4D Molecular Therapeutics Revenue Rises to $4.145 Million as Third-Quarter Loss Widens
Key Facts
4D Molecular Therapeutics reported collaboration and licensing revenue of $4.145 million in the third quarter of 2026, compared with $90,000 in the same period a year earlier. The company said the increase came mainly from clinical trial cost sharing and reimbursements from Otsuka. But higher revenue coincided with a net loss of $78.056 million, compared with $56.876 million a year earlier. Basic and diluted loss per share was $1.08, compared with $1.01 in the third quarter of 2025. FDMT shares closed at $12.99 on November 11, 2026.
The revenue figures reflect flows tied to funding development activities, not a change in the company's quarterly results; the net loss remained high and widened from the year-earlier period. Research and development expenses accounted for the largest share of the spending reported by the company, rising to $69.776 million in the third quarter of 2026 from $49.438 million a year earlier. The company attributed the increase mainly to conducting Phase 3 trials of 4D-150 in patients with wet age-related macular degeneration. This places revenue growth and partner reimbursements in the context of funding a clinical program whose spending expanded during the year. It also links the period's financial performance to progress in trials for which the company expects topline results in 2027.
Cash, cash equivalents and marketable securities totaled $375.033 million on September 30, 2026, down from $514.034 million on December 31, 2025. The company said available liquidity, together with expected payments from Otsuka, would fund operating expenses and capital expenditures through at least the second half of 2028. This estimate provides a funding timeline for the company's plans as it continues Phase 3 trials and incurs their costs. Expected payments from the partner remain part of the basis for this estimate, according to the company. The stated cash balance reflects the position at the end of September, while the comparison figure is from the end of 2025.
In the 4FRONT program for wet age-related macular degeneration, the company completed randomization of 523 participants in the 4FRONT-1 trial in March 2026 and expects to report topline data in the second quarter of 2027. Randomization of 531 participants in the 4FRONT-2 trial was completed in August 2026, with topline data expected in the second half of 2027. These timelines make the two trial readouts among the main clinical milestones the company is awaiting over the next year. Chief Executive David Kirn said the company expects 2027 to be a "transformational year" following the anticipated topline readouts from the two Phase 3 trials. His description was tied specifically to the release of data from the trials, not to a clinical outcome announced to date.
The company expanded the 4D-150 program into another indication by starting the global Phase 3 4SIGHT trial in patients with diabetic macular edema who have not received prior treatment. The trial is designed to compare the treatment with aflibercept and plans to enroll 514 patients. Starting the study moves the treatment into testing in patients with diabetic macular edema, alongside the 4FRONT trials for wet age-related macular degeneration. In the results statement, Kirn said the company is "entering 2027 in a strong position" and expects the year to be transformational following the topline readouts from the two 4FRONT trials. Those readouts remain future indicators awaiting trial results, while the statement already reported completed randomization in both studies and the start of 4SIGHT.