4D Molecular Therapeutics
Engineers virus-based gene therapies for eye and lung diseases, led by a late-stage retinal candidate.
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Profile
Develops gene therapies using an engineered-virus platform, concentrated on a Phase 3 candidate for common retinal diseases and an early-stage cystic-fibrosis program, funded through equity and regional licensing deals rather than product sales.
Engineers adeno-associated virus vectors for gene therapy, using a directed-evolution platform born in a University of California, Berkeley lab and licensed at the company's 2013 founding to screen vast synthetic capsid libraries for variants that reach a target tissue and evade immune clearance.
Development now centers on an intravitreal therapy for wet age-related macular degeneration and diabetic macular edema, in global Phase 3 trials, and an inhaled cystic-fibrosis candidate; several earlier retinal and cardiology programs were discontinued or shelved to concentrate resources on these two.
No product has reached the market, so financing runs through equity, grants, and licensing — most recently ceding Asia-Pacific rights to the eye therapy for upfront cash and shared costs.
Approval hinges on Phase 3 results due over the next two years, with the surviving programs delivered locally to the eye and lungs.
Company facts
Key statistics
Year to date +100% · Average volume (30d) 917.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Goldman Sachs | Reiterate | Buy | $33 | $32 | |
| Jul 31, 2026 | B. Riley | Initiate | Buy | |||
| May 8, 2026 | Goldman Sachs | Target | $33 | |||
| Nov 11, 2025 | Barclays | Reiterate | Overweight | $45 | $33 | |
| Oct 31, 2025 | Leerink Partners | Target | $17 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q2 FY26 | −$1.02 | −$1.04 | −2.0% | $3.6M | $3.8M | +4.4% | +4.64% |
| May 7, 2026Q1 FY26 | −$0.97 | −$1.01 | −4.1% | $2.6M | $3.0M | +17.8% | +2.11% |
| Mar 18, 2026Q4 FY25 | −$0.53 | $0.43 | +181.1% | $27.0M | $85.1M | +215.2% | +4.91% |
| Nov 10, 2025Q3 FY25 | −$1.02 | −$1.01 | +1.0% | $30.9M | $90.0K | −99.7% | +6.19% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $14.0K | $15.0K | $90.0K | $85.1M | $3.0M | $3.8M | |
| Gross profit | −$40.7M | −$47.9M | −$47.1M | $83.1M | $992.0K | $1.7M | |
| Operating income | −$53.6M | −$59.5M | −$61.2M | $14.7M | −$73.6M | −$77.0M | |
| Net income | −$48.0M | −$54.7M | −$56.9M | $19.4M | −$68.8M | −$72.9M | |
| Diluted EPS | −$0.86 | −$0.98 | −$1.01 | $0.34 | −$1.01 | −$1.04 | |
| Gross margin | -290,607.1% | -319,573.3% | -52,386.7% | 97.7% | 32.6% | 44.8% | |
| Operating margin | -383,007.1% | -396,373.3% | -67,983.3% | 17.3% | -2,416.1% | -2,037.2% |
Fiscal years (4-quarter sums)FY21 $18.0M · FY22 $3.1M · FY23 $20.7M · FY24 $37.0K · FY25 $85.2M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $361.3M · Total debt $39.2M · Total assets $492.6M · Shareholders' equity $407.7M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 52.28M · Float 39.01M · 74.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Jupiter Topco LLC | 5.75M | 10.99% | 13F | Aug 14, 2026 |
| Janus Henderson Group PLC | 5.25M | 10.30% | 13G | Apr 7, 2026 |
| Ra Capital Management, L.P. | 5.05M | 9.66% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 4.55M | 8.70% | 13F | Aug 7, 2026 |
| Goldman Sachs Group Inc | 4.26M | 8.15% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | David Kirn | director, officer: See Remarks | −69,076 | $15.75 |
| Aug 17, 2026 | Scott Bizily | officer: Chief Legal Officer | −1,635 | $12.20 |
| Aug 13, 2026 | Scott Bizily | officer: Chief Legal Officer | −1,635 | $12.00 |
| Aug 4, 2026 | David Kirn | director, officer: See Remarks | −26,842 | $10.23 |
| Aug 3, 2026 | David Kirn | director, officer: See Remarks | −12,415 | $10.05 |
Peers
- Regeneron
Dominant anti-VEGF franchise extending dosing to counter gene therapy
- REGENXBIO
AbbVie-partnered AAV gene therapy for wet AMD/DME; rival capsid platform
- Vertex Pharmaceuticals
CFTR-modulator leader shrinking the non-modulator CF population
- Novartis (ADR)
Anti-VEGF wet AMD/DME player (Beovu) with an AAV gene-therapy record
- Krystal Biotech
Inhaled HSV-1 CFTR gene therapy for CF, advancing toward registration
- Voyager Therapeutics
Rival AI/ML-driven AAV capsid platform competing for licensing deals
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| 4D Molecular Therapeutics | $14.67 | +0.07% | $766.9M | — | — | 8.3 | +25,106.7% |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| REGENXBIO | $9.65 | −0.21% | $499.4M | — | — | 2.9 | +405.7% |
| Vertex Pharmaceuticals | $540.78 | −0.17% | $137.48B | 31.5 | 27.8 | 10.9 | +12.5% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| Krystal Biotech | $351.46 | +0.05% | $10.36B | 44.0 | 41.3 | 23.5 | +24.1% |
| Voyager Therapeutics | $3.53 | −0.28% | $213.9M | — | — | 6.2 | −39.1% |
| Median | 27.4 | 22.1 | 5.8 | +14.6% |