr. Fred Kamal serves as the President and Chief Operating Officer at 4D Molecular Therapeutics. His role involves overseeing the company's operations.

Robert Kim, MD, Chief Medical Officer

Dr. Robert Kim was promoted to Chief Medical Officer of 4D Molecular Therapeutics in April 2023. He previously served as Senior Vice President, Clinical Research and Development, since October 2020. Dr. Kim has an extensive background in ophthalmic research and development, including leadership roles at Genentech, Novartis, Apellis, Alcon, and GlaxoSmithKline.

Scott Bizily, JD, PhD, Chief Legal Officer and Corporate Secretary

Dr. Scott Bizily is the Chief Legal Officer and Corporate Secretary for 4D Molecular Therapeutics. He is also noted as the Chief Legal & Human Resources Officer.

The key risks to 4D Molecular Therapeutics (FDMT) largely revolve around the inherent challenges of a clinical-stage biotechnology company developing novel gene therapies:

1. Clinical Trial Failure and Product Development Success: The most significant risk for 4D Molecular Therapeutics is the potential failure of its lead product candidates, particularly 4D-150 for wet Age-related Macular Degeneration (wAMD) and Diabetic Macular Edema (DME), to demonstrate efficacy or safety in ongoing or future Phase 3 clinical trials. As a clinical-stage company, its valuation and future depend heavily on the successful progression and regulatory approval of its pipeline. Gene therapies inherently face challenges such as inflammation, toxicity, high dose requirements, limited efficacy, and potential neutralization by pre-existing antibodies when using conventional AAV vectors.

2. Financial Health and Cash Burn: 4D Molecular Therapeutics operates as a pre-revenue biotechnology company and is rapidly burning through cash. The company has reported significant net losses and analysts project negative earnings per share for upcoming fiscal years. Concerns exist regarding its cash runway, with estimates suggesting approximately 21 months of operations at current burn rates, which have also increased substantially. This rapid cash consumption raises the risk of needing to raise additional capital in the future, which could lead to shareholder dilution. Furthermore, financial indicators like a low Piotroski F-Score and an Altman Z-Score in the "distress zone" suggest potential operational inefficiencies and a risk of bankruptcy.

3. Competition, Market Adoption, and Reimbursement Challenges: The gene therapy landscape for ophthalmology is highly competitive, with several companies developing rival treatments for conditions like wAMD and DME. This intense competition could put pressure on FDMT's market position, pricing power, and ability to secure significant market share if competing therapies demonstrate superior efficacy, durability, or a better safety profile. Additionally, challenges exist in obtaining adequate coverage and reimbursement from governmental authorities, private health insurers, and other third-party payors for gene therapies. The commercial success of any approved gene therapy will depend on favorable pricing, reimbursement policies, and broad acceptance by physicians and patients. Concerns about the long-term durability of 4D-150 have also been noted, which could potentially limit its total addressable market.

4D Molecular Therapeutics (FDMT) is strategically focusing its pipeline on two primary programs: 4D-150 for wet Age-related Macular Degeneration (wet AMD) and Diabetic Macular Edema (DME), and 4D-710 for cystic fibrosis (CF).

The addressable market sizes for their main products are as follows:

• 4D-150 for Wet Age-related Macular Degeneration (wet AMD): The addressable market for wet AMD in the U.S. is an estimated $2.7 billion annually.
• 4D-150 for Diabetic Macular Edema (DME): null
• 4D-710 for Cystic Fibrosis (CF): null

Expected Drivers of Future Revenue Growth for 4D Molecular Therapeutics (FDMT)

Over the next 2-3 years, 4D Molecular Therapeutics (FDMT) is anticipated to drive future revenue growth through several key programs and strategic advancements, primarily focused on the progression and potential commercialization of its gene therapy pipeline. The main drivers include:

• Advancement and Potential Approval of 4D-150 in Wet Age-Related Macular Degeneration (Wet AMD) and Diabetic Macular Edema (DME): The company's lead product candidate, 4D-150, is undergoing accelerated Phase 3 development for wet AMD, with topline data from the 4FRONT-1 trial expected in the first half of 2027, potentially shortening its path to market. Positive interim data from earlier trials has demonstrated consistent and durable benefits, including maintenance of visual acuity, control of retinal anatomy, and reduced treatment burden. 4D-150 is also being evaluated for diabetic macular edema (DME), which represents a multi-billion dollar market opportunity. The successful progression and potential regulatory approval of 4D-150 in these large market ophthalmology indications are expected to be a significant revenue driver.
• Clinical Progress of 4D-710 in Cystic Fibrosis (CF) Lung Disease: 4D-710, an investigational genetic medicine for cystic fibrosis lung disease, is advancing through clinical trials. Updates on FDA feedback for its development plan (both as monotherapy and in combination with approved CF modulators) were expected in Q1 2024, with interim data from the Phase 1/2 AEROW clinical trial anticipated in mid-2024. The global cystic fibrosis market is projected to reach $37.04 billion by 2030, indicating a substantial market opportunity for 4D-710 upon successful development and commercialization.
• Initiation of Clinical Development for 4D-175 in Geographic Atrophy (GA): 4D Molecular Therapeutics plans to initiate clinical development of 4D-175 for geographic atrophy by the second half of 2024. Geographic atrophy is a prevalent disease with significant unmet medical need, affecting over one million individuals in the United States with no disease-modifying therapies currently approved. The entry into this market with a novel gene therapy could create a new stream of revenue.
• Strategic Partnerships and Pipeline Expansion: 4DMT has established next-generation AAV & CRISPR/Cas-based genetic medicines partnerships for central nervous system (CNS) diseases. While specific revenue figures from these partnerships in the near term are not detailed, such collaborations can provide upfront payments, milestone payments, and future royalties, contributing to revenue growth and validating the company's Therapeutic Vector Evolution platform. The company is also advancing other preclinical candidates like 4D-725 for Alpha-1 Antitrypsin Deficiency, further diversifying its potential future revenue streams.

Share Issuance

• In December 2020, 4D Molecular Therapeutics completed its Initial Public Offering (IPO), issuing 9,660,000 shares of common stock at $23.00 per share, which generated approximately $222 million in gross proceeds.
• On November 6, 2025, the company priced an underwritten offering of 8,385,809 shares of common stock and 1,128,949 pre-funded warrants, with expected gross proceeds of approximately $100 million. This offering closed on November 7, 2025, yielding net proceeds of approximately $93.3 million.
• Between 2020 and 2024, 4D Molecular Therapeutics reported net common equity issued/repurchased amounts of $207 million in 2020, $118 million in 2021, $4 million in 2022, $157 million in 2023, and $337 million in 2024, indicating a pattern of net issuance over this period.

Inbound Investments

• On October 31, 2025, 4D Molecular Therapeutics entered into a collaboration and license agreement with Otsuka Pharmaceutical Co., Ltd. for the development and commercialization of 4D-150 in Asia-Pacific markets.
• This agreement included an $85 million upfront cash payment from Otsuka.
• The collaboration also includes expected cost sharing of at least $50 million over the next three years for global development activities, and eligibility for up to $335.5 million in potential regulatory and commercial milestone payments.