For fiscal 2025 (ended Dec 31, 2025), 4D Molecular Therapeutics Inc. reported -$140.11M of net income.
FDMT revenue was $3.78M in fiscal Q2 2026 (ended Jun 30, 2026), up about 252-fold from a year earlier and up 24.1% from the prior quarter. For the full fiscal 2025 it was $85.21M, up about 2303-fold from fiscal 2024. Compound annual growth was +44.3% over 5 years. It rose in 4 of the last 6 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.
FDMT net income was -$72.94M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$54.66M a year earlier. For the full fiscal 2025 it was -$140.11M, compared with -$160.87M in fiscal 2024.
FDMT diluted EPS was -$1.04 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.98 a year earlier. For the full fiscal 2025 it was -$2.42, compared with -$2.98 in fiscal 2024.
FDMT free cash flow was $28.48M in fiscal Q4 2025 (ended Dec 31, 2025), compared with -$46.81M a year earlier. For the full fiscal 2025 it was -$109.62M, compared with -$138.37M in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $85.21M | $37.0K | $20.72M | $3.13M | $18.04M | $13.61M | $6.99M |
| Research and development | $195.70M | $141.30M | $97.10M | $80.25M | $61.36M | $53.04M | $38.72M |
| Selling, general and admin | $49.06M | $46.58M | $36.49M | $32.91M | $28.01M | $17.24M | $13.89M |
| Operating income | -$159.55M | -$187.84M | -$112.87M | -$110.03M | -$71.33M | -$56.66M | -$50.76M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | - |
| Net income | -$140.11M | -$160.87M | -$100.84M | -$107.49M | -$71.32M | -$56.69M | -$49.31M |
| EPS, basic | -$2.42 | -$2.98 | -$2.58 | -$3.32 | -$2.57 | -$8.82 | -$9.59 |
| EPS, diluted | -$2.42 | -$2.98 | -$2.58 | -$3.32 | -$2.57 | -$8.82 | -$9.59 |
| Diluted shares | 57.9M | 53.9M | 39.1M | 32.4M | 27.7M | 6.4M | 5.1M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $60.24M | $149.34M | $249.11M | $52.35M | $153.00M | $276.73M | $49.65M |
| Short-term investments | $342.41M | $275.54M | $39.12M | $161.20M | $94.78M | $0 | - |
| Receivables | - | - | - | $0 | $47.0K | $1.49M | $978.0K |
| Current assets | $413.13M | $434.93M | $296.59M | $220.51M | $256.28M | $282.66M | $52.51M |
| Total assets | $566.71M | $560.38M | $339.89M | $261.85M | $353.49M | $288.33M | $58.23M |
| Current liabilities | $43.98M | $29.15M | $18.95M | $15.73M | $16.34M | $16.74M | $12.96M |
| Long-term debt | $0 | - | - | - | - | - | - |
| Total debt | $0 | - | - | - | - | - | - |
| Total liabilities | $61.05M | $49.78M | $32.06M | $30.51M | $34.38M | $31.94M | $28.22M |
| Shareholders' equity | $505.66M | $510.61M | $307.83M | $231.34M | $319.11M | $256.39M | -$72.97M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$109.08M | -$134.59M | -$75.79M | -$86.69M | -$69.13M | -$50.91M | -$36.71M |
| Capital expenditures | $536.0K | $3.79M | $2.77M | $11.54M | $9.11M | $1.00M | $3.20M |
| Free cash flow | -$109.62M | -$138.37M | -$78.56M | -$98.22M | -$78.24M | -$51.91M | -$39.91M |
| Investing cash flow | -$92.97M | -$302.44M | $115.72M | -$17.05M | -$172.68M | -$1.00M | -$3.20M |
| Financing cash flow | $112.96M | $337.25M | $156.83M | $3.08M | $118.09M | $278.98M | -$2.19M |
| Stock-based compensation | $22.02M | $26.12M | $19.66M | $17.12M | $13.80M | $4.98M | $3.54M |
| Depreciation and amortization | $4.69M | $4.65M | $4.20M | $2.40M | $1.52M | $1.44M | $1.00M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 230194.6% | -99.8% | 562.3% | -82.7% | 32.5% | 94.8% | - |
| Operating margin | -187.2% | -507678.4% | -544.6% | -3516.5% | -395.5% | -416.3% | -726.7% |
| Net margin | -164.4% | -434778.4% | -486.6% | -3435.4% | -395.4% | -416.5% | -705.8% |
| Free cash flow margin | -128.6% | -373975.7% | -379.1% | -3139.1% | -433.8% | -381.3% | -571.3% |
| Return on equity | -27.7% | -31.5% | -32.8% | -46.5% | -22.3% | -22.1% | - |
| Return on assets | -24.7% | -28.7% | -29.7% | -41.1% | -20.2% | -19.7% | -84.7% |
| Current ratio | 9.39 | 14.92 | 15.65 | 14.02 | 15.69 | 16.88 | 4.05 |
| Debt to equity | 0.00 | - | - | - | - | - | - |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.78M | $3.05M | - | $90.0K | $15.0K | $14.0K | $1.0K | $3.0K | $5.0K | $28.0K | - | $20.20M |
| Research and development | $68.28M | $64.98M | $57.61M | $49.44M | $47.95M | $40.70M | $43.09M | $38.48M | $31.86M | $27.87M | $26.03M | $25.07M |
| Selling, general and admin | $12.52M | $11.69M | $12.77M | $11.84M | $11.52M | $12.94M | $13.03M | $12.65M | $10.60M | $10.29M | $10.61M | $9.11M |
| Operating income | -$77.03M | -$73.62M | $14.71M | -$61.19M | -$59.46M | -$53.62M | -$56.12M | -$51.13M | -$42.46M | -$38.14M | -$36.65M | -$13.97M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$72.94M | -$68.76M | $19.40M | -$56.88M | -$54.66M | -$47.97M | -$49.67M | -$43.84M | -$34.95M | -$32.40M | -$32.28M | -$10.26M |
| EPS, basic | -$1.04 | -$1.01 | $0.43 | -$1.01 | -$0.98 | -$0.86 | -$0.90 | -$0.79 | -$0.63 | -$0.66 | - | -$0.24 |
| EPS, diluted | -$1.04 | -$1.01 | $0.43 | -$1.01 | -$0.98 | -$0.86 | -$0.90 | -$0.79 | -$0.63 | -$0.66 | - | -$0.24 |
| Diluted shares | 70.3M | 68.1M | - | 56.1M | 55.9M | 55.7M | - | 55.6M | 55.3M | 49.3M | - | 42.3M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $70.37M | $72.49M | $60.24M | $48.55M | $77.16M | $133.53M | $149.34M | $187.54M | $189.06M | $275.59M | $249.11M | $275.68M |
| Short-term investments | $290.96M | $318.40M | $342.41M | $256.51M | $216.07M | $187.91M | $275.54M | $314.35M | $352.88M | $250.32M | $39.12M | $43.99M |
| Current assets | $382.96M | $405.36M | $413.13M | $312.38M | $303.29M | $332.57M | $434.93M | $510.76M | $552.63M | $535.59M | $296.59M | $328.24M |
| Total assets | $492.62M | $512.90M | $566.71M | $423.98M | $473.64M | $515.73M | $560.38M | $604.03M | $620.12M | $629.88M | $339.89M | $361.61M |
| Current liabilities | $47.67M | $43.40M | $43.98M | $37.11M | $34.68M | $26.90M | $29.15M | $29.46M | $19.40M | $16.40M | $18.95M | $18.16M |
| Long-term debt | $19.59M | - | $0 | - | - | - | - | - | - | - | - | - |
| Total debt | $19.59M | - | $0 | - | - | - | - | - | - | - | - | - |
| Total liabilities | $84.96M | $61.07M | $61.05M | $55.00M | $52.75M | $46.01M | $49.78M | $51.08M | $31.78M | $29.32M | $32.06M | $31.68M |
| Shareholders' equity | $407.66M | $451.84M | $505.66M | $368.98M | $420.89M | $469.72M | $510.61M | $552.95M | $588.34M | $600.56M | $307.83M | $329.93M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$70.00M | -$68.13M | $28.55M | -$46.50M | -$43.38M | -$47.76M | -$45.86M | -$29.39M | -$30.24M | -$29.09M | -$24.65M | -$1.17M |
| Capital expenditures | - | - | -$70.0K | -$91.0K | $66.0K | $631.0K | $949.0K | $1.78M | $349.0K | $710.0K | $549.0K | $405.0K |
| Free cash flow | - | - | $28.48M | -$46.59M | -$43.44M | -$48.39M | -$46.81M | -$31.17M | -$30.59M | -$29.80M | -$25.20M | -$1.58M |
| Investing cash flow | $25.54M | $68.89M | -$128.85M | $17.78M | -$13.85M | $31.95M | $7.06M | $27.30M | -$73.54M | -$263.26M | -$6.68M | $29.98M |
| Financing cash flow | $42.34M | $11.48M | $111.98M | $116.0K | $862.0K | $0 | $601.0K | $568.0K | $17.25M | $318.83M | $4.76M | $10.56M |
| Stock-based compensation | $5.88M | $4.45M | $5.55M | $4.52M | $4.96M | $6.99M | $7.58M | $6.49M | $6.07M | $5.97M | $5.91M | $4.56M |
| Depreciation and amortization | $1.28M | $1.27M | $1.22M | $1.26M | $1.17M | $1.05M | $1.10M | $1.19M | $1.19M | $1.17M | $1.10M | $994.0K |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 25106.7% | 21664.3% | - | 2900.0% | 200.0% | -50.0% | - | -100.0% | -97.9% | -90.6% | - | 3940.8% |
| Operating margin | -2037.2% | -2416.1% | - | -67983.3% | -396373.3% | -383007.1% | -5611700.0% | -1704400.0% | -849120.0% | -136200.0% | - | -69.2% |
| Net margin | -1929.0% | -2256.6% | - | -63195.6% | -364386.7% | -342657.1% | -4967100.0% | -1461433.3% | -699060.0% | -115717.9% | - | -50.8% |
| Free cash flow margin | - | - | - | -51765.6% | -289620.0% | -345635.7% | -4681200.0% | -1038966.7% | -611840.0% | -106421.4% | - | -7.8% |
| Current ratio | 8.03 | 9.34 | 9.39 | 8.42 | 8.75 | 12.36 | 14.92 | 17.33 | 28.48 | 32.65 | 15.65 | 18.07 |
| Debt to equity | 0.05 | - | 0.00 | - | - | - | - | - | - | - | - | - |
Source: XBRL data 4D Molecular Therapeutics Inc. files with the SEC, latest filing dated Aug 13, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| FDMT | - | - | -$140.11M | - | $689.4M |
| AMGN | $38.90B | +8.2% | $9.39B | 24.1% | $251.65B |
| GILD | $30.99B | +6.5% | -$3.86B | -12.5% | $210.01B |
| MRNA | $2.52B | +13.1% | -$2.79B | -110.5% | $107.39B |
| ARGX | $4.25B | +88.6% | $1.29B | 30.4% | $59.72B |
| RVMD | $0 | - | -$1.13B | - | $43.29B |
| BIIB | $10.30B | +2.3% | $347.50M | 3.4% | $37.67B |
| BNTX | €2.87B | +4.3% | -€1.14B | -39.6% | $21.98B |
| EXEL | $2.50B | +9.1% | $885.14M | 35.5% | $17.51B |