4D Molecular Therapeutics (FDMT) has reported full-year 2025 financial results, noting strong operational progress and a narrowed net loss.
For 2025, collaboration and license revenue rose to $85 million, driven by an upfront payment from its strategic partnership with Otsuka Pharmaceutical.
Net loss was $140 million, compared with $161 million for 2024, reflecting higher R&D spending as late-stage trials advanced.
CEO David Kirn highlighted rapid enrollment in the 4D-150 4FRONT-1 Phase 3 trial in wet age-related macular degeneration (AMD), completed ahead of scheduled, and durable Phase 1/2 data supporting long-term benefit. The company also strengthened its balance sheet with $118 million in financing and expanded leadership to support commercial readiness.
4DMT has two late-stage candidates advancing toward pivotal milestones:
4D-150, is being developed for two indications wet age-related macular degeneration (AMD) and diabetic macular edema (DME).
-In wet AMD, the 4FRONT-1 Phase 3 trial completed enrollment ahead of schedule, with topline data expected in the first half of 2027.
-A second global Phase 3 study, 4FRONT-2 is ongoing, with results anticipated in the second half of 2027.
-Supporting studies include the PRISM Phase 2b trial, which will deliver two-year data by mid-2026, and the SPECTRA Phase 1/2 trial in DME, with a Phase 3 initiation planned for the third quarter of 2026.
4D-710 is being developed for cystic fibrosis lung disease. The candidate is currently in the AEROW Phase 1/2 trial, where interim results have shown durable CFTR transgene expression and clinically meaningful improvements in lung function. A Phase 2 update is expected in the second half of 2026, marking an important milestone for this program.
The company ended December 31, 2025, with $514 million in cash, cash equivalents and marketable securities, supported by $118 million in financing, extending its cash runway into the second half of 2028.
FDMT has traded between $2.23 and $12.34 over the past year. The stock closed Wednesday's trading at $8.56, down 0.58%. During after-hours the stock rose to $8.90, up 3.97%.
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